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

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Note:

We advise you to avoid unverified binary options brokers for the risk of losing your deposit. We recommend choosing brokers with extensive experience in this area and leaders in the ratings of binary options brokers on the Traders Union website.

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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

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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

    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.

  • Pocket Option

    andri1990

    23.02.2024

    Comment

    Pocket Option is a reliable company that provides excellent trading conditions. One of its outstanding aspects is thoughtful client support. Here, managers not only resolve emerging issues, but also take the initiative, warning clients about possible problems with withdrawals, and provide them with attention and care. I can't find any negative aspects about Pocket Option and I want to give them my praise.

  • Pocket Option

    inaya

    05.02.2024

    Comment

    Pocket Option is very suitable for trading binary options. I started working with this brokerage company two years ago. At the moment, I have already increased my initial deposit by several times. The broker withdraws money without any problems. Therefore, I recommend Pocket Option to everyone who trades binary options.

  • Pocket Option

    vishnu86

    01.02.2024

    Comment

    Among the positive aspects of PocketOption, I would distinguish a wide choice of currency pairs and a variety of deposit methods. I am satisfied with its platform. Slippages sometimes occur, but rarely exceed 10 pips. Therefore, my conclusion about the broker is that it is a completely adequate broker and you can work with it.

  • Pocket Option

    Pradeep

    14.01.2024

    Comment

    I have been trading through Pocket Option for about a year, and I have never encountered any problems. Initially, I lost money for a few months due to my own mistakes, but then I started making a profit. Pocket Option broker withdraws absolutely all the money you request. There are no issues with trading, the platform is excellent, and trades are executed quickly!

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

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Your capital is at risk.
You can lose your money.

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.

Team that worked on the article

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.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

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.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.