Pocket Option Review
If you are looking for a simple and fast trading platform to trade binary options, you might have seen many Pocket Option reviews and recommendations. It’s a trading platform that was launched in 2017 and offers binary option trading, along with social trading features that allow you to interact with other traders and copy their strategies.
In this Pocket Option review, we will give you an overview of the platform, its features, advantages, and disadvantages. We will also show you how to get started with Pocket Options Trading and how to use its social trading tools.
What Is Pocket Option?
Pocket Option is a binary options trading platform that allows traders to make forecasts on the price movements of different assets, such as cryptocurrencies, commodities, stocks, indices, and more. Traders only need to fund their accounts using their local currencies, which will be converted automatically to the account currency in USD.
Two types of orders are available on this platform: Buy and sell orders. The platform offers a custom interface with quick trading features, such as setting a digital purchase time, choosing the investment amount, and selecting the direction of the price movement. Traders can also access various tools and indicators to help them analyze the market and make informed decisions.
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Summary of Pocket Option Trading Company
So, how does Pocket Option Work? Pocket Option offers binary options trading, which involves predicting the direction of the price movement for different assets that are traded in real markets. For instance, you can speculate on the price movements in the Bret Crude Oil market or the exchange rate for the USD/EUR currency pair.
Is Pocket Option gambling? Unlike gambling, binary options trading is not based on pure luck, but on analyzing the market conditions and the factors that influence the demand and supply of the assets. By using various technical analysis tools, such as indicators, you can generate signals that help you make more accurate predictions. You can find expertly curated trading strategies on Binaryoptions.com that will increase your win rate.
To access the Pocket Option trading account, you need to sign up and verify the account with your ID. This is to ensure that you are legally allowed to trade and not from a restricted region, such as the US or EU. You can make deposits using any currency, but your account balance will be in USD.
Pocket Option has designed its trading platform to be simple and user-friendly. You can choose from different types of trades, such as:
- Timed purchases: You set an expiration time for your order, which can be as short as one minute or longer depending on your preference. When the time is up, your order will be closed, and you will see if you made a profit or a loss.
- Strike purchases: You place an order that will be closed when the current market price reaches a certain level, either higher or lower than the entry price. By doing this, you can take advantage of sudden price movements or avoid closing trades prematurely.
You can also copy signals or strategies of other successful traders on the platform. Replicating their trades allows you to benefit from their experience and expertise —and may shorten your learning path.
When you make a profit, you can withdraw it using any of the supported methods that you used to make a deposit. The Pocket Option broker aims to process withdrawals within 24 hours, but they may take up to three business days depending on your chosen method.
User Reviews about Pocket Option
In the competitive realm of binary options trading, Pocket Option has distinguished itself as a convenient and useful platform. The fact is confirmed by the 5-star reviews it has received from the experts at binaryoptions.com. This endorsement reflects a high level of satisfaction with Pocket Option's robust trading environment and its capacity to serve a diverse range of traders.
Furthermore, the platform's reputation for reliability and user-centric features is consistently reinforced by the users’ evaluations on Trustpilot, where almost 3,000 clients have voiced their approval. Positive feedback on Trustpilot amplifies Pocket Option's credibility and solidifies its standing as a reliable broker in the field of binary options.
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Advantages of Trading with Pocket Option
Pocket Option has managed to attract millions of users by offering many advantages for traders of different levels and preferences. Here are some of the benefits of trading on the platform:
- Over 50 payment methods: You can select from various payment methods, including E-payments, bank, mobile payment, and cryptocurrency. It gives you the flexibility to pick the most convenient method that suits you best and one that mitigates unnecessary fees or delays.
- Low minimum trade amount of just $1: While many other platforms and investment types may require large deposits and set high minimum trade requirements, Pocket Option offers a great starting rate of $1. Traders can begin with small capital and test their strategies without risking too much money.
- No commission on deposits or withdrawals: Unlike some other platforms, Pocket Option does not charge any commission or hidden fees when you deposit or withdraw your funds. You can enjoy the full amount of your profits and manage your money easily.
- Demo account: If you are new to online trading or want to practice your skills before investing real money, you can use the demo account that PocketOption.com provides. It has the same features and functions as a real account but with virtual money instead of a real deposit. You can learn how to use Pocket Option, from understanding analysis tools to learning how to copy other traders.
