CloseOption Review 2024

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Written By
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Written By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Fact Checked By
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
Updated

3.8 / 5
CloseOption is #3 in our binary options broker rankings.
$5
Own
Binary Options on Forex & Cryptos
National Bank of Georgia
USD
PayPal, WebMoney, Mastercard, Perfect Money, Wire Transfer, Bitcoin Payments, Ethereum Payments

Pros

  • The user-friendly platform is compatible with most web browsers
  • New traders can get started with a $5 minimum deposit
  • CloseOption offers weekly trading tournaments with cash prizes

Cons

  • CloseOption is not regulated by a well-regarded trading authority
  • Clients need to deposit $50,000+ to qualify for the best payouts
  • Binary options are only available on fiat and digital currencies

CloseOption Review

CloseOption is a European binary options broker that offers 25+ assets spanning forex and cryptos. Up to 95% payouts are available alongside a beginner-friendly trading platform and weekly contests. This CloseOption.com review will unpack deposits and withdrawals, app availability, demo accounts, and more. Find out what our expert team thought of CloseOption.

Company Details

CloseOption is a Georgian-based binary options broker, founded in 2013.

Retail traders can speculate on the price of forex and digital currencies via a web-based platform and mobile solution. New clients can make a deposit using bank cards, wire transfers, e-wallets, plus popular cryptos like Bitcoin. The minimum trade size is also just $1.

CloseOption is registered with the National Bank of Georgia (license number B2-08/3647). However, it is worth noting that this is not a trusted trading authority.

Markets & Assets

CloseOption offers trading opportunities on a good selection of 25+ forex pairs and cryptocurrencies. However, clients cannot trade binaries on stocks, indices, or commodities which is a drawback vs alternative binary options brokers.

Payouts

CloseOption offers competitive payouts on its forex assets. However, traders will need to make a large deposit ($50k) to qualify for the highest payouts of up to 95%, which is a notable drawback vs competitors.

Typical payouts on currencies with the Copper (entry) account:

Due to the volatility of digital assets, lower payouts of 40% are available.

CloseOption Fees

There are no commission fees when trading binaries at CloseOption. There are also no deposit or withdrawal fees.

On the downside, accounts inactive for more than three months will be charged a 0.5% fee based on the account balance. A $10 reactivation fee will also apply to reopen the profile.

Trading Platform

The CloseOption trading platform is a web-based terminal compatible with major web browsers, including Google Chrome, Internet Explorer, and Firefox.

The platform provides all the basic features you need to analyze assets and trade binaries. This includes multiple charting styles, analysis tools like Fibonacci lines and trend lines, plus full order history. The potential payout is also clearly stated before a position is opened.

Charts can be viewed across four timeframes; 5 seconds, 10 seconds, 30 seconds, and 1 minute. Binary options contracts lengths span 15 intervals, ranging from 30 seconds to 1 month.

On the downside, there are limited advanced tools and features for seasoned traders.

CloseOption trading platform

How To Make A Binary Options Trade

When we used CloseOption, we found it quick and easy to open a trade:

  1. Log in to the client dashboard using your registered credentials
  2. Select ‘TradeRoom’ from the top right menu
  3. Click on the ‘Real Trading’ account option
  4. Choose an asset to trade from the menu above the graph
  5. Select an expiry time from the top menu (30 seconds to one month)
  6. Enter the trade size using the ‘+’ and ‘-‘ toggles or input the amount manually
  7. Review the potential payout available
  8. Select ‘Put’ or ‘Sell’ to confirm the trade

Mobile App

Unfortunately, CloseOption does not offer a downloadable mobile app. However, the terminal can be used reliably via major web browsers on mobile and tablet devices.

The interface is stable and adapts well to smaller screens. Traders can navigate between assets, add graphical overlays and enter trades with a few swipes and clicks. However, detailed technical analysis is a struggle and is best suited to desktop devices.

Live Account

The binary options broker offers just one live account. The minimum deposit is $5 which is similar to alternatives. There is a minimum trade size of $1 and a maximum trade size of $1000. Traders with a live account can access all benefits and tools including 24/7 customer support and trading contests.

Account levels can also be upgraded with larger deposits, unlocking more favorable payouts. Yet the lower tiers do not offer particularly high payouts compared to other binary options firms and the deposit required for the Gold and Diamond accounts is larger than many traders can afford.

