Why Close Option Sucks In 50 Words
This broker offers a very limited asset basket and the only way of trading is Binary Options Also, their Terms and Conditions are a bit on the “strict” side and to be honest the specifications contained there look like they are tailored to protect the broker a lot more than the client. There are also some language-related mistakes here and there but that’s… acceptable, considering that in the past their website was barely readable.
Why Close Option Doesn’t Suck In 50 Words
Their minimum deposit is only 5 bucks and besides, they offer a Demo account, which requires you to sign up but you won’t have to deposit. That’s about it, really.
Is CloseOption A Scam?
There is very little feedback from clients regarding CloseOption so it’s unclear whether they are a scam or not. However, they are not regulated by a major financial watchdog, so this is definitely not a broker I would recommend as long as the “big guys” of online trading are still around.
They say they are regulated by the National Bank of Georgia but this bank doesn’t regulate Forex and/or BO activities, so why not go for a broker with proper regulation and a proven track record? And funny enough, clients from Georgia are not accepted on the platform. Weird, considering that CloseOption is located in Georgia and “regulated” by the National Bank of Georgia.
It must be also noted that they do not specify the name of the company in a clear manner. Their legal documents use the phrasing “CloseOption, a limited liability company, was registered in Georgia”, however, we couldn’t locate a company named CloseOption.
Should I Open An Account With Close Option?
CloseOption is a Binary Options broker that offers trading on currency pairs and cryptocurrencies. Apparently the name of the owning company is simply CloseOption, which is located in Georgia (in the past the broker listed the company Organic Tech LLC as the owner). The company itself was registered on 08/08/2013 with number D86708031 but their “Forex” and “Options Trading” trading activities are conducted under the license with number B 2-08/3647, dated 10/18/2017, issued by the National Bank of Georgia.
This broker was launched sometime in 2017 (of course, they don’t offer clear information and dates, in true binary broker fashion) and uses a lackluster web platform built in-house. The website looks unprofessional, is sprinkled with poor English and weird statements like “Get paid for doing what you love” – what, are they going to pay me for trading? And “successful traders are looking for you”- really? Why? Furthermore, they say we should choose them because they offer “low spread during trading hours”… I wonder, what spread are they talking about considering they only offer Binary Options trading and last I checked, spreads are not involved?
The education section is limited to a few tutorials but I would rather call them just pictures with a few words next to them; not very helpful or educational. On the bright side, they do offer a Demo account, which was very easy to set up and didn’t require me to give any special details other than a fake email address and name. Apart from Demo and Real they also offer a Contest account (yes, this is considered a separate account type). Contests run usually once a week, with different pool sizes and no fee required to join; however, you will have to have a verified account. It’s also worth noting that their Real account has several levels, ranging from Copper (deposits from $0 to $1,000) to Diamond, which requires deposits between $50,000 and $1 million. The only advantage is a higher payout but even the Diamond payout is not worth it: 90% for EUR/USD and 17%-79% for other assets.
So to wrap things up, this is a low-deposit broker that targets United States citizens (more than 39% of their web traffic in early 2021 comes from the US) without holding the necessary paperwork to do so. As we know, binary options brokers are not allowed to advertise to US citizens, but I guess CloseOption didn’t get the memo. Their website and platform have limited functionality and overall this is a broker that belongs in the lower tiers. Considering all this, we wouldn’t recommend them in their current state (even if the minimum deposit is only 5 bucks), but hey, maybe they change things up and become a serious player on the scene, although I doubt it.
CloseOption lists a legal office address at Vake-saburtalo district, Al Kazvegi ave. N41 Apt.N19, Tbilisi, Georgia. They can be contacted at phone +442032902097 and email [email protected].
Close Option Complaints
Among the “dirty” stuff I could find is that a user suspects their Trading Contest is rigged so you cannot win it. I don’t know if that’s the case or not, but other than that, some clients have complained their accounts were banned after making a profit. Again, I don’t know whether it’s true or not but if it is, you should stay well away from this broker.
Close Option Regulatory Warnings And Announcements
So far there are no warnings regarding this brokerage coming from financial authorities but I am sure they will soon appear if CloseOption continues to advertise binaries to US citizens.
Close Option Bonus
They have several Bonus offers but all of them were “Expired” at the time of our visit. According to their Promotions page “CloseOption Company may offer a wide variety of promotions at times”, so keep an eye on it if you want to get a bonus but as always, please read thoroughly all the Terms and Conditions if you accept one.
Close Option Withdrawal
Withdrawal processing takes up to 3 working days. The available options are, Paypal, Web Money, Perfect Money, credit cards, Bitcoin, and a few other leading cryptocurrencies. In the past CloseOption also offered wire deposits and withdrawals but now all traces of that method have disappeared from their website.
Close Option Extra
They have a weekly trading contest, which is free to enter. You will trade virtual money but if you win you will get real money in your trading account. To participate you will have to verify your account.
Close Option Ratings
User Friendliness 14/20
The trading platform is very basic and that makes it very easy to use. The only available language is English and the website is a bit hard to navigate. Demo accounts are available and US clients are accepted.
Number Of Assets And Expiry Time 13/20
The only asset classes they offer are fiat currency and cryptocurrencies and the only trading style is binary options. They have a total of 17 currency pairs, which is extremely low for a brokerage. As for their crypto offering, this includes Bitcoin, Ethereum, Litecoin, and Bitcoin Cash against USD and EUR as well as some crosses between them (i.e. you can trade ETH versus Bitcoin, etc.). Expiries range from 30 seconds to one month and chart time frames are limited to a maximum of 1 minute.
Commissions, Support, And Effective Return 12/20
There are no fees or commissions to register or to participate in the Trading Contest. Deposits made through bank cards are charged a fee up to 8.4%. Live Chat support was fairly fast and responsive. The highest return for a successful option was 80% at the time of my visit (EUR/USD) but the rest of the pairs were much lower (some even as low as 55%). Bitcoin returns are very low, at only 18%!
Deposit, Payment, And Bonus 15/20
The minimum deposit is just 5 USD, and the methods are e-wallets, credit cards, Bitcoin and other cryptocurrencies. There is no option to deposit/withdraw via wire transfer. Withdrawals take up to 3 business days for e-wallets and credit cards. The minimums are $1 for crypto/e-wallets and $20 for credit cards. At the time of writing CloseOption did not offer any type of bonuses.
Website Extras 14/20
Very low minimum deposit, free to enter Trading Contest with real money prizes, and cryptocurrency deposits. This is nothing to write home about but at least it’s better than some other brokers.
Close Option Overall Ratings: 68/100