Pocket Option Review 2024: Pros, Cons, Features, and Fees

The binary market has been growing exponentially in recent years, and Pocket Option is one of the brokers at the forefront of this expansion. Established in 2017, the company has become one of the most popular binary options trading platforms in the fintech world, with over 100,000 active users and a $500 million trading turnover.

In this Pocket Option review, we’ll take a look at all the key features that this broker offers and see if it’s a good choice for binary traders.

Pocket Option Overview

Pocket Option is a broker owned and operated by Gembell Limited, a company based in the Marshall Islands. It is regulated by the International Financial Market Relations Regulation Center (IFMRRC), making it one of the rare binary options brokers that boast a solid reputation.

The Pocket Option platform is available in both web-based and mobile versions. It offers over 100 assets for trading, including major forex pairs, stocks, commodities, indices, and cryptocurrencies. Additionally, the broker provides a good selection of trading tools and features, such as social trading, a demo account, and a variety of bonuses.

The platform is available in over 20 languages, a big plus for international traders. If you prefer trading on the go, you can use the Pocket Option app to review your account, place trades, and manage your positions using your mobile device.

Why Choose Pocket Option?

After a brief comparison of Pocket Option with other brokers, we'll present the platform's main advantages:

Pocket Option Trading Assets

One of the first things you notice when you log in to the Pocket Option platform is the sheer number of global assets available for trading. At over 100, there's definitely something for everyone, whether you're into forex, stocks, indices, commodities, or cryptocurrencies.

Once you start with Pocket Option trading, you can check out its impressive forex selection, with all the major pairs accounted for, as well as minors and exotics. The same goes for the stock list, which includes all the big names like Amazon, Facebook, Microsoft, and Apple.

You can also trade major indices like Dow Jones or S&P 500, and a number of commodities such as gold, silver, platinum, crude and brent oil, and gas.

And last but not least, there is also a limited selection of cryptocurrencies available for trading, including Bitcoin, Dash, and Ethereum.

Trade Types and Payouts

Our review of Pocket Option showed that the broker offers only one trade type - the classic high/low binary bet. This means you only need to predict whether the price of an asset will go up or down over a predefined period, and there are only two possible outcomes.

High/low options are the most popular type of binary options as the payouts are nearly instant and generally much higher. Pocket Option promises the highest payout in the market of up to 218% for regular binary options. At the same time, the lowest payout you can expect is 50%.

However, if you're looking for more advanced trade types than the one you’ll get with Pocket Option, you should review other brokers’ offers. 

Pocket Option Bonuses and Promos 

Pocket Option offers a number of bonuses and promotions, which can be a great way to boost your trading capital. For example, the broker currently offers a 50% bonus on your first deposit of $5 or more. To qualify, you'll have to open a live account and meet the minimum deposit requirement. Also, you'll have to trade first, and only then will the bonus be credited to your account.

Pocket Option has a cashback feature that lets you return up to 10% of the lost trade orders. When you activate the feature, it will automatically be added to your monthly balance if the total loss exceeds the previous month's profit.

Demo Account 

We’ll dedicate the next section of our Pocket Option broker review to helping you learn more about the demo account. One of the best things about this broker is that they let you practice your binary options trading strategies with $10,000 in virtual funds. This is a great way to test out the platform and see if it's right for you without risking any real money.

To open a demo account, simply click on the Demo Account button on the homepage; you don't even have to register first. Once you're in the demo mode, you can start practicing with actual market conditions.

Deposit and Withdrawals

The company boasts more than 50 payment methods, and you can start trading with as little as $1. As for Pocket Option deposit and withdrawal methods, you can use most of the popular credit/debit cards, bank wire transfers, digital wallets, and crypto wallets such as Bitcoin, Ethereum, and Litecoin. Deposits are free, whereas the minimum to fund your account is $5, which is lower than most competitors. 

When it comes to withdrawing funds, the minimum you can cash out is $10, and you’ll be able to withdraw USD only. Processing will require one to three business days and might even extend to 14 days in some cases. However, the good news is that there aren't any commission fees or hidden trading costs. 

Additional Pocket Option Features

Aside from the standard features that most top-rated options trading platforms have, Pocket Option also offers unique and innovative features such as indicators and signals, social trading, achievements, and tournaments.

Indicators and Signals 

With Pocket Option signals, you can review market performance and conditions. Using signals and indicators, you can make better-informed trading decisions. The indicators are based on technical analysis and account for support and resistance levels, moving averages, and trend lines.

Tournaments

Pocket Option also allows traders to compete in tournaments against other traders on the platform. These tournaments offer an impressive prize pool of up to $50,000 and bring you a chance to see how you stack up against other traders.

Achievements

In addition to tournaments, Pocket Option offers traders the opportunity to earn achievements. These are essentially badges you can collect as you trade on the platform. The more achievements you have, the more experienced a trader you are considered to be. Climbing from Newbie to Guru can bring you up to $50,000.

Social Trading

Finally, Pocket Option social trading helps you review and copy the trades of other successful brokers on the platform. This is an excellent way to learn from more experienced traders and boost your profitability, especially if you’re just starting out as an investor.

How Does Pocket Option Compare to IQCent?

While both brokers offer trading on over 100 assets, IQCent’s collection is limited in comparison to Pocket Option, the former including forex, indices, cryptocurrencies, and commodities, while the latter adds stocks to the list. The minimum deposit is lower with Pocket Option, starting at $5, as opposed to IQCent’s $25.

IQCent also offers a lower minimum trade requirement of only $0.01 per trade, while Pocket Option’s minimum is $1. However, payouts are much higher with the latter and can go up to 218%, the highest in the industry, while with IQCent it’s 85% at best.

The Bottom Line

Pocket Option is a regulated broker that offers a range of assets, including forex, CFDs, options, stocks, indices, and commodities. It offers the highest payouts on the market of up to 218%, with low minimum deposit and trade requirements. The broker also has an innovative and user-friendly platform with an array of features. As such, Pocket Option is an excellent choice for beginner and experienced traders alike.