Pocket Option Review 2023
Pocket Option is a competitive broker that offers fixed-time binary options contracts, ranging in length from 30 seconds to four hours. Through both MetaTrader 5 and the broker’s own platform, UK investors can exercise a range of turbo and short-term binary options strategies. This 2023 Pocket Option review will explore the platforms, markets, account types, pros, cons and anything else you should know before registration.
Pocket Option Details
The binary options broker was founded in 2017. Operated by Gembell Limited, the broker has seen rapid growth since its launch, amassing a user base of over 10 million accounts as of 2019. The company headquarters is based in the Marshall Islands and there are over 95 available countries from which residents can sign up for an account.
Binary Options Offering
Pocket Option offers binary options contracts from the following markets.
- Stocks: 36 assets, including Apple and Netflix
- Forex: 49 currency pairs, including nine GBP pairs
- Indices: 24 indices, such as the FTSE 100 and S&P 500
- Commodities: 17 commodities, such as gold, silver and Brent Crude Oil
- Cryptocurrencies: 10 cryptocurrencies, including BTC/GBP and BCH/GBP pairs
Types Of Binary Options
Pocket Option clients can invest using short-term and turbo binaries. The shortest expiry time is just five seconds, which is available only for binary options on stocks and commodities. For all other markets, the shortest contract length is 60 seconds. The maximum expiration time for all markets is four hours.
Binary Options Trading Platform
MetaTrader 5 is a world-leading platform and the successor to MetaTrader 4 (MT4). It has a large number of in-built indicators that clients can use to complete technical analysis before executing a trade. The platform also supports many customisation options, with different charting types, 21 total time frames ranging from one minute to one month and 44 analytical objects.
The Pocket Option platform is less advanced than the MT5 platform but its simplicity makes it very easy to get started. For instance, the platform has hotkeys set up so that you can place a trade order with just the touch of one button.
Pocket Option has also provided a quick-trading feature with its platform. Connected to the main dashboard is a tab on the right-hand side of the screen with a list of markets and assets you can speculate upon. From the list, you can select at least three assets, their expiry times and whether you will purchase a call or put contract. You then input the stake for all the positions and confirm the batch order.
Pocket Option clients have several options for accessing trading platforms. There is a free app download choice for MT5 on PC via the MetaQuotes website, available on Windows, macOS and Linux devices. You can also find the mobile app download links on the Apple App Store and Google Play Store.
If you wish to use the Pocket Option platform, you must either trade through your web browser or mobile device as there is no computer app. Download links for iOS and Android (APK) mobile apps can be found on the broker’s website.
Additional Platform Features
Investors can use the broker’s social trading service to follow and copy successful traders. On the Pocket Option main dashboard, you can find a leaderboard that shows the best traders, whose strategies you can mirror. The leaderboard can be filtered to show the most successful investors over a certain period, the most profitable since the launch of the platform and those with the greatest win percentage.
Pocket Option clients can use expert advisors (EAs) to execute their strategies as efficiently as possible. The broker has provided several different trading bots that all customers can use. Each bot has a specific strategy. For instance, the WisyPivotPocket bot executes positions following a trend reversal approach.
Gems & Tokens
Pocket Option uses gems as a reward scheme, whereby clients who achieve certain accolades or meet milestones are given tokens as a gift. For example, you can receive gems for trading a total of £100 after you sign up. These gems can also be earned through mining or a lottery. Any gems that you win can be spent at the dashboard marketplace on deposit bonuses or cash prizes.
How To Place A Binary Options Trade With Pocket Option
- Open the Pocket Option trading platform and sign in
- Select the desired asset from the drop-down list on the left-hand side of the dashboard
- Input the desired expiration time. This can either be set as a stopwatch or to a specific time of day. For instance, this can be as a five-minute countdown or as an expiration at 13:15:00
- Type in your desired stake size
- Select ‘Higher’ for a call or ‘Lower’ for a put contract. The strike price is the asset’s value at the contract opening time
There are six different types of live trading accounts with Pocket Option.
- Copy trading
- Trading tournaments
- Unlimited trades
- Account balance below £100
- Maximum trade size of £1,000
- All Newbie benefits
- Express trading feature
- Access to the gems lottery
- Account balance above £100
- All Beginner benefits
- Payouts increased by 2%
- MT5 access for forex binaries
- Account balance above £1,000
- Access to all Pocket Option securities, both OTC and on an exchange
- Faster withdrawals
- All Experienced benefits
- Payouts increased by 4%
- Account balance above £5,000
- Maximum trade size increased to £2,000
- Up to £10 refund on positions ending one point out of the money
- All Master benefits
- Payouts increased by 6%
- Personal account manager
- Account balance above £15,000
- Maximum refund increased to £50
- Maximum trade size increased to £3,000
- All Pro benefits
- Payouts increased by 8%
- Account balance above £50,000
- Maximum refund increased to £100
- Maximum trade size increased to £5,000
- Increased number of indicators on the Pocket Option platform
Pocket Option allows all clients with a valid login to access a free demo account. This is a good way to get some experience with the trading platform and binary options before risking real capital. Until you complete an account verification process, you can only access the demo account with simulated funds.
You can practise trading on the paper trading account either using your computer via the web trader or through the mobile app. Additionally, the Pocket Option demo platform does not follow any restricted trading hours, so can be accessed 24/7.
Pocket Option does not charge any trade commission or subscription fees. Instead, the broker acts as the counterparty to all binary options positions. This means that the firm makes money from any failed trades.
