WikiFX Broker Assessment Series | Pocket Option: Is It Trustworthy?

In this article, we will conduct a comprehensive examination of Pocket Option, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.

Background:

Established in 2017 by a group of IT and Fintech professionals, Pocket Option functions as a brokerage firm specializing in international binary options and exchanged CFDs trading. The company's headquarters are situated in the Republic of Costa Rica, specifically in San Jose.

Pocket Option provides a diverse range of over 100 tradable assets, covering currency pairs, indices, commodities, stocks, and cryptocurrencies.

With a user base exceeding 100,000, Pocket Option has expanded its presence to encompass nearly 100 countries and territories.

In addition to its standard services, Pocket Option offers a social trading platform designed to assist money managers and traders in enhancing their efficiency and profitability. The platform allows for passive income generation through copy-trading.

Pocket Option also features an introducing broker (IB) program, enabling individuals and businesses to earn commissions on a weekly basis by referring new clients to the company.

It's important to note that, at present, Pocket Option does not extend its services to residents of the EEA countries, the United States, Israel, the United Kingdom, and Japan.

Types of Accounts:

The official website of Pocket Option lacks a comprehensive breakdown of the available account types, providing information solely on live and demo accounts.

As per the broker's specifications, the live account necessitates only a minimal entry barrier of $5 USD. Furthermore, the demo account affords users a virtual balance of $50,000.

Deposit and Withdrawals:

When it comes to funding options, Pocket Option offers over 50 types of payment methods. In comparison to its industry peers, this myriad of options is an advantage for Pocket Option. Moreover, Pocket Option does not charge any withdrawal commission fees.

Pocket Option does not accept third-party payments. This means that the company only accepts funds from sources under the account holder's name, and funds are only returned to sources under the account holder's name.

Pocket Option will not charge any handling fees. In the case of money transfers and fees charged by the receiving bank, these will be borne by the client.

The specifications for each deposit and withdrawal method can be referred to from the images below:

Trading Platforms:

Pocket Option offers traders two distinct trading platforms:

1. MetaTrader 5:

   Integrated with Pocket Option, MetaTrader 5 provides additional functionalities such as automated trading using Expert Advisors (EAs), strategy back testing, an expanded set of technical indicators and charting tools, and a customizable interface. This platform is designed for traders seeking advanced tools and capabilities.

2. Pocket Trader:

   Developed in-house by Pocket Option, Pocket Trader is accessible through any web browser-enabled device. It features a simple and user-friendly interface, catering to traders with various levels of experience. The platform's design aims to provide a straightforward trading experience without favouring any particular skill level.

Research & Education:

While Pocket Option asserts that it provides comprehensive educational resources, it appears that these resources are exclusively accessible to registered users of Pocket Option. WikiFX made an attempt to access Pocket Option's educational site but encountered difficulties in doing so. Hence, WikiFX could neither verify nor comment on this aspect.

Customer Service:

Pocket Option offers customer service support in several foreign languages, such as Spanish, Dutch, Thai, French, Vietnamese, Korean, Mandarin and more.

Trading clients can reach Pocket Option via email (support@pocketoption.com) or at +4420 8123 4499.

Conclusion:

To provide a summary, WikiFX has rendered its final verdict on Pocket Option:

WikiFX, a global platform for forex broker regulatory assessment, has assigned Pocket Option a low WikiScore of 1.51 out of 10, categorizing it as an unreliable entity within the forex trading industry.

While Pocket Option's official website asserts its affiliation with Infinite Trade LLC, regulated by the Mwali International Services Authority with license number T2023322, WikiFX's comprehensive investigation reveals that Pocket Option is not operating under the oversight of any recognized financial watchdog. Exercising caution is imperative when engaging with an unregulated broker.

As a result, WikiFX strongly advises users to avoid this broker due to its numerous shortcomings and elevated underlying risks, which stand in contrast to its assertive and ambitious claims of transparency and competitiveness.