Pocket Option Review 2024
Awards
- Best Binary Broker Runner Up 2023 - DayTrading.com
- Best Binary Broker 2022 - DayTrading.com
Current Promotions
Pros
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
- The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
Cons
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- The MISA is a weak regulator with limited investor protection for retail traders
Pocket Option Review
In this Pocket Option review, I evaluate the broker in the key areas you should consider before opening an account. I also compare the broker to suitable alternatives, leveraging my first-hand experience testing the platform.
Regulation & Trust
2 / 5Pocket Option gets a low trust rating due to its weak regulatory credentials.
It’s not authorized by a trusted financial body and is instead overseen offshore by the Mwali International Services Authority, license T2023322.
The company has also been registered in other offshore jurisdictions over the years, including the Marshall Islands.
This type of weak regulatory oversight is common in the binary industry due to restrictions from many reputable authorities.
Still, it means you are unlikely to get access to a compensation scheme in the event the broker goes bankrupt.
It also means Pocket Option’s operating practices are subject to limited regulatory scrutiny, increasing the risk of unfair trading practices and scams.
On the upside, the brand has been around since 2017 and is now a well-established part of the binary options industry with over 100,000 clients in more than 95 countries.
Accounts & Banking
3.5 / 5Pocket Option gets a high accounts and banking rating for its easily accessible trading accounts and huge selection of funding options.
Live Account
Pocket Option offers several accounts depending on what and how you want to trade: Quick Trading, Shares Trading, Forex MT4, and Forex MT5.
All accounts have an accessible minimum deposit for beginners of $50. Notably, this is well below rivals like IQCent with its $250 minimum.
That said, you need to deposit more to get the best trading conditions and features.
Pocket Option ranks all clients from Stranger to Guru based on account balance, with all users automatically enrolled at Stranger level before making a deposit.
Essentially, depositing funds unlocks higher levels, rewarding you with extra perks. These include increased payouts for some of the higher tiers, which for me is the greatest benefit.
I’ve compared the Newbie, Beginner and Experienced tiers below to show you some of the different perks available.
| Newbie | Beginner | Experienced | |
|---|---|---|---|
| Account Balance | <$100 | $100+ | $1000+ |
| Access to all Tournaments | No | Yes | Yes |
| Access to ‘Gems’ Lottery | No | Yes | Yes |
| Express Trades | No | Yes | Yes |
| Trading Achievements | No | Yes | Yes |
| MT5 Access | No | No | Yes |
| +2% Payout | No | No | Yes |
| Premium Gifts | No | No | Yes |
| Extended Investment Offering | No | No | Yes |
Deposits & Withdrawals
Deposits
Pocket Option stands out for its 30+ payment methods – more than nearly every other broker we’ve tested. The other benefit is the near-instant account funding and zero transfer fees.
Supported deposit options include debit and credit cards, wire transfers, and electronic payment solutions like Fasapay. Cryptocurrency transfers are also accepted.
However, where it excels is its local transfer solutions that make deposits convenient for traders in respective countries. Traders in Vietnam, for example, can use the country’s most popular digital wallet – MoMo Pay.
Looking at the drawbacks, since only USD is accepted as a base currency, conversion charges may apply.
Withdrawals
Withdrawals can be made via the same methods as deposits, again with no fees.
The minimum withdrawal amount is low at $10 and there is no maximum withdrawal limit.
Bonuses & Promotions
Pocket Option regularly runs bonus schemes, as well as publishing referral and promo codes.
For example, while using the platform I was offered a 50% welcome bonus up to $5000.
However, my years in the industry have shown that bonuses almost always come with stringent terms and conditions. In this instance, I found the required net turnover fairly high before you can withdraw any profits made with bonus funds. After depositing $50 and receiving a $25 bonus, the required trading turnover was $1250.
I never recommend picking a binary options broker for their bonuses. While useful for practicing short-term trading strategies, other factors are more important, including the quality of the platform and whether the broker can be trusted.
