CloseOption is one of the Binary option broker who is still around for a long period of time. Their platform will give you the vintage vibes, but still the functionality it offers is certainly sufficient for most day traders. They are one of the rare breed of brokers who bring cryptocurrency binary options to the table and their payouts, though is not the greatest in the sector, it is decent enough to make it worthwhile.
Furthermore, they also conduct regular contests and promotional activities and reward their clients accordingly. On paper, it is really hard to find any flaw with this platform. However, just like everything with the sector, we need to look deep to find their real motives and hidden agendas.
The client feedback about this platform gives us the creeps and many people seem to have lost a big chunk of their savings account to them. So, you shouldn’t get involved with them in any way without doing proper research and read this blog post till the end to know their real operational model.
CloseOption Legality and Regulation Information
Binary options brokers and regulation are something which doesn’t quite go hand in hand. Millions of people were looted in the name of binary options and the narratives used by offshore brokers was ridiculous to say the least. Now, binary options trading is banned in most countries and apart from a couple of regulated entities in the United States, there are no reliable exchanges in existence.
CloseOption is owned by Organic Tech LLC which is a company located in Georgia (license number – B 2-08/3647). For newbies, this kind of registration details might be convincing enough, but that is not the way the world works. The legal status held by CloseOption does not protect the clients financially in any solid manner.
So, don’t let flashy numbers on a screen fool you into depositing with them. This platform does list a physical location along with contact information on their website and they are as follows.
Address – Vake-saburtalo district, Al Kazbegi ave. N41 Apt.N19, Tbilisi, Georgia
Phone – +442032902097
Email – info@closeoption.com
CloseOption Account Types and Trading Norms
CloseOption offers a pretty light web based trading interface to the clients. If you have used any binary options platform in the last few years, then you will easily navigate your way around the app. The number of instruments available to trade are extremely limited and everything put together the offerings contains about 15 forex pairs along with 10 cryptocurrency pairs.
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Payout ranges between 75% to 90%, but that mainly depends upon the time of the day and the volume. Clients can get better payouts by choosing a higher deposit amount, but given their traits, it will not be a wise move. After all, without reliability factor, it is not worth sending your money to any entity.
The charting tools and software are somewhat limited in their functionality, though it contains all the basic indicators, more experienced traders will need more customized tools and templates. If you want to use this platform to hedge your trades primarily, then we recommend you to use third party charting software as the default one will not be enough.
Asset Class and Restricted Countries
In binary options, the odds or probability is stacked up against the clients and unless you know the trading approach extremely well, the chances of making money will be slim. We are not saying that people will not make money, but people who are beginning their trading journey will find it difficult to find a statistical edge.
One of the main issues with this broker is that they offer extremely limited trading instruments and it isn’t sufficient for traders who take positions across diverse ranges of instruments. For example, this platform doesn’t offer precious metals or commodities and there are no crude oil derivatives present. While we were taking a close look at their policies, we found out that they don’t accept people from certain regions.
So, do take a look at the small print before you send them your hard earned money. We have made a short list of countries which are restricted and mentioned them below. However, keep in mind that the rules and policies can change at any time and for up to date information, you have to contact their support team.
- Afghanistan
- Algeria
- Bangladesh
- Bhutan
- Egypt
- Georgia
- India
- Indonesia
- Iran
- Iraq
- Israel
Affiliate Program
Just like a lot of forex and CFDs brokers, this one also relies mainly on affiliates to grow their customer base. The commissions offered ranges between 1% to 2% of the revenue they bring onboard and the payments are said to be done on a weekly basis.
There are guidelines set for affiliates and if any promoters violate the policies, then he or she might get their payments voided. If you have access to web traffic or a channel which gets tons of views, you might want to check out some promotional offers.
Due to the conflict of interest, many reputable brokers have opted for one time fees for the affiliates, but this platform seems to adore the commission structure as it is more pocket friendly for them. Either way, based upon the operational model, looks like the people who have the odds on their side are the market makers and the affiliates.
Customer Reviews
Client feedback is the main thing we always look into while reviewing any platform or service. The comments from the users always gives us the most accurate picture and brings in a whole new level of clarity. While it is true that fake testimonials are rising on the internet, it is still the best approach to gauge a service handsdown.
CloseOption has earned a spot on Forexpeacearmy, but the feedback it has received over the years are concerning. Take a look at the ratings and comments before reaching any conclusions.
They have an age limit of 65, I discovered when I tried to verify my documents.
How on earth can they impose that? Never come across an upper age limit before. Also my trading buddy is older than me and is trading with them perfectly OK.
Totally disgusted.
Terrible service, they can’t even speak English properly, and the “management” team takes forever to respond to emails. DO NOT USE THEM. Save yourself! They lie to you constantly just to take advantage of you.
Additional Benefits
Apart from the usual trading related stuff, this broker also hosts a ton of educational tutorials which are geared towards the beginners. The concepts explained pretty much covers all the aspects and they have made video series regarding troubleshooting too.
They also conduct a lot of contests and trading competition on a frequent basis to pump their clients. Moreover, unlike many brokers, they don’t charge any entry fees to the activities or events. One of the best things about this platform is the way they present the demo account.
To access virtual accounts, clients should register with their email address and can try out any strategy they want. On the flip side, remember that in demo accounts slippage or delay in execution will not occur, but in reality it will affect your account in a significant way.
Deposit and Withdrawal
To start trading on this platform an individual needs a $5 transfer, a $5,000 transaction limit is also present and the payment methods available are Paypal, Bitcoin, Perfect Money, Web Money and debit or credit cards. Any payment method used should be under your name and all third party deposits will either be refunded or voided.
There are fees associated with certain payment methods applicable for both deposits and withdrawals and it can go upto 8% which is outrageous. Note that withdrawals are said to be processed within 3 days and the deposits are reflected within 30 minutes depending upon the funding option used.
If you have accepted a bonus, then before placing a withdrawal, make sure that you have completed all the requirements.
CloseOption Review Conclusion
CloseOption is an unregulated binary options broker. Anyone who wants to indulge with this platform is carrying a huge unjustified risk which isn’t worthwhile. They might have few benefits, but compared to the pit falls, the features pale in comparison.
If you want to begin your trading journey, then always ensure the security of your capital first and for best experience do not interact with offshore entities at any cost.
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