Is Porter Finance a Scam? Check Out What I Found
Binary options trading is absolutely full of scams and you CANNOT trust everything you see. Porter Finance is one of many binary options brokers, many of which are scams. It should not just be trusted from the start. You need to look into your broker before you invest through them and this is exactly what I decided to do, take an in dept look at Porter Finance to answer the most important question… Is Porter Finance a scam?
And here is what I found.
Porter Finance Review
- Website: porterfinance.com
- Price: $200 minimum deposit amount
One of the first things I like to look at when reviewing a broker is how long they have been in business. According to Porter Finance, as you can see at the bottom of their website, they claim to have been in business since 2014.
Thats a decent amount of time and if this is true, it definitely adds some credibility to their name just knowing that they could be operating that long. But you can’t trust what you see remember. Its common for scams to say they have been in business for years when really they are completely new.
To investigate this claim I did a simple whois search of porterfinance.com and what I found confirmed what they claim. They have indeed been around since 2014 and are not lying here.
Everything seems legit about Porter Finance so far…. But just keep reading. They aren’t all that trustworthy.
I Found a Lie
If you look at the bottom of page on porterfinance.com you will see that they display a GeoTrust logo. They also display it on the right side of the page on certain pages.
GeoTrust is a leading certificate authority. They are well trusted to certify websites that are legitimate and that you can trust. If you see their logo on a site it means that they have checked into it and the site can be trusted.
But the problem here is that this GeoTrust Logo is fake. If this were real you would be able to click on the logo and a small window would pop up from GeoTrust that shows some information and says the website is secure.
With the logos on Porter Finance, nothing happens when you click on them. This means they are just pictures of the GeoTrust logo. And anyone can upload any picture they want. They mean nothing as far as the security of this site and how much you can trust them.
In fact, I definitely trust Porter Finance less after finding out that they are lying about this.
Porter Finance Is An Unregulated Broker..
This is a major red flag for me. If a broker is unregulated it can be dangerous. Regulation from a governing power helps to ensure that they follow rules and guidelines. Regulation is all about protecting the investor and its a big deal.
Unfortunately Porter Finance is unregulated. If you go to cysec.gov and search for Porter Finance in their list of regulated entities there is nothing to be found. CySec is the Cyprus Security & Exchange Commission. They are part of the European Union and are responsible for a regulation of pretty much all binary options brokers.
The SEC and the CFTC in the United States don’t regulate Porter Finance either.
I do want to make a point however that just because a broker is unregulated doesn’t mean they are a scam. Many brokers simply choose to go unregulated because they don’t want to pay the fees of regulation. There are good unregulated brokers out there, its just that unregulated brokers are a lot more risky.
Porter Finance Complaints
For being in business for 2 years there really aren’t all that many complaints that I could find. There are several dealing with not being able to receive their funds back that you can read about on Ripoff Report. But all in all there just aren’t that many.
With any big company you are going to find complaints, whether they are legit or not. So just because there are complaints doesn’t mean much. Its the amount of complaints that you should look at. And judging from the amount of complaints here, Porter Finance doesn’t seem too bad.
But still, with everything else I’ve went over I don’t know if I’d invest in them.
Is Porter Finance a Scam? Final Thoughts
There isn’t enough for me to say for sure whether they are a scam or not. They have been around for 2 years and really don’t have all that many complaints about them, which is a good sign. But then they go and put fake GeoTrust logos on their site which makes me not want to trust them. And to top everything off, they are unregulated, which usually makes me avoid places like them.
Its your decision whether or not you want to invest through Porter Finance. Personally, I would find a regulated broker so that I can sleep better at night knowing that my money is more likely safe.