CloseOption Review 2023
CloseOption is a binary options broker with payouts up to 95% on forex and cryptos. New users can also claim welcome bonuses and participate in weekly trading tournaments. But is CloseOption.com legit and trustworthy? This 2023 review examines the binary options trading conditions, alongside platforms and apps, deposits and withdrawals, plus demo accounts.
CloseOption offers high/low binary options on over 25 forex and cryptocurrency assets. The £5 minimum deposit is accessible for beginners and the trading platform is user-friendly. However, CloseOption is not regulated by a trusted financial authority and there are limited safety measures.
Company Background & History
CloseOption was founded in 2013 and is headquartered in Georgia, Europe. The broker claims to have signed up 2.4 million users with 1.8 million traders registering to become Diamond members.
Retail traders can speculate on a modest selection of global assets through a web-based trading platform. The broker accepts a range of payment methods, including cryptocurrencies, and there are no fees at the deposit stage. The $1 minimum trade size also reduces the financial barrier for novice traders.
Regulation & Safety
CloseOption is unregulated. The broker states that it follows the laws and guidelines of the National Bank of Georgia, but this is not a well-known regulator in the retail trading space. And while it is not uncommon for binary options brokers to operate without robust regulatory oversight, traders should be cautious when risking funds.
There are also limited account safety measures in place, such as two-factor authentication (2FA) upon sign-in. In addition, trades cannot be reversed once an order is placed.
Assets & Markets
CloseOption offers binary options on 25+ forex and cryptocurrency pairs. This is a fairly narrow range of products with no opportunities to speculate on stocks, metals or energies.
- Forex – 17 fiat pairs including GBP/AUD, USD/JPY, EUR/CAD, and GBP/USD
- Cryptocurrency – 5 crypto and fiat pairs including BTC/USD, ETH/USD, and LTC/USD
Payouts & Fees
CloseOption does not charge any trading fees, though a 0.5% fee will apply for dormant profiles after three months.
Payouts are reasonable, but the best returns are available to traders with Diamond status (up to 91% on major forex pairs).
The GBP/USD currency pair was offered at 75% and the GBP/CHF at 65%. Cryptocurrency pairs offer payouts of 40% due to the increased volatility.
CloseOption offers a proprietary trading platform accessible on Chrome, Internet Explorer, Firefox and other popular browsers.
When we used CloseOption, we appreciated the simple interface with straightforward analysis tools and a choice of chart types. This includes candlestick, bar, line, and area charts, plus pattern lines and Fibonacci tools. The platform offers four charting timeframes; 5 seconds, 10 seconds, 30 seconds, and 1 minute.
The top navigation bar provides basic contract details. This includes the payout percentage and profit based on investment size. Binaries can be opened across 15 expiry times from 30 seconds up to one minute, two minutes, one week, two weeks, and one month. The Orders tab in the side menu provides full order history including open trades and payouts achieved on recent positions.
But while the CloseOption platform is easy to use, experienced traders may feel it lacks the advanced indicators and drawing tools available on some third-party platforms. As a result, it is best suited to beginners.
How To Trade Binary Options
To place a trade, login to the client dashboard and then enter the TradeRoom:
- Choose an asset from the top menu above the chart
- Select an expiry time from the dropdown menu along the top
- Enter the trade size in USD
- Review the payout percentage and potential return
- Select Put or Sell to open the contract
Note that once an order is opened it cannot be cancelled or amended.
CloseOption does not offer a mobile app, which is a drawback vs Pocket Option.
Having said that, the CloseOption platform does operate seamlessly on mobile devices via major web browsers. This means that in terms of functionality, the mobile solution provides all the same features. The key difference is that the terminal is optimised for the smaller screens of smartphones and tablet devices.
CloseOption offers one profile which provides access to live and demo binary options trading.
With that said, category levels are determined by the account size with better payouts if you deposit more. It’s also worth noting that the conditions are only competitive if you achieve a higher account tier.
- Copper Account – Funding between £0 and £1000. Payouts up to 76%
- Bronze Account – Funding between £1000 and £2000. Payouts up to 77%
- Silver Account – Funding between £2000 and £10,000. Payouts up to 78%
- Gold Account – Funding between £10,000 and £50,000. Payouts up to 79%
- Diamond Account – Funding between £50,000 and £1,000,000. Payouts up to 91%
Account features (regardless of tier):
- £1 minimum trade size
- £1000 maximum trade size
- £5 minimum deposit requirement
- Access to 25+ financial instruments
CloseOption provides a free demo account with £100,000 in virtual funds. There are no restrictions on strategies and trading setups.
When we registered for a CloseOption account, we could access the demo profile within a couple of minutes. The dashboard interface is easy to navigate and a virtual tour is available upon sign-up. The side menu provides access to wallet deposits, trading history, and integrated tutorials.
How To Register For An Account
- Complete the online application form and select the Sign Up icon
- Click Deposit from the side menu and fund your account
- Select the TradeRoom symbol in the top right of the dashboard
- Choose Go to Real Trading or Go to Demo Trading to begin
UK traders opening a live account will need to upload identity verification and proof of address documents. To action, click Settings from the dashboard and select Account Approval. Accepted papers include a passport, driving license, or bank statement.
Deposits & Withdrawals
The broker accepts multiple payment methods including PayPal, WebMoney, Perfect Money, Mastercard, and cryptocurrency. All payment methods offer instant funding, except for cryptos which are reliant on blockchain processing times.
