Is Pocket Option Legit? Is it a scam or safe?
Pocket Option is not regulated by major financial authorities, it operates under the IFMRRC, which provides some oversight. Many users find it user-friendly and legitimate, but caution is advised due to its offshore regulation and the inherent risks of binary options trading.
Binary options trading offers the allure of high returns from the comfort of home, but the industry’s lack of strict regulation leaves traders vulnerable to scams. With countless platforms online, thorough research is essential before investing.
One popular broker that sparks both trust and doubt is Pocket Option. Promising payouts up to 96% and a user-friendly platform, it’s gained attention in the trading world. But is it truly safe or another scam to avoid?
This guide walks us through expert opinions, regulations, and customer feedback to reveal whether Pocket Option is a legit choice or a risk to steer clear of.
Is Pocket Option 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:
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.
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.
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.
Pocket Option 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.
Pocket Option in TU rating
Pocket Option has consistently ranked in the top 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.
How to identify binary brokers scam?
There are a few steps you can take to stay safe from binary options scams. We 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.
I can’t suspect this broker in a scam
From my experience and analysis, Pocket Option is not a scam but a legitimate binary options broker. Although it lacks regulation from major financial authorities, the platform compensates with robust security measures. Its implementation of KYC (Know Your Customer) policies and compliance with AML (Anti-Money Laundering) regulations ensures that your personal information and funds remain safe from hackers. This level of security gives me confidence in its operations.
The platform also stands out for its accessibility and features. With high payout rates of up to 96%, over 50 payment methods, and a low minimum deposit of $5, Pocket Option appeals to both beginners and experienced traders. I appreciate that trades can start as low as $1, making it easy for newcomers to explore binary options trading without significant financial commitment. Additionally, the wide variety of assets available allows for greater flexibility and potential profits.
That said, it’s important to acknowledge the risks associated with binary options trading and the platform’s regulatory limitations. While Pocket Option operates reliably and transparently, the lack of major regulatory oversight means traders should exercise caution and trade responsibly. Despite these concerns, I find Pocket Option to be a relatively safe and trustworthy broker for those willing to navigate the high-risk world of binary options trading.
Conclusion
Pocket Option is a legitimate and trustworthy binary options platform offering high payouts, user-friendly features, and strong security measures through KYC and AML compliance. While it lacks regulation from top-tier authorities, its transparency and ease of use make it appealing for traders. However, due to the high risks associated with binary trading, exploring regulated alternatives is recommended for enhanced security and diverse trading options.
FAQs
How much does a Pocket Option cost?
Pocket Option does not charge any fees or commissions for deposits or withdrawals.
What is the minimum deposit for the Pocket Option?
The minimum deposit amount for the Pocket Option is $5.
How to log in to Pocket Option?
Visit pocketoption.com, click "Log In," enter your registered email and password, and click "Log In" to access your account.
What's the minimum withdrawal on the Pocket Option?
The minimum amount you can withdraw from the Pocket Options is $10.
Related Articles
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
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).