Demo Account
Pocket Option offers a free demo account which allows you to test the broker’s services without any financial risk. The virtual sum provided is reasonable, at $10,000, and can be topped up easily.
The process to start demo trading is the quickest I’ve experienced. Simply click on the Free Demo button at the top of the broker’s website and you will be directed straight to the platform, with no registration required.
This also means you can switch seamlessly between live and demo mode – ideal for short-term traders who want to continually test and execute their strategies.
Assets & Markets
2.5 / 5Pocket Option gets an average assets and markets rating because its range of tradable assets is limited for entry-level traders.
There are only 130+ binaries and over-the-counter (OTC) options spanning forex, stocks, commodities and crypto unless you deposit $1000 to access a wider range of instruments, which brings the total to 250+
I’ve compared the number of standard assets available with two leading alternatives, and as you can see below, Pocket Option is the middle of the pack. Notably, Quotex offers hundreds more assets for serious traders.
| Pocket Option | IQCent | Quotex | |
|---|---|---|---|
| Number of Assets | 130+ | 100+ | 400+ |
We’ve routinely tested Pocket Option over several years, and keep an up-to-date log of the popular assets you can trade as standard:
- Forex: The platform features over 40 forex pairs. These range from the major pairs such as USD/EUR, to minor and exotic pairs such as NZD/JPY.
- Commodities: Pocket Option offers several commodities. These include gold, silver, platinum, UK Brent (oil), US Crude (oil), and natural gas.
- Stocks: Over 30 US stocks are available with lower account tiers. These include popular companies like Apple, Pfizer, HP and Google.
- Cryptocurrencies: Around 10 cryptocurrencies are available as standard, including Bitcoin and Ethereum.
It’s a real drawback for me that Pocket Option requires a $1000+ deposit to trade an extended suite of 250+ assets when many alternatives offer their full range of instruments as standard.
Fees & Costs
3.5 / 5Pocket Option gets a good fees and costs rating for its competitive payouts and low non-trading fees.
Like most binary options brokers, Pocket Option does not charge a commission on trades. Instead, the broker primarily earns money from clients’ losing trades.
While Pocket Option will pay you a fixed payout if your trade expires ‘in the money’, you will lose your investment if it finishes ‘out of the money’.
It’s good to see there are no deposit and withdrawal charges, or inactivity fees, which can deter casual investors.
Payouts
Pocket Option offers fairly good payouts up to 92% on winning trades, though they trail our top-rated binary broker for 2023 – IQCent.
Most disappointing are the returns on crypto – the 15% offered on Bitcoin while trading on the platform falls way behind some rivals, and this means I can’t recommend the broker for active crypto traders.
I have recorded the payouts that were available to me on the Pocket Option platform during testing and compared them with two leading alternatives below. As you can see, IQCent offers higher returns across the board.
| Pocket Option | IQCent | Quotex | |
|---|---|---|---|
| EUR/USD | 88% | 95% | 83% |
| Bitcoin | 15% | 48% | NA |
| US100 | 45% | 60% | NA |
| Brent Oil | 80% | 95% | 90% |
Note, you can get a payout boost of 2% to 8% if you qualify for a premium account tier (Experienced to Guru). However, given the large minimum deposit requirements ($1000 to $50,000), I have excluded them from this analysis.
Platforms & Tools
3.3 / 5Pocket Option sets itself apart from most binary brokers by offering an in-house web platform and access to leading third-party software: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
After many days of testing the trading platforms, here’s my verdict:
- The in-house platform is great for beginners, with a user-friendly design that makes for an enjoyable trading experience.
- The MetaTrader platforms are better for intermediate and advanced traders familiar with MT4 and MT5, though don’t expect the full charting package.
Pocket Option Web Platform
The web platform has clearly been built for beginners with a simple layout and the basic tools you need to place short-term trades.
You can trade through your web browser or the mobile app – both were smooth and glitch-free during our experiments.
Navigation & Design
The platform features a simple and streamlined design, with charts, trading functions and order tickets easy to navigate.
You can also have up to four charts open at a time, which I find useful for tracking multiple markets.
