Pocket Option in Nigeria | Assessment By Trading Experts

Traders Union’s team of experts has conducted a comprehensive analysis of Pocket Option to ascertain its regulatory status in Nigeria and assess its suitability as a safe choice for potential clients. The research aimed to determine whether Pocket Option complies with the strict financial regulations of Nigeria and if it holds a valid license from the country’s regulatory authority. In their reviews, TU analysts thoroughly examined the broker’s credentials and legal status to provide accurate and reliable information to traders in Nigeria. By examining the regulatory status, the team aims to help traders make informed decisions when choosing a broker, including Pocket Option in Nigeria, for their trading needs.

A Brief Overview of Pocket Option

Launched in 2017, Pocket Option boasts a team of professional traders, IT, and FinTech experts. The broker offers access to trade various assets, including currency pairs, commodities, stocks, cryptocurrencies, and indices, providing clients access to over 100 global trading options. Operating in more than 95 countries, Pocket Option prioritizes high-quality customer service, continuous improvement of trading technologies, and financial innovations. The broker also offers beneficial bonus programs.

Advantages and Disadvantages of Trading via Pocket Option

Traders Union analysts have identified the main advantages and disadvantages of trading with Pocket Option.

Advantages:

Low initial deposit starting from $50
Fast verification process for the Personal Account and phone number
Educational materials, video guides, and a demo account
Social trading platform for passive income
Trading indicators and signals
Beneficial affiliate program
Bonus programs
Author’s Telegram Bot from Pocket Option
Professional tech support in live chat

Disadvantages:

Minimum withdrawal starting from $10
The broker holds a license issued solely by the International Financial Market Relations Regulation Center.
Live chat support requires a deposit

The Importance of Having a License in Nigeria

A financial license is crucial for any broker as it ensures compliance with financial regulations and laws. Traders should opt for brokers registered in their jurisdiction for several reasons:

Any claims are filed in the broker’s registered country, making dispute resolution more accessible.
A license from Nigeria guarantees compliance with local laws and regulations.
Traders can claim compensation under government deposit guarantee programs in case of financial issues.

Pocket Option Regulation in Nigeria

Pocket Option is not regulated in Nigeria. While the company holds a certificate from the International Financial Market Relations Regulation Center (IFMRRC), it lacks a financial license from Nigeria. The strict regulations in Nigeria make obtaining a license challenging for scammers. It is essential to be aware of the risks involved when working with unregulated brokers.

Brokers Similar to Pocket Option

Aside from Pocket Option, several other brokers in Nigeria hold licenses from the country’s jurisdiction. To make an informed decision, it’s essential to compare Pocket Option with these competitors. TU analysts have prepared a comparison of licensed brokers operating in Nigeria’s market.

RoboForex: Requires a minimum deposit of $10 with leverage up to 1:2000. Known for reliability, favorable trading conditions, and low spreads and commission fees. Recommended for both beginners and experienced traders.
Exness: A trusted broker that complies with all payment obligations, ensuring timely payments to clients.
Tickmill: Suitable for both professional and novice traders, excelling in robotic and short-term trading strategies.
Vantage Markets: An excellent choice for traders who prefer ECN trading.
InstaForex: Ideal for traders of all experience levels. Offers technological solutions for accurate analysis and comfortable starting conditions, including low minimum deposits, PAMM accounts, and social trading. Regulated by FSC and CySEC.

Besides the ranking of licensed brokers operating in Nigeria’s market, Traders Union website also features many other rankings such as Best Trading Apps in different countries.

Conclusion

Pocket Option does not possess regulation in Nigeria, but it has established a positive reputation and reliability among traders. While it may lack a Nigerian financial license, many traders in Nigeria still choose to work with the broker due to its attractive conditions. However, caution should be exercised when dealing with unregulated companies.