Is Pocket Option a Safe Broker?

Is Pocket Option safe? This is one of the most popular questions today. For the past few weeks, I’ve seen countless people asking about it on popular sites like Quora and Reddit. This piqued my interest, so I decided to find out what the fuss was about. I spent over a week researching and testing this broker while paying close attention to indispensable aspects like licensing, reputation, and platform performance.

After gathering enough information and insights, I’ve concluded that Pocket Option is a broker every trader should avoid. I’ve explained everything below.

Pocket Option is a Scam: Why?

I’ll address the most important question first: is Pocket Option legit?

Pocket Option is not a legit broker. Why do I say this? While testing and evaluating this service provider, I discovered several red flags, including:

1. Weak regulation

Before trading with any broker, I always check licensing and regulation status. I never trade with platforms that are not licensed or regulated by top-tier organizations like ASIC, the FCA, and CySEC. That is how I avoid unfair practices and keep my hard-earned money safe.

Pocket Option has 1 brokerage license from the Registrar of International Business Companies. I’ve never heard of this regulator, and neither have my colleagues. Since I don’t see any evidence indicating this company is licensed by respected authorities, I urge you to avoid it.

2. Payout issues

The best brokers process payouts instantly. Depending on the payment method, you may encounter occasional delays. For instance, while trading with Pepperstone, I sometimes have to wait 1-3 days to receive my money when using a wire transfer. But that’s nothing to complain about since numerous factors are in play here, including bank processing times.

Based on multiple customer complaints, Pocket Option often delays withdrawal requests for no good reason. To make matters worse, according to customer feedback, delays can take over a couple of weeks before they are resolved. Sometimes, the broker uses the lamest excuses to withhold client funds.

3. Transparency concerns

Transparency is a top priority in my books for numerous reasons. First, it enables me to assess costs beforehand and avoid hidden fees that can erode my profits. Most importantly, transparency guarantees I’ll enjoy fair standards and policies while trading.

I noticed several prominent transparency issues while assessing Pocket Option. For starters, different parts of the website claim this platform is owned by companies, i.e., Gembell Limited and Infinite Trade LLC. None of these companies have a solid reputation, as far as I can tell.

4. Fake reviews

I checked and factored in past user reviews and ratings on Trustpilot and Google Play to ensure my guide is unbiased. It has 2.9 stars on Google Play, and most of the reviews are terrible, with countless issues like freezing charts, delayed withdrawals, and rigged outcomes. Comments from people who gave this broker 5 stars were clearly fake and generic.

The reviews on Trustpilot were no better. Half of the comments I read were negative. In fact, 46% of people have given this broker a 1-star rating, and most of the rest have given it 5 stars. The 5-star reviews are obviously from fake accounts and are trying to counteract the negative reviews.

Pocket Option Regulation

I need to expand on this broker’s regulatory status because, in my opinion, proper regulation is the most significant indicator of a legitimate broker. So, is Pocket Option Regulated?

As I mentioned earlier, Pocket Option has received licensing and certification from the Registrar of International Business Companies. Do yourself a favor and google what this means.

Did you find any solid information regarding IBC? Neither did I. And I couldn’t do any more digging since Pocket Option is as ambiguous as any company can get. The only helpful information I came across is related to Infinite Trade LLC, the parent supposed parent company, which is registered in Costa Rica. Again, another page claims Pocket Option’s parent company is Gembell Limited, so I’m very skeptical.

How to Recover Your Funds if You Got Scammed

If you fell for the Pocket Option scam and want to recover your funds, here’s what you can do:

• Gather evidence: Collect as much evidence as possible, including screenshots of emails, text messages, and bank statements.  You should also record the transaction history on the platform. You’ll need all the evidence you can get to recover lost funds.
• Get in touch with Pocket Option: Use Pocket Option’s support channels to get in touch with this broker’s team. Explain the issue you’re facing as clearly as you can without leaving out crucial details.
• Contact your financial institution: Notify your service provider about the issue you’re experiencing, especially if you used your bank account or credit/debit card. Dispute the affected transactions or ask for a chargeback.
• Spread awareness: To ensure other traders don’t experience the same issue, spread awareness in as many forums and communities as you can, from Trustpilot to REVIEWS.io. You can also join communities comprising affected individuals and use these platforms to increase pressure on this shoddy broker.
• Report the company: Forward your complaints to authorities like FINRA and the FCA. They will investigate and take the necessary measures, including freezing the company’s assets and issuing public warnings.

Our Broker Finder Can Help You Choose the Best Broker

If Pocket Option has scammed you, please accept my heartfelt apologies. Also, use the hacks I’ve outlined above to try to recover your funds. If you’ve not fallen for this company’s antics, be cautious and avoid it at all costs.

I urge both victims and people who were about to trade with Pocket Option to look for a better alternative. That should be easy since Invezty’s gurus have recommended and reviewed hundreds of the best service providers today. Visit our site and read our guides thoroughly. Remember to factor in aspects like your trading needs and experience while choosing the best brokers to trade with.

How to Stay Safe from Scams When Choosing a Trading Broker

Evidently, Pocket Option has invested heavily in aggressive marketing. But don’t believe everything you read online. I spent countless hours testing and vetting this broker, and based on my experience and findings, it’s one of the worst service providers today. I’ve listed multiple issues that support my statement, from a lack of convincing licensing to too many negative reviews.

To avoid falling for scammy providers like Pocket Option in the future, research every broker’s reputation and standing before signing up. The best way to do that is by reading reviews on independent sites like Google Play and the App Store. You should also shun unlicensed companies with unrealistic promises like guaranteed profits. Trading is a risky business with no guaranteed returns.