CloseOption is a relatively new Binary Options broker that offers trading on Forex pairs and Cryptocurrencies. It is owned and operated by Organic Tech LLC, a company with a legal office at Georgia. The company itself was registered on 08/08/2013 with number B13080768 but their “Forex” and “Binary Options” trading activities are conducted under the license with number B 2-08/3647, dated 10/18/2017, issued by the National Bank of Georgia.
Editor’s Note: 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 main color theme is hurting my eyes and makes them look like a candy shop. It’s pink… or something! Sorry, I’m a man and I don’t see a lot of colors so probably that color has a more sophisticated name – I am sure a woman would know it, but to me it’s pink and I hate it. There are also some language-related mistakes here and there but it’s digestible, especially 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 new on the scene and 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. Why not go for a broker with proper regulation and a proven track record?
Should I Open An Account With Close Option?
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 totally unprofessional, is sprinkled with poor English and weird statements like “We are lucky to have professional traders like you! You are undoubtedly trading Binary Options with one of the best Binary Options brokers!”. One of the best – of course! It’s been a while since I’ve heard that…
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.
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. Considering all this, I 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.
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
In the past they offered several Bonus types but currently, all their promotions show up as “Expired” on the website. The only one that may or may not be active is a Bonus that supposedly gets you back a percentage of the money invested. I couldn’t locate more information about this Bonus, about its terms and conditions or about its availability. However, it’s the only one that doesn’t have an “expired” label next to it.
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, Paypal, Web Money, Perfect Money, wire, credit cards, and Bitcoin. In the case of wire transfer withdrawals, and depending on the withdrawal amount the fee ranges from $50 to $100, which is huge, so be aware of that.
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 but wire transfer withdrawals will be charged a fee that can range from $50 to $100 depending on amount (further information is not provided). Deposits made through bank cards are charged a fee ranging from 1% to 8.4%.
Live Chat support took a few hours to answer, although I was number 1 in the queue right from the start, at least when a rep joined, my questions were answered fairly quick (if you don’t count the few hours spent waiting in the queue while writing this review). 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 the usual (e-wallets, credit cards, and wire transfers), with Bitcoin and other cryptocurrencies as extras. Withdrawals take up to 3 business days for e-wallets and credit cards and up to 7 business days for wire transfers. The minimums are $1 for crypto and e-wallets, $20 for credit cards and $500 for wires. Currently, there is no active Bonus promotion.
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