Pocket Option Review 2023: Scam or Legit? (Pocketoption)
Pocket Option is an online broker that offers binary options trading, a type of financial instrument where you can predict the outcome of a market movement within a fixed time frame and earn a fixed payout if you are correct.
And what is Binary Option you ask?
Binary options are also known as digital options, all-or-nothing options, or fixed-return options.
Pocket Option claims to be one of the most advanced and user-friendly platforms for binary options trading, with over 100 assets to choose from, various expiry times, and flexible trading conditions. Pocket Option also boasts of having the highest payouts in the industry, up to 96% per trade, as well as a range of bonuses, promotions, and tournaments for its clients.
But is Pocket Option a scam or a legit broker? How does it compare to other binary options brokers in the market? What are the pros and cons of trading with Pocket Option?
In this Pocket Option review 2023, we will answer these questions and more, based on our own research and experience with this broker.
Regulation and safety
Is Pocketoption a scam or not?
One of the most important factors to consider when choosing a binary options broker is whether it is regulated by a reputable authority. Regulation ensures that the broker follows certain standards of conduct and provides protection for its clients in case of disputes or insolvency.
Unfortunately, Pocket Option is not regulated by any top-tier regulator, such as the Securities and Exchange Commission (SEC) in the US, the Financial Conduct Authority (FCA) in the UK, or the Cyprus Securities and Exchange Commission (CySEC) in the EU. Instead, Pocket Option is registered in Costa Rica, an offshore jurisdiction that does not have strict oversight or investor compensation schemes.
Where else is Pocket Option Regulated?
Pocket Option claims to be regulated by the Mwali International Services Authority (MISA), which is supposedly an independent financial regulator based in Comoros, an island nation in the Indian Ocean. However, we could not find any official website or information about MISA, and we doubt that it is a credible or recognized regulator.
In fact, the FCA has issued a warning against Pocket Option, stating that it is not authorized to provide financial services or products in the UK. The FCA also advises consumers to be wary of dealing with unregulated firms, as they may be involved in scams or frauds.
That said, we do not recommend trading with Pocket Option if you are looking for a regulated and trustworthy broker. You may be putting your money at risk by depositing with an unlicensed and unregulated entity.
Again, is Pocketoption a scam?
Regulation aside, this is among the brokers that binary options traders swear by to be the best. And that’s if we judge it without regulation, safety, trade execution, and customer service.
Traders who have supposedly used Pocket Option say that if you make a deposit on your account, you can be sure that your funds will be safe and you can use everything for trading when you want.
On the same note, they confirm that your withdrawals will be fast and safe on the Pocket option if you follow the guidelines outlined for payments.
Since we still have lots of things to look at before determining if Pocketoption is legit or not, I’ll request that you continue reading to find out more.
What are the Features of Pocket Option?
Despite its lack of regulation, Pocket Option does offer some attractive features for binary options traders. Here are some of them:
Over 100 assets to trade
Pocket Option has a diverse range of assets to trade, including currency pairs, stocks, indices, commodities, cryptocurrencies, and more. You can also trade OTC (over-the-counter) assets, which are available even when the markets are closed.
Various expiry times
The Pocket Option platform allows you to choose from different expiry times for your trades, ranging from 30 seconds to 4 hours. As a plus, you can also use the pending order feature to set your entry price and expiry time in advance.
Flexible trading conditions
Pocket Option lets you customize your trading settings according to your preferences. You can adjust the payout percentage, which affects the risk-reward ratio of your trades.
If you are trading on the Forex platform, consider enabling or disabling features such as early closure, take profit, stop loss, and trailing stop.
Pocket Option claims to have the highest payouts in the industry, up to 96% per trade.
However, this may vary depending on the asset, expiry time, and market conditions. When trading on this platform, keep in mind that be aware higher payouts come with higher risks.
Bonuses and promotions
Pocket Option offers various bonuses and promotions for its clients, such as deposit bonuses, cashback bonuses, no-deposit bonuses, referral bonuses, and more.
However, these bonuses come with certain terms and conditions that you should read carefully before accepting them.
