When you consider trading for the first time, you’ll realise that many people choose binary options as their number one choice. After all, they’re easier to understand than most other financial instruments. 

Yet, although binary options offer the potential of instant high rewards, things can also go wrong, and you lose all your money in one move. And that can be downright frustrating.

The difference between satisfying gains and a disappointing loss depends on many factors, and one of them is choosing the right trading broker. 

Pocket Option is a reliable broker, founded by IT and FinTech specialists who worked hard to create a trustworthy platform that suits all traders. 

But is it the right platform for you?

We’re here to help you answer this question in our in-depth Pocket Option review, explaining the key features of Pocket Option, its advantages, and drawbacks.

TL;DR

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• Pocket Option is a user-friendly platform that allows users to trade binary options. 
• Pocket Option isn’t regulated by top-tier security authorities, but it’s overseen by IFMRRC. 
• One of the most appealing features of Pocket Option is that payout rates can be as high as 218% with a $5 minimum deposit. 
• Pocket Option has mixed reviews, as some users faced blocking and withdrawal issues. 
• Other good alternatives include IQ Option or Olymp Trade.

Criteria Breakdown

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So, how do you judge any broker or trading platform?

When comparing different options, as you should be, it’s important to have a set of predefined rules. 

Yes, asking a friend might be all fun and games until you realise they don’t know any better. And when your money is at stake, you don’t want to take this risk, do you?

For our detailed and honest Pocket Option review, we combined factors that cover the regulations, performance, and user experiences—all matter when picking a broker to trade your hard-earned money. 

Here are the criteria we used for our evaluation.

Pocket Option Overview

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What It’s Best Known For

Pocket Option is an online trading platform, founded in 2017 to trade binary options. However, it currently offers different asset classes, granting access to various markets. 

Binary options represent a lucrative investment opportunity because they offer a defined risk. In other words, traders know how much they can gain or lose before they trade—an appealing concept for beginners. 

Those who founded Pocket Option realised that many people are put off by the complexity of the market. As a result, they responded to the increasing demand by designing a user-friendly platform that anyone can use, even if they’re first-timers. 

Using Pocket Option Australia, users can leverage their profits, but they should be cautious to avoid amplifying their losses. 

The platform allows for multiple account types with a low minimum deposit. This lower threshold makes it an excellent entry platform for those tipping their toes into the market for the first time.

Features

Whether you’re a beginner or a seasoned trader, it’s crucial to understand the features your trade platform offers. So, what makes Pocket Option stand out in the market?

It Offers Social Trading

Have you ever wondered about the next best trading move? Many beginner traders feel unsure about the trading practices, and Pocket Option understands this. So, the platform offers this attractive feature—social trading. 

Social trading or copy trading allows traders to keep an eye on major investors, their practices, and investment decisions. They can copy their moves, and guarantee gains based on those experienced traders’ knowledge. 

In that sense, social trading can be an excellent opportunity to make some passive income. You’ll just copy the moves of others, without taking any risk. 

Mobile Trading

With Pocket Option Australia, you can trade on the go wherever and whenever you like. The mobile app is available for iOS and Android devices, and you can easily download it to any device. 

Unlike other trading platforms, Pocket Option offers the whole version on the PC and mobile apps. Moreover, it’s free. 

People love how user-friendly the mobile app is, making it more appealing to less experienced users who might feel overwhelmed with complicated platforms.

Trading Assets

Pocket Option offers more than 100 tradable assets, including forex pairs, commodities, cryptocurrencies, stocks, indices, commodity indices, and crypto IDX. 

As a trader, these alternatives allow you to diversify your portfolio and reduce your risk. But that’s not all. You can also experiment with different trading alternatives to find what suits your investment goals and increase your knowledge. 

Account Types

Pocket Option offers seven types of accounts, in addition to an Islamic account. Moreover, traders can also experiment with a demo account to test the waters. These various account types suit traders with different investment goals. 

• Novice Trader Account: Limited to a balance of less than $100 and transactions less than $1000. 
• Experienced Trader Account: The beginning balance should be at least $1000 and the account provides access to more positions in the market with the opportunity to increase your profitability by 2%. 
• Master Trader Account: The initial deposit should be $5000 with a profitability option of up to 4% but the maximum transaction limit is $2000. 
• Professional Trader Account: The maximum transaction amount is $3000, but the initial deposit should be at least $15,000. This account type allows for withdrawal priority and has a personal manager appointed. 
• Expert Trader Account: Suitable for professionals with a minimum opening of $50,000. It allows for a profitability of 8% with a priority for processing withdrawal requests and premium gifts. 
• MT5 Forex Account: This account is suitable for forex trading with a minimum balance of $1000. 