My only minor complaint is that I am unable to view charts across the full screen. I think the platform should allow you to collapse or drag the ‘Trades’ window on the right to provide more room for chart analysis.
Charting
Pocket Option delivers a reasonable range of charting tools that will meet the needs of most beginner traders.
There are 4 chart types including Heiken Ashi and line, plus 14 timeframes ranging from 5 seconds to 1 day, suitable for short-term trading strategies. There are also 31 technical indicators, including moving averages and Bollinger Bands.
On the downside, the range of 9 drawing tools is disappointing, although popular options like Fibonacci Retracements are present.
Unique Features
One of the stand-out features for me is Express Trades. This essentially acts as a multiplier, providing increased payouts of 100%+ if you open at least three trades. You have the flexibility to choose individual expiry times, as well as price direction.
The Double Up and Roll Out features also offer straightforward avenues to effectively double your returns in one click if you are confident in your market prediction.
But while these features make for a more dynamic and exciting trading experience, a careful approach to risk management is still required.
Social Trading
Pocket Option offers social trading directly through the in-house terminal. You can copy trades via signals or by mirroring master traders.
The tool functioned well during my assessment, delivering comprehensive data on prospective copiers. For example, I could filter successful traders via top rankings or profit levels and then copy a chosen trader in real time.
The system is also available 24/7 with no minimum stake and copy settings are fully flexible depending on your investment parameters.
How To Place A Binary Options Trade
I find trading on the Pocket Option platform really straightforward as it only requires a few steps:
- Choose an asset from the dropdown menu found top left of the chart
- Select an expiry time using either the clock or choose a specific time
- Add your investment stake using the toggles or manual input
- Review the potential payout in percentage and value
- Select the market direction; choose ‘lower’ if you think the price will decrease or ‘higher’ if you think it will increase
MT4 and MT5
If you are already familiar with the MetaQuotes software or want the best charting tools, MT4 and MT5 are normally the platforms to use.
MT4 is the go-to for forex trading, which is the asset class it was originally designed for, while MT5 is the latest iteration built for multi-asset trading.
During my tests, I was initially struck that the web-accessible MetaTrader platforms don’t feel as modern or sleek as the Pocket Option platform.
However, my main gripe is that Pocket Options’ MT4 and MT5 software don’t appear to offer the full charting package. For example, I couldn’t see the 38 technical indicators, 44 graphical objects and 21 timeframes normally available in MT5. It’s the same story in MT4.
Pocket Option appears to offer an unusual iteration of the MetaTrader package that doesn’t provide the full suite of tools for advanced traders. This is a serious drawback for experienced MetaTrader users.
Mobile App
All of Pocket Option’s platforms are available as mobile apps, though I was disappointed that the proprietary solution is not available on iOS devices, making this broker less suitable for mobile traders with iPhones.
Still, the trading app is fully functional and glitch-free. It’s user-friendly with in-built support, which is great for beginners who are new to the platform.
You also benefit from 24/7 access to the financial markets, live signals and copy trading, plus full account management, providing a comprehensive solution for mobile traders.
Research
3 / 5Pocket Option gets an average research rating because although it offers more than many binary brokers, it trails traditional forex and CFD brokers in its market insights.
In the MT4 and MT5 platforms, you can click on the magnifying glass in the right of the platform to bring up a calendar and insights:
- The insights offer good technical summaries of short-term market movements, though beginners may struggle to understand the intricacies.
- The calendar highlights major events that could impact markets in the US, Europe and beyond, with a helpful priority/impact rating and forecasts. However, the calendar only shows events over the next 48 hours, making it difficult to plan too far ahead.
Pocket Option is also fairly unique in the binary options space for offering a dedicated Analytics app. It offers daily, technical and fundamental analysis, as well as engaging video reviews.
My minor gripe is that the Analytics app is only available on Android devices and focused on a narrow range of assets: EUR, USD, GBR, JPY, CHF, CAD, NZD, AUD, Gold, Silver, Brent, and Stocks.
