Is Pocket Option a Scam? 

If you’re thinking of using Pocket Option, you need to know if it’s safe. Is Pocket Option a scam? 

Below, we explain whether Pocket Option is a scam and discuss some steps you can take to improve your safety when using this platform. 

What Is Pocket Option?

Pocket Option is an online trading platform that allows users to trade a variety of assets, with a primary focus on binary options.

Pocket Option is operated by Infinite Trade LLC (registered in Costa Rica). It is regulated by the International Financial Market Relations Regulations Center (IFMRRC) and by authorities in Mwali (Mohéli), the Comoros Union.

It was launched in 2017.

Is Pocket Option a Scam?

It’s hard to know. However, even if Pocket Option is not a scam, it’s not considered a trusted online trading platform.

The reason why is that Pocket Option is not regulated by authorities, such as the CFTC (USA) or the FCA (UK).

BrokerChooser, an online broker comparison website, warns against using Pocket Option for this reason. 

The UK FCA has issued a warning that Pocket Option is not authorized to provide financial services in the UK, recommending that users avoid using it.

PocketOption has also been placed on the CFTC’s RED List (Registration Deficient List) because it targets U.S. customers for binary options trading but is not authorized or registered with U.S. regulators. 

The lack of major financial regulatory oversight means that users may not have strong legal protection or recourse in the event of disputes. 

According to Investing in the Web, although Pocket Option states that it does not cater to users from specific countries (see the list of countries in its service terms), it reportedly allows deposits without verifying the customer’s location. However, withdrawal requests from these restricted regions are likely to be rejected once account verification takes place.

User reviews of Pocket Option are mixed:

• 4.3 out of 5.0 stars (From 38.9k reviews) on Google Play.
• 2.7 out of 5.0 stars (from 17 reviews) on Trustpilot.
• 4.9 out of 5.0 stars (from 3,397 reviews) on REVIEWS.io.  

On Trustpilot, Pocket Option has a “Warning”. Trustpilot has detected and removed a number of fake reviews for Pocket Option. 

On online forums like Reddit, people also report mostly negative experiences with Pocket Option. 

Users report that after making significant profits, their accounts were suddenly banned under Section 2.3 (“duplicate accounts”), even when they insisted they had not violated the rules. A few users complain about being unable to withdraw funds.

A minority of users claim they’ve used the platform for years without any withdrawal issues. 

Service terms and public offer

We always recommend that users read the terms before signing up for or using a service.

You should read Pocket Option’s service terms and public offer in full, but here are some important points that are not to be missed:

• Pocket Option sets its own quotes. Prices from other brokers or exchanges don’t matter in disputes.
• Withdrawals can take up to 3 business days, but the company reserves the right to extend it up to 14 days.
• If they suspect “fraud” or “abuse,” they can freeze your funds or cancel profits.
• Complaints must be emailed within 5 business days. The company’s decision is final. If you want to take it further, you’d need to sue in Costa Rica.
• Pocket Option can terminate your account without explanation. 

Security

In its privacy policy, Pocket Option says it uses “industry-standard security measures to protect the integrity and confidentiality of your information.” 

Elsewhere on its website, Pocket Option says that it uses SSL encryption to secure data transmission. Personal data is encrypted and only accessible to authorized staff.

It also says it uses separate accounts so that client funds are not mixed with company funds. 

Privacy 

Pocket Option describes the kind of data it collects, for what purposes, and with whom it shares it in its privacy policy. 

It collects the following information:

• Identity data: Name, date of birth, gender, passport, ID, and driver’s license.
• Contact details: Email, phone number, and billing address.
• Audio and video data: Full audio or video recordings of calls with Pocket Option. 
• Conformity data: Education, employment status, trading experiences, and self-assessment test. 
• Marketing and communication data: Marketing preferences. 
• Payment and financial data: Bank details, wallet information, tax IDs, and transaction history.
• Economic profile data: Occupation, purpose of investment, annual income, net wealth, expected annual amount of investment, and sources of funds. 
• Transaction data & purchase history: Payments, withdrawals, exchanges, trading and purchase history, balance, ROI metric, profit, and trade direction. 
• Technical data: IP address, device identifiers, cookies, and browser information.
• Usage data: App activity, registration date, performance, and complaints.
• Profile data: Username, account photo, preferences, and leaderboard stats.
• Location data: Country, time zone, and language settings.
• Special categories: Biometric data, income, and criminal records (processed only with consent).
• KYC data: Identity documents and proof of address.

Pocket Option processes data for service delivery, legal compliance, fraud prevention, security, marketing, personalization, analytics, and leaderboard rankings. 

Personal data is processed based on contractual necessity, legal obligations, legitimate interests, and user consent. 

If you use leaderboards, your username, profile info, ROI %, and some trading stats may be publicly displayed. Other users can view and copy your successful trades. The amounts of your trades remain private.

Pocket Option may share your personal data with affiliates and subsidiaries, trusted third-party providers (e.g., identity verification and cloud storage services), advertising partners, authorities (if required by law), and in the context of corporate transactions (e.g., mergers or acquisitions).

The company utilizes targeted advertising and shares non-personal data with its advertising partners.

It retains data as long as necessary for service provision and legal compliance (up to 7 years in some cases). You can request data correction and data deletion (unless laws require retention).

Pocket Option may use your data to send promotional materials. You can opt out by sending an email with “remove” in the subject line.

So, Should You Use Pocket Option?

We don’t recommend using Pocket Option unless you’re fully aware of the risks and can afford to lose any money you deposit.

How to Use Pocket Option Safely and Privately 

We don’t recommend using Pocket Option.