Pocket Option Review: What You Need to Know Before Trading
If you are looking for a reliable and innovative online trading platform for binary options and forex, you might have come across Pocket Option. But is it a scam or a legit company? What are its features, pros and cons, and alternatives? In this article, we will answer these questions and more to help you decide if Pocket Option is the right choice for you.
What is Pocket Option?
Pocket Option is a relatively young but already well-known company that was founded in 2017. It is a binary options broker that offers over 100 assets to trade, including currency pairs, stocks, commodities, and cryptocurrencies. It is legal and regulated in 22 countries, offering a diverse range of markets and opportunities for traders.
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Pocket Option has a user-friendly web-platform, a smartphone app, and a MetaTrader 5 software that provide access to various trading tools and features. It also has a demo account that allows you to practice trading with virtual money without any risk or investment. You can start trading with as little as $50 and enjoy payouts of up to 95%.
How to Trade with Pocket Option
Trading with Pocket Option is easy and straightforward. Here are the steps you need to follow:
Registration: You can create a free trading account by using your email address or simply authorize via Facebook or Google accounts.
Verification: You need to enter your personal information in the profile and upload both ID document and address documents to verify your identity and residence.
Deposit: You can add funds to your trading account balance by using one of the many payment methods available, such as credit cards, e-wallets, cryptocurrencies, etc. The minimum deposit amount is $50.
Trading: You can choose from over 100 assets and set up your preferred chart layout and indicators for better market analysis. You can also use signals and news to enhance your trading strategy. You need to set the trade amount, purchase time, and predict whether the price will go up or down. You can earn up to 95% profit if your forecast is correct or lose your money if it is wrong.
Withdrawal: You can withdraw your trading account balance at any time without any restrictions on the amount. You need to place a withdrawal request via one of the methods previously used for depositing and wait for it to be processed and sent.
What are the Features of Pocket Option?
Pocket Option has many unique features that set it apart from other brokers in the market. Some of them are:
Social Trading: This feature allows you to view and track other traders' habits and performance, copy their trades, or chat with them. You can also participate in leaderboards and tournaments to compete with other traders and win prizes.
Chat: This feature allows you to communicate with other traders and share your opinions, insights, and tips. You can also join different chat rooms based on your language, region, or interests.
Indicators: This feature allows you to use various technical analysis tools to help you identify trends, patterns, and signals in the market. You can choose from over 50 indicators, such as moving averages, Bollinger bands, MACD, RSI, etc.
Signals: This feature allows you to receive trading recommendations from professional analysts and experts. You can view the signal details, such as asset, direction, expiry time, and confidence level, and decide whether to follow it or not.
Tournaments: This feature allows you to join different trading contests and compete with other traders for a prize pool. You can choose from free or paid tournaments, with different durations, entry fees, and rules.
Bonuses: This feature allows you to receive extra funds or benefits from Pocket Option as a reward for your loyalty and activity. You can get a welcome bonus, a deposit bonus, a cashback bonus, a no-deposit bonus, etc.
What are the Pros and Cons of Pocket Option?
Pocket Option has many advantages and disadvantages that you should consider before trading with it. Here are some of them:
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Pros
Cons
- A wide range of assets and markets to trade
- A high-risk and volatile trading instrument
- A user-friendly and innovative trading platform
- A lack of regulation in some countries
- A low minimum deposit and trade amount
- A high payout commission and withdrawal fee
- A variety of features and tools to enhance your trading experience
- A possibility of encountering technical issues or glitches
- A responsive and helpful customer support service
- A mixed reputation and feedback from users
What are the Alternatives to Pocket Option?
Pocket Option is not the only binary options broker in the market. There are many other companies that offer similar or better services and conditions. Some of them are:
IQ Option: This is one of the most popular and reputable binary options brokers in the world. It has over 50 million users and offers over 500 assets to trade. It has a minimum deposit of $10 and a minimum trade of $1. It has a sophisticated and intuitive trading platform that supports multiple languages and devices. It also has a free demo account, a variety of features and tools, and a high payout rate of up to 95%.
Binarium: This is another well-established and trustworthy binary options broker that operates since 2012. It has over 1 million users and offers over 100 assets to trade. It has a minimum deposit of $5 and a minimum trade of $1. It has a simple and user-friendly trading platform that supports web and mobile access. It also has a free demo account, a range of features and tools, and a high payout rate of up to 90%.
Olymp Trade: This is another reliable and innovative binary options broker that was founded in 2014. It has over 25 million users and offers over 70 assets to trade. It has a minimum deposit of $10 and a minimum trade of $1. It has a modern and elegant trading platform that supports web and mobile access. It also has a free demo account, a variety of features and tools, and a high payout rate of up to 92%.
Conclusion
Pocket Option is a binary options broker that offers a lot of benefits for traders who are looking for a fast and easy way to make money online. It has a low entry barrier, a diverse asset portfolio, a user-friendly platform, and a range of features and tools that can enhance your trading performance.
However, Pocket Option also has some drawbacks that you should be aware of before trading with it. It is a high-risk and volatile trading instrument that can result in significant losses if you are not careful and experienced. It is also not regulated in some countries, which means that you may not have legal protection or recourse in case of any issues or disputes. It also charges high commissions and fees for payouts and withdrawals, which can reduce your profits.
Therefore, you should weigh the pros and cons of Pocket Option carefully before deciding to trade with it. You should also compare it with other alternatives that may offer better services and conditions. You should also educate yourself on the risks and strategies of binary options trading and practice with a demo account before investing real money.
Pocket Option is not a scam, but it is not a perfect broker either. It is a good option for some traders, but not for others. Ultimately, the choice is yours.
FAQ
Here are some frequently asked questions and answers about Pocket Option:
Is Pocket Option legal?
Pocket Option is legal and regulated in 22 countries, including the UK, Germany, France, Italy, Spain, Portugal, Poland, Sweden, Norway, Denmark, Finland, Ireland, Switzerland, Austria, Belgium, Netherlands, Luxembourg, Malta, Cyprus, Greece, Romania, and Bulgaria. However, it is not legal or regulated in some other countries, such as the USA, Canada, Australia, Japan, Israel, etc. Therefore, you should check the legal status of Pocket Option in your country before trading with it.
Is Pocket Option safe?
Pocket Option uses SSL encryption to protect your personal and financial data from unauthorized access. It also stores your funds in segregated accounts that are separate from the company's operational funds. It also has a dispute resolution service that can help you resolve any issues or complaints with the broker. However, Pocket Option is not a member of any compensation scheme or insurance fund that can cover your losses in case of bankruptcy or fraud.
How do I contact Pocket Option?
Pocket Option has a responsive and helpful customer support service that is available 24/7 via phone, email, live chat, or social media. You can also visit their website and fill out a contact form or browse their FAQ section for more information.
How do I get a bonus from Pocket Option?
Pocket Option offers various bonuses and promotions for its users as a reward for their loyalty and activity. You can get a welcome bonus when you sign up for a new account, a deposit bonus when you add funds to your balance, a cashback bonus when you trade regularly, a no-deposit bonus when you verify your account or participate in tournaments, etc. However, you should read the terms and conditions of each bonus carefully before accepting it as they may have some restrictions or requirements.
How do I withdraw money from Pocket Option?
You can withdraw money from Pocket Option at any time without any limits on the amount. You need to place a withdrawal request via one of the payment methods that you previously used for depositing. The minimum withdrawal amount is $10. The withdrawal process may take up to 3 business days depending on the method and verification status. You may also be charged a commission of 2% or $1 (whichever is higher) for each withdrawal.
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