- Good welcome bonus of up to 50%: When you sign up, you can get a generous welcome bonus that can boost your trading capital and increase your chances of making profits. But note that you’ll need to deposit at least $50 to qualify for the bonus.
- Android, iOS, and web apps for flexible trading: If you want to trade on the go, you can use the platform’s mobile apps. The web app is also compatible with most Android and iOS devices. It has a user-friendly interface that allows you to access all the platform features and functions on any internet-enabled device.
- Nice trading interface suitable for beginners: The trading is simple and self-explanatory, which makes it easier for beginners to start trading. You can easily select different markets and choose the suitable expiry times of trades, ranging from one minute to four hours. The chart supports various indicators and tools to analyze the market and make informed decisions.
- Copy trading that many similar platforms lack: One of the unique features of Pocket Option is the copy trading option that allows you to automatically replicate trades of other successful traders that the platform will highlight. You can select from different criteria, such as profitability, risk level, or trading style, and find the traders that match your preferences.
Disadvantages of Pocket Option
While Pocket Option excels in many areas, such as ease-of-use and an intuitive trading interface, it also has some drawbacks. Some of the main disadvantages of the Pocket Option broker are:
- Limited trading options: Although Pocket Option has more than 100 trading instruments and assets, it still lags behind other platforms that offer more diversity and variety for traders.
- Short track record: Pocket Option is a relatively new platform that started in 2017, so it does not have a long history of performance and reliability compared to some other established firms.
- Questionable regulation: Pocket Option has a financial services license from the Mwali International Services Authority, but this is not considered a well-known or reputable regulatory body. There may be an added risk when dealing with a platform that is not regulated by more credible authorities.
- No advanced features: Pocket Option has no trading options for advanced traders who may want to use other more robust and sophisticated trading interfaces like MetaTrader 5 (MT5).
Pocket Option: Legit and Regulated, or Scam?
So, is Pocket Option a scam? Pocket Option is a legit and regulated online trading platform that offers a variety of assets and instruments to trade. The platform is not a scam, as it is regulated by the Mwali International Services Authority, an independent financial regulator based on the Autonomous Island of Mwali (Mohéli), Comoros Union.
The platform has had over 10 million customers since its launch in 2017 and has exploded in popularity among traders who seek fast and flexible trading options. Thousands of customers have also given Pocket Option many 5-star reviews. They made deposits and successful withdrawals using various payment methods.
And where is Pocket Option located? The platform is owned and operated by Infinite Trade LLC, a company registered in the Republic Of Costa Rica, San Jose, San Jose Mata Redonda. Per its licensing terms, Pocket Option does not provide service to residents of the EEA countries, USA, Israel, UK, and Japan.
If you’re looking for a reliable and trustworthy online trading platform, Pocket Option binary options may be a suitable option to consider. However, it is important to check the platform’s operation in your jurisdiction and your local legislation regarding binary options trading.
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Who Is Pocket Option Best For?
Pocket Option is a binary option broker that allows traders to bet on the price movements of various assets, such as cryptocurrencies, minerals, and stocks. It's ideal for intermediate and beginner traders who may not have enough capital or access to trade other assets.
For example, people living outside the USA may face many barriers to trading stocks from large companies, but this binary option broker enables them to do so. However, trading binary options is more risky than trading with real assets. The risk is increased by the fact that the platform offers leverage, which magnifies the potential profits, but also the potential losses.
Pocket Option Features
On Pocket Option, you can trade binary options on various assets, including commodities, cryptocurrencies, forex, indices, and stocks. Let’s take a closer look at the features that you can expect from Pocket Option.
Assets
Pocket Option is a trading platform that offers a variety of assets to trade. You can choose from the following options:
- Currency pairs (USD/CAD, USD/JPY, CHF/NOK, and more);
- Commodities (Gold, Brent Oil, Crude Oil, Silver, Natural Gas, Platinum, Palladium);
- Stocks (from Tesla, Boeing, Intel, to Microsoft and McDonald)
- Cryptocurrencies (Bitcoin);
- Indices (AUS 200, SMI 20, JPN225, and more).
The platform also offers OTC trading during weekends or times when usual assets like some currency pairs are not available.
Trading Platform
The platform offers a proprietary trading interface, custom-built to make the trading interface intuitive. You can try out the platform with a demo trading feature, which lets you practice with virtual funds before risking real money.
