You’ve probably seen a Pocket Broker advertising on Youtube or other social media and want to know if this is a safe platform, right?
Pocket Broker is a binary option broker owned by Pocket Option, a broker that we do not recommend.
Pocket Broker works in the same way as Pocket Option but with a different branding.
In this article, we’ll tell you what we think about Pocket Broker and Pocket Option – keep reading.
Is Pocket Broker safe?
We do not recommend Pocket Option, nor Pocket Broker.
You should not ignore several red flags we have detected during our due diligence.
Some warning signs:
- Pocket Broker regulatory environment: Despite being owned and operated by FRONTIER MARKETS (PTY) LTD, an investment firm regulated in South Africa by the FSCA, it has no top-tier regulation like the Securities and Exchange Commission (SEC) or the Financial Conduct Authority (FCA);
- No investor protection: If Pocket Broker goes bankrupt or simply decides to close its business, you are not covered by any investor compensation scheme;
- No personnel is known: Pocket Broker has no team, no LinkedIn, nothing. You do not know who is behind the platform.
- They use aggressive sales tactics to make people want to register to their services. Pop-ups with information about how much money you can make, attractive women in landing pages, and other sales tactics. If it seems too good to be true, it probably is.
Their target is mainly emerging market countries like Pakistan, South Africa, Bangladesh, Brazil and India.
Video summary
Want to know what we think about Pocket Option? Check our in-depth Pocket Option review, or watch our video summary:
Regulated and supervised Online Brokers (our recommendations)
- Interactive Brokers: Best overall Online Broker
- eToro: Best for commission-free investing and social trading
- Webull: Best low-cost US Broker
- Public: Best US broker for fees transparency
51% of retail CFD accounts lose money.
Bottom line
There is some information you should verify before considering opening an account with any broker:
- Always double-check if the platform is regulated in major developed countries (US, UK, and EU);
- Search on reputable regulators’ websites (FCA, SEC,…) to check if the platform is registered or, on the other hand, is on a warning list;
- If you feel a “salesy” approach, dig deeper;
- Do not trust all reviews you read online (check several sources), particularly if no negative points are mentioned.
If you want to know more about Pocket Broker, check our Pocket Option review (the company is the same), where we go more in detail on the company.
We hope you found this article useful!