Pocket Option Review: Is Pocketoption.com Legit Or Scam?

Pocketoption.com Review: this is the name of an Options broker that is located in the Marshall Islands. Is Pocket Option a scam options broker?

The location provided for the broker on the page is an offshore location, Marshall Islands. Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

There are partnership programs offered to traders who invite others to trade with the broker. Other ways to benefit are published on the website and they mention that those who perform up to the trade expectations are rewarded.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Pocket Option Trading Platform

We are not told the kind of trading platform that is available for clients trading with Pocket Option broker. But it seems to be some web-based that does not support auto-trading as the MT4 does.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are said to be over 100 assets. They offer 30 forex pairs, precious metals, oil, stocks, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is not mentioned. And while may seem generous they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not stated as well.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Pocket Option

The means of making payments are: Bank wire, Visa, and MasterCard. We find that there are no e-wallets mentioned as part of the means for making payments and withdrawal.

This is discouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $200 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

There is a payout offer of 93% on the popular EURUSD pairs.

Is Pocket Option Licensed?

No. Like we stated above, Pocket Option is not a duly licensed and registered Forex broker. It is located in the Marshall Islands which is an offshore location.

Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get support from the customer care service, interested clients can fill the online message form.

Conclusion

Pocket Option is not regulated and trading with unlicensed brokers is dangerous. Funds can be misused or stolen and most of the time they may be irrecoverable. Some of the information we found are tempting but we also see that other important details are left out. It is unwise to invest funds with this brokerage.

 

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

DID YOU KNOW!! Most Autotrading softwares or robots claiming to turn you into a millionaire overnight are SCAMS. If you are in need of a legitimate software or robot that can help you trade profitably, see our recommendation HERE

To recover your money from Scam Forex, Binary Options and Cryptocurrency brokerage or signals. Fill the form below to get help

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Summary
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Pocket Option
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