Pocket Option, operating under the trading name of Gembell Limited, presents itself as an online Forex and CFD broker established in 2017. With a unique array of offerings, including tradable financial instruments, a web-based trading platform, and seven user levels, it has attracted attention from traders worldwide. However, closer analysis reveals substantial problems regarding its legitimacy and reliability, which potential investors should consider before dealing with the platform. This Pocket Option review will thoroughly evaluate its operations, regulatory claims, platform features, and customer feedback.
Pocket Option Overview
Website: https://pocketoption.com
Website Availability: Yes
Address: C/O LC02 503, Choc Bay, Castries, Saint Lucia
Regulation: Unregulated
Warning: Financial Conduct Authority (United Kingdom), Financial Services and Markets Authority (Belgium), and Commodity Futures Trading Commission (United States)
Domain Age:
- Name pocketoption.com
- Registry Domain ID 2044881027_DOMAIN_COM-VRSN
- Registered On 2016-07-21T01:36:42Z
- Expires On 2028-07-21T01:36:42Z
- Updated On 2023-07-11T12:49:37Z
Registration and Regulatory Concerns
According to Pocket Option, it is registered in the Marshall Islands under registration number 86967 and is regulated by the International Financial Market Relations Regulation Center (IFMRRC). However, both these claims warrant scrutiny:
- Dissolved Registration: Records from the Marshall Islands Registry (IRI) reveal that Gembell Limited is no longer active, as the company is listed as dissolved.
- Questionable Regulation: Although the IFMRRC is mentioned as a regulatory body, it does not oversee entities conducting Forex or CFD trading activities. This means that Pocket Option operates without any credible regulatory oversight.
- Revoked License: Furthermore, Pocket Option claims that the Mwali International Services Authority (MISA) issued them a license. However, this license has been canceled, leaving the company unregulated.
The lack of valid regulatory oversight is a significant red flag, as reputable brokers are typically registered with recognized financial authorities like the FCA (UK), ASIC (Australia), or CySEC (Cyprus), ensuring investor protection and market integrity.
Trading Platform and Tools
Unlike many reputable brokers offering the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms, known for their robust charting tools, ease of use, and extensive customization, Pocket Option relies on a proprietary web-based trading platform. While a custom platform may seem unique, it often lacks the advanced features and reliability of industry-standard software. Many traders prefer MT4 and MT5 for their proven track record and compatibility with various trading strategies and tools.
This Pocket Option review finds that relying on a less robust platform could limit traders’ ability to analyze markets and execute trades effectively.
Negative User Feedback
The platform’s credibility is seriously questioned by traders’ Pocket Option reviews. Numerous reviews on platforms like Trustpilot suggest a pattern of unethical practices, including:
- Withdrawal Issues: Many users complain about having trouble taking their money out. Complaints include outright rejections, prolonged delays, and requests for unnecessary verifications.
- Platform Manipulation: Several traders allege sudden and suspicious market movements, particularly at the last moment, resulting in losses. This has fueled suspicions of price manipulation.
- Unresponsive Customer Support: Users frequently mention that customer support is either unresponsive or fails to provide satisfactory resolutions to their issues.
One dissatisfied trader wrote:
“I deposited $300 and made a $300 profit, but my withdrawal request was rejected due to alleged verification problems. No response from customer support.”
Another reviewer stated:
“This platform is not legitimate. I lost €800 due to unexplained platform behavior. Avoid Pocket Option at all costs.”
Such recurring issues suggest systemic problems with the platform.
Regulatory Warnings
The Commodity Futures Trading Commission (CFTC) in the US, the Financial Conduct Authority (FCA) in the UK, and the Financial Services and Markets Authority (FSMA) in Belgium are among the financial regulators that have warned against Pocket Option. These warnings highlight the broker’s unauthorized status in their jurisdictions, signaling potential risks for traders.
Risks of Trading with Pocket Option
This Pocket Option review identifies several risks that make it a questionable choice:
- Lack of Oversight: The absence of valid regulatory licenses leaves traders vulnerable to unfair practices.
- Withdrawal Issues: Numerous reports of denied withdrawals raise concerns about the platform’s reliability.
- Unverified Claims: Pocket Option’s marketing promises are unsupported by evidence or transparency.
Pocket Option Review Conclusion
This Pocket Option review exposes numerous red flags surrounding the broker’s operations. Its dissolved registration, lack of regulatory oversight, and widespread customer complaints make it a highly unreliable choice for traders. While its web-based platform and gamified user levels may appeal to beginners, the risks associated with the platform far outweigh any potential benefits.
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