CloseOption has a £5 minimum deposit requirement with a maximum transfer amount of £5000. There are no fees for any payment methods, though third-party charges may apply. Credit/debit card transaction fees will be refunded by the binary options broker.
Note, accounts can be opened with GBP as the base currency.
How To Make A Deposit
You can deposit to a live CloseOption account in a few minutes:
- Log in to the trading dashboard with your registered credentials
- Click Deposit from the side menu
- Choose a payment method by selecting the logo and selecting Next
- Enter the deposit amount
- Select the relevant bonus icon or choose No Bonus
- Select Next
- Enter the payment details in the following window and click Confirm
CloseOption processes all withdrawals within three working days.
Retail investors must make a withdrawal back to the original payment method, though the broker also offers bank wire transfers.
There is a maximum withdrawal limit of £10,000 per transaction.
- PayPal – £1 minimum. No fees
- WebMoney – £1 minimum. No fees
- Perfect Money – £1 minimum. No fees
- Cryptocurrency – £1 minimum. No fees
- Mastercard Credit/Debit Card – £20 minimum. No fees
- Bank Wire Transfer – £500 minimum. Fee between £50 and £100 depending on value
Due to its unregulated status, CloseOption offers bonuses to UK traders.
The main promotion is the weekly contest with a $3000 prize fund available to 20 participants per week. Prizes are distributed based on the profit achieved. All retail traders can participate as the competition uses virtual funds. Customers are provided with a $10,000 starting balance.
Our experts also found a 44% deposit bonus. The promotional credit can be withdrawn after trading 20x the deposit amount.
CloseOption hosts a tutorial-based education section on its website. Users can access various articles written by the broker’s team with recorded content options. Categories include how to choose a binary options trading strategy, technical analysis, and using various indicators.
On the downside, some of the information is outdated and there have been no new posts in recent months.
CloseOption trading hours are Sunday to Friday 9 PM to 9 PM (UTC). There are no extended sessions, including pre, post, or weekend trading.
Note, during some market hours, volatility may cause increases or decreases in payouts. The minimum payout during these hours is 30%.
CloseOption customer support is available 24/7 via email, phone, and live chat. However, the support team were not particularly responsive upon testing.
- Phone – +44(20)32902097
- Email – firstname.lastname@example.org
- Online Contact Form – on the Contact Us webpage
- Office Address – Vake-saburtalo district, Al Kazvegi ave. N41 Apt.N19, Tbilisi, Georgia
Customers can also make use of a FAQ section on the broker’s website, with information split into categories such as deposits and withdrawals and account management.
Should You Trade With CloseOption?
CloseOption scores well in terms of its user-friendly platform and trading contests. However, the narrow range of assets, lack of regulatory oversight and low payouts unless you make a large deposit are significant drawbacks. As a result, popular brands like Pocket Option may be a better pick for most beginners.
Is CloseOption A Good Or Bad Broker?
CloseOption is not the best binary options platform. Only binaries on forex and crypto are offered with high payouts only available to traders that qualify for Gold or Diamond membership. Consider alternative binary options brokers.
Does CloseOption Offer High Payouts?
CloseOption offers payouts up to 95% but only with the highest account tier which requires a significant deposit of £50,000+. The standard Copper account provides payouts of up to 76%.
How Do I Register For A CloseOption Account?
Click the Visit button in this CloseOption review, complete the registration form and select Sign Up. UK traders will also need to provide documentation to verify their identity and address. The minimum deposit with the Copper account is £5.
Is CloseOption Customer Support Reliable?
CloseOption offers 24/7 customer support, available via email, phone, and live chat. However, when we tested the live chat function, responses were slow which is a notable drawback vs competitors.
Does CloseOption Offer A Stable Platform?
CloseOption offers a stable, web-based platform. The terminal is pretty basic, but it provides most of the functions needed to open high/low binaries on two-dozen forex and crypto assets. It is also compatible with mobile and tablet devices, though a standalone app is not available.
Is CloseOption Legit Or A Scam?
CloseOption is not regulated by a trusted authority. There is also limited account safeguarding measures like multi-factor authentication. With that said, the broker does have some positive user reviews and weekly trading contests. Overall, we would recommend caution when trading with CloseOption.
Compare CloseOption with Other Brokers
These brokers are the most similar to CloseOption:
- 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.
- Dukascopy - Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.
- Focus Option - Focus Option is an offshore broker that specializes in binary options as well as CFDs. Binary options trading on forex, cryptos and three commodities is done through the broker's simple web-based platform with average payouts between 70% and 95%. The broker also offers a mobile app for trading CFDs, with 300+ tradeable instruments.
CloseOption Feature Comparison
|CloseOption||World Forex||Dukascopy||Focus Option|
|Markets||Forex, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||$1||0.01 Lots||0.01 Lots||$1|
|Regulators||National Bank of Georgia||SVGFSA||FINMA, FCMC, JFSA||-|
Trading Instruments Comparison
|CloseOption||World Forex||Dukascopy||Focus Option|
CloseOption vs Other Brokers
Compare CloseOption with any other broker by selecting the other broker below.
|CloseOption is a Georgia-headquartered broker with over a decade in the trading industry. The brand offers high/low binary options trading on forex and crypto markets, with decent payouts, welcome bonuses, 24/7 customer support and intuitive trading software.|