Pocket Option Review 2024 | Is it Safe and Legit or Scam? (2024)

Pocket Option is a binary options broker providing access to over 100 different assets ranging from forex pairs to company shares and cryptocurrencies. The brokerage offers regulated services for clients in over 95 available countries and regions, including the UK, the United States (USA), India and Europe. This 2024 review will help you learn more about Pocket Option, from the assets and mobile app to regulation and fees. Find out how to open a trading account with Pocket Option today.

Pocket Option Headlines

Pocket Option was founded in 2017 by its current owner, Gembell Limited. The company’s office headquarters are based in the Marshall Islands and they have made big waves in the world of binary options.

Pocket Option is regulated by the International Financial Market Relations Regulation Centre (IFMRRC).

Currently, Pocket Option has over 20,000 daily active users and a trading turnover of more than $500 million. They cater to almost anyone from over 95 countries looking to sign up and trade binary options.

Trading Platforms

Pocket Option provides two commercial trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both are available either as an online web trading app or a desktop application, which you can download for Windows (inc. 10) PCs and MAC OS from the company website.

Both MT4 and MT5 are world-renowned platforms providing a wide range of charting options, technical indicators, timeframes, additional features and drawing tools.

The MetaTrader platforms also have flexible API support that allows traders to integrate an automated robot, a Telegram signals bot, copy trading tools or an official specialised trading keyboard.

Pocket Option has also developed its own web-based trading platform that is focused on being easy to use for beginners and free of glitches.

The web app features all the standard order types, as well as customized indicators and clear reports of transaction history, net worth and past performance.

App Drawbacks

However, the web app lacks the ability to set price alerts or notifications and there is only the option of a one-step login without additional verification through Google authenticator or similar systems.

With the Pocket Option platforms, binary options trades are simple to understand and intuitive to place. The pay-out amount is clearly stated, along with the time until purchase and fixed expiry time.

The broker also specialises in quick trading; the standard expiration time for these express trades is 30 seconds.

Everything is clear for the user and the platform even shows which way most users at that point are trading.

Markets

Pocket Option offers four tradable asset classes: forex pairs, stocks, cryptocurrencies and commodities.

• Forex Pairs: The platform offers over 30 major, minor and exotic forex currency pairs.
• Stocks: The platform has a wide variety of stocks available to trade, all pooled from US exchanges. There are over 30 stocks, including Facebook, Apple and Boeing.
• Cryptocurrencies: Pocket Option has more than 30 cryptocurrencies for trading, including the most popular coins like Bitcoin and Ethereum as well as many smaller tokens.
• Commodities: Four commodities are offered on Pocket Option: UKBrent (North Sea crude oil), USCrude (Western Texas crude oil), silver and gold.

Fees & Pricing

As a broker specialising in binary options trading, Pocket Option has relatively low fees. They do not charge any commission while trading on the live account, so you will not lose any of your profit. There are also no deposit, withdrawal or inactivity fees.

Traders can expect competitive pay-outs through Pocket Option. Some example profits for binary options trades on different forex pairs include:

• GBP/USD: 85%
• GBP/EUR: 59%
• EUR/USD: 89%

For stock traders, examples include:

• Apple OTC: 92%
• McDonald’s OTC: 92%
• Microsoft OTC: 78%

Cryptocurrency binary options trades have slightly lower profits due to their volatility, generally around 40%.

Leverage

There is not a specific leverage level with Pocket Option that you must abide by, though there is a maximum rate of 1:1000. This means that you can put down $10 and trade with $10,000.

However, always remember that trading with leverage not only increases your potential profits but also magnifies your losses.

Mobile Trading

Pocket Option has a functional mobile app, designed for both APK (Android) and iOS (Apple). The app is great for on-the-go trading, featuring all the charts and order types required. The design is easy to navigate and user-friendly.

Through the app, users can set up notifications and price alerts, which arrive in the form of helpful mobile notifications. The app does not, however, support fingerprint or facial recognition logins.

Payments

Pocket Option does not charge a deposit fee and the processing time is reasonable, typically around one to two business days. The minimum deposit is $50 and any deposit must be made in USD, as this is the only base currency within Pocket Option.

There are three easy methods via which users can deposit funds:

• Debit/Credit Card (e.g., Visa debit)
• Bank Transfer
• Electronic Wallet Transfer (e.g., Coinbase).

Pocket Option also offers free withdrawals. The minimum withdrawal amount is $10, and there is no maximum withdrawal limit.

Typically, funds will be received, with proof, within 24 hours. Traders can withdraw funds via the same payment methods they deposit them by.

Unfortunately, withdrawals are only available in USD, which could result in issues such as banks charging conversion fees.

