Are you looking for a binary options broker that combines a low minimum deposit with high rewards? Then check out Porter Finance! In this article we tell you both what the Porter Finance minimum deposit is and also how this compares to the other brokers in the market.
With Porter Finance, the minimum deposit is USD 200, EUR 200, GBP 200, AUD 250, or CAD 250. Which requirement applies to you depends on the currency you run your account in. If you run your account inUS Dollar, you have to deposit at least USD 200. If you run your account in Canadian Dollar, you have to deposit at least CAD 250.
Of course, these requirements mean that, depending on the current exchange rate, the minimum deposit will not be equal in all currencies. You might not be able to afford the minimum deposit in Euro, but if would exchange your money into US Dollar, you could.
Because of this fact and in the quest for a lower minimum deposit, some new traders make the mistake of opening their accounts in a currency other than their home currency. This is a mistake. Exchange rates vary, sometimes heavily. Going for the cheapest currency now could very well mean that you have grabbed a falling sword – the currency will keep getting weaker and the worsening exchange rate will lose you money every day.
In this case, a slight initial advantage would have tricked you into fighting a losing battle for the rest of your trading career. Regardless of how successful you trade, the bad exchange rate would eat up your profits – a situation you have to avoid at all costs.
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Compared to other brokers, Porter Finance’s minimum deposit requirements are slightly below average. While some brokers only require you to deposit $100, some also require you to deposit $500. Porter Finance is right in the middle of these extremes. Most new trades will have at least the $200 required for Porter Finance’s minimum deposit.
If you have a little more money to spare, you might want to think about depositing at least $2,500, which is the minimum deposit requirement for Porter Finance’s silver account. The silver account comes with additional free features such as 5 webinars, 3 risk free trades, 3 one on one lessons, a dedicated broker, and a money management system.
These features can greatly accelerate your learning curve and can help you become a successful binary options trader quicker.