From a usability perspective, it would also be better to have these insights integrated into the web platform so you don’t have to go into a separate app.
Education
3.5 / 5Pocket Option earns a high education rating for outperforming its peers with content available via an external website, hosting diverse materials including visual aids, videos, tutorials, e-books and more.
There is also a good level of educational content available directly in the platform, covering user tutorials, understanding the forex market, plus tips and tricks.
The highlight for me is the guides on different trading strategies which are easy to follow with supporting visuals from real market events. With a focus on charting techniques, they will serve day traders in particular, who often use technical analysis.
Customer Support
3.3 / 5Pocket Option gets a decent customer support rating following multiple positive interactions during tests.
My experience with the customer support team has mostly been positive, with responsive and professional telephone support (+44 20 8123 4499) available between 10:00 am and 2:00 am (UTC +2) as well as an online email form.
My main frustration is that live chat support is reserved for traders who have deposited into a live account. This means if you are a prospective user trading in demo mode, you cannot contact an agent quickly.
I think Pocket Option could improve its customer service by opening its live chat support to prospective traders. It can be useful, especially for beginners, to get answers to key account and trading queries before depositing funds.
Should You Trade With Pocket Option?
Based on our exhaustive tests of Pocket Option which have spanned several years, the broker continues to deliver a compelling service for binary options traders.
Short-term traders can make straightforward high/low market predictions in just a couple of clicks on an easy-to-use platform and app.
Signing up is also very smooth and the minimum deposit is accessible at just $50, making it good for beginners.
Yet despite some improvements to its trading features, Pocket Option could still do more to serve serious traders, including expanding its market offering and returns on popular assets.
FAQ
Is Pocket Option Legit Or A Scam?
Pocket Option is a legitimate company registered in the Republic Of Costa Rica through Infinite Trade LLC.
Year after year it has proven a credible broker with binary traders, boasting over 100,000 active users.
Can I Trust Pocket Option?
Although it’s not regulated by a top-tier financial body, Pocket Option has built a large user base and picked up industry awards, including our Best Binary Broker 2022.
Still, online trading is risky, especially with offshore binary brokers, so only invest what you can afford to lose.
Is Pocket Option Regulated?
Pocket Option is regulated by the Mwali International Services Authority, license number T2023322.
This is not a well regarded regulator so beware that you may not receive safeguards like investor protection in the event the brokerage becomes insolvent.
Is Pocket Option A Good Or Bad Binary Broker?
Pocket Option continuously ranks as one of the best binary options brokers based on our comprehensive evaluation process that takes into account over 200 data points and blends quantitive metrics with qualitative insights gathered over many years.
While it trails alternatives like Quotex for its range of binaries and IQCent for its payouts, Pocket Option’s web platform is great for beginners, it offers a good suite of educational tools, and opening an account couldn’t be easier.
Is Pocket Option Good For Day Trading?
Yes, Pocket Option offers ultra-short-term binaries from 5 seconds to 4 hours. The web platform and app are also stable, responsive and free from glitches based on testing, while it’s straightforward to place multiple trades in a few clicks.
Is Pocket Option Good For Beginners?
Yes, Pocket Option is good for beginners. In fact, it’s best for new traders owing to the straightforward sign-up, low minimum deposit and stake, plus the platform that’s clearly been designed with novice traders in mind.
Is Pocket Option Available 24/7?
Some of the assets on Pocket Option are available 24/7. Cryptocurrencies and over-the-counter assets can be traded around the clock, including on weekends.
Top 3 Alternatives to Pocket Option
Compare Pocket Option with the top 3 similar brokers that accept traders from your location.
