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Is Pocket Options Legit? Is it Scam or Safe? - TU Expert’s Review

Updated: May 01, 2024
Mikhail Vnuchkov
Contributor
Opinions expressed by Traders Union Contributors are their own.
Reviewed by
Dr. BJ Johnson
Editor
Fact-checked by
Mirjan Hipolito
Cryptocurrency and stock expert
Expert verified
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Table of Contents

  • Is Pocket Options Legit?
  • Top 10 Reviews on Pocket Options
  • Background and Transparency
  • Pocket Options in TU Rating
  • Expert’s Verdict
  • Best Alternative
  • Related Articles
Editorial Note: While we adhere to strict Editorial Integrity, this post may contain references to products from our partners. Here's an explanation for How We Make Money. None of the data and information on this webpage constitutes investment advice according to our Disclaimer.

CloseOption - Best Binary Options Broker for 2024

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Binary options trading can seem like an enticing opportunity to earn high returns from home. However, the unregulated nature of the industry also leaves traders at risk of falling victim to fraudulent brokers. With thousands of platforms operating online, it’s crucial for investors to research any firm thoroughly before depositing funds.

One broker that has garnered both praise and skepticism is Pocket Option. As one of the largest binary options sites, it promises payouts up to 96% and a simple online platform. But is it truly trustworthy or just another scam in disguise? This article seeks to cut through the noise and provide an objective analysis of Pocket Option based on regulations, customer reviews, and expert opinion.

Key points from the article

  • Pocket Option is regulated by the International Financial Market Relations Regulation Center (IFMRRC), though it is not considered a top tier regulator.

  • Pocket Option follows KYC and AML policies to verify clients' identities and monitor financial activity to protect against fraud.

  • Most client reviews are positive, praising features like customer support, trading options,deposit/withdrawal speeds. Some note lack of top tier regulation.

  • It offers high payouts up to 96%, wide asset selection, and low $50 minimum deposit.

  • Pocket Option ranks highly in Traders Union broker ratings due to positive feedback, high potential profits, and beginner features.

  • While binary options carry risks, Pocket Option is considered legit and safe based on experts and customer reviews finding no evidence of scamming.

  • Experts recommend considering regulated forex brokers over binary options due to high risks, and suggest Exness as a regulated alternative to Pocket Option.

How to Identify Binary Brokers Scam: Expert’s Guide

Pocket Option Review
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There are a few steps you can take to stay safe from binary options scams. TU experts recommend checking a broker in 4 stages.

Step 1: Determine if the broker has licenses. Ask the broker whether they’re registered with the Commodity Futures Trading Commission (CFTC). You can also check their registration information on the website. Having a registration ensures that an entity has gone through background checks and meets trading regulations.

Step 2: Read client reviews about the broker. Reading broker reviews can give you a good understanding of what to expect from them and whether or not you can trust the platform.

Step 3: Check the broker’s website to make sure they’re operating a fully transparent trading platform. Determine if the broker is transparent about information regarding trading conditions and risks.

Step 4: Read our expert review and rating on the TU portal. Check out our detailed reviews about different binary brokers to determine which one is right for you.

Step 1: Is Pocket Options Legit?

Pocket Option is one of the most trustworthy binary options trading platforms in the industry. The parent company of Pocket Option is Gembell Limited, which is based in the Marshall Islands, an independent island between Hawaii and the Philippines.

Gembell Limited, and by extension, Pocket Option, are regulated by the International Financial Market Relations Regulation Center (IFMRRC). The broker’s IFMRRC registration number is TSRF RU 0395 AA Vv0158.

However, it’s important to note that the IFMRRC isn’t an official regulatory authority, so take this into account when considering Pocket Option as your trading broker.

Although the IFFMRRC is a regulatory body that doesn’t offer tier one protection for traders, you might find comfort in the fact that Pocket Option is in compliance with the anti-money laundering (AML) and the Know Your Customer (KYC) policies to protect against fraudulent activity that involves a client’s information.

Under the KYC policy and AML rules, Pocket Option is required to identify users and monitor financial activity. This involves verifying a client’s identity and their home address as well as confirming that their email address is valid.

Here’s what signing up for Pocket Option looks like step by step:

1

After signing up, you’ll receive a confirmation email that includes a link. By clicking the link, you’ll be able to verify your email address.

2

Next, you’ll need to enter your personal information, including your full name and address. Then, you must upload a scan or photo of your passport, local ID, or driver’s license.

