According to them, they offer the best trading conditions and the most convenient online trading interface. Yea, we’ve heard it all before and although the platform does offer high payouts and some nice features, I don’t think it’s really the best or the most convenient. On top of all that, their regulatory body is not the “fiercest” and probably not as strong as CySEC, FCA, or ASIC.
Why Pocket Option Doesn’t Suck In 50 Words.
According to their Terms and Conditions, the client is not entitled to ask the Company for trading advice and the Company is under an obligation not to provide any advice to the client. In a world where most brokers are doing their best to take control of your trading through account managers, special signals, advice, and whatnot, it’s refreshing to see a broker that specifically says that it will not interfere at all. This is how it should be with all brokers.
Is Pocket Option A Scam?
The broker is relatively new but so far there are no obvious red flags or scam suspicions. They are not regulated by a well-known financial watchdog, but I will take their regulation (IFMRRC) any day instead of no regulation at all. I see they are transparent, which is always a good thing but on the other hand, they don’t offer information about the exact launch date (which is probably sometime in 2017). However, that alone doesn’t make them a scam but as always, be very cautious whenever you give your money to someone else.
Should I Open An Account With Pocket Option?
Pocket Option is an online broker launched in 2017, which offers instant access to trade options on more than 100 assets, including currencies, cryptocurrencies, and company shares. It is owned and operated by Gembell Limited, a company registered in the Republic of the Marshall Islands with registration number 86967. Gembell Limited is regulated by the International Financial Market Relations Regulation Center (IFMRRC) with license number TSRF RU 0395 AA Vv0141TSRF RU 0395 AA Vv0141.
Pocket Option offers three types of trading: Quick Trading, Digital Trading, and CFDs on Meta Trader 5. With Quick Trading, you have the possibility to set the exact expiration time, with a minimum of 30 seconds. In other words, if you want to set an expiration of exactly 37 seconds, you can do that. If you want an expiration of 2 hours, 56 minutes, and 23 seconds, you can do that too. It’s a high degree of flexibility and also a great advantage. Digital Trading is mostly the same, but the expiries are pre-set and range from 1 minute to 4 hours, with lots of increments in between.
The trading platform is web-based and provided by ITTrendex. I must admit it’s the first time I’ve seen it but so far I like it because, unlike most web-based platforms, this one offers a very wide array of technical analysis tools, from indicators to drawings, multiple types of moving averages, and more.
If you really want to go deep into technical analysis territory, Pocket Option offers the possibility to trade CFDs on Meta Trader 5, on a very large number of assets, including currencies, cryptocurrencies, stocks, and indices. Just keep in mind that digital options are available on the main platform and CFDs on MT5, you can’t trade both on one platform but switching between them is done with a couple of clicks.
The education material is composed of several strategies, a platform guide, and video tutorials. It’s not the most extensive material I’ve seen but at least the strategies are actual strategies, with rules, pictures, and clear steps you need to take before entering the market, which is more than I can say about other brokers.
In conclusion, Pocket Option is a brokerage with good payouts, low deposit and withdrawal requirements ($50 and $10 respectively or even less depending on region), great platform choice, and both major trading types in one place: Options and Contracts For Difference (CFD). A downside is that they are not regulated by a major authority and this keeps me from recommending them wholeheartedly but then again, we’ve seen CySEC-regulated brokers do bad things so I guess no regulation is perfect.
Pocket Option’s listed address is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960 and the broker can be contacted at email: [email protected]
Pocket Option Complaints.
There are quite a few complaints online about this broker, including claims of price manipulation, failed withdrawals, and accusations of a scam; you can even find unhappy Pocket Option clients in our Comments section below this review. On the other hand, there are a lot of clients who are very satisfied with the broker but we cannot vouch for the truthfulness of any of them so the bottom line is: use caution.
Pocket Option Bonus.
Using promo codes (available upon a deposit or as part of special campaigns), clients can receive a 50% bonus for a minimum deposit of $50. The required turnover is 50 times the deposited amount but the invested amount and all profits can be withdrawn at any time, which is a great advantage. However, if you withdraw before reaching the required turnover, the bonus will be canceled). In case you don’t use their promo codes, the bonus varies from 20% to a max of 50%; however, you will need a huge deposit of $10,000 to benefit from the 50% bonus.
Pocket Option Withdrawal.
The minimum withdrawal is very low, at 10 USD, and can be made via a huge choice of methods – more than 20, including cards, wires, e-wallets, and crypto. The processing time is 3 business days.
Pocket Option Extra.
Social trading is something that we see more and more these days and Pocket Option offers this feature as well. Another extra that needs to be mentioned is Pocket Option’s Trading Tournaments – some are free to join, and some are paid but the prize pools can go up to 50,000 USD, so it’s worth checking them out.
Perhaps the biggest extra is their Market that’s available on the platform. This is the place where you can buy risk-free trades (gives the possibility to cancel losing trades), cashback (get back a percentage of your previous month’s losses), and even something called mining licenses (you will earn gems for copying other traders; gems can be used to purchase bonuses, cashback, risk-free trades and more).
Pocket Option Ratings.
User Friendliness 16/20.
The website is translated into 22 languages but it is not the friendliest I’ve seen because sometimes information is hard to find, albeit if you know where to look, you’ll find it eventually. Demo accounts are available, as well as mobile versions for Android and iOS. US clients are accepted!
Number Of Assets And Expiry Times 17/20.
Pocket Option offers over 100 trading assets from all major categories: stocks, indices, currencies, cryptocurrencies, and commodities. Overall it’s a good basket and an extra advantage is that you can trade both digital options and CFDs in the same place. The expiry times are very flexible and if clients choose Quick Trading, they can set their own expiration time, to the second.
Commissions, Support, And Effective Return 16/20.
There are no commissions to open an account or to trade. Support was very fast to join the chat and my questions were answered in a timely manner. The effective return is up to 92% for all assets apart from cryptos, which have lower payouts. Just keep in mind that depending on market volatility and other factors, these payouts will change.
Deposit, Payment, And Bonus 17/20.
Deposits (minimum $50) and withdrawals (minimum $10) can be made using 20 or more methods, including of course credit cards, wire transfers, and tons of e-wallets. Pocket Option doesn’t charge a fee but your bank/payment processor probably will. The bonus is 50% for a minimum of 50 USD deposit using promo codes available on the Deposit page. The usual turnover is 50 times the bonus but exceptions can occur (terms of each bonus are explained and a bonus can be canceled by the client at any time).
Website Extras 15/20.
Their extras include cashback, risk-free trades, bonuses to balance, and bonuses on deposit (all available in their Market section of the platform), tournaments, and social trading. All are nice features but the Market seems to be the main attraction, mostly because it opens the door to a lot of opportunities.