Flexible Trading

Pocket Option offers different expiration times, ranging from hours to days. So, what does it mean for you as a trader?

It allows you to tailor your trading strategy and practices to achieve your goals. With longer expiration times, you can wait until the market hits the strike price for better trading results. 

But that’s not all. Pocket Option also allows for multiple levels of leverage, helping you to maximise your gains. However, it’s crucial to cautiously exercise leverage, as it can amplify losses. 

Tournament and Achievements

In addition to trading your money, you can also compete against other traders for prizes. Winners can win prizes to use for future investments or unlock achievements for additional perks. 

Tournaments differ from social trading because you can compare your performance to other traders. You can improve your trading practices by understanding your position in the market. 

Pros

What are the main advantages of using Pocket Option? Here’s the answer to your question. 

Low Minimum Deposit

Pocket Option has a minimum deposit of $5. This provides an accessible entry point to all traders, regardless of their budget. 

Those on a tight budget might be deterred by the high minimum deposit amounts requested by other platforms. Pocket Option’s creators understood this problem and offered a lucrative solution.

High Payout Rates

Pocket Option claims you can enjoy up to a 218% payout rate. As a matter of fact, the lowest is 50%, which is pretty decent compared to other trading platforms. 

On average, you can get between 80% and 100%. However, getting 200% isn’t unheard of. 

Nevertheless, getting 218% can be a bit of a stretch. So, can you do it? There’s only one way to find out. 

You should understand that high/low trading usually gives you a higher payout than other binary trading practices. Still, achieving 218% might not be possible. So, take this information with a grain of salt. 

Wide Range of Assets

Pocket Option provides access to more than 100 tradable assets, unlike other platforms that focus on binary options. 

Choosing between these different assets allows you to diversify your portfolio and decrease the risk. It also allows you to test the market to decide what works for you. 

Quick Registration Process

Pocket Option grants quick access to the trading world, as you can instantly start trading once you’ve registered your account. So, how do you do that?

You can sign up using your email or Facebook account, and it doesn’t get any easier. You can also authorise your existing Google account and you’ll be good to go. 

Then, you should verify your information and enter your ID details. Finally, add your deposit amount, and your account will be ready. 

Some deposit methods take more time to process. However, in most cases, you’ll be able to start trading instantly. 

Cons

Despite the cool features and appealing advantages, Pocket Option has several drawbacks that you should be aware of. 

Not Regulated by Top-Tier Authorities

According to the company’s website, Pocket Option is registered on the Autonomous Island Of Mwali and the Republic Of Costa Rica. It’s only regulated by FMRRC, which isn’t globally recognised. 

So, it’s not regulated by any reputable regulatory body or institution. What does this mean for you as a trader?

Unfortunately, it means that you’re at risk. Your transactions aren’t overseen by any legal regulatory institution that can handle disputes or guarantee the safety of your transactions. In other words, you should trade at your own risk. 

Withdrawal Issues Reported

Although creating an account is pretty straightforward, many users reported issues with withdrawal. They either faced delays or errors when trying to withdraw their money. 

This can be extremely inconvenient and reduces users’ confidence in the platform. People want to invest their money in a platform they can trust. Unfortunately, withdrawal delays can push many traders to look for other more reliable alternatives. 

Account Blocks Mentioned in Reviews

Some users reported that their accounts got blocked, with no prior notice. They suddenly find themselves unable to access their funds for unknown reasons. 

Pocket Option mentions that accounts are banned for violating the Public Offer Agreement. But since many users aren’t familiar with that, they can be left puzzled. Nevertheless, the platform mentions they can contact a customer support representative to handle the issue. 

What happens next, remains a mystery. Overall, having accounts blocked and banned is a big turn-off. 

Criteria Evaluation

While attempting to evaluate Pocket Option, we prepared a list of criteria we believe are crucial for carefully assessing the reliability of any trading platform. Here’s their breakdown. 

Regulation and Security: 2/5

Unfortunately, Pocket Option has a low score because it’s not overseen by any reputable regulatory body. 

