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Find out how binary options work, how to avoid scams and what to do if you’re scammed.
Is Pocket Option app real or fake? Pocket Option has a mixed reputation. While it has a large user base and positive reviews from some traders, there have also been reports of withdrawal delays, account freezes, and issues with customer support. Some traders have also expressed concerns about the platform's legitimacy and potential scams.
How much does the PocketApp cost? Pocket's apps and extensions are free to download and use, and payment is not required to create a Pocket account and use the service.
On this page
- How binary options scams work
- Binary options bought before the ban
- How to protect yourself
- If you've been scammed
If the investor is correct, they ‘win’ and should see a return on their investment. If they’re wrong, they lose their full investment.
From 2 April 2019, we banned firms from selling binary options in the UK. If you’re offered binary options, it’s probably a scam.
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Binary options fraudsters often advertise on social media – the ads link to well-designed and professional-looking websites.
The firms running the scams tend to be based outside the UK but often claim to have a UK presence, such as a City of London address.
Scam firms may manipulate software to fake prices and pay outs. They may then suddenly close individuals’ trading accounts, refusing to pay back their money.
Scammers also target people searching for investments online through search engines like Google and Bing. They may offer high returns to tempt you into investing, but some may also offer more realistic offers to appear more legitimate.
If you’re offered an investment opportunity through a search engine, the firm may not be regulated or authorised by us. You can check the FCA Warning List for firms to avoid.
Binary options bought before the ban
Before 3 January 2018, binary options were regulated by the UK’s Gambling Commission.
If you want to make a complaint against a binary option firm about a bet made before 3 January 2018, you should contact the firm in the first instance.
How to protect yourself
You should only deal with financial services firms that are authorised by us. As the sale of binary options to consumers is now banned, any firm offering binary options is probably unauthorised or a scam.
Check our Financial Services Register to find out if a firm is authorised. If you can’t find a firm on the FS Register, call us on 0800 111 6768.
Always be wary if you’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true.
If you're contacted unexpectedly by a financial business or individual, make sure you reply using the contact details on the FS Register.
You should seriously consider getting financial advice or guidance before investing. MoneyHelper has information on how to find a financial adviser and our InvestSmart pages will help you make better investment decisions.
If you've been scammed
If you’re worried about a potential scam or you think you may have been contacted by a fraudster, report it to us. Call us on 0800 111 6768 or use our contact form.
If you’ve already invested in a scam, fraudsters may try and target you again or sell your details to other criminals.
The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.