How To Register For A CloseOption Account

It only takes a few minutes to sign up for a trading account:

  1. Navigate to the CloseOption website
  2. Complete the online registration form and click ‘Sign Up’
  3. Once signed in, click the ‘Trade Room’ icon located in the top right
  4. Choose a live account or demo profile (your login credentials will work with both accounts)

New users must comply with anti-money laundering and know-your-customer requirements. Traders will need to upload proof of address and identity documents, such as a passport.

To activate your account, click ‘Settings’ from the dashboard interface and select ‘Account Approval’. It can take up to two working days for a new account to be approved.

Demo Account

CloseOption offers a free demo account which can be used alongside a live profile. The brand offers $100,000 in virtual funds so beginners can get familiar with the trading platform and learn how binary options work.

Importantly, all the platform features and functionality mirror live trading conditions including the range of expiry times, forex and crypto assets, plus payouts.

Select ‘Go To Demo Trading’ from the trade room interface to open the paper trading profile.

CloseOption Payment Methods

Deposits

CloseOption offers a good selection of payment methods:

There is only a $5 minimum deposit which makes it easy for beginners to sign up and start trading binary options.

All payment methods are fee-free except for bank cards that are charged 8.4%, though this charge is often waived as part of promotions. Deposit solutions also provide instant funding, though crypto transfers can take up to 30 minutes.

How To Make A Deposit

Traders can deposit in a few straightforward steps:

  1. Log in to the CloseOption client dashboard
  2. Select ‘Deposit’ from the menu on the left
  3. Choose a payment method from the list and click ‘Next’
  4. Input the deposit amount and decide if you want to accept a bonus reward (if available)
  5. Click ‘Next’
  6. Enter the requested payment details and select ‘Confirm’

Note, PayPal and Mastercard deposits are not accepted until KYC verification is complete.

How to deposit at CloseOption

Withdrawals

In line with other binary options brokers, withdrawals must be made back to the original payment method or via wire transfer.

The minimum withdrawal is low at $1 for Perfect Money, WebMoney and cryptos, while the minimum payment for Mastercard withdrawals is $20. Bank wire transfers have a minimum withdrawal requirement of $500.

There is a maximum withdrawal limit of $10,000 for all methods, though there is no limit on the number of withdrawal requests that can be made each day.

CloseOption processes withdrawals within three working days, regardless of the payment method. This is similar to alternative brands.

Fees do not apply for the majority of payment methods, however depending on the amount, bank wire transfers may be charged $50 to $100. This is a notable drawback and may cut into the profits of account holders.

Bonuses & Promotions

CloseOption scores well in terms of trading promotions. Weekly contests are held using $10,000 in virtual funds. Traders can sign up through the client dashboard, though there is a $5 entry fee. Prizes up to $1000 are available with a total prize pot of $3000 per week and $12,000 per month.

While using CloseOption, our experts also found that a $10 cash gift is available to new clients plus a 44% deposit bonus which can be withdrawn once a 20x transaction volume has been achieved.

CloseOption Regulation

CloseOption states that its trading activities are regulated by the National Bank of Georgia. However, this is a national bank which does not have robust powers to govern binary options brokers and ensure that customers are safeguarded.

With this in mind, make sure you take a sensible approach to risk and money management.

Additional Features

CloseOption hosts a ‘knowledgebase’ education hub with regularly updated content. Topics include developing a trading strategy and understanding technical indicators.

CloseOption trading blogs

Our traders were also pleased to find platform tutorials with guidance on how to check order history, join a contest, or change the expiry time of a binary options contract.

On the downside, there is no copy trading which is offered by several popular brands, including Pocket Option.

Trading Hours

CloseOption trading hours run from 21:00 UTC Sunday to 21:00 UTC Friday. However, the broker does not offer any weekend trading which is offered by many leading binary options brokers.

Customer Support

CloseOption offers 24/7 customer assistance, which will appeal to beginners and new clients. Round-the-clock support is available via telephone, email, and live chat, though we didn’t get a response upon testing.

There is also a detailed FAQ section available on the broker’s website with useful account support and payment guidance.

Security & Safety

Our traders were disappointed with CloseOption’s security measures. We were not offered any additional account verification protection such as two-factor authentication or one-time passwords.