- 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 – Launched in 2017, 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 Comparison Table
| Pocket Option | World Forex | Videforex | BinaryCent | |
|---|---|---|---|---|
| Rating | 4.2 | 4 | 3.4 | 3 |
| Markets | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | CFDs, Forex, Stocks, Cryptos, Options, Commodities |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $50 | $1 | $250 | $250 |
| Minimum Trade | $1 | 0.01 Lots | $0.01 | $0.01 |
| Regulators | MISA | SVGFSA | – | VFSC |
| Bonus | 50% Deposit Bonus | 100% Deposit Bonus | 20% to 200% Deposit Bonus | 20% – 200% deposit bonus |
| Education | No | No | No | No |
| Platforms | Web, MT4, MT5 | MT4, MT5 | TradingView | Own |
| Leverage | – | 1:1000 | 1:500 | 1:500 |
| Payment Methods | 14 | 10 | 8 | 11 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | World Forex Review |
Videforex Review |
BinaryCent Review |
Compare Trading Instruments
Compare the markets and instruments offered by Pocket Option and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Pocket Option | World Forex | Videforex | BinaryCent | |
|---|---|---|---|---|
| Binary Options | Yes | Yes | Yes | Yes |
| Expiry Times | 5 seconds – 4 hours | 1 minute – 7 days | 5 seconds – 1 month | 5 seconds – 30 days |
| Ladder Options | No | No | No | No |
| Boundary Options | No | No | No | Yes |
| CFD | No | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | Yes | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | No | Yes | No |
| Silver | Yes | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | No | Yes | No |
| Options | No | No | No | Yes |
| ETFs | No | No | No | No |
| Bonds | No | No | No | No |
| Warrants | No | No | No | No |
| Spreadbetting | No | No | No | No |
| Volatility Index | No | No | No | No |
Pocket Option vs Other Brokers
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Customer Reviews
4.4 / 5This average customer rating is based on 9 Pocket Option customer reviews submitted by our visitors.
If you have traded with Pocket Option we would really like to know about your experience - please submit your own review. Thank you.
Submit Your Own Review of Pocket Option
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I felt, for beginners this is the best platform, because very easy to use and understand trading, Binary and forex everything is clearly visible on display screen, and maximum payment method is supported for deposit and withdrawal and most important part is many senior trader are available to help you and guide you, and also their 24×7 support chat. And rest withdrawal part is Smooth for crypto currency and e wallets trader and little bit slow for local bank transfer overall, pocket option is a good broker and and their regulations are from reputed agencies so you can trust them.
I have a problem with the bank card that you guys want. The bank card signed…..nowadays bank card no no have the signature part……
It became very difficult to do withdrawal coz of the craft stuff that do not read
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.
Good to trade ,quick and reliable,the only draw back is it’s difficult to verify your address and sometimes they cancelle your withdrawal requests and ask you to verify your profile again
UID 6992xxxx
Pros: This broker offers many different trading resources all on one website or app. You have access to trading signals, strategies and bonuses. You have the ability to do risk free trades. Which means if you lose the trade, you can cancel the trade and get your money back. Same day deposits and withdrawals, once your account is verified of course. They offer $1 hour long tournaments throughout the day. And one free tournament once a day. And as you progress as a trader, you gain access to more trading advantages and bigger bonuses. This a MUST TRY broker.
Cons: The only thing that I would classify as a con is the deposit/withdrawal methods. Don’t get me wrong, they offer many different ways to make a deposit or withdrawal. But the methods they use are based on your particular region. In my region, there about 30 different cryptocurrencies that can be used but they don’t accept any type of card payments from my region.
Overall: Overall my experience has been a positive one. Something that I forgot to mention earlier is their support team. I normally get questions and concerns addressed in a very timely manner. Which makes this broker a MUST TRY broker. There will always be good and bad reviews, but this is one of those times that you need to give the broker a chance.
We anonymized part of the UID for security reasons.
Super easy to trade. Great if you want to trade really short with 5 second contracts. Smooth sign up process.
6 months and counting and Pocket Option is still the best binary app I’ve used. Charts are easy to use on my phone and I can make short-term trades in a couple of swipes. Ticks all my boxes.
I really like Pocket Option’s easy to use and reliable platform. The charting tools are a step above other binary platforms I’ve traded on.
I’ve been trading binaries at Pocket Option for weeks and have been pleased with the platform – it’s easy to use with a strong charting package. My only complaint is that it’s no good for long-term trading – the longest expiry time is 4 hours.