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Pocket Option Review – Fees, Features, Facts & More

Publisher

February 8, 2024
Pocket Option Review

Pocket Option is a binary options broker that offers services with 100+ assets, particularly cryptocurrencies. The company offers cryptocurrency trading, with minimal fees and offers regulations in more than 90 countries around the world.

In this Pocket Option review, we will provide all the information you need to help you learn about the broker, highlighting its major features, fees, and trading platform. At the end of this review, you will know if opening an account with Pocket Option is the best option for your crypto career.

 

Pocket Option Overview

Pocket Option is an online options broker that allows you to trade on various financial markets, such as cryptocurrencies, commodities, stocks, and more. The company was founded in 2017, with its headquarters in the Marshall Islands. It is owned by Gembell Industries, who are still in charge of running its affairs today.

Pocket Option is a highly regulated platform that is recognized in more than 90 countries, including the USA, the UK, and India.

The most common use case for Pocket Option is Options trading. As the name sort of implies, it is a platform that encourages options trading in different currency pairs, including BTCGBP and BTCJPY. Users can speculate on short-term price swings in various marketplaces and profit from correct forecasts.

Payouts range from 25% to 92%, depending on the asset, market conditions, and time of trade. The larger the payout, the greater the risk and potential return. It also has a timeframe of 30 seconds to 4 hours for trades taken.

The company offers over 100 tradable assets, including cryptocurrencies commodities, equities, and indices, which are available for trading. Some of the most popular assets include EUR/USD, gold, and crypto assets like BTC and ETH. Users can select the assets that best match their trading style, preferences, and methods. It also provides 0 commission fees on deposits and withdrawals, with a 50% deposit bonus for new users.

Aside from its user-friendly interface, Pocket Option provides a demo trading account feature for new users or beginner-level traders. The demo account comes with $50,000 worth of virtual currency to practice with.

Pocket Option also offers other features, such as social trading, where users can follow and copy the trades of other successful traders, and MT5, where users can access advanced charting and analysis tools. Pocket Option aims to provide a simple and user-friendly platform for beginners and experienced traders alike.

Additionally, Pocket Option is regulated by the International Financial Market Relations Regulations Center (IFMRRC), but this does not guarantee asset security as the regulator is not a popularly known one, making the legitimacy of Pocket Option questionable, not being recognized by any major government regulations agency.

Pocket Option offers customer support to users with 24/7 reachability through diverse channels. Users can report issues and confusion via chat, email, or through a direct call line. However, there have been a lot of complaints from users about the slow responses from the support channels.

Overall, Pocket Option has received some mixed reviews on Trustpilot, highly commended by some users, but has also been accused of delayed withdrawals and unnecessary cancellation of user accounts.

 

Pocket Option Pros and Cons

👍 Pros👎 Cons
✅ User-friendly platform❌ Poor security implementations
✅ Suitable for both beginners❌ Customer service response is slow
✅ Offers social trading❌ Not licensed by any well-known regulator
✅ Widely recognized platform
✅ Low trading fees
✅ 50% bonus on initial deposit

 

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Pocket Option Payouts

Pocket Option offers high payout yields for trading. The payout ratio varies with the asset, expiry term, and market conditions. Pocket Option provides competitive payouts ranging from 70% to 96%. However, the payout ratio is not fixed and may change during the trading session.

The broker offers a good deal, and one of the highest in the market when it comes to payouts, but you must also consider the losses that may be incurred if a trade turns south. If a trade expires out of the money, traders are at risk of losing more than they bargained, depending on the investment amount.

The losses are equivalent to the investment amount unless the trader employs a risk-free trade feature that allows them to recover a portion of their losses in the form of a bonus. Pocket Option also has a cashback option that allows traders to receive a percentage of their trading volume back as a bonus, regardless of whether they win or lose.

 

Pocket Option Trading Platform

Trading on Pocket option is fast and easy, whether you’re practicing with a demo account, or you are pulling the longshots to win a huge payout. The platform offers a complimentary trading interface that suits all your needs.

