CloseOption Review

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CloseOption is a binary options trading platform established in 2013 in Georgia. The company was officially registered on August 8, 2013, with the registration number D86708031. It was founded to provide a user-friendly trading platform for those with limited knowledge of financial markets who wish to engage in trading activities.

Regulatory Status

CloseOption operates under the regulatory framework of Georgia. Its forex and options trading activities are authorized by license number B 2-08/3647, issued on October 18, 2017, by the National Bank of Georgia. The company's operations comply with Georgian laws, ensuring a legal foundation for all activities.

Services and Offerings

CloseOption presents itself as an international broker offering binary options trading services globally, featuring:

Account Types

Banking Options and Payment Methods

Additional Features

Leverage

CloseOption's leverage options are contingent upon the type of trading and specific account settings.

Binary Options Trading

In terms of binary options trading, which is the primary service of CloseOption, the platform does not allow leveraged trading. Unlike some competing platforms, which provide multipliers, all binary options trades on CloseOption must be executed using personal capital. Thus, traders must use their own funds for each trade instead of trading with borrowed money.

Other Trading Types

While binary options are the key focus, there are indications that CloseOption might allow leverage for other trading types:

Instrument-Specific Leverage Restrictions

It's vital to acknowledge that leverage availability varies across different trading instruments on the platform:

To start trading, CloseOption permits participation in financial markets with a minimal deposit of just $5, although effectively utilizing leverage would probably require higher account balances to manage risks sagaciously.

Asset Types

CloseOption is a binary options trading platform that provides a range of assets from both Forex and cryptocurrency markets. Below are the asset types and markets available:

Assets and Markets

Traders can leverage CloseOption's proprietary trading platform's capabilities while also using its native token to gain transaction fee discounts.

Trading Accounts and Competitions

CloseOption presents two primary account types:

Platforms

Trading Platform

Trading Tools and Features

Comparison Table: Platform Features

Feature CloseOption
Platform Type Proprietary Web-Based
Demo Account Yes (resettable up to $1,000, ten times)
Charting Tools Yes (basic indicators and drawing tools)
Mobile Compatibility Yes (fully accessible via mobile browser)
Asset Coverage Forex & Cryptos (Binary Options)
Native Token Yes (PCN for fee discounts)

Fees

CloseOption maintains a relatively straightforward fee structure for users, highlighting several noteworthy aspects:

CloseOption does not impose commission fees for trading binary options on its platform, providing a significant benefit for traders aiming to reduce trading expenses.

While CloseOption promotes "Zero Fees On Deposits & Withdrawals," some exceptions and recent alterations should be considered:

Deposit Fees

The majority of deposit methods incur no fees, with a singular exception:

Withdrawal Fees

As of August 5, 2024, CloseOption has reduced its cryptocurrency withdrawal fees as follows:

CloseOption specifies that these rates might be revised in response to network congestion or changes in crypto market conditions.

Account Maintenance Fees

Users should be cautious of potential inactivity fees:

Platform Usage

The CloseOption trading platform is web-based and works with major browsers, including Google Chrome, Internet Explorer, and Firefox. There are no additional costs for utilizing the platform or accessing features like multiple charting styles, analysis tools, and order history tracking.

Pros

Advantage Feature
User Interface Simple, intuitive, accessible on web and mobile
Demo Account Free, risk-free virtual trading for practice and strategy testing
Minimum Deposit Low entry ($5 minimum), $1 minimum trade size
Contests Weekly trading competitions with cash prizes
Fees No trading, deposit, or withdrawal fees
Educational Resources Tutorials, articles, and strategy guides
Customer Support 24/7 live support
Bonuses & VIP Accounts Bonuses, promotions, and VIP options

CloseOption stands out due to its low entry barriers and supportive features tailored for both novice and experienced traders, emphasizing user experience devoid of unnecessary complexity. The platform is particularly appealing for those looking for straightforward binary options trading that comes with transparent terms and engaging community aspects such as contests.

Cons

CloseOption, as a binary options trading platform, has a number of disadvantages that traders must consider prior to opening an account. From various reviews, the key drawbacks include:

Limited Trading Offerings

One major drawback is the limited asset range provided by CloseOption. The platform does not feature stocks, indices, or commodities, presenting only around 20 fiat and digital currencies. This restricted selection significantly limits traders’ diversification opportunities.

The platform's TradeRoom offers very basic charting capabilities with just three chart types (line, area, candlestick), four time intervals (5 seconds to 1 minute), and only six analysis tools. This limitation is particularly noticeable when contrasted with competitors like IQCent which integrate TradingView, offering over 70 technical indicators.

Financial Drawbacks

Although CloseOption advertises payouts of up to 95%, these competitive rates are conditional:

Platform Limitations

The CloseOption platform lacks multiple features that more experienced traders may expect:

There are no provided signals or social trading tools to assist users in identifying opportunities. There's an absence of copy trading features, preventing users from mirroring successful traders’ strategies. Additionally, the platform does not accommodate advanced trading tools like MetaTrader, thereby limiting technical analysis capabilities.

Regulatory Concerns

Perhaps the most troubling aspect is CloseOption's regulatory status:

The broker operates with limited regulatory oversight, significantly diminishing its safety rating. It lacks authorization from any reputable financial regulator. Reviews have indicated that CloseOption may specifically target US citizens (with more than 39% of its web traffic recorded from the US in early 2021), despite the fact that binary options brokers are prohibited from advertising towards US citizens.

Some reviews have also pointed out that the Terms and Conditions appear to be tailored to shield the broker considerably more than the client.

Other Considerations

Extra issues worth mention include:

The platform's overall functionality is restricted compared to its competitors. There are noted language errors throughout their website and materials. Evaluations from diverse sources suggest that CloseOption often lags behind the leading binary brokers in important areas like payouts and features.

While the appealing $5 minimum deposit option might attract interest, the overall limitations and concerns render CloseOption less competitive in the binary options market when compared to alternatives such as Pocket Option, Quotex, or IQCent.

Customer Support

CloseOption offers customer support around the clock, ensuring assistance is available whenever needed, regardless of time or day.

Communication Channels