Everything You Need to Know About Pocket Option Broker
Choosing the right binary options broker can be a daunting task, mainly if you are new to the world of trading. One such broker that’s gained popularity amongst traders is Pocket Option. In this article, we’ll take you through everything you need to know about Pocket Option broker.
What is Pocket Option?
Pocket Option is a binary options broker that offers online trading services to a global market. The company was founded in 2017 and is headquartered in the Marshall Islands. The platform is easy to use and offers a range of features such as custom forex pairs, social trading, trading competitions, and a demo account.
Regulation and Security
When it comes to choosing a broker, regulation and security should be your top priority. Pocket Option is regulated by the International Financial Market Relations Regulation Center (IFMRRC). The regulatory body is not as well-known as other regulatory bodies such as the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). However, it still provides some form of protection for traders.
Additionally, Pocket Option uses SSL encryption to ensure that all traders’ data and transactions are secure. The SSL certificate encrypts all data exchanged between the browser and the server, making it impossible for anyone to intercept or steal the data.
The trading platform provided by Pocket Option is web-based, meaning that it can be accessed through a browser without the need for any software download. The platform is user-friendly, and traders can easily navigate through it. Traders have access to a range of trading tools such as technical analysis tools, economic calendars, and real-time charts.
One unique feature of the platform is that it allows traders to create custom forex pairs. This means that traders can trade forex pairs that are not offered by other brokers. Traders can also take advantage of social trading, which allows them to copy trades from other traders.
Pocket Option offers two account types, namely: Demo account and Real account. As the name suggests, the demo account allows traders to practice trading without risking any real money. It is a great way for new traders to learn trading strategies and familiarize themselves with the platform. The demo account is free, and traders are given $10,000 virtual money upon registration.
The real account, on the other hand, requires traders to deposit a minimum amount of $50. The account offers a range of features such as trading competitions, social trading, risk-free trades, and a personal account manager.
Deposits and Withdrawals
Pocket Option offers a range of deposit and withdrawal methods such as bank transfer, credit/debit card, and e-wallets such as Neteller and Skrill. The minimum deposit amount is $10, while the minimum withdrawal amount is $50.
The withdrawal process is straightforward, and traders can withdraw their funds within 24 hours. However, traders may have to wait for up to seven days for their funds to reflect in their account, depending on the withdrawal method used.
Customer support is an essential aspect of any broker. Pocket Option offers 24/7 customer support through live chat, email, and telephone. The support team is responsive and knowledgeable, and traders can expect quick responses to their queries.
Pros and Cons of Pocket Option Broker
- Easy to use trading platform
- Custom forex pairs
- Social trading
- Regulated by IFMRRC
- 24/7 customer support
- Relatively new in the market
- Limited payment options
Overall, Pocket Option is a reliable binary options broker that offers a range of features for traders. While it may not be as well-known as more established brokers, it still provides some form of protection for traders. The platform is easy to use, and traders can take advantage of unique features such as custom forex pairs and social trading. The customer support is responsive and knowledgeable, and traders can expect quick responses to their queries.
However, traders should be aware of the limited payment options and the fact that the broker is relatively new in the market. As always, traders should do their due diligence and research before choosing a broker.
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In accordance with the requirements set by the European Securities and Markets Authority (ESMA), trading with binary and digital options is only available to customers categorized as professional clients.
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