FMRRC oversees the transactions of Pocket Option, but since it isn’t globally recognised and only possesses local competencies, it’s practical to say that Pocket Option isn’t the safest trading platform out there. 

Trading Platform: 4/5

If you’re a beginner looking for a flexible trading platform, Pocket Option will be a good choice. You get to choose between different account types, in addition to a demo account with various withdrawal and deposit alternatives. 

Copy or social trading is another big plus, as it allows you to copy the investment and trading practices of the biggest players. It’s a safe choice for those interested in learning about trading in a low-risk setting. 

Asset Selection: 4/5

The availability of different tradable assets makes the platform more appealing. Traders who want to lower their risk and diversify their profits can do so with a wide selection of tradeable binary options. 

Additionally, Pocket Option allows for trade transactions as low as $1 for maximum flexibility. 

Deposit and Withdrawal: 3/5

Unlike many platforms, Pocket Option doesn’t charge deposit or withdrawal fees. This sounds like great news for most traders, right? Then, why does Pocket Option have an average score?

For two reasons. First, deposit processing time varies depending on the method. Yes, the platform has a low deposit requirement, compared to others on the market. However, you might have to wait a while before the money is reflected in your balance. 

The second reason is that many users experienced withdrawal delays. They aren’t that common, but they’re still extremely inconvenient. 

Customer Support: 3/5

If you have any questions, you can send a message or contact the support desk. However, many users reported that they experienced delays, sometimes waiting for a few days before they could have their issues resolved. 

When trading, having access to fast and reliable customer support is paramount. This is why this can be a big drawback. 

Some users mentioned that contacting the community and having their questions answered by other traders was helpful. Does it compensate for the lack of reliable customer support? Absolutely not. 

Fees and Commissions: 4/5

Having low fees and commissions is one of Pocket Option’s biggest selling points. It doesn’t charge any deposit, withdrawal, or transaction fees, and has low trading fees compared to other platforms. 

Such low fees can be a big turn-on for those on a tight budget and beginners. If you’re depositing a small amount, and don’t want to pay additional fees, we get it.

However, the lack of oversight by reputable regulatory bodies and other drawbacks can still make people choose other platforms, even if they charge higher fees. 

Educational Resources: 3/5

Pocket Option provides some educational resources to help traders learn about the basics of trading. However, these resources aren’t as comprehensive as the ones provided by other platforms. Moreover, they aren’t regularly updated. 

Many users appreciate the free demo which allows users to get a glimpse of what they can experience with a functioning account. Nevertheless, it’s not enough if you want to navigate the trading world. 

User Reviews: 2/5

Users have mixed reviews regarding Pocket Option. Some believe it’s a good starting point and praise its user-friendliness and accessibility. The mobile app is another advantage that allows beginner and professional traders to trade on the go. 

On the other hand, several users reported glitches with withdrawals. Delays are common and this makes the platform less appealing. Moreover, knowing that the platform isn’t regulated by globally recognised bodies is a big issue.

Community Reviews and Expert Recommendations

Pocket Option Australia has mixed reviews. Some users praise the platform’s flexibility and user-friendliness. They also admire the availability of multiple asset types and accounts. 

In the next section, you’ll see how many users believe that using Pocket Option was the best investment decision they’ve ever made. After all, the high payout is very tempting. 

However, several users and experts are sceptical about the platform’s reliability. The absence of trustworthy regulatory bodies is a huge warning sign that makes the platform less dependable than other alternatives. 

Moreover, delays in customer support responses and withdrawal requests represent another warning sign. 

Pocket Option users posted their opinions regarding their experience. Here’s what they had to say. 

Review 1 (TrustPilot): “Pocket Option changed my life! I’ve made more money than I ever dreamed possible!“

However, some people disagree. 

Review 2 (ForexBrokers): “Beware of withdrawal issues. It’s all fun and games until you try to get your money out.“

Others take the platform’s claims with a grain of salt. 

Review 3 (Reddit): “Decent platform, but the lack of top-tier regulation makes me nervous. Use at your own risk.”

Pocket Option’s experience varies between users. Some were impressed with the results but others were stricken with severe losses and issues. Experts believe that while the platform has good potential, the lack of regulatory oversight is a major concern. 

Price

The minimum deposit to use Pocket Option is $5, less than most platforms on the market. Moreover, the platform doesn’t charge transaction, withdrawal, or deposit fees. As a result, it’s considered an affordable choice for those on a tight budget.