3

After uploading identity verification documents, you’ll also need to upload proof that you live at your current address. This can be any paper-issued document in your name and address. Acceptable proof includes a utility bill, bank statement, or address certificate.

This KYC process helps safeguard against hackers or fraudsters looking to fraudulently open an account in your name. In addition to the verification process, the Pocket Option platform transmits and stores any documents you upload in an encrypted form. And only specially trained personnel can access this information.

However, security features don’t just stop at account creation. After creating a Pocket Option account, you’ll have access to certain features like two-factor authentication (2FA), which protects your account against unauthorized logins.

Step 2: Top 10 Reviews on Pocket Options

Most customers found Pocket Option to be a good broker. Therefore, the majority of customer reviews were positive. Many enjoy that the phone, email, and live chat customer service is readily available. Users also like using the many benefits and features Pocket Option has to offer.

For example, the platform provides over 100 trading products, a free demo account, chances to earn up to 96% of a minimum deposit, social trading, and quick and easy money transfers. User reviews also rave about having access to personal support and online assistance.

Of the few negative reviews, many complain about Pocket Option not being licensed by an official regulator with tier one protection for traders.

  • Pocket Option

    jit14082004@gmail.com

    02.05.2024

    Comment

    As a binary options trader.. what you want...a quick deposits and withdrawals and fast and friendly support system..in this case pocket option is really great..

  • Pocket Option

    nickmayodi@gmail.com

    11.04.2024

    Comment

    One of my Forex expert friends recommended Pocket Option to me. She has been a user for two years. The registration was fast, it took less than two minutes because I linked my existing gmail account. After testing the demo account, I tried to top up my balance and it was good to know that Pocket Option accepts common e-wallets in my country, making it accessible. There was also a limited offer of getting a 50% bonus with a minimum $50 top up, plus a free gift. I decided to transfer $100 as an initial deposit, and was redirected to my e-wallet website. I needed to log in and the amount was converted into our local currency. I checked the real-time exchange and there were no service fees included. After confirming the transfer, the money was reflected quickly. I am quite impressed by how fast and beginner-friendly the process is, especially in my country where online transactions often hit problems.

  • Pocket Option

    Albert

    03.04.2024

    Comment

    The Pocket option support is not only for traders using the real account, you can reach out to the customer care if you are a beginner practicing trading on the demo account if you are stuck. The pocket option platform makes it easy to quickly contact support without leaving the trading platform.

  • Pocket Option

    milensworld@gmail.com

    03.04.2024

    Comment

    I opened an account with Pocket Option in February and was surprised by how easy it is to use the platform. Setting up the demo account was straightforward. It provided access to various trading instruments, such as quick trading, shares trading, forex mt4, and mt5. This allowed me to try different strategies without risking my money. Another thing I liked was the ability to trade popular currency pairs like usdjpy on the demo account, and it comes with a $50,000 balance on the quick trading. There are also indicators like moving averages that are free to use. It helped me understand market movements and execute trades. On the disadvantage, I have observed that demo accounts may not accurately reflect the volatility of live markets. Everyone should be cautious when transitioning to a live account. Overall, Pocket Option demo account is one of the most convenient to use out there but not the most accurate.

  • Pocket Option

    navindadewsara4@gmail.com

    20.03.2024

    Comment

    pocket option very good plafrom in th world ,quick withdrawal ,friendly support servis is amzing and i most like part is lot of deposite methdos in this platfrom .support servise is amazing .thank you pocket option .my id 54879604

  • Pocket Option

    dajuma1995@gmail.com

    18.03.2024

    Comment

    The pocket option trading interface for MT4 trading is simple and really friendly for someone trying Forex trading for the first time. You can easily switch the chart type to lines, candles, bars, etc. I prefer using lines when I want to use the Bolinger bands to know the market's volatility. When you introduce the Bollinger bands into your trade, you notice that your chat line is in between the bollinger bands. Since this tool helps to measure how loud or quiet the market is when the bollinger bands expand the market is loud, meaning volatility is high and when it comes together, the market is going silent. Note that the band lines both the upper and lower band are displayed over the price and measure volatility. You can introduce the moving average to determine the trend.

  • Pocket Option

    bearnakedbull

    15.03.2024

    Comment

    The main thing for me is that Pocket Option withdraws profits. I can’t say that they always withdraw quickly, since their regulations do not specify the shortest withdrawal deadlines. But the regulations were never violated. Trading is without problems. This is especially true for liquidity. Therefore, I often encountered price gaps. But more than that, you can trade with Pocket Option.

