Binary options is a sector which is still plagued by scams and countless victims have lost a big chunk of their savings account to the fancy hustles. The regulators have banned it in most countries, but there are still a few reputable firms around that are catering to the needs of the traders. Pocket Option is a new binary broker who has been opening since 2017.
In a very short period of time, they have achieved impressive statistics and their popularity speaks for itself. However, if you check out their customer reviews, a lot of users are not exactly satisfied with the service they have received. In short, the number of factors which give mixed impressions are huge.
In the world of binary options, it is indeed possible to make immense gains on short term price movements. On the flip side, if you are not careful enough, then things can get ugly quickly. So, give proper attention to risk and money management aspects. As far as this trading platform is considered, continue reading this unbiased review to get an overall look at their operational model.
Pocket Option Legality and Regulation
Pocket Option is owned by Gembell Limited, this firm is regulated by IFMRRC (License details – TSRF RU 0395 AA Vv0158). Though, they are regulated, keep in mind that they don’t accept people from all the countries. If you are a resident of the United States or Israel, then you have to look elsewhere to find a binary broker as this platform won’t accept traders from select regions.
We couldn’t find much information about the founders and as their domain details were also masked, probably for security reasons, we don’t know the people working behind the scenes. They do follow a strict and mandatory KYC policy which is a positive sign. At the end of the day, from the perspective of legality, the way they are structured is quite impeccable.
If you have any questions or want to know more about any aspect related to their platform, you can contact their support team via live chat. Their website can be viewed in more than 20 languages and the waiting period for live chat is very minimal. Due to lack of feedback, we can’t comment anything about the way the staff handle the queries, but judging by the traits so far, it won’t be an issue.
Pocket Option Trading platform and Assets
Pocket Option trading platform is a very user friendly interface where literally everything is self-explanatory. For starters, the charts will take up most real estate on the screen and the web platform supports around 40 plus indicators which are enough for most people.
Experienced traders will have to find a third party charting solution as the default one doesn’t support custom templates or indicators. The expiry time period can be set from 60 seconds all the way up to 360 minutes. Payouts vary a lot and it mainly depends upon volatility. For example, during illiquid times, the reward might be around 75% to 80%, but during news events or market drivers, the payouts can go upto 90% plus.
While the higher rewards might entice you, keep in mind that the markets cannot be predicted with such degree of accuracy in lower time frames and as such, you should be careful while dealing with it. The number of trading instruments offered is quite generous and it contains major/minor forex pairs, popular cryptocurrencies, stocks and CFDs. Asset classes such as stocks and CFDs will give higher payout only during certain hours in the day.
So, if you are mainly a stocks trader, then know the time periods wherein the underlying instrument is active. This broker also offers a no strings attached demo account. Practice on the virtual account to get a hang of the experience before proceeding with the live account. After all, it is better to be equipped to the maximum possible level whenever you are getting started.
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Tournaments, Social Trading and Promotions
To keep traders motivated and engaged, this platform hosts a lot of fun events and promotional activities. From time to time, they will always come up with new tournaments which feature huge prizes. Note that, there will be a nominal fee to enter most tournaments and before you proceed with the events make sure that you understand the terms and conditions well.
Social trading features on this platform works well and with a click of a button you can copy the traders from anyone you like. However, do keep in mind that any issue with the algorithm or things like latency can affect the outcome of your traders which is why you should put in only the amount you are ready to lose.
There is also a matching deposit bonus program going on currently. Traders can use the bonus to enhance their capital, but we suggest against it as it will in most cases have certain requirements which may not be suitable to all clients. In the end, this brokerage has done a good job to keep their clients excited at all times.
Deposit and Withdrawal
The minimum deposit amount is $10 and the minimum trade size is just $1. They support a wide range of payment mechanisms including crypto wallets, e-wallets, debit card, credit card and wire transfers. Processing time for all transactions are unknown, but for e-wallets it is said to be instantaneous.
They do have pretty elaborate payment policies and note that they don’t accept any liability in case something goes down. If you are unable to withdraw funds at any point of time, then most probably it might be due to the bonus agreement. So, keep an eye on the requirement terms and conditions if you have accepted the bonus or don’t accept it to avoid dealing with any kind of hassles down the line.
Is Pocket Option a Scam?
It doesn’t appear to be a scam at least as of now. There are numerous complaints against them on forums such as Trustpilot and Forexpeacearmy. However, as the claims made by users cannot be verified, we are forced to keep an optimistic view.
If you have faced any problem on their platform or have some money stuck in the account, then fill out the contact form on our website to get a free consultation. We will go through all the details you provide us and show you the best solution suitable to your needs. Here’s a direct link to the page wherein users have talked about this platform. (Source – Trustpilot)
They are scam artists, very well done. They allow the people who give them a percentage of their trades to make a steady amount of money. But the program bugs out quite often, and when It does, no one is willing to help. I started off trading with them successfully, I was very hopeful, but unfortunately it’s not possible to make money with them. I know people rant on this when things don’t go their way, but this is an honest review. Keep your money and don’t bother with these guys!
Pocket Option is a broker who brings certain unique things to the table. However, there are risks present as well and their liability clause is biased to say the least. Given every parameter, variable we came across so far, it is better to avoid depositing with them due to the lack of security of funds. While the temptation of making easy and high returns may be present, remember not to get blinded by greed.
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