Where to Find

If you’re interested in trying Pocket Option, you can do so at this link.

Alternatives to Pocket Option

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If you aren’t satisfied with Pocket Option, try the following alternatives. 

eToro

eToro is a user-friendly platform with innovative social trading features. It suits beginner and professional traders with comprehensive educational resources that offer regular updates and helpful insights. 

Zengo Wallet

Zengo Wallet is a secure wallet that keeps all your cryptocurrencies in one place. It uses multi-party computation for more security. 

Pepperstone

Pepperstone is an online Australian brokerage that supports multiple trading platforms at competitive prices. It’s regulated and secure with a diverse range of instruments available for trade. 

AvaTrade

AvaTrade is a reputable brokerage, regulated across 9 jurisdictions. It offers multiple tradable instruments for maximum versatility.

FAQ

Is Pocket Option safe to use?

Pocket Option is regulated by IFMRRC. This might sound impressive until you realise this institution has no global presence and isn’t considered a reputable regulatory body. 

Nevertheless, it’s worth mentioning that many users have positive experiences with Pocket Option. So, is it a reliable platform? 

Answering this question is challenging. It might work for you, but you should approach the platform with caution. 

How does Pocket Option compare to other binary options platforms?

Pocket Option is a flexible platform that promises more payout than other alternatives on the market. Many users praise the social trading feature, which makes it an excellent choice, especially for those who want to enter the binary options market for the first time. 

However, working with a strong platform with reliable oversight is crucial. As a result, many experts recommend looking for another reliable alternative like IQ Option or Olymp Trade. 

What are the main risks of using Pocket Option?

Recognizing the risks of Pocket Option is crucial while weighing the lucrative opportunities.

First, you shouldn’t ignore the elephant in the room—the absence of regulatory bodies. Yes, it’s regulated by IFMRRC and that’s better than nothing, but it’s not exactly what should provide peace of mind when trading binary options. 

Second, the withdrawal issues are alarming. Some people even had their accounts blocked for absolutely no reason. These incidents, while rare, can be quite disturbing. 

Finally, don’t forget the risk of trading binary options. They promise high payouts, but the losses can also be significant. 

What payment methods does Pocket Option accept?

Pocket Option accepts many payment options, from bank transfers to e-wallets, mobile payments, cards, and cryptocurrencies. And the best part is that there are no deposit fees, except for Perfect Money, which charges a commission of 0.5%. 

On the other hand, withdrawal isn’t that smooth. Many users reported withdrawal delays that made them less excited about using the platform. So, it’s recommended not to attempt trading large amounts on Pocket Option until such issues are sorted out. 

Is Pocket Option suitable for beginners?

There’s no easy way to answer this question in our detailed Pocket Option Australia review. On one side, Pocket Option is a good choice if you’re trading binary options for the first time. You get to experiment with social and copy trading, and there’s a demo account to give your forex day trading strategies a try.

Moreover, the low deposit minimum encourages those on a tight budget to try the platform. This all sounds very promising, right?

However, you shouldn’t ignore the risks of trading binary options. Additionally, the absence of oversight by regulatory institutions adds to the platform’s risk. As a beginner, you should consider all these factors before trying Pocket Option.

Final Thoughts

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We’ve come to the end of our detailed Pocket Option Australia review. And here’s what we’ve determined: 

It’s undeniable that having an accessible platform with social trading features can be quite appealing. Who doesn’t want a user-friendly platform that offers forex and CFD trading with a low minimum deposit, a demo account, and educational chart patterns to practise before risking their money?

So, is it a good option?

I strongly urge you to do your own research, because you can analyse your needs better than anyone else. It’s important to keep in mind that there might be better alternatives for beginner traders. 

At the end of the day, choosing Pocket Option as your trading platform depends on your trading goals, risk tolerance, and experience. It’s just another platform with pros and cons that you should carefully evaluate before making any move. 

And as you put your money at stake, it’s crucial to check your online security. Are your online transactions properly secured? At Privacy Australia, we provide resources to help Australians protect their digital sovereignty by providing detailed reviews on things like VPNs.

Why don’t you check some of Privacy Australia’s resources on secure browsing? After all, protecting your personal and financial information is crucial, whether trading binary options or just doing online shopping.

Remember that there’s no black and white in the trading world. This is why knowledge is paramount, and your online safety is priceless and we know this!

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