Close Option





Feature Details
Broker Closeoption
Rating ⭐️⭐️⭐️⭐️⭐️ (5/5)
Minimum Deposit $5
Bonus $10 Welcome Gift
Payout 95%
Demo Account Yes
Regulated National Bank of Georgia
Country Flag Traders from Kenya welcome




CloseOption Review: Is This Binary Options Broker Legitimate?


CloseOption is a binary options broker that allows traders to invest in a selection of over two dozen forex and cryptocurrency assets. With a minimum deposit of just $5, new users can easily start trading, and the broker supports various payment methods, including Bitcoin. But the key question remains: Is CloseOption.com a trustworthy and secure platform? 


This comprehensive review for 2024 will examine payouts, withdrawals, trading applications, demo mode, and more to determine whether we recommend signing up with CloseOption.


Key Highlights


  • Maximum Payouts: Up to 95%
  • Minimum Investment: Only $1 required to start
  • Weekly Trading Competitions: Participate for a chance to win cash prizes
  • Contract Lengths: Range from 30 seconds to 1 month
  • Top Payout Requirements: $50,000+ account balance needed for maximum payouts
  • Regulatory Oversight: Weak
  • Customer Service: Needs improvement

Company Overview


Established in 2013, CloseOption is headquartered in Georgia and provides binary options trading to global investors, with a few exceptions for certain Asian and African nations. The broker is registered with the National Bank of Georgia (license number B2-08/3647), but it is important to note that this regulator is not well-respected in the trading community.


Opening a CloseOption account is a straightforward process that can be completed in just a few minutes, and notably, there are no KYC checks required at signup. The broker accepts a variety of payment methods, including traditional bank cards, wire transfers, e-wallets, and cryptocurrencies.


Available Markets


CloseOption specializes in binary options trading for more than 25 forex pairs, such as EUR/USD, GBP/USD, and USD/JPY, as well as popular cryptocurrencies like BTC/USD, ETH/USD, and LTC/USD. However, the asset selection is relatively limited when compared to competitors like Pocket Option and IQ Option, which offer binaries on a broader range of assets, including stocks and commodities.


Payouts and Fees


Payout percentages typically range from 17% to 91%, depending on the asset and account tier. Cryptocurrency assets tend to have lower payouts, averaging around 40%. Here are the payouts associated with the Copper account:


  • EUR/USD: 76%
  • USD/JPY: 75%
  • GBP/USD: 75%
  • AUD/USD: 70%
  • USD/CHF: 70%
  • EUR/JPY: 65%

There are no commission fees when trading binaries with CloseOption. However, inactive accounts after three months will incur a 0.5% fee, along with a $10 reactivation charge.






CloseOption Trading Platform Overview


CloseOption features its proprietary TradeRoom platform, accessible through major web browsers such as Chrome, Safari, and Mozilla Firefox. Additionally, a mobile web version allows traders to engage in the market using their smartphones. However, it is important to note that CloseOption does not offer a dedicated mobile app.


Key Features


The primary appeal of the TradeRoom platform lies in its simplicity. It provides essential tools for trading binary options, including various chart styles and analytical tools like Fibonacci lines, as well as a comprehensive view of your order history. Traders can choose from charting timeframes ranging from 5 seconds to 1 minute.


Binary options contracts on CloseOption are offered with varying lengths, spanning from 30 minutes to 1 month. The minimum trade size is set at $1, while the maximum trade size is $1,000.


User Experience


Despite its basic functionalities, our experience with CloseOption’s TradeRoom revealed that the terminal can be slow and cumbersome at times. Furthermore, advanced analytical tools are somewhat limited, making the platform better suited for beginner traders rather than experienced ones seeking sophisticated trading options.


How to Place a Trade on CloseOption


Placing a trade with CloseOption is a straightforward process:


  1. Sign in to the members’ area using your CloseOption login credentials.
  2. Click on TradeRoom in the right-hand menu.
  3. Select Real Trading.
  4. Choose an asset from the menu located above the chart.
  5. Set an expiry time between 30 seconds and 1 month.
  6. Enter your investment stake, which can range from $1 to $1,000.
  7. Review the payout offered.

Click Put or Sell to execute the trade.








CloseOption Account Types


CloseOption offers a straightforward account structure with one live trading account and a contest profile designed for competitive trading.


Real Account


  • Minimum Deposit: $5
  • Minimum Trade Value: $1
  • Maximum Trade Value: $1,000
  • Welcome Bonus: $10 cash gift upon starting trading
  • Account Limitations: One account per person; no hedging allowed

CloseOption features multiple account levels ranging from Copper (for deposits up to $1,000) to Diamond (for deposits between $50,000 and $100,000). Higher tiers unlock better payouts:


  • Copper Account: 76% payout on EUR/USD; 17-75% on other assets.
  • Diamond Account: 91% payout on EUR/USD; up to 79% on other assets.

