Porter Finance Scam? Yes It Is In My Opinion!
A common scam that is run all over the world is the binary options scam. Investing with offshore companies offering binary options should be avoided. Once offshore, it can be nearly impossible for you to recover your money. Many of these scams list their address as being in the UK, but are actually run from Israel. My subscribers have requesting I take a look at Porter Finance. Here is what I have found.
Porter Finance Scam Claims
Porter Finance is the web’s fastest growing binary options trading platform, offering an unmatched 1500% rate of returns on maximum returns on digital options. With a fast learning curve, user friendly interface and excellent customer support, Porter Finance offers its traders the best online trading experience on the net.
The company was formed on the principal that knowledge is power and though knowledge comes success. Launched in 2014, the company prides itself on excellent service and guarantees the best environment for success to our traders passing on our knowledge to traders in order to maximize their trading potential.
Porter Finance Scam Reality
Porter Finance is not a registered binary options provider.
On June 4, 2015 they claimed to be owned by Running Forest Partners Ltd. Now they claim to be owned by Oracle Stone Ltd. They are just using shell companies to hide the identity of the owners of this binary options scam. This is one of the many binary options scams that is run out of Israel.
Once you signup for a scam binary options account the next step is for them to ask for $5000 to $10,000.
“Customers usually balk and say ‘There’s no way I want to deposit $10,000.’ So you pressure them and say ‘If you’re not really serious about making money, then why are we talking right now?’ Traders try everything. Some are really sweet, some try to identify with them, some try to make them feel awkward — whatever the technique is that gets them to deposit. The favorite technique is to say, ‘If you deposit $5,000, I will give you a $5,000 bonus.’ Customers hear that and they say ‘That’s insane. I’m going to deposit.’”
“You’re not allowed to withdraw any of your money until you use that bonus money something like 30 to 40 times over. Let’s say I give you a $1,000 bonus. You would need to trade that until you made at least $30,000 profit off of it, and then you can withdraw your money. But you will never get to that amount. Let’s say you make $10,000 off of it and you say you want to withdraw, in the contract it will say you can’t withdraw. You can take your original money out, but you can’t take the bonus or the money you earned with the bonus.”
“So clients get stuck in the system, because they don’t want to lose all their money, and by the time they trade 30 times the amount of the bonus, they’ve lost everything.”
Here are a few other websites in addition to Porter Finance linked with this scam:
- Traderush.com or Trbinaryoptions.com
They use company creation services based in the UK that allow you to hide your actual location and use an address of the company creation service.
For a few hundred pounds you can create a business in the UK with BC Business Centrum Limited. http://www.offshore-formations.co.uk/
When the word gets out that people are losing money to this scam, they create another company and another website.
Here are examples for Traderush.com on how this scam works:
As soon as you sign up and put the minimum $250.00 to do some binary options online you will receive a call from a “SENIOR ANALYST” to invest more money for long term options. It’s simple you either predict that the commodity, currency or stock will either go up or down and if you are right you receive a certain percentage from the amount you “invested” so anyhow everything will work as it should in the beginning when you are just barely getting your feet wet, your testing it out you lose some you win some, you figure out the system and you start actually doing very well, surprisingly well, you will get another call with another amazing offer too good to be true and when you decline that again that’s when your account will go to hell and they will tamper with it by causing you to call the incorrect rates when choosing call or put on the option making it almost impossible to win. When I wasn’t winning it wasn’t doing that, as soon as I made couple thousand, they turned the losing on switch and that’s when you might or will lose all your money. Therefore I suggest to stay away from this website and do some research before investing money with these SCAM ARTISTS.
