- Why you should avoid it
- Detailed insight about the demo is missing
- Social Trading may not be the best feature for seasoned traders
- Education Centre missing
- Signals not reliable
- Account information missing
- Is Pocket Option Legit or a Scam?
When you are new to trading, then you try out different brokerages so that you can get hold of the best option. Now, the problem is that most of the brokerages make big claims but cannot live up to their word, and one such option is Pocket Option.
Pocket Option came on the forefront in 2017. This brokerage claims to be offering more than 100 assets. Well, the truth is that most of the other brokerages offer a better number when it comes to the available assets.
Pocket Option offers a demo account. However, they have not mentioned the features that they offer through their demo. This is why you cannot be sure whether the demo will offer value to you or not.
Now, Pocket Option does offer the social trading facility. This may sound like good news to most of the new traders. The reality is that social trading is only a good choice if you are just starting your trading career. If you are a seasoned trader, then you should not rely on this feature because this will hamper your growth and you will refrain from coming up with your trading strategies.
When we checked out the website of Pocket Option, then we could not locate the education center textual content. We could just get our hands on a single trading video. The education center is a mandatory section of any brokerage website. The education center usually offers detailed insight about trading and the exclusive features of the brokerage. If new traders decide to opt for Pocket Option, then they will surely feel handicapped due to the absence of the Pocket Option education center.
Interestingly the education option is there on the website, but it just navigates the trader to the demo.
Now, it seems that Pocket Option does offer trading signals. What you need to understand as a trader is that the trading signals are just a starting point and you cannot follow the signals blindly. At the moment there is no certainty whether Pocket Option signals are reliable.
Another essential aspect that we missed is that Pocket Option does not state the account types available on the site. As a trader, you cannot blindly sign up for an account. You need to have a fair idea about the account types.
Every brokerage site has a detailed FAQ section which addresses the most important questions related to the brokerage. However, these questions are missing in case of Pocket Option. This can be quite confusing for a trader who is desperately searching for answers to his concerns.
The promised pay-outs also seem to be unrealistic.
Your selected brokerage will play a crucial role in your trading success. This is why you need to use your discretion in this regard. The Autorité des marchés financiers (AMF) issues a public warning against the activities of Pocket Option . After observing the aspects mentioned above we do not recommend Pocket Option by any means, so we encourage you to avoid it.