Option trading can be quite a thrilling adventure, right?
It’s all about buying and selling contracts that give you the power to trade stocks, indices, or other assets at a predetermined price. You’ll have to do all of these within a specified time frame.
But to excel in this fast-paced world, having a reliable trading tool is crucial. And that’s where PocketOption comes in.
You might be hearing about PocketOption for the first time, and that’s precisely why we’ve crafted this comprehensive review for you.
In the next few minutes, we’ll reveal everything you need to know about this platform, so you can decide if it’s the right fit for your trading goals.
Stick with us as we dive deep into this platform’s features, pros, and cons, and by the end of this PocketOption review, you’ll have a clear picture of what this option trading platform can do for you.
What is PocketOption?
PocketOption is a versatile CFD and Forex trading broker launched in 2017 and has its headquarters in the Republic of Marshall Islands.
With over 100 unique financial instruments, PocketOption has earned its stripes as a top-notch option trading broker.
What sets PocketOption apart from other Forex brokers is its focus on binary trading options, a rarity in the trading world. Regarding account options, they keep things simple by offering a one-size-fits-all Live Account compatible with two distinct trading platforms.
With PocketOption, you can access 100+ financial instruments spanning four diverse financial markets. If you’re new to the platform, their Demo Account is an excellent learning tool, and you can even engage with fellow traders through social trading.
How Does PocketOption Work?
PocketOption is a broker that excels in binary options trading, express trading, MT5 forex, pending orders, and trade copying. They cater to various needs by providing a wide range of account types.
Here are the popular account options with PocketOption:
- Novice Trader: This basic account is designed for users with balances under $100, perfect for those starting.
- Experienced Trader: With a starting balance of $1,000 and broader market access, this account is perfect for traders with more experience.
- Master Trader: This account, which requires a $5,000 minimum initial deposit, caps individual trades at $2,000 and offers a 4% payout boost.
- Professional Trader: You’ll need a $15,000 minimum initial deposit for a Pro Trader account. It limits single trades to $3,000 and gives a 6% payout increase.
- Expert Trader: With a minimum deposit of $50,000, this account offers an 8% increase in payouts and perks like faster withdrawals, gifts, and discounts.
- MT5 Forex: If you have at least $1,000 in your account, you’re eligible for the MT5 Forex account, which allows you to trade foreign currencies.
Features of PocketOption
Eager to find out what sets PocketOption apart from the competition? Let’s explore the features that make this platform a contender in option trading.
1. Social Trading
With PocketOption’s chat and trade feature, you can keep an eye on other traders’ moves from all over the globe and copy their trades.
No matter your account type, you can benefit from others’ winning strategies and tailor them to suit your trading style. Plus, if you make a profitable trade, you can also share your trading signals with others on PocketOption.
2. Demo Account
PocketOption is fantastic for seasoned traders but also great for those just starting out. New investors can use the free demo account, which allows you to practice trading with virtual money before diving into the real deal.
This way, you can try new strategies and familiarize yourself with the platform without risking any real cash.
So even if you’re new to binary options trading, you can sharpen your skills using the free demo account on PocketOption before transitioning to a live account.
3. Up-to-date trading trends
Stay ahead with PocketOption’s cutting-edge trading features, like ultra-fast order execution, express trades, MT5 forex, pending orders, and trade copying.
For example, trade copying lets you mimic the trades of other users on the platform in just a few minutes.
4. A wide range of Instruments
PocketOption is a one-stop shop for all your trading needs. While they’re known for specializing in binary options trading, they also offer a range of other instruments like currencies (including crypto), commodities, and stock trading. Just keep in mind that stock trading is limited to OTC.
Wondering how these features compare with those of a competitor? You should read our Rockwell Trading review. That way, you can compare the features to know which aligns most with your trading needs.
Wondering how much it’ll cost you to use PocketOption? Well, as a broker, they earn their income through different fees. PocketOption keeps their average commission pretty low compared to other players in the game – just $0.50 per trade.
Even better, they don’t slap you with withdrawal fees, except for any charges that a third-party service like Perfect Money might apply.
Pros of PocketOption
- Offers binary options trading
- Provides demo trading to help new traders learn the ropes
- Allows for a low minimum deposit of just $5
- Social trading feature to let users follow and copy other traders
Cons of PocketOption
- Educational resources are not as extensive as other platforms
- Limited stock trading options, only focusing on OTC markets
- Regulated by a lesser-known governing body, IFMRRC
- Not the most recommended platform for beginners to start with
Is PocketOption Worth It?
PocketOption has its fair share of striking features that might catch your interest.
They’ve stayed on top of the latest trading trends, offering cool stuff like trade copying, express trades, MT5 forex, and more. Plus, it’s a pretty popular platform for binary options trading right now.
But wait, there’s a catch. PocketOption is regulated by the IFMRRC, which isn’t a well-known regulatory body. And their reputation on sites like Trustpilot and SiteJabber isn’t all that great either.
So, before you jump in and invest with PocketOption, make sure you do your homework.
Why not try PocketOption and see if it’s the right fit for your trading style and needs? Click here to check it out for yourself.