A Guide to Pocket Option Copy Trading Service: Everything You Need to Know

Today, we will explain everything you need to know about Pocket Option’s copy trading service. Learn whether it is possible to make significant profits replicating the trades of proficient traders on this broker. Also, we will share valuable tips for choosing the right trader.

Copy Trading Defined

Simply put, copy trading is a new strategy that allows experienced and novice investors to automatically follow the trades of seasoned traders. As a copy trader, you do not need to conduct fundamental or technical analysis because the trader you choose to follow does this on your behalf. Your main job is to set parameters like stop loss and take profit.

Hundreds of brokers now support copy trading. Among them is the Pocket Option. So, what are the advantages and disadvantages of using Pocket Option’s copy trading service? Find out in the sub-heading below.

Pros and Cons of Pocket Option’s Copy Trading Service

Pros

• Pocket Option requires customers to deposit as little as $50 to start copy trading.
• The broker offers a fast identity verification process.
• There is a wide range of educational materials on the trading platform to help you understand how to copy trades.
• Besides receiving passive income from copy trading, you can earn money by inviting friends to join Pocket Option.
• The broker provides exceptional customer service.

Cons

• You only access the live chat feature after making a deposit.
• Pocket Option is not highly regulated compared to its competitors.

How to Start Using Pocket Option’s Copy Trading Service

Follow these simple steps to start replicating trades on Pocket Option:

Step 1: Open a Pocket Option Account

The first to replicate trades on Pocket option involves opening a trading account. You can do this by visiting the broker’s official website (PO.trade). On the homepage, click “Registration,” and then enter your name, phone number, and email address. Upon successful registration, Pocket Option will give you access to your trading account. However, before you start copy trading, you must verify your identity by providing a copy of your identification document.

Step 2: Deposit Funds

Before copy trading, you need to fund your Pocket Option account. As mentioned earlier, the broker requires you to have at least $50 in capital to start replicating trades. There are various ways to fund your Pocket Option account. They include bank transfers, debit cards, and PayPal. In most cases, funds reach your account within five minutes. Be sure to contact Pocket Option customer support in case of delay.

Step 3: Select and Copy Your Ideal Trader

After funding your account, it is time to find your preferred professional trader and start copying their trades. Pocket Option gives you access to a vast pool of strategy providers and their trading statistics to help you pick the right one. We will discuss what to look for when selecting a trader under the next sub-heading.

Once you’ve selected a strategy provider, click “Copy” and enter the amount for copy trading you want to allocate to the trader. After that, define your take profit and stop loss levels. Next, start monitoring the opened trades from your Pocket Option account and make adjustments where necessary.

Step 4: Withdraw Profits

The primary goal of copy trading is to earn passive income. So, every time your strategy provider closes a profitable trade, it is advisable to withdraw the profits. You can do this by clicking the “Withdraw” button on your Pocket Option account.

How Do You Find Your Ideal Trader to Copy?

Selecting the right strategy provider is a vital process that should be taken seriously. Here is how to find your ideal trader:

A trusted trader: Traders’ trustworthiness is based on the number of followers they have. If a trader has more followers, there is a high chance that copy traders on Pocket Option trust them.

Returns: If a strategy provider has recorded substantial returns consistently, it means that they have a working trading strategy.

Risk score: If you are a conservative copy trader, we recommend choosing a strategy provider with a risk level of 1 or 2. Although their returns are minimal, they are more consistent in posting positive results than a provider with a high risk score.

Number of trades: A trader with a high number of trades means they are well experienced. However, it is important to check their win-loss ratio.