You can begin trading with just $1 on the broker, and select from over 100 assets, including cryptocurrencies, stocks, commodities, and currency pairs.

Trades can be performed either using the Pocket Option web terminal or on the mobile app available on Android and iOS devices. It has a smooth-running interface, whether you choose to trade over the web or from the comfort of your mobile phone.

Pocket Option trading platform has tools that meet the needs of any trader, whether you are a beginner or a seasoned pro. The platform offers custom order types that get you going as a beginner, including market orders and limit orders. For advanced traders, the company provides indicators for advanced trading, such as RSI, Bollinger bands, Moving averages, Momentum indicators, and Stochastic Oscillators, to name a few.

Additionally, users can access a MetaTrader 5 platform for free on the website by simply downloading it from your user dashboard. The MT4 and MT5 platforms are only available for download on the website, and offer a wide range of charting options and flexible APIs that allow users to access copy trading tools, Telegram signal bots, and an automated robot.

 

Pocket Option Demo Trading

With the Pocket Option, you can access a demo trading platform on your arrival at the platform. Pocket Option provides users with a detailed demo trading platform for them to practice their trading skills, or see how things are done on the platform as a new member.

Demo trading accounts are free, and anyone can try it out. On the demo platform, each user is entitled to $50,000 of virtual, rechargeable currency to trade with. That means if the money is lost while training, a new one can be recharged.

Pocket Option’s demo trading was built to help traders properly navigate the platform and learn to trade. It is a great way for you to gain mastery of trades, payouts, and timeframes that you would be most comfortable with in the real markets. To begin using the demo trading platform on Pocket Option, you can follow these steps:

  • Visit the Pocket Option website and click on the “Sign Up” button.
  • Fill in your basic information, such as name and email address. Choose a secure password for your account. Verify your email address by clicking on the link sent to your inbox.
  • Log in to your account and click on the “Trading” tab. Then, select the “Quick Trading Demo Account” option and click on the “Continue Demo Trading” option.

You can monitor your trade on the chart or the “Trades” tab. You will see the current price, the strike price, the payout, and the remaining time of the trade. You can also close the trade before the expiry time by clicking on the “Sell” button. This will reduce your payout but also your risk.

When the trade expires, you will see the outcome on the chart or the “Trades” tab. You will also see the profit or loss added or deducted from your account balance. You can view your trading history and statistics on the “History” tab. You can continue demo trading as long as you want, and if you exhaust the demo trading funds, simply recharge it and go again.

 

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Pocket Option Fees

Pocket Option offers some of the lowest fees you’ll find among brokers. The company offers 0 fees for as many transactions as you can think of. That includes trading fees, deposit and withdrawal fees, and no inactivity fees.

  • Deposit fees: Deposits on Pocket Option are completely free. Incurred costs for deposits are not levied by Pocket Option. However, to begin trading on the platform you will need a minimum investment amount of $5.
  • Withdrawal fees: There are also no withdrawal fees on the broker platform. To withdraw funds is completely free, although fees might be charged for crypto withdrawals based on the network of the asset.
  • Inactivity fees: There are no inactivity fees on Pocket Option.
  • Commissions: Users get to enjoy trading on Pocket Option without the worry of having to pay any sort of trading fees. All trades on the platform are completely fee-free. This means that when profits are made, you do not have to worry about losing any of it due to trading fees.

 

Pocket Option Deposit Methods

Pocket Option accommodates several payment methods, both for deposits and withdrawals. For deposits, Pocket Option allows users to choose from a variety of options on how they want to deposit their funds, ranging from bank transfers to cryptocurrency payments. Let’s look at a few of these methods.

  • Bank transfer: You can use local or international bank transfers to deposit money into your account. This method may take some time to process and may incur some fees depending on your bank.
  • Debit/credit card: You can use Visa, Mastercard, Maestro, or Mir cards to deposit money into your account.
  • Payment apps: You can use various e-wallets and mobile payment apps to deposit money into your account. Some examples are PayPal, Skrill, Neteller, Payeer, FasaPay, Jeton, and more.
  • Cryptocurrencies: You can use various cryptocurrencies to deposit money into your account. Some examples are BTC, ETH, LTC, ADA, USDT, and more. Deposits in cryptocurrencies may attract fees based on the network fee.