Demo Account

Pocket Option does offer a free demo account and application without the need to open a live account first. Anyone can start a demo account, log in and practice trading. Moreover, no deposit of real funds is required to use a demo account.

In the demo account, Pocket Option gives you $10,000 to trade with. This money can be recharged if it is lost. The demo section aims to help traders learn to navigate the platform and execute trades.

The simulator account is the ideal place to practice and develop the best approach for you, be it a 30 second, 1, 2 or 3 minute 2024 trading strategy, a zig zag strategy or a YouTube OTC strategy.

New Pocket Option customers have two different promotional deals available. The first is a bonus of 50% of your deposit. Anyone is eligible for this deal and no referral code is required, simply deposit the minimum requirement of $50 and receive your bonus.

The more capital you put in at the start, the more you cash in on this deal. For example, if you deposit $100, you will receive $50 but, if you deposit $1000, you get an impressive $500 bonus.

The only rules with this promotion are that you need to make a certain number of trades before you can withdraw the money.

The other Pocket Option promotion is a $50 no deposit bonus. Using the promo code ‘NBD-promotion’, new customers can receive a bonus of $50.

To access this bonus, simply register for an account using the promo code provided and receive your funds. The bonus can only be withdrawn after several trades have been completed.

Be on the lookout for other time-limited bonuses, like the promo code from June 2021 that increased the deposit bonus for new clients.

Licensing

Pocket Option, and its owner Gembell Ltd., are regulated by the International Financial Market Relations Regulation Centre (IFMRRC). This is not an official financial regulator, and they do not offer tier 1 regulation, meaning features like trader insurance are not provided.

This does not mean that Pocket Option is a scam, but caution should be taken, especially as there are some customer reviews claiming price manipulation.

The broker complies with the anti-money laundering policy, as well as Know-Your-Customer (KYC) policies. Moreover, all employees are trained to prevent fraudulent misconduct.

Additional Features

Pocket Option has a variety of special features that set it apart from other brokers like Nadex, VideForex, BinaryCent and Quotes, including:

• Social Trading: This feature allows you to view and track other traders’ habits and strategies to learn from them. You can see the successes that other traders are demonstrating or avoid any mistakes they make.
• Tournaments: This allows you to compete against other investors for prizes. See how you compare to others and make trading a little more exciting.
• Achievements: These are earned through tournaments and are shown off to other traders as a fancy badge. Earning achievements can also grant you better pay-outs, trading funds and other perks to enhance your trading experience.

Account Types

There are two different account types available on Pocket Option: a demo account (described earlier) and a live account.

A live account can be opened with a deposit of just $50 and gives you access to over 100 financial instruments. Traders also have access to many other benefits such as cashback, social trading, signals and more.

Pros Of Pocket Option

• No commission
• Over 100 assets
• Low trading fees
• 50% deposit bonus
• User-friendly interface
• High average pay-outs
• Demo account available

Cons Of Pocket Option

• Relatively simple platform
• Limited expiry time on trades
• No additional login verification
• Only one account type is available
• Not regulated by an official regulator

Trading Hours

Pocket Option has different assets available to trade 24/7. The main forex session runs from 21:00 UTC Sunday to 21:00 UTC Friday.

However, over-the-counter (OTC) assets like GBP/USD and EUR/USD can be traded at the weekends as well. This session begins on a Friday when the main session closes. Remember to translate trading hours by time zone if you are not using UTC.

Other assets like cryptocurrencies do not have specific market hours and can be traded 24/7 on Pocket Option.

Customer Support

Customer service levels are good at Pocket Option. There are different means of communication available, meaning you can reach them 24/7, even on the weekend.

If you have an issue like something is not working or loading, you have an expired deposit or a contract has an incorrect expiration time, there is a live chat system on their website or they can be reached on Instagram, Twitter, Facebook and other social media.

If you cannot chat, it is possible to fill out a contact form on their website and they will get back to you later. The broker can also be contacted via the phone number or email address below.

• Phone: 1 (800) 982 – 1251
• Email: [email protected]

Security

Security is one area that Pocket Option is slightly lacking in. While the overall security of the app and website is relatively strong, the web app, desktop app and mobile app all only support one-step login.

There is no option to use additional verification methods to further protect your account, which could leave your account susceptible to being hacked.

Pocket Option Verdict

Pocket Option offers many great features that will excite newcomers and experienced traders alike. Focusing on binary options, they set themselves apart from other forex, stock and CFD brokers.

Pocket Option has a transparent, competitive fee structure, simple to use platforms and impressive bonuses and social trading support, though it lacks security. Open a demo account, practice your strategy and begin trading with Pocket Option today.

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