The platform has a dark background that makes it easier to track the real-time price movement on the line chart. There are two prominent buttons for making a “Higher” or “Lower” trade, depending on your prediction of the market direction.
Plus, the platform comes with several technical indicators that you can use to enhance your analysis. You can also access social trading from the trading interface, or even participate in tournaments to compete with other traders.
Charts
There are various charts for all the trading instruments available on the platform. You can switch between different chart types, including Line, Candle, Bar, and Heiken Ashi.
Each chart type has its own advantages and disadvantages, depending on your trading style and preferences. You can also customize the chart settings, such as the time frame, indicators, and colors for easier analysis.
Mobile App
You can download Pocket Option’s mobile app for Android and iOS devices that allows you to trade on the go. The app provides access to a variety of markets and instruments, as well as fast trade execution and a user-friendly interface.
On Android, the app has received over 100K downloads, and 2.9K reviews with an average rating of 4.3. The application is also quite popular among iOS users, with more than 2.2K reviews and an impressive rating of 4.5 in the App Store. The most recent reviews are overwhelmingly positive, and so far, many users have been satisfied with the app's performance and features.
Demo Account
The platform offers a demo account, which is a simulated trading account that allows you to practice trading without risking real money. With a demo account, you can test different strategies, learn how to use the platform, and familiarize yourself with the market conditions.
The demo account has a starting balance of $50,000, which is more than enough to try out various trades. However, if you ever run out of funds, you can replenish the demo account balance any time you want. You can also switch from the demo to the real account with a click of a button, without needing a different set of logins.
Trading Gamification
You can not only make real trades against the rest of the market but also enjoy the platform’s gamification features to enhance your experience. One of these features is the tournaments, where traders can compete with each other and win prizes based on their performance. The winning trader is usually the one who has the highest profits from the trades.
Another feature is the achievements, where traders can track their progress and accomplishments in trading. Traders can earn awards (achievements) for different trading activities, but they have to meet certain criteria to unlock them.
Pocket Option Fees & Commissions
There are no extra costs or fees when trading on Pocket Option. For instance, it doesn’t charge any other fees or commissions besides the spreads that it sets for every trade. Effectively, this allows you to trade with confidence and transparency, knowing that you will not incur any hidden costs or charges that could affect your profitability.
Withdrawal Options and Fees
PocketOption.com offers a variety of withdrawal options, such as bank transfer, credit card, e-wallet, and cryptocurrency. You can choose the one that suits your needs and preferences.
The platform doesn’t directly charge any commissions or fees for withdrawals. However, there may be other fees from third-party payment processors. These fees and overall costs will vary depending on the withdrawal method, the amount, and the frequency of your withdrawals.
For instance, WebMoney has transfer charges of 0.8% of the payment amount for every transaction. You can find more details about the fees on the third party’s website.
One thing to keep in mind is that you will typically use the same method you used for depositing for withdrawing your funds. It’s to ensure the security and compliance of your transactions. However, if you want to change your withdrawal method, you can always reach out to the support team and request a change. They will review your request and confirm your details before honoring the request.
Deposit on Pocket Option
Wondering how to deposit money on Pocket Option? If you want to fund your Pocket Option account, you have many options to choose from. You can use any of these methods without paying any fees:
- E-wallets: MomoPay, Touch & Go, Easypaisa, Jazzcash, GrabPay, GlobePay, Shopee, WebMoney, Boost, QRIS, Yoomoney, and more;
- Bank transfers: Internet Banking, QR Pay, Mexico Online Banking, Oxxo, Pago, Promptpay, LATAM Banking, Havale, UPI;
- Mobile payments: Airtel, M-Pesa, MTN, Orange (XOF), Expresso (XOF), Altel, Kcell;
- Cryptocurrencies: USD Coin (USDC), Tether (USDT) and Tether Polygon, Stellar (XLM), Ethereum (ETH) and Ethereum Classic, Bitcoin Cash (BTC), and more.
And what is the Pocket Option minimum deposit? You only need $5 to start trading with Pocket Option. And when it comes to Pocket Option deposit time, your funds will be processed almost immediately. However, some methods may take longer, depending on the provider's processing time.
Should You Trade Binary Options?