 

All deposits on Pocket Option are completely free, but fees may be attached based on the method of your choosing. If this happens, it does not have any involvement by Pocket Option.

The minimum deposit for Pocket Option is $5, and there is no maximum deposit limit. You can also get a deposit bonus of 50% if you deposit more than $5. You can use the bonus to trade more assets and increase your profits.

 

Pocket Option Withdrawal Methods

Like the deposit methods, Pocket Option allows users to select from a variety of withdrawal options, with no fees attached. You can withdraw money via bank transfer, debit/credit card, e-wallets, and cryptocurrencies. Here are a couple of withdrawal options for you to choose from on Pocket Option:

  • Bank transfer: You can use local or international bank transfers to withdraw money from your account. This method may take some time to process and may incur some fees depending on your bank.
  • Debit/credit card: You can use Visa, Mastercard, Maestro, or Mir cards to withdraw money from your account.
  • E-wallets: You can use various e-wallets and mobile payment apps to withdraw money from your account. Some examples are PayPal, Skrill, Neteller, Payeer, FasaPay, Jeton, and more.
  • Cryptocurrencies: You can use various cryptocurrencies to withdraw money from your account. Some examples are Bitcoin, Ethereum, Litecoin, Ripple, Tether, Binance Coin, and more.

 

The minimum withdrawal for Pocket Option is $10. Although the process is free, there have been several customer reviews that mention a slow and lagging withdrawal process on the broker. For this reason, we want to advise that you ensure your account has been verified before attempting to withdraw your funds to prevent any unnecessary delays.

 

Pocket Option Regulations and Restrictions

As stated earlier, Pocket Option is a platform that has been regulated by the International Financial Market Relations Regulation Center (IFMRRC), as well as the Mwali International Services Authority. However, these regulations pose a concern in the minds of many, since these regulatory bodies are not well known.

Pocket Option claims to be regulated in 95 countries around the world, but there are no official regulatory statements by any of the major national regulatory bodies from any of these countries, causing the broker to arouse suspicions from customers all over.

Another concern may involve its affiliations with US customers, as it has been added to the Red List of the Commodity Futures Trading Commission (CFTC) for offering products within the CFTC’s jurisdiction without being registered.

 

Pocket Option Alternatives

Pocket Option offers some good features and great fees for users all around the world, but it is still possible that you do not find the broker to be the answer you’re looking for. Like many other companies and brokers, Pocket Option has a list of competitors who offer services that match that of the binary options broker.

We have compiled a list of alternatives for you, just in case you don’t find Pocket Option the best fit for your Options trading career. Here are the alternatives to Pocket Option:

  1. Deriv
  2. IQ Option
  3. Quotex

 

Deriv

Deriv, like Pocket Option, is a binary options broker that offers 24-hour trading, a great trading interface, and loads of opportunities for users to earn from. With over 2.5 million traders worldwide, Deriv has gained widespread popularity and is regulated by various bodies, such as

  • The British Virgin Islands Financial Services Commission (BVI)
  • Malta Financial Services Authority (MFSA)
  • Labuan Financial Services Authority (LFSA)
  • Vanuatu Financial Services Commission (VFSC)

The broker offers options trading, with a high payout possibility of up to 100%, and different other trading options including CFDs, and multipliers. It has also become a go-to place for traders to begin their journey from scratch with over 100 assets to select from, including cryptocurrencies such as BTC and ETH, a minimum deposit fee of $5, and a minimum trading fee of $1.

Deriv provides users with more than 30 payment options for deposits and withdrawals, such as credit card and debit card payments, payments via wire transfer, and online platforms such as ADVcash and Banxa.

 

IQ Option

IQ Option is an elite trading platform that offers fast-paced trading of various assets. The broker offers features such as analysis, alerts, risk management, and community to help users optimize their trading strategies and performance. It currently boasts 8 million users worldwide.