To deposit funds into your Pocket Option account, you can use debit and credit card, e-payments such as Perfect Money or choose from 29 cryptocurrency tokens. While the website does not say how long each deposit method takes, the broker’s blog advertises the deposit time as a few days.
Pocket Option does not accept any deposits in GBP, the only accepted fiat currency is USD. Therefore, UK clients may need to account for any currency conversion fees when making a payment. The minimum deposit is £50 and all methods are free except Perfect Money, for which there is a 0.5% fee.
Pocket Option demands that clients process a withdrawal using the same methods used to make deposits. There is a minimum withdrawal limit of £10, though Pocket Option does not impose a maximum withdrawal cap. The broker does not charge any withdrawal fees and the entire process can take up to three business days. Once the process is complete, you should receive withdrawal proof sent to your email or on your account.
Regulation & Security
Pocket Option is not regulated by the Financial Conduct Authority (FCA) so be aware that you will not necessarily be entitled to negative balance protection or compensation if the broker defaults. While the broker does hold a license with the IFMRRC, it is not a well-known or recognised authority akin to the FCA or ESMA.
If you are having problems with the Pocket Option platform, such as a failed deposit, trading glitch or withdrawal issues, you should contact the customer support team immediately. Clients with a Beginner account or higher can seek help via a live chat portal on the main dashboard. Alternatively, you may find support in the website’s FAQs, on the broker’s many social media accounts or through a chat with other customers. Moreover, you can call the hotline number below between 10:00 and 02:00 UTC+2.
- Phone Number: +44 20 8123 4499
Customers may also look into the Pocket Option blog, where they can find news and announcements in addition to brief tutorial guides on topics such as OTC products, zig-zag strategy meaning and account verification time and process.
Pocket Option runs a welcome bonus scheme whereby clients can receive a bonus worth 50% of their initial deposit. The minimum deposit to qualify for the bonus is £50 and the maximum limit you can receive is £5,000. To read all the rules related to the promotion, go to the website and find the terms and conditions. There is no bonus promo code required to activate the scheme as it is available all year round.
The broker also runs regular trading tournaments, where customers can receive cash prizes if they finish in the top three. To take part, you must first complete the KYC verification process and then pay the entry fee, which can be anywhere from £1 to £50 depending on the prize pool. Sometimes, they may be free. Additionally, the tournaments only require investing using virtual funds, rather than real money, so you must set up and log into your demo account before starting. Unfortunately, Pocket Option does not offer a no-deposit bonus code.
Benefits Of Trading Binary Options With Pocket Option
- MT5 access
- Free demo account
- Advanced platform
- Social & copy trading
- Gems reward scheme
- Commission-free trading
- Demo trading tournaments
- Free deposits and withdrawals
- Turbo binary options from 5 seconds
Drawbacks Of Trading Binary Options With Pocket Option
- High/low options only
- Not regulated in the UK
- Short-term options only
Pocket Option Verdict
Pocket Option is a competitive binary options broker tailored towards shorter-term day traders and investors. The firm’s platform is accessible for beginners and high quality, with lots of analysis functions and extras that include copy trading, built-in robots and demo tournaments. Binary options can be purchased on a wide range of markets, including forex, commodities and cryptos, while a range of account types provide a tailored experience for clients of all experience levels. That being said, with a maximum contract length of four hours and only high/low options types, the broker does not cater to advanced, long-term investors.
What Is The Best Binary Options Trading Strategy With Pocket Option?
Pocket Option facilitates many short-term and turbo binary options trading strategies. Examples include 1-minute, 2-minute, 3-minute through to a four-hour strategy. 15- second and 30-second strategies are only available for speculating on stocks and commodities. Other viable options include the zig-zag strategy and momentum trading.
Is Pocket Option A Scam Or Legit?
Pocket Option holds a valid license with the IFMRRC. You must stay safe by not investing more than what you would be comfortable losing. You should keep sign-in information secure and use a complex password to help reduce the risk of someone gaining access to your account via a hack.
Who Is The Owner Of Pocket Option?
Pocket Option is run by Gembell Limited. The location of its head office is the Marshall Islands.
How Can I Trade Binary Options With Pocket Option?
You can trade binary options with Pocket Option either using a computer web browser, PC application or mobile app. This can be through MetaTrader 5 or via the broker’s proprietary platform. A good way to review the copy trading service and to get a feel for how to use the broker’s trading platform’s additional features like the official signals bot is through the free demo account.
How Can I Take Part In A Pocket Option Binary Options Tournament?
Pocket Option runs regular demo account trading tournaments on its proprietary platform. You can find information on when each tournament starts via the main dashboard. To take part, you need to have completed the account verification process and then pay the entry fee, which is typically around 10% of the prize pool.
Compare Pocket Option with Other Brokers
These brokers are the most similar to Pocket Option:
- World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
- Videforex - Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
- Binarycent - BinaryCent is an unregulated binary options broker that offers 24/7 trading on forex, cryptos and stocks with payouts up to 95%. Despite its lack of regulation, this broker takes client security seriously and stores client funds in European banks. The broker also offers CFDs with very high leverage up to 1:500.
Pocket Option Feature Comparison
|Pocket Option||World Forex||Videforex||Binarycent|
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||$1||0.01 Lots||$0.01||$0.01|
|Bonus||50% Deposit Bonus||-||20% to 200% Deposit Bonus||20% to 200% deposit bonus|
Trading Instruments Comparison
|Pocket Option||World Forex||Videforex||Binarycent|
Pocket Option vs Other Brokers
Compare Pocket Option with any other broker by selecting the other broker below.
|Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.|