Pocket Option Review (2022): This Binary Trading Broker Is Not Legit
Online investing is an exceptionally lucrative way of turning a profit. But not all investors make money because some don’t follow the rules of the game. For instance, you need to ensure that you only deal with bonafide forex brokers.
But how do you determine a legit broker from an illegitimate one? Is Pocket Option a genuine brokerage? Is your money safe with this online broker? Stick around because that’s what this in-depth review plans to establish.
If you have lost money to fraudulent forex brokers, don’t despair. We can help you recover your investment. Take the first step towards reclaiming your funds by scheduling a free consultation with our trusted experts.
And now, here’s the unvarnished truth about Pocket Option.
Pocket Option: A Brief Look At The Brokerage Firm
Pocket Option was started by IT and FinTech experts driven by the desire to provide accessible and convenient online trading services to all levels of traders. Launched in 2017, the brokerage continues to offer its 10 million+ clients an innovative and exciting trading experience with services available in more than 95 countries.
Ensuring customer satisfaction, providing excellent customer support, and listening to customer feedback are the hallmarks of how Pocket Option runs its operations. To this end, the broker has developed a convenient trading platform offering high-quality services.
Pocket Option’s Service Offering
The online broker offers investors access to OTC binary options trading in currency, commodities, and stocks on the MetaTrader 5 plus an additional proprietary platform. Traders can also trade over 100+ assets in forex, indices, stocks, cryptocurrencies, and commodities as well as engage in Social Trading.
The intuitive trading platform has various trading instruments, including analyzers and indicators. You only need $5 (minimum deposit amount) to open an account. Better yet, you can minimize losses from failed transactions by purchasing crystals to cancel the transactions or even copy the trades of savvy investors.
There are multiple trading accounts to suit traders with different levels of experience and capital.
These are Demo, Novice trader, Beginner, Experienced, Master, Professional, and Expert account.
Here are some of the pros of trading with Pocket Option:
- Demo account.
- Mobile trading.
- Simple trading platform.
- Speedy transactions.
- Trading signals and high/low trading for binary options trading.
- Special promotional codes.
- Multiple bonuses, contests, and a profitable affiliate program.
- A variety of fund deposit and withdrawing options, including credit cards and crypto.
Pocket Option: Regulation
Pocket Option’s brokerage services are under Gembell Limited; a firm registered at Trust Company Complex, Majuro, the Marshall Islands, under registration number 86967. The International Financial Market Relations Regulation Center, IFMRRC, is the body that regulates Gembell Limited, and the License number is TSRF RU 0395 AA Vv0158.
Since Pocket Option falls under offshore regulation, it lacks strict oversight, such as offered by reputable top-tier financial regulators like the FCA in the UK, ASIC in Australia, or CySEC in th EEU. Besides, IFMRRC is an independent organization and not a government entity. Simply put, Pocket Option is an unregulated broker.
Gembell Limited doesn’t offer service to USA, UK, Israel, and Japan residents as well as those in EEA countries. Note that these countries sport premium local regulatory bodies.
Is Pocket Option a Scam?
Before investing your hard-earned money with any online broker, you need to undertake some due diligence. Find out whether the broker is registered, if regulated and who regulates it. But that’s not all. It’s also essential to go through online reviews from genuine customers to establish what they have to say about the broker.
For instance, are there any withdrawal issues? Do customers complain about disappearing funds, long withdrawals, inability to withdraw profits, or too much red tape?
Below are some of the red flags pointing to the fact that Pocket Option might not be above board in its business dealings.
1. Broker Does Not Offer Educational Resources
While the broker’s website is pretty informative and even offers the same in 22 different languages, the lack of educational resources is glaring. There are no training materials, expert articles, or market analysis. This means that beginner traders have to look elsewhere for vital trading information.
Educational resources provide an equal opportunity for all traders looking to learn how to trade. They also allow novice traders to get up to speed with trading know-how, terminologies, and best practices.
2. Negative Customer Reviews
Online reviews from a trustworthy consumer review site Trustpilot reveal the following:
- Funds withdrawals are next to impossible.
- The broker takes clients’ funds without authorization.
- Pocket Option resets user accounts, including their balances.
- The staff edit transaction and payment history, which is illegal.
- The Broker Consensus Authority has labeled Pocket Option a scammy broker.
Trustpilot has also placed an alert on its site stating that:
And the below screenshots are from Forex Peace Army, another reliable broker review site:
You be the judge. Would you be comfortable entrusting your money with such a broker?
3. Bonuses With Strings Attached
Once you open an account, you receive a 50% deposit bonus. Also, the more funds you deposit, the higher the applicable bonus. However, you can only withdraw the bonus after you begin trading and attain a specified level of trades.
4. Regulatory Warnings
Are there any regulatory warnings issues against Pocket Option? Unfortunately yes. See below:
The Italian CONSOB warned against Pocket Option, terming it a scam.
If you are based in the UK and trading with Pocket Option, note that the FCA does not allow binary options trading here. Besides, the broker is not permitted to operate in the UK.
Pocket Option Review Conclusion
From the detailed evidence above, it’s plain to see that Pocket Option is not a legit broker. Its regulation is sketchy, plus offshore-regulated brokers are known to disappear with client funds.
Pocket Option’s binary options trading offers huge payouts, but this type of trading is extremely risky. Hence you want to ensure that you deal with a reliable and trustworthy broker. The broker also offers zero educational resources and bonuses to entice new customers and have them deposit as much as they can.
Its activities are enough to make you want to tread cautiously.
If you have lost money to this broker, get in touch with us as soon as possible. We have the means to recover your money.