  • Pocket Option

    fernando69

    12.03.2024

    Comment

    Broker Pocket Option is the best broker I've ever worked with. To start trading, you only need $10, and the trading conditions are good. After opening an account, I deposited $350. The company's manager helped me develop a strategy that I still use today, and it brings me a regular income. Withdrawals work fine. That's why I recommend Pocket Option for binary options trading.

  • Pocket Option

    successayon@gmail.com

    11.03.2024

    Comment

    Pocket Option is a very trusted site. I have been working on this site for the past two years. I have never been disappointed with their service. Their support service is very good and fast. I deposit 50 dollars last month and withdraw 1 month after that. Money comes to me very quickly

  • Pocket Option

    Easytrade

    27.02.2024

    Comment

    I decided to share my first review and would like to emphasize that Pocket Option is a good and working platform. The support team is always ready to help resolve any issues. I am not an experienced user and I would have a hard time navigating this platform without their help. I leave a positive review of Pocket Option.

Step 3: Pocket Options Background and Transparency

Founded in 2017, Pocket Option has earned itself a good reputation in the binary trading industry for being one of the most reliable traders in the market.

When starting the platform, a team of talented IT and FinTech specialists aimed to make trading accessible, convenient, and more fun. The goal was to ensure clients will no longer need to compromise to earn on financial markets, and thus maximize their earning potential. Hence, the ability to earn a high asset profit of up to 96%.

Unfortunately, although binary trading can be highly rewarding, it can be very risky. Pocket Option is fairly transparent about the risks of trading on financial markets, and that investors shouldn’t risk more than they’re prepared to lose. This tells potential clients what they could be getting themselves into, which makes Pocket Option a trustworthy broker that doesn’t make false promises.

Step 4: Pocket Options in TU Rating

Pocket Option has consistently ranked in the top 10 of the TU Binary Brokers rating due to positive customer feedback, relatively high profit potential, and beginner-friendly features. When asked about the top binary option trading platforms, Pocket Option immediately comes to mind.

Is Pocket Options a Scam? Is Pocket Options Legit? Expert’s Verdict

So, is Pocket Option a scam? No, but TU diligently keeps records of scam projects that are blacklisted. However, Pocket Option is a reliable binary options broker. Based on expert reviews and customer reviews, we can’t suspect the broker in a scam, but it’s important to take into account that the platform has problems with regulation.

However, with its KYC policy and compliance with AML rules, you can rest assured that your personal information and funds are protected from hackers. In addition to security measures to keep your information and funds safe, the platform gives you an opportunity to leverage their huge payout rates, which are close to 96%.

Pocket option also offers a wide range of different assets with high profits to traders. Accepting 50 different payment methods and only requiring a $50 minimum deposit as well as $1 per trade, Pocket Option makes binary trading accessible to many investors, whether you’re a beginner or more seasoned trader.

So, all in all, even though binary options trading involves high risk, Pocket Option is a relatively safe and trustworthy broker.

Anton Kharitonov

Anton Kharitonov,

Traders Union Analyst

Exness: Pocket Options Best Alternative

Exness Review
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Experts recommend trading with forex brokers because binary options are a high-risk instrument. We offer Exness as an alternative to a regulated broker. Exness is a forex and CFD broker that offers access to trading in currency, crypto, stocks, indices, metals, and commodities. The platform also offers several flexible account types and financial instruments for various trading strategies.

Many traders gravitate towards Exness because it’s highly regulated. With licensing from the FCA and CySEC, Exness is regulated and authorized by two of the strictest and most demanding authorities.

Another feature that makes Exness a trustworthy broker is that they hold client funds in segregated accounts, and provide clients with customer protection. This involves storing clients’ funds in a separate bank account to keep them safe from fraud.

Glossary for novice traders

  • 1 Broker

    A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.

  • 2 Trading

    Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.

  • 3 Options trading

    Options trading is a financial derivative strategy that involves the buying and selling of options contracts, which give traders the right (but not the obligation) to buy or sell an underlying asset at a specified price, known as the strike price, before or on a predetermined expiration date. There are two main types of options: call options, which allow the holder to buy the underlying asset, and put options, which allow the holder to sell the underlying asset.

  • 4 Investor

    An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.

  • 5 Cryptocurrency

    Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.

Team that worked on the article

Mikhail Vnuchkov
Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

Read more
Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

Read more
Mirjan Hipolito
Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

Read more