Tournaments and contests
Pocket Option organizes regular tournaments and contests for its clients, where they can compete with other traders and win prizes. Some of these tournaments are free to join, while others require an entry fee. The prizes may include cash rewards, gadgets, cars, or even trips.
Pocket Option provides a free demo account for its clients, where they can practice their trading skills and strategies without risking real money. The demo account has $10,000 in virtual funds and access to all the features of the live account.
Education and training
Pocket Option has a section on its website dedicated to education and training for its clients. Here you can find articles, videos, webinars, ebooks, and more on various topics related to binary options trading. You can also access signals, indicators
How to Access the Pocket Option Platform.
You can access this broker from any device that has an internet connection.
The Pocketoption platform is designed to be simple, clear, and convenient for traders of all skill levels.
Traders can use the platform to trade binary options, Forex, stocks, and commodities
a). Accessing Pocket Option via The Web Platform
Immediately you log into the web platform, you get a very good overview of the website.
Without staining you will see the button for switching from a live to a demo account and vice vasa.
The second button after the trading button takes you to your safe and shows you how to deposit, withdraw, get cash back, and access promo.
You can use your demo account which by the way comes with $1,000 to access the platform, figure out the platform, learn to trade, and come up with trading strategies for Pocket Option.
Accessing Pocket Option via The MetaTrader 5 Platform.
MetaTrader platforms are Forex and CFD trading software developed by MetaQuotes Software.
There are four main types of MT Platforms: the original MT, MT Mobile, the web-based MT Web, and the recently released MQL programming language environment called MT Prime.
Traders have access to both the original MT platform and MT5 as of 2020.
How to Open an Account with Pocket Option?
Opening an account with Pocket Option is a simple and quick process. Here are the steps to follow:
- Visit the Pocket Option website and click on the “Sign Up” button at the top right corner of the page.
- Fill in your personal details, such as your email, and password. You can also sign up with your Google or Facebook account.
- Agree to the terms and conditions and click on the “Register” button.
- You will receive a confirmation email with a link to activate your account. Click on the link and log in to your account.
- You can now access your dashboard, where you can deposit funds, trade, withdraw, and manage your account settings.
Benefits of Using The MT5 Platform to Trade on Pocket Option.
1. Indicators and Expert Advisors
One of the benefits of trading via the MT Platform is that you have access to a wide range of indicators and expert advisors (EAs).
These can be used to help you identify trading opportunities and automate your trading strategies.
The Pocketoption platform offers a good selection of both pre-built and custom-built indicators and EAs to help you successfully trade Pocket Option.
2. Multi-Language Support
In addition to indicators, MT5 allows for multi-language support, which is important if your native language isn’t English or if you are trading in a foreign market.
3. Drawing tools and charting
The Pocketoption MT5 platform also offers a wide range of drawing tools and charting options, which can be used to help you better understand the price action and identify trading opportunities.
4. Multiple time frames for analysis
You can use MT5 to view multiple time frames for their analysis.
5. Automated trading
Last but not least MT5 allows for automated trading.
This means you can program your own trading strategies and have them executed automatically when certain conditions are met.
c). Accessing Pocket Option via Mobile Apps
These Pocket Option mobile apps are designed to make it easier than ever to trade Forex and digital options from your phone or tablet, wherever you may be.
Download the Pocket Option Mobile App here.
Account Types Available in Pocket Option.
Pocket Option offers two types of accounts: a demo account and a real-money Pocket Option.
1. The Pocket option Demo Account
When you first sign up with this broker, you get the choice to either move to a live account or start with a demo account.
The demo account comes with $1,000 (replenishable) which you can use to learn how to trade, figure out the trading platform, make trading strategies, test strategies, and learn how to use the platform.
While you may feel like immediately switching to the live account to start making real money, it is important to use the demo account for a while until you are confident about trading.
Except, the demo account allows you a risk-free experience of trading.
2. The Pocket option Live/Real Account
The Pocket Option live/real account accesses the same platform as the demo Pocket option.
The only difference is, you can use your real money to trade binary options on a wide range of assets, indices, and currencies and earn real money which you can withdraw when you want.
How to Create a New Account on Pocket Option.