Binary options are a type of financial instrument that allows you to speculate on the price movement of various assets, such as stocks, forex, commodities, and indices. Before deciding whether to give it a try, you should weigh both the pros and cons of trading binary options.
One of the main advantages of binary options is that they are simple and transparent. You know exactly how much you are risking and exactly how much you will profit if you win the trade. Unlike other forms of trading, where you may have to deal with complex factors such as leverage, margin, spreads, and commissions, binary options are straightforward and easy to understand.
Another benefit of binary options is that they are easy to trade. They cater to investors who have little experience in trading, as well as those who want to trade quickly and conveniently. Many binary options websites have become incredibly user-friendly with features such as demo accounts, informative videos, and live chat features to answer any questions you may have.
In addition, this type of investment can be beneficial for experienced traders. Binary options are a great way to diversify one’s portfolio without the need to go into the complexities of many other assets.
However, binary options also have some drawbacks that you should be aware of. One of the main disadvantages is that they are very risky and often unregulated.
Most binary options traders lose money, with the percentage of losses reaching 80% for some traders. This is because binary options may feature a gambling aspect if traders don’t analyze the markets and only predict the outcome of short-term market movements that are influenced by random factors and noise.
Another drawback of binary options is that they have limited reward potential. It's not possible to lose more than the cost of the trade, including fees, but it's also not possible to make more than a fixed percentage of your investment, usually around 70-90%. This means that you have to win more than half of your trades to break even, which is not easy to achieve consistently.
Moreover, if a stock index or forex pair is barely moving, it's hard to profit from binary options, as they require a significant price change in your favor to be profitable. So, binary options are a simple and easy way to trade various assets, but they also come with high risks and low rewards.
Final Word: Pocket Option Review
So, is Pocket Option legit? Yes, PocketOption.com is a regulated platform that has offered trading options for its users since 2017. It continues to draw users thanks to its user-friendly interface that appeals to beginners and seasoned professionals alike.
The broker also supports multiple payment and withdrawal methods, such as credit cards, banks, e-wallets, and cryptocurrencies. Users can contact the support team through various channels, such as phone, chat, or email, in case they encounter any issues or have questions.
The platform provides access to a wide range of trading instruments, including stocks, indices, currency pairs, and more. While the platform has its strengths, it also lacks in some areas like a limited library of assets and a fairly less trusted trading license. To sum up this Pocket Options review, the platform is reliable and pays its users what it owes them without fail.
FAQs
Is Pocket Option Legal in the US?
Pocket Option is an illegal platform in the US, and it does not allow US traders to join. This is because the US regulatory bodies have strict regulations on binary trading, which they view as a form of gambling with high risks. Therefore, platforms that offer binary trading must meet certain criteria to operate in the US.
Is Pocket Option Regulated?
It’s a legitimate and regulated online trading platform that operates under the trademark of Infinite Trade LLC, a company that is authorized and supervised by the Mwali International Services Authority. You can check their licensing badge and certificate that ensures the platform adheres to the recommended best practices such as keeping funds in segregated accounts.
How Long Does the Pocket Option Withdrawal Take?
Depending on the payment method, withdrawal requests may take from one to three business days to be processed. However, it takes longer for funds to reach your account using some payment methods. For example, card payments require three to seven business days for the bank to complete them, while crypto payments may vary depending on the blockchain speed.
Can You Make Money on Pocket Option?
Wondering how to make money on Pocket Option? To make successful trades, you have to correctly predict the price movements of various assets. If your predictions are true, you can earn money. However, Pocket Option is not a gambling site, as you can use various tools and strategies to analyze the market and make more informed decisions, unlike gambling, where the outcome is purely random.
Which Is Better, IQ Option or Pocket Option?
Both IQ Option and Pocket Option are popular trading platforms that offer various features and benefits to their users. However, there are some differences between them that may affect your choice, depending on your preferences and needs.
For example, Pocket Option has the advantage of providing copy trading, more payment options, a lower deposit amount, and even trading signals. The features can help you learn from other traders, access your funds more easily, start trading with less capital, and get insights from market experts.
On the other hand, IQ Option has been in the market for longer and has a more established reputation. It also supports more account currencies, including EUR, GBP, and ZAR, which can be convenient for traders from different regions. Therefore, the best option for you may depend on what you value more in a trading platform.