I deposited $500 to my account and they said they will match what I deposit. GREAT! right? WRONGGGG. They did not tell me you need to make 30x whatever bonus they gave you. which means for me….$500 x 30 = $15,000. Yes, that’s right….if I ever want to see my money again, I would have to make $15,000 to even THINK about making a withdraw. – Source YouTube
Their platform is rigged and you will lose your money, you can count on it. If you accept a bonus, well then you can forget about asking for a withdrawal. Their sales team is like a revolving door and I went through 4 account managers in less than 6 months. Another thing I learned while going through a chargeback process with my bank, they are not in Virgin Islands or British Anguilla as they claim, they are actually based in Israel. – Source Binaryoptionsblacklist.com
Traderush is the worst SCAM BROKER in the world. I had a very bad experience with traderush. I deposited USD 250, managed to grow that account to over USD 2100 within a month and half. They suddenly removed the profits I earned as bonus and they closed my account all of a sudden. – Source Forexpeacearmy.com
TradeRush are in this game to make money, not to loose it. Don’t insult your own intelligence by swallowing their sales line “we like you to win because then you trade more and recommend others.” You are allowed to win just enough for them to encourage you, and to believe that any subsequent losses are just a bad spell of luck.
Getting you to invest MORE funds is the name of the game, and is essential revenue for sales staff, as they are paid a commission percentage of deposits only. Bonuses help to lock those deposits in for a decent term and chances are, they will be lost over time. Bonuses can only be retained after trading a minimum of 20x the bonus given. Suffice to say that only a small percentage of traders can achieve this without blowing up (you do the math).
Trouble is (for TradeRush), that some can, and do. As the threshold gets closer, the damage limitation increases. Imagine trading an instrument whos prices and movement bears no relationship to its actual market price, and is not only unique to TradeRush but also to YOUR PLATFORM! Your fill price and your expiry price will be their choosing. That is how far they will go to handicap profitable account holders…and then some: Timer clocks being changed, trades disapearing, options being suspended, filled prices being manipulated way off the screen price etc. Even this doesn’t stop an elite few making profit, so IP blocking is next in the damage limitation armoury. – Source Forexpeacearmy.com
Here are examples for Citrades on how this scam works:
They let me first deposit $250 when I call to withdraw the person that I was talking to was sooooo rude when I ask him if I could talk to some one else he said you should go talk to your mama because you are pain in the A**** so anyway he told me to withdraw you have to provide to us ID and copy of the credit card so I did but still I can not withdraw the money …very very bad customer service, they are bunch of thieves and when u want to withdraw your money they don’t let you. Please do yourself a favor and stay away from Citrades.
Citrades is now threatening me if I don’t comply with what they say they will report my card as fraudulent. These guys are a real piece of work! – Source Complaintsboard.com
Here is what is required to be sent to Porter Finance to withdraw money:
- Updated Utility Bill with your current address.
- Front and back photos of the credit card(s).
- Official Photo ID.
- Signed verification forms indicating that you are the one that made the original deposit.
- At times you will even be required to accept a phone call, particularly when large sums are being transferred.
From the Commodity Futures Trading Commission, here are three ways binary options companies scam people:
1. They refuse to credit your account or reimburse funds after accepting your money. You deposit money into your binary options trading account and are then encouraged by “brokers” over the telephone to deposit additional funds into your account. When you attempt to withdraw your original deposit or the return you have been promised, they cancel your withdrawal request, refuse to credit your account, or ignore your telephone calls and emails.
2. They collect information such as credit card and driver’s license data for identity theft purposes. If a binary options Internet-based trading platform requests photocopies of your credit card, driver’s license, or other personal data, do not provide the information.
3. They manipulate the binary options trading software to generate losing trades. The Internet-based binary options trading platform manipulates the trading software to distort binary options prices and payouts. For example, when a trade is “winning,” the countdown to expiration is extended arbitrarily until the trade becomes a loss. – Source Cftc.gov
Porter Finance Scam Conclusion
In my opinion, Porter Finance is part of a long line of binary options scams that have been running for years. They are typically unregistered in the countries they are offering accounts in. Many binary options websites and companies are opened by these scammers so that if complaints are made they can just move on and continue to scam people. Avoid the Porter Finance scam.