CloseOption is a Binary Options brokerage is owned and operated by Organic Tech LLC, a company headquartered in Avsallar Ahmet Erdogan Sk C.11 D:12 P.K:07410 Alanya Antalya Turkey and with a legal office at Vake-saburtalo district,Al Kazvegi ave. N41 Apt.N19, Tbilisi, Georgia. The company is not regulated by a major financial authority. They can be contacted at phone +442032902097 and email [email protected]
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 new on the scene and not regulated, so this is definitely not a broker I would recommend as long as the “big guys” of Binary Options are still around. Why not go for a broker with proper regulation and a proven track record?
As far as web traffic is concerned, CloseOption is doing surprisingly well, with over 450K visits during December 2017. That’s a huge jump from only about 20K in September same year! Most of the visitors come from the US (23%), so I guess Americans still love binary options.
Why Close Option Sucks In 50 Words
The writing on their website is terrible. I know they are from Turkey and English is not their native language, but they could have hired a dude who can speak and write English. They butcher the language and on top of that, when they do write understandable English, they butcher everything else. Check this out: “PayPal is one of the most famous and popular electronic money in the world”. Is that a joke? PayPal is electronic money… cryptocurrency?!?
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.
Should I Open An Account With Close Option?
The brokerage 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. Considering all this, I wouldn’t recommend opening an account with them, even if the minimum deposit is only 5 bucks, or as they put it: “…we can allow people to deposit 5 dollars which the customers can charge their accounts with this 5 dollars and trade in real”. Yea, great…
The website looks totally unprofessional, is filled with poor English and weird statements like PayPal is the “most famous electronic money in the world”. We all know what PayPal is (surely not electronic money) and I guess someone should bring the guys at CloseOption up to speed.
The education section seems like another joke. According to them, binary options are better suited for those who are looking for entertainment (???), then they mumble something about science and the fact that 95% of traders lose their money. Some tutorials are available but I would rather call them just pictures with a few words next to them; not very helpful or educational.
So to wrap things up, this is a low-deposit broker that targets United States citizens (about 23% of their web traffic in Dec 2017 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. I wouldn’t recommend them in their current state, but hey, maybe they change things up and become a serious player on the scene.
Close Option Complaints
As I said before, there’s a lack of user feedback about this brokerage and that includes complaints as well. The only thing I could find was a complaint from a user that suspects their Trading Contest is rigged so you cannot win it. I don’t know if that’s the case or not, but it’s the only thing I could find.
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
Finally something good: their deposit bonus is 60%, the required turnover is 40 times, which is quite high, but at least you can withdraw your initial deposit before reaching it. Of course, if you withdraw the bonus will be canceled but at least you remain in control of your money.
They also have a No Deposit Bonus of 20 USD but honestly, I couldn’t understand how that works, probably due to the language barrier. What is clear is that you will have to verify your account by submitting your ID photos and proof of address; also, you must have “$1,333 Transaction for releasing money” and just one sentence below they say you need $1,600 for releasing it. Not sure guys…
Close Option Withdrawal
Withdrawals through e-wallets take up to 3 working days and wire transfers up to 7 working days. The available options are Payza, Paypal, Web Money, Perfect Money, wire and credit cards but on their Payment Methods page they don’t list cards and wires; however, in their FAQ they talk about these methods, so, again, some confusion settles in.
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 but it’s really hard to understand what they are trying to communicate. Demo accounts are available and US clients are accepted.
Number Of Assets And Expiry Time 13/20
The only asset type they offer is currency and the only trading style is binary options. They have a total of 11 currency pairs, which is extremely low for a brokerage. Expiries range from 30 seconds to one month.
Commissions, Support And Effective Return 14/20
There are no fees or commissions to register or to participate in the Trading Contest but withdrawals will be charged a variable fee of 1% – 4%. According to them, sometimes fees are not charged, for the convenience of customers; however, they don’t specify under what conditions the fees apply or not.
Live Chat support was unreachable (I was number 2 in the queue for more than half an hour when I decided to close the chat). The highest return for a successful option was 86% at the time of my visit (EUR/USD) but the rest of the pairs were much lower (some even as low as 50%).
Deposit, Payment And Bonus 15/20
The minimum deposit is just 5 USD, and the methods are the usual (e-wallets, credit cards, and wire transfers). Withdrawals take up to 3 business days for e-wallets and credit cards and up to 7 business days for wire transfers.
The Bonus is 60% and will be applied to all deposits, not only the initial one. The turnover is 40 times the bonus but client’s money can be withdrawn before the turnover is reached (in that case the bonus will be canceled). They also have a No Deposit Bonus of 20 USD but make sure you understand the conditions for this bonus.
Website Extras 14/20
Very low minimum deposit, free to enter Trading Contest with real money prizes, No Deposit Bonus of 20$. This is nothing to write home about but at least it’s better than some other brokers.
Close Option Overall Ratings: 70/100