- To create an account, head over to their website and click on the registration button at the top of the platform.
- Alternatively, you can click on this link to register.
- Next, enter the required credentials or use Facebook/Google to register.
It’s that easy. You just created a new account on Pocket Option.
How to fund your Pocketoption account.
This broker accepts a variety of payment methods, which you can see below.
Supported Payment Methods for Pocket Option:
- – Credit/Debit Cards (Visa, Mastercard, Maestro)
- – Bank Wire Transfer
- – Neteller
- – Skrill
- – Bitcoin
You can use any of the above methods to deposit funds into your Pocket Option account.
How to Trade Pocket Option.
Now that you have funded your account, it’s time to start trading!
To trade Pocket Option, follow these simple steps:
How to Place Your First Trade on Pocket Option.
Trading in P.O is just as easy as trading on any other platform.
- The first thing you need to do after logging in is to choose an asset to trade ( could be Currencies, Commodities, Cryptocurrencies, Stocks… you name it)
- Next, choose the trade amount. The minimum trade amount in P.O is $1.
- Now choose the price direction. Predict whether the price of this asset will increase or decrease.
- Get your profit if your prediction ends up being right. It’s that simple.
Try it with the demo account then go to the next step to also try the live account.
That’s it! You just traded Pocket Option.
How to Withdraw Money from Pocket Option.
In order to withdraw your money, follow these simple steps:
- – Login to the platform
- – Click on “withdraw” in the top menu bar
- – Enter the amount you want to withdraw and your payment method
- – Click on “submit” and your withdrawal will be processed instantly!
What are the Pros and Cons of Pocket Option?
Pocket Option has some advantages and disadvantages for binary options traders. Here are some of them:
- Over 100 assets to trade
- Various expiry times
- Flexible trading conditions
- High payouts
- Bonuses and promotions
- Tournaments and contests
- Demo account
- Education and training
- Social trading feature
- Not regulated by any top-tier regulator
- FCA warning against it
- High-risk trading instrument
Frequently Asked Questions.
1). How good is Pocket Option?
Until Pocketoption, there wasn’t any other offshore binary options broker accepting traders from the US and parts of the EU region. Then came Pocket Option which has made it easier for traders from all countries to trade without issues.
Traders can also use the Pocketoption platform to earn passive income by copying trades from other traders. And this is a plus as older trading platforms in the same industry still don’t have this feature.
A good example is Olymp Trade.
2). How much money can you make on the Pocket Option platform?
Well, this depends on the trading instrument you are actively trading and how stable the rate of return is at that particular time.
Ideally, the rate of return on PocketOption fluctuates between 50% and 218%. Assuming you open a position of $100 on an asset with a rate of return of 98%, then you will make $98 if the trade goes in your favor.
3). Can you cash out on the PocketOption Platform?
No, the cash-out option is not available for PocketOption however, you can withdraw your earnings to any payment method available on the platform after winning.
PocketOption has more than 20 payment methods and regardless of the method that you use and the currency that you withdraw to, you will receive your earnings.
4). Is PocketOption Profitable?
Yes, the Pocket Option platform is profitable if you have a strategy that works and trades on assets with high RoR. If you want even more profits on the Pocket Option then you must try High/Low trading on the platform.
Profits on this mode of investing come fast and the rate of return often goes above 100%.
5). Do you pay taxes on the Pocket Option Platform?
Depending on the country you live in and the tax laws that require you to declare extra income methods, you might have to pay taxes. In Kenya however, most retail traders don’t declare earnings from online sources hence trading income is almost never taxed.
6). Who is the owner of Pocket Option?
PocketOption is owned by Gembell Limited. The platform was founded in 2017 and its headquarters are based in the Marshall Islands.
Pocket Option is also regulated by the International Financial Market Relations Regulation Centre (IFMRRC).
P.O is a modern broker for binary options that offers a wide range of assets, indices, and currencies to trade.
The Pocketoption platform is easy to use and provides stable trading for traders and investors.
Pocket Option also has mobile apps for both Android and iOS devices.
To create an account, head over to the PocketOption website and click on the registration button at the top of the platform.