This, alongside the lack of regulation, does pose security concerns. It is also worth noting that once orders are placed, they cannot be canceled.

CloseOption Verdict

CloseOption offers a beginner-friendly platform, 24/7 customer support, and weekly trading contests with cash prizes. However, the broker offers a fairly narrow range of assets with limited regulatory oversight or tools like copy trading. Yet the main drawback is that a large deposit is needed to unlock favorable payouts.

FAQs

Is CloseOption Legit Or A Scam?

CloseOption is a legitimate binary options broker, registered in Georgia. Although the firm is currently unregulated by a reputable trading watchdog, CloseOption does comply with anti-money laundering and know-your-customer policies. Retail investors can speculate on 25+ assets with payouts of up to 95% on a secure platform.

How Much Do I Need To Deposit At CloseOption?

CloseOption has a $5 minimum deposit requirement, which reduces barriers to entry for novice traders. The minimum investment amount is also just $1, which will appeal to those on a budget.

Is CloseOption A Good Binary Options Broker?

CloseOption runs regular trading contests and offers a user-friendly platform with a low minimum deposit. However, traders need to deposit $50,000 for the best payouts and there are no opportunities on stocks, indices, or commodities. Signals and copy trading tools are also not provided.

Does CloseOption Offer Leverage?

CloseOption does not offer leveraged trading, unlike some alternatives that offer multipliers. Instead, all binary options positions must be opened with personal capital.

Does CloseOption Have A Reliable Platform?

CloseOption offers a web-based platform that account holders can use to trade binaries. The platform is reliable and intuitive, with basic analysis features and 15 expiry times. The terminal is compatible with all major web browsers, including Google Chrome and Internet Explorer.

Does CloseOption Have A Mobile App?

No, CloseOption does not offer its own trading app. Having said that, the platform can be accessed via mobile web browsers, with smaller screen compatibility for trade analysis and execution.

Top 3 Alternatives to CloseOption

Compare CloseOption with the top 3 similar brokers that accept traders from your location.

  1. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

  2. RaceOption – RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.

  3. Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.

CloseOption Comparison Table

Compare CloseOption With Similar Brokers
CloseOption World Forex RaceOption Videforex
Rating 3.8 4 3.5 3.4
Markets Binary Options on Forex & Cryptos Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts Binary Options, CFDs Binary Options, CFDs, Forex, Indices, Commodities, Crypto
Demo Account Yes Yes Yes Yes
Minimum Deposit $5 $1 $250 $250
Minimum Trade $1 0.01 Lots $0.01 $0.01
Regulators National Bank of Georgia SVGFSA
Bonus $10 Welcome Gift 100% Deposit Bonus 20% – 200% Deposit Bonus 20% to 200% Deposit Bonus
Education No No No No
Platforms Own MT4, MT5 TradingView TradingView
Leverage 1:1000 1:500 1:500
Payment Methods 7 10 9 8
Visit Visit Visit Visit Visit
Review World Forex
Review
RaceOption
Review
Videforex
Review

Compare Trading Instruments

Compare the markets and instruments offered by CloseOption and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare CloseOption Trading Instruments
CloseOption World Forex RaceOption Videforex
Binary Options Yes Yes Yes Yes
Expiry Times 30 seconds – 1 month 1 minute – 7 days 5 seconds – 30 days 5 seconds – 1 month
Ladder Options No No Yes No
Boundary Options No No No No
CFD No Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks No Yes Yes Yes
Commodities No Yes Yes Yes
Oil No Yes Yes Yes
Gold No Yes Yes Yes
Copper No No No Yes
Silver No Yes Yes No
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No No Yes Yes
Options No No No No
ETFs No No No No
Bonds No No No No
Warrants No No No No
Spreadbetting No No No No
Volatility Index No No No No

CloseOption vs Other Brokers

Compare CloseOption with any other broker by selecting the other broker below.

 

Customer Reviews

  1 / 5

This average customer rating is based on 1 CloseOption customer reviews submitted by our visitors.

If you have traded with CloseOption we would really like to know about your experience - please submit your own review. Thank you.

  1

They move the strike price where they want you to start. Then you are winning the trade and it closing and you lose not even breaking even.

✍ TFord | 🌐 United States | March 1, 2024

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