Pocket Option Forex Binary Options Broker Review

Read our full Pocket Option review to get exact details about their safety, accounts, spreads, platforms, assets, support, and many more. Our unbiased Pocket Option opinion allows our readers to decide whether Pocket Option is a reliable broker.

Pocket Option Forex Broker History

Pocket Option (pocketoption.com) is a binary options trading platform, a broker that offers education, trading platforms, signals, and even educational resources. However, when checking online reviews and trader feedback, the broker does not seem very reliable to say the least.

Binary options are on the riskier side of the trading industry and are more like gambling and less like financial trading. Furthermore, the platform is not regulated anywhere, making it directly a good contender to be a scam. In case traders lose their money or if the broker is unethical, there is no one to help them, which makes Pocket Option a very risky broker.

Pocket Option broker safety

Pocket Option is only registered in Costa Rica and it is not a regulated and incensed broker, which makes it super risky, especially as the broker’s main activity is binary options, which are known for easy manipulation. There are several warnings issued against unauthorized firms and Pocket Option is in these lists.

On July 6, 2022, Pocket Option was added to the CFTC’s red list, and in 2018 the French AMF warned against unauthorized brokers and Pocket Option is on this list as well. These warnings make the firm even more riskier to do business with and there are also a multitude of fake positive reviews on the FPA platform.

Overall, Pocket Option safety is very concerning and the Pocket Option fraud is highly likely.

Pocket Option Broker Review of Accounts

When it comes to trading accounts, the broker lacks diversity as there is only one live trading account available. There are no accounts to allow lower spreads or any different benefits, which is a downside. There is a demo account available as well where traders can sign up for free and test strategies or develop one. The lack of live account types is explained by the asset class the firm offers. When gambling on binary options, traders only choose if the price goes up or down at the predefined time. So, there are no spreads or commissions, but traders lose their bet if they are wrong and win some percentage when they are right.

Overall, the broker lacks diversity and only offers live accounts and demo accounts.

Pocket Option instruments

Pocket Option only allows access to binary options and traders have to achieve a win rate that is well beyond 50% to become profitable which is super difficult when you are gambling with an unregulated broker that can manipulate prices.

The broker advertises its instruments to be more than 100. The list of trading asset classes includes Forex pairs, indices, commodities, cryptos, and even stocks. All these assets are CFDs which makes them even riskier than traditional assets.

Overall, the broker offers some diversity in trading instrument types but all the instruments are only accessible in the form of binary options.

Pocket Option Reviews of Trading Platforms

When it comes to trading platforms, the broker falls short as it only provides its own custom web trading platform. This is a major red flag as the broker can directly manipulate prices and ensure traders lose their bets. Indeed, this is a common practice among unregulated scam brokers and the Pocket Option does not provide any advanced third-party trading platform to ensure transparency and security.

The broker provides its proprietary mobile trading apps for both Android and iOS. There are no desktop platforms and mobile platforms lack many features but provide basic chart types, indicators, and timeframes. These platforms lack advanced functionality and traders can not use custom indicators either, which is a downside. Automated trading is not available as well.

Pocket Option Forex Review of Extra Features

When it comes to extra features, Pocket Options does offer bonuses, which is flexible. Traders can enhance their buying power with bonuses. There is a 50% deposit bonus available. Traders can get these bonuses when they deposit their first deposit.

Apart from bonuses, the broker also provides some bonuses and rewards for achievements, which are not very attractive.

The broker also offers a social trading feature where traders can copy trades of other users, but this feature is, even more, riskier than gambling on your own.

Pocket Option Deposit and Withdrawal

Pocket Options claims instant deposits and withdrawals, which we can not confirm. While the deposits are instant, the same can not be said about withdrawals. The broker allows many deposit and withdrawal options like cryptos, bank cards, bank transfers, and popular e-wallets, which is flexible.

The minimum deposit is 5 dollars and traders need at least 10 dollars to withdraw money.

Pocket Option Reviews of Customer Support

Unfortunately, the broker only offers an email as a customer support channel, which is a serious downside and a direct red flag. This is because traders need immediate assistance sometimes to resolve issues and continue trading uninterrupted. The website is available in a multitude of languages, which is very flexible.

Pocket Option Review Conclusion

In the end, Pocket Option is an unregulated binary options broker that promises great things, but is a totally risky broker. It is not licensed and regulated and there are several warnings issued by reputable regulators against it, making it super risky to sign up for this broker.

These issues raise serious questions about the broker’s legitimacy and reliability. There is no live chat support available and the broker does not allow access to advanced platforms. Instead offers its own web and mobile trading apps, which might be susceptible to price manipulations.

Overall, a pocket Option broker can not be trusted as it is an unregulated broker that offers binary options, which are a super risky asset class.

FAQs on Pocket Option

Is Pocket Option a scam?

Pocket Option scam is highly likely as the broker is not regulated, offers its own custom platforms, and allows only binary options betting.

What is the Pocket Option minimum deposit?

The minimum deposit at the Pocket option starts at 5 USD, which is very low.

Is Pocket Option a cheap broker?

Yes, the broker has a 5 USD minimum deposit, and 10 USD minimum withdrawals, and does not charge commissions for trading. However, binary options are super risky assets.