With IQ Option, users can trade different assets such as binary options, cryptocurrencies, CFDs, and forex. They also provide users with a payout ratio of up to 91% to ensure maximum profit is attained.

On IQ Option, users are provided with 300+ assets to trade with, a custom demo account that offers $10,000 of virtual money, and a fast and reliable trading platform.

The platform is easy to navigate, and you can find anything you’re looking for in a single click. It offers services both to beginners and expert traders alike, with some advanced trading tools that are great for users to develop analyses for their trades. Some of the tools available include

  • A variety of indicators for trading, such as Belkhayete Timing, Bollinger bands, Ichimoku Cloud, Momentum, and many others.
  • A community where traders can get along and share ideas, opinions, and results. This is useful in minimizing losses in trade.
  • Access to live newsfeeds to help traders get a better understanding of market trends and know how to maximize market activities for profit.

Additionally, IQ Option offers a secure trading environment for customers, with a good number of payment options to select from. Withdrawals are usually completed and reflected at the fastest speed. Here are some examples of the payment methods on IQ Option:

  • Credit/Debit Card
  • Wire transfer
  • E-wallets
  • Cryptocurrencies

 

Quotex

Founded in 2020, Quotex has become one of the most noticed binary options brokers in the world today and offers various financial products, such as binary options, forex, stocks, ETFs, and cryptocurrencies.

Quotex claims to provide up to 98% return on every investment, which is quite high and allows users to trade with a minimum deposit of $5. Quotex also features integrated signals, trading indicators, and a simple and convenient interface that runs on any browser or mobile device.

New users get a demo account and get $10,000 of virtual money to practice with before trading with real money. The platform also provides over 400 underlying asset options. Users can also customize their trading settings according to their preferences and strategies.

Quotex offers users various payment methods to deposit and withdraw funds to and from their accounts. These methods include credit/debit cards, wire transfers, eWallets, and cryptocurrencies like BTC, ETH, and many more. Several educational materials can be accessed on the broker for new users to understand the dynamics of trading, even while using a demo account.

When it comes to security, Quotex is not regulated by any reputable authority and may pose some risks to your funds and personal data. It also does not offer any bonuses or promotions to attract or reward its users.

Additionally, Quotex has a limited number of trading tools and features compared to some of its competitors.

 

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Bottom line

Options trading requires you to have a broker that meets your desired requirements for trading.

Pocket Option is a binary options broker that has been in the spotlight for many years since its inception. It offers 0 fees, a high payout ratio, and an exclusive social trading platform that helps you interact and connect with brilliant other traders from around the world. Its major downsides though are regulatory concerns and withdrawal delays.

In this review, we have presented you with the right information, up-to-date facts, and concerns about the Pocket Option broker, to help you determine if it is the best choice for your trading career. We have also decided to present you with some alternatives to Pocket Option, just in case you do not find it appealing enough.

We hope that after reading this review, you will find all of the information helpful and that you will be able to make the best choice of a broker for your options trading career.

 

FAQs

Is Pocket Option legit or a scam?

Pocket Option is a legit trading platform that is registered in the Republic of the Marshall Islands and operates under the IFMRRC (International Financial Market Relations Regulation Center) regulation. However, it is not licensed by any reputable authority and therefore may pose some risks to your funds and personal data.

 

Are there bonuses on Pocket Option?

Pocket Option offers various bonuses and promotions to its users, such as a 50% deposit bonus, a 100% cashback bonus, a no deposit bonus, a referral program, and a loyalty program.

 

How do I withdraw money from my account on Pocket Option?

You can withdraw your account balance at any time without any restrictions on the amount. You need to place a withdrawal request via one of the methods previously used for depositing, follow the steps involved, and wait for it to be processed and sent.

 

How can I use the social trading feature on Pocket Option?

After your account has been created on Pocket Option, head over to the trading terminal and click on the ‘Social trading’ icon. Navigate your way through the list of top traders until you find the one that interests you the most, and click on the profile to follow.

 

Can I trade cryptocurrencies on Pocket Option?

Yes, you can trade cryptocurrencies such as BTC, ETH, ADA, LTC, and over 30 others available on the platform.

 

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