Close Option – review of a reliable binary options broker

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Close Option – binary options broker review

✅ This Trading Platform is available in United States

Close Option Review: What Brokerage Company’s Potential Customers Should Know

Trading on the global financial market attracts many Internet users who are looking for promising sources of profit. But the lack of the necessary education and experience often leads to the fact that they refuse such an idea. Frustrated traders are frightened by unfamiliar terms, overly complex explanations of how the financial market works, as well as the fear of losing their savings or becoming a victim of fraudsters. The last factor scares not only newbies, but also their more experienced colleagues. In order to avoid such troubles, it is necessary to carefully study the trading platform that interested you. And only after this procedure, you can make a decision about registering an account. Consider the example of Close Option, as carried out the above procedure in practice.

What offers its customers Close Option

The company in question does not fall into the category of popular sites. Some traders (even with extensive experience in the financial markets) know almost nothing about this broker. But this fact is not proof that the company’s website was created by fraudsters to deceive their customers.

Close Option Security

The application created for Close Option, modern software and the maintenance of the resource’s performance by qualified specialists make it possible not to worry about the safety of funds or personal data of service customers. The presented brand is registered in Georgia, and its owner is Organic Tech LLC. The broker has been providing its services since 2020, which is quite convincing evidence of its reliability.

A separate topic is the legal status of a trading platform in the United States. Experienced traders and experts in online trading are well aware that citizens of American states are very sensitive about compliance issues. Even those companies that have been providing services to virtually all over the world for more than a decade may be banned in the states for some reason. In principle, for many traders of the above factors, it is quite enough to boldly register a login on the Close Option site without fear of losing their capital.

On the Internet, you can find reviews (reviews or comments) in which the authors have a negative attitude towards the broker and focus on user verification. They argue that the administration of the resource for the passage of this procedure requires to provide a large number of documents and users have to wait a long time for an answer on their question. Of course, in this case, traders will have to be a little nervous, but such verification allows to “weed out” suspicious persons and “specialists” in money laundering, which positively affects the security of a web resource.

Close Option Activity Regulators

On some websites you can find reviews of the activities of Close Option, which state that the broker does not have any licenses or other documents confirming the legality of his services. This is not true. In fact, the work of a brokerage company is controlled by the National Bank of Georgia. That is, in case of conflict situations, you always have the opportunity to contact the regulator, which will help solve the problem.

Training at Close Option

One of the drawbacks of the presented brokerage company is the fact that its web resource works only in English. That is, newcomers who do not know it well will find it difficult to conduct trading operations or learn how to work in financial markets.

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    2nd place in the ranking!

The site contains only general information about the activities of the company, some training materials on the theory and the “questions and answers” section. In case of any problems, traders have the opportunity to contact support representatives who will provide you with the necessary assistance at any time of the day.

The situation is much better with the practical training of novice traders. Thanks to the demo accounts placed on Close Option, users can make deals, develop their own trading strategies or analyze their mistakes.

The main requirements of the administration of Close Option to its customers

The creators of the presented resource placed on the site three types of accounts:

● Demo or training.

● Contest. Competitive (the conditions of the current competition can be found on the official web resource of the company).

● Real. Trading account that allows you to enter into transactions with the use of its own funds.

In addition to these types of accounts, the site provides several levels of accounts (from initial to Vip). Each of them provides certain advantages, both in terms of trade and administration assistance. This parameter directly depends on the deposit amount that the broker’s client makes after registration.

Close Option Trading Terms

Despite the popularity of online trading, reviews posted on Close Option make it difficult to find a well-designed and up-to-date list of trading conditions.

We select the most important of them:

● The amount of the minimum deposit – $ 5.

● The minimum bet is $ 1.

● The potential profit of a trader for each successful transaction is about 85%.

● Bonuses and contests – are provided.

● Account currency – US dollar.

● Referral system – is.

Close Option Deposit / withdrawal of funds

When composing reviews on Close Option, professional traders claim that the broker presented stands out among similar services due to the large selection of methods for depositing and withdrawing money.

● Bank transfers and plastic cards Visa, Mastercard.

Close Option Fixed assets

On the company’s web resource, you can earn money by entering into transactions using such trading tools as binary options, cryptocurrency, oil, metals, currency pairs, etc. The list may vary from time to time, depending on the situation in the global financial market.

CloseOption Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Min./Max bet size Payout
Standard $5 $1/$1000 up to 80%

Unlike most binary options brokers, CloseOption offers its clients a single trading account. Read on to get all the details on this Georgian broker and decide whether investing in it is a good idea. As always, we strive to be impartial.

