Pocket Option Fees and Minimum Deposit - TU Expert review
Assessing the size of the fees is the second most important factor for choosing a broker after reliability. The lower the fees, the more diverse their structure, the more beneficial it is to trade with the broker. Minimum deposit is another important factor that may tip the scale in favor of a certain broker. This is particularly important for novice traders, who cannot afford to invest a lot at the beginning. Traders Union analysts have prepared an analysis of Pocket Option fees and also assessed the size of its minimum deposit.
Short introduction of Pocket Option
Pocket Option is an innovative Forex and binary options broker with over $500 million in trading volume. It offers active trading on financial markets, copy trading, and passive income on holding funds in dollar and cryptocurrency safes. The broker provides an in-house platform to trade binary options and MetaTrader platforms to trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities. Pocket Option was incorporated in 2017. The broker’s service is available in more than 95 countries and regions globally. Today, over 10 million users are registered with the broker, and 100,000 traders regularly use its services. In July 2023, it obtained a license from Mwali International Services Authority number T2023322.
| 💰 Account currency: | USD |
| 🚀 Minimum deposit: | $5 |
| ⚖️ Leverage: | 1:1000 for MT4/MT5; 1:1 for options on the in-house platform. |
| 💱 Spread: | 1.2 pips for MT4/5 |
| 🔧 Instruments: | Binary options and CFDs on currency pairs, cryptos, indices, stocks, and commodities |
| 💹 Margin Call / Stop Out: | 30%/50% |
Pocket Option Pros and Cons
👍 Advantages of trading with Pocket Option:
•MetaTrader provides for trading binary options and CFDs;
•A demo mode is available for all account types;
•To register, you may use your Google email or Facebook/Google account;
•Active, social, and algorithmic trading is available on MT4 and MT5 accounts;
•Spreads are from 1.2 pips for Forex and no fees per lot;
•Referral program for retail clients with rewards of up to 50%-80% of the referee’s income;
•“My Safe” service that provides for crediting 10% per annum on the account balance not involved in trading;
•Cash back and promo codes for binary option traders;
•50% deposit bonus.
👎 Disadvantages of Pocket Option:
•The broker offers neither cent accounts for novice traders to test strategies and advisors, nor ECN accounts with near zero spreads for professional traders;
•Real-time communication with operators is available upon funding the account.
Key types of fees on Forex
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Pocket Option Commissions and Fees
There are no brokerage fees and spreads when trading binary options. Floating spreads are charged on account types for trading CFDs. Pocket Option doesn’t withhold any other trading fees. Also, there aren’t any fees for deposits/withdrawals, account maintenance, or usage of platforms. However, payment providers and banks may charge their fees.
| Account type | Spread (minimum value) | Withdrawal commission |
| Quick Trading (binary options) | $0 | May be charged by a payment agent |
| MT4 | $12 | May be charged by a payment agent |
| MT5 | $12 | May be charged by a payment agent |
| Shares Trading | $10 | May be charged by a payment agent |
Why is it important to assess minimum deposit?
It is important for beginners and traders with limited financial capabilities to assess the minimum deposit of the broker. Different brokers offer different levels. Some companies focus on working with professional traders and their entry threshold is usually in the thousands or tens thousands of US dollars. Brokers that work with beginners offer low minimum deposit. It could be $500 or $100, or even $1.
In addition minimum deposit may differ depending on the account type. This is also an important factor to analyze. If a broker offers a low entry threshold, traders can get better conditions and still not spend too much money on funding their account.
Pocket Option Minimum deposit
A brief beginner’s guide on trading with Pocket Option
Pocket Option significantly expanded the range of its account types in 2023.
Previously, you could only trade Forex on MT5 and binary options on the proprietary Pocket Option platform. Today, the broker offers MT4 account types and a special account to trade CFDs on stocks.
Account types:
Payouts for successful forecasting are 15%-92% subject to the asset.
Highest payouts are for currencies and stocks.
Leverage is up to 1:1000.
Variable spreads are from 1.2 pips.
No trading fee.
Minimum order is 1 lot;
Leverage is 1:1.
Spreads start at 10 units of base instrument currency.
Demo mode is available for each live account type. There are corresponding names in the user account: QT Demo, MT4 Demo, MT5 Demo, and Shares Trading Demo.
Pocket Option - How to open a trading account? | Firsthand experience of Alex Smith by Traders Union
Brokers similar to Pocket Option
When analyzing Pocket Option, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of Pocket Option and other brokers.
Comparison of Pocket Option with other Brokers
| Pocket Option | RoboForex | Exness | Eightcap | XM Group | FxGlory | |
|---|---|---|---|---|---|---|
|
Trading platform |
Pocket Option, MT5, MT4 |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, MT5, Mobile Trading, XM App |
MT4, Mobile Trading, MT5 |
|
Min deposit |
$5 |
$10 |
$10 |
$100 |
$5 |
$1 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:30 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
No |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
8.00%% |
|
Spread |
From 1.2 point |
From 0 points |
From 1 point |
From 0 points |
From 0.6 points |
From 2 points |
|
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
|
Execution of orders |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
Instant Execution, Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
No |
|
Cent accounts |
No |
Yes |
No |
No |
Yes |
No |
Expert Opinion
When comparing FTMO to similar prop firms, its conditions seem generally competitive and a balanced offering. With reasonable fees, enough leverage for many styles and an achievable cost starting from €155, it presents a solid choice for prop traders to evaluate further. There are also no added commissions on top of the spread which keeps trading costs low.
Some traders may find the testing requirements to be on the strict side, but this ensures people have proven themselves capable of managing risk before gaining access to larger funded accounts.
Overall, for those interested in prop trading and wanting the guidance of a funded program, FTMO offers a decent option to consider. Just be prepared to treat the challenge period like the job interview that it is.
Conclusion
Analysis of the Pocket Option trading conditions has shown that it is beneficial to work with the broker. The level of fees is low. Also, the company offers a low minimum deposit, which makes Pocket Option a good choice for beginners. The company offers good trading conditions even compared to competitors.
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FAQs
What are non-trading fees?
Non-trading fees are the fees charged outside the trading process, for example deposit and withdrawal fee, inactivity fee, etc.
What spread can be considered low?
Ideally, the spread should be at 0.1 pips for EURUSD. However, if the spread is lower than 1 pip, it can also be considered a low level.
What fees may be charged on ECN accounts?
As a rule, the fees are minimal on ECN accounts, with the spread rarely above 0.1 pips. Commission per lot may be charged.
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Team that worked on the article
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!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!