Introduction
The financial activity, namely, Trading, has recently come into the limelight. Be it a beginner or professional, all traders want to be able to grow their investments. To get the best out of this opportunity, many brokers keep on being introduced. But every popular trend always has several similar participants called “Scammers”. Many such scammers have disguised themselves among the actual brokers.
Pocket Option is a trading platform that offers various opportunities for its users to grow with their investment experience. But many questions arise. Is Pocket Option Legit? Is Pocket Option Scam?
In this review, we will first understand the features of this broker and then discuss some concerning issues that the majority of its users are facing regarding the credibility of this Broker.
Overview
| Broker | Pocket Option |
| Website | https://pocketoption.com/en/ |
| Flexible Trading | Yes |
| Minimum deposit | $5 |
| Accounts offered | 7 |
| Eductional resources | Offered for all traders |
| Comprehensive Education | Yes |
| Demo Account | Yes |
| Minimum Deposit | $5 |
| Diverse trading instruments | Yes |
| Easy deposits | Yes |
| Withdrawals | Yes |
| Signal Trading | Yes |
| Regulation | None |
| Safe to trade | No |
| Support | [email protected] |
What is Pocket Option?
Pocket Option is a forex trading platform that was founded in the year 2017 by a group of FinTech and IT specialists whose aim was to let people know how simple financial markets can be. This platform makes sure to give its users an accessible and convenient platform that is fun to use.
They are available in 95+ Countries and have 100,000+ active users. They have more than 10 million registered users. While they believe in client support and empowerment, the majority of its users are still unsatisfied and enraged with the functionality of this platform and at times question its legitimacy. They believe that the platform’s attractive features lure investors into trading with this unregulated broker.
Security and Regulation
This website has no reputable regulator to regulate and monitor the activities of platform owners and users which poses serious threats to the user data’s security and privacy.
However, the broker has a brokerage licence issued under the International IBC Regulation Act of 2014, by the Union of Autonomous Island of Mwali.
Despite this, many users globally have not been able to access their accounts or withdraw their funds from their respective trading accounts.
Pros and Cons
As per the broker, there are various advantages users can get once they start trading with Pocket Option. Some of them include features like:
- No commission on withdrawals and deposits
- Minimum investment from as low as $5.
- Minimum trade amount as low as $1.
- Comprehensive educational material for users to expand their investing knowledge from. It includes video tutorials, trading strategies, and guides.
While these advantages exist, there are various red flags that have been called out by a majority of its users, globally. Pros and Cons of this broker are given below:
| Pros | Cons |
| The minimum deposit is of $5 | No reputed regulator regulates the broker |
| A minimum deposit of $1000 is required to use its MT5 | |
| Promises high returns | Very poor customer service |
Platforms
Pocket Option is available to download from Play Store, Telegram, Xiaomi store, Huawei store and as web application. To be able to download them:
Step-1: Open the official website
Step-2: Click on the “Menu” on the top right corner of the home page.
Step-3: In the “Platforms” section, you will be able to select the desired method of accessing
the broker.
How to start trading with Pocket Option?
The broker offers 7 account types. They are:
- Pocket Option Trading Account
- Pocket Option Demo Account
- Beginner
- Experienced Accounts
- Master Account
- Professional Account
- Expert Account
To start their trading journey with Pocket Options, users can follow the steps given below:
Step-1: Visit the official website,
Step-2: Register yourself by providing the necessary information at the registration portal. Users can also enter a Pocket Option Promo code if available. These referral codes may be shared by the company or by a reference.
Step-3: Provide all necessary details and go through the verification process.
Step:4- Select the preferred payment method to make the initial deposit. You are now all set to start your trading journey with Pocket Option.
Pocket Option (Spain) is also available in Spanish for its users from Spain. The
Pocket Option Login
Users can log into their accounts by using their registered Mail ID and Password.
Deposits and Withdrawals
Users can easily transfer their funds using various payment methods.
To deposit, follow the given steps:
Step-1: Login to your account
Step-2: Click on deposit
Step-3: Select the desired payment method and fill in the necessary details.
Step-4: Confirm the payment.
To withdraw, follow the given steps:
Step-1: Open Pocket Options official website and login using your registered mail.
Step-2: Go to the withdrawal section and select a perefrred payment method.
Step-3: Enter and review the withdrawal details and proceed to confirm the withdrawal.
Customer Support
In case of any inconvenience, users can contact the Pocket Option Support team by:
- the live chat option on their official website
- writing to the team at [email protected]
- If immediate assistance is required, users can access the team using their helpline number +917736383727 which is available from 10:00-02:00 UTC+5:30.
User Reviews
With a wider reach, the broker has had millions of users registered on the platform. However, most of the users from all around the globe, complained how the claims made by the broker were all proven to be completely wrong and how they lost their funds to Pocket Option.
So one question arises-”Is Pocket Option legit?” Initially, many users thought of this broker to be legit. It provided a licence, a well functioning website, various platforms, a free demo account and other features. But with time, users started facing issues such as:
- Unable to withdraw their funds.
- Accounts being suspended for invalid reasons.
- Lack of regulation.
- Security threats.
There, also, are traders who are highly satisfied with Pocket Option’s services. While their experiences are there, we advise users to trade carefully and at their own risk with this broker as it is not regulated by any reputable regulator.
Conclusion
Pocket Options is a popular choice of almost all traders in the market as it offers various educational material, account options, trading assets and other features. It has a customer support team that is accessible only through their chat option.
The broker is not regulated by any reputed regulator and has a brokerage licence issued under the International IBC Regulation Act of 2014, by the Union of Autonomous Island of Mwali.
There are mixed reviews given by users from all over the globe. While some users call this a complete scam, others refer to this as the best broker in the market. Despite all these features and user experiences, we advise traders to maintain caution while trading with Pocket Option as it is an unregulated broker and puts user data’s privacy and security at threat.
FAQs
What is Pocket Option?
Pocket Option is an international forex broker that is known for its user-friendly interface, minimum deposit limits, account options, educational material, and other trading options. Despite all these features, this broker is not regulated by any reputed regulator.
Are Pocket Options Available in the USA?
Pocket Option enjoys its traffic from users from various countries. Yet, there are some countries that do not let this broker offer its services in their country. USA is one such known country to have Pocket Option’s services restricted.
Is Pocket Options regulated?
Pocket Option has been issued a licence issued under the International IBC Regulation Act of 2014, by the Union of Autonomous Island of Mwali. But Pocket Option is not regulated by any reputed regulator.
Does Pocket Option have an app?
Pocket Options trading platforms are available for various devices. Pocket Option is available to download from Play Store, Telegram, Xiaomi store, Huawei store and as web application.
How to Withdraw from Pocket Option?
To withdraw, follow the given steps:
Step-1: Open Pocket Option’s official website and login using your registered mail.
Step-2: Go to the withdrawal section and select a preferred payment method.
Step-3: Enter and review the withdrawal details and proceed to confirm the withdrawal.
How to deposit from Pocket Option?
To deposit, follow the given steps:
Step-1: Login to your account
Step-2: Click on deposit
Step-3: Select the desired payment method and fill in the necessary details.
Step-4: Confirm the payment.
Is Pocket Option legit?
Pocket Option’s services are restricted in several countries including the USA, Israel, UK and the EU. The broker is not regulated and hence, we advice traders to trade with Pocket Option at their own risk.
