de | cn | ru

CloseOption Review - is it scam or safe?

CloseOption Review - is closeoption.com scam or good binary options broker?

RATING: 1.2 / 1 REVIEWS CloseOption
CloseOption is not regulated. We cannot guarantee your money is 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.

 

 

>> Trade with a broker regulated in the UK <<

 

 

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

 

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

Demo accounts available, as well as promotions

Limited product portfolio
  Web-based oversimplified platform  

 

Latest news about CloseOption
No news about CloseOption . Check back later.
Broker Country Regulation Min deposit Max payout Review
Australia ASIC $50 88% Review Website
Cyprus CySec $200 89% Review
Cyprus CySEC $250 83% Review

Traders` reviews for CloseOption

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Banned!!!

They just BANNED me yesterday. Money lost!!! No reason and I am perplexed!!! They will NOT tell me WHY!!! Stay away!!

Maurice B Lampl II 02/16/2019
de | cn | ru