CloseOption Advantages

Claims to be licensed by the National Bank of Georgia

As there have left no reliable financial regulators in the binary option sector after ESMA banned this type of trading, having some sort of license is definitely an advantage.

Although we could not find any specific regulations applicable for forex and binary options brokers licensed in Georgia (probably because there aren’t any), the regulatory environment is most likely better in terms of security compared to those in offshore zones and surely better than none at all.

Yet, we did not find any proof that CloseOption is really licensed in Georgia, but you can read more on this in the Disadvantages section below.

Low min. deposit and low min. bet size

The minimum bet size with this broker is also among the lowest in the industry, amounting to $1, while the minimum amount to open an account is just 5 bucks. Such low minimum bet sizes allow better risk management.

Demo accounts available, as well as promotions

Another good feature of CloseOption is that it offers free demo accounts for testing purposes, which is quite unusual among binary options brokers in general.

In addition, the broker seems to offer a lot of perks, such as a weekly contest, bonuses, and so on. Many traders enjoy such promotions, but be careful, as they usually come with a price. Make sure you always read the terms and conditions of any such promotions and everything written in small print.

CloseOption Disadvantages

Light regulation, if any at all

CloseOption is a trademark of Organic Tech LLC, a company allegedly licensed by the Central Bank of Georgia. While the bank seems to have some supervisory functions regarding the banking and non-banking financial sectors in the country, we could not find a list of regulated entities and make sure that the broker is really regulated. Even if it is really licensed in Georgia, it seems that there aren’t any specific regulations for forex and binary options brokers in Georgia.

After all, it sounds nearly absurd for a central bank to regulate binary options brokers. Binary options are considered very risky and actually very close to gambling. That is why they are banned in a number of jurisdictions.

Payouts not that high

Payouts with CloseOption reach 80%, if an option expires in-the-money. Such percentage is actually not that high, as most brokers offer at least 83% in payouts on EUR/USD.

Limited product portfolio

Although CloseOption offers trading in some of the most popular cryptocurrencies, it does not offer more traditional trading instruments, such as CFDs on commodities, indices or stocks. Actually, the broker’s product portfolio solely includes 14 currency pairs and some pairs with the most popular digital assets like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and others.

Web-based oversimplified platform

As most binary options brokers, this one also offers its services on a web-based platform. CloseOption’s trading interface is easy to use, but lacks any analytics and advanced tools other platforms support. Here is a snapshot:

CloseOption’s platform. Click on the image to zoom in.

Conclusion

CloseOption is a Georgian binary options broker that claims to be licensed by the local Central bank. Strange as it may sound, it is still better than nothing. Nonetheless, we could not verify this claim, so we cannot recommend doing business with this broker. Although there are no warnings regarding this CloseOption coming from financial authorities, the user reviews are a mixed bag, and it might be one of the many con-artists on the binary options market.

That being said, you’d better select a broker with proper regulation and a proven track record. There are many such companies offering forex trades, which are more or less similar to binaries. Below, you may find a list of such brokers authorized by one of the most reputable financial agencies, the Financial Conduct Authority in the UK.

Let’s sum up our recap of CloseOption in a few words:

Demo accounts available, as well as promotions

Pros Cons
Claims to be licensed by the National Bank of Georgia Light regulation, if any at all
Low min. deposit and low min. bet size Payouts not that high
Limited product portfolio
Web-based oversimplified platform
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

CloseOption.com Review Visit site

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Consumer Reviews

I’ve joined this broker only recently, and so far I am very happy. This broker has by far the best platform I’ve ever experienced : very logical,intuïtive, well structured. This makes fast entries possible, and the execution of trades is excellent as well. Moreover they provide unique trading-possibilities one can’t find with another Binary broker.

I think this broker is wonderful!

After talk with support, they told that unknow what happened and they check careful the reported account and ban and change metod to check account.
Maybe a group of hacker join in their platform to win easy contest prize.
I think is not good for a serious company. . . If are really serious..

Dec 13, 2020 – 2 Stars Be aware from contest of this broker. Are piloted.
They are in conflict of interest with they policy.
They use autobot account in contest to to prevent other traders from winning more substantial prizes. Just look 1 year of contest, there are every times 8 traders in the first position, all contest.
I have proof that they join in their contest too, support team win a lot of contest, and this is conflict of interest.

Their platform have a delay of 2 3 seconds of execution, this isnt normally for a binary option broker.
Their payment metod are only via card, bank transfer or untrasted e-wallet as paypal and webmoney, payza and perfect money.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Options Broker 2020!
    Ideal for beginners!
    Free Demo Account + Free Trading Education!
    Get a Sign-up Bonus:

  • BINOMO
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    2nd place in the ranking!

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