Contest Account


  • Virtual Funds: Compete against other traders using virtual funds.
  • Weekly Contests: Up to 20 winners per game, with prizes reaching up to $850.
  • Winning Criteria: Based on account balance at the end of the contest period.
  • Entry Fees: Typically $5-10 per game, with free contests also available.
  • Eligibility: Minimum of $500 deposit in your real account to qualify for a contest profile.
  • Recharge Packages: Available if your balance falls below $1,000.
  • Double Your Balance: Opportunities to use accelerator coins.
  • Prize Distribution: Winners receive prizes in their accounts within 48 hours.

How to Sign Up for a CloseOption Account


  1. Registration: Visit the CloseOption website and enter your basic details, including email address and password.
  2. Email Verification: Check your inbox for a verification email and click the link provided.
  3. Complete Profile: Log in to the CloseOption dashboard to enter your home address and salary details for verification.
  4. Upload ID Documentation: Submit identification documents; verification may take up to two working days.
  5. Welcome Gift: Your account will be credited with a $10 welcome gift, and you can deposit additional funds via the dashboard.

Demo Account


CloseOption also offers a demo account with $100,000 in virtual funds. This account provides an excellent opportunity to familiarize yourself with the platform and develop a trading strategy before risking real money. 


You can recharge your demo account up to three times when the recharge symbol appears. Note that all winnings in the demo account are virtual and cannot be withdrawn.


Deposits


CloseOption supports a wide range of payment methods, including bank cards, wire transfers, e-wallets, and cryptocurrencies.


  • Cryptocurrency Deposits: The fastest option, processing times range from 10 seconds to 1 hour. Minimum deposit is $5, and maximum is $1,000,000. Crypto deposits come with a 2% deposit gift, and no transaction fees apply. Accepted cryptocurrencies include Bitcoin, Bitcoin Cash, Dash, Tether, Ethereum, Tron, Ripple, and Monero.
  • Other Payment Methods: You can also deposit via PayPal, bank cards, and wire transfers. For PayPal, there are no fees, but no deposit gift is provided. Bank transfers and card deposits incur a 7% fee, with no deposit gift. The minimum for these options is $5, and the maximum is $5,000.

How to Make a Deposit


  1. Log In: Access your CloseOption account and navigate to the dashboard.
  2. Select Deposit: Click on the Deposit option in the left sidebar.
  3. Choose Payment Method: Select your preferred payment method from the list.
  4. Enter Amount: Specify the amount you wish to deposit and indicate if you want a bonus.
  5. Review Processing Times: The next page will detail expected processing times.
  6. Confirm Payment: Review the summary page and proceed to payment. For crypto, you will be directed to coinpayments.net to complete the transaction. Ensure you send enough to cover blockchain fees from your crypto wallet.
  7. Check Deposit: Verify that the deposit is reflected in your CloseOption account.

Withdrawals


Withdrawals from CloseOption are processed by opening a ticket with the broker. Funds must be returned to the initial deposit method or via wire transfer.


  • Withdrawal Limits: Minimum withdrawal amounts start at $1 for cryptocurrencies and e-wallets, rising to $500 for wire transfers.
  • Fees: Most payment methods do not incur fees, but bank transfers can have charges between $50 to $100, which is higher than many competitors.
  • Identity Verification: Traders must verify their identity via Skype before withdrawing funds; some users have reported difficulties with this process due to unresponsiveness.
  • Processing Times: Most withdrawals are completed within three working days.

CloseOption Bonuses


CloseOption provides several promotional opportunities, including weekly trading contests with up to 20 winners earning as much as $850.


Additionally, new traders receive a $10 welcome gift and can access a deposit bonus of up to 44%. However, this bonus comes with conditions: you must trade 20 times the deposit amount before being eligible for withdrawals. For example, if you deposit $100, you must trade a total of $2,000.






CloseOption Review: Account Types, Trading Features, and Safety


CloseOption presents a single live trading account option alongside a contest profile, catering to diverse trading preferences. Below, we break down the account types, deposit and withdrawal methods, bonuses, and the overall safety and regulation of the platform.


Account Types


Real Account

  • Minimum Deposit: $5
  • Minimum Trade Value: $1
  • Maximum Trade Value: $1,000
  • Cash Gift: $10 upon starting trading
  • Account Limitations: One account per person, no hedging permitted.

Account Levels:



CloseOption features multiple account levels based on deposit amounts:

  • Copper: Up to $1,000 deposit; offers a 76% payout on EUR/USD and between 17-75% on other assets.
  • Diamond: $50,000 – $100,000 deposit; offers 91% payout on EUR/USD and up to 79% on other assets.

Contest Account

  • Purpose: Compete with virtual funds against other traders.
  • Contest Structure: Weekly contests with up to 20 winners and prizes reaching $850.
  • Eligibility: Requires a minimum deposit of $500 in the real account to access a contest profile.
  • Fees: Entrance fees range from $5 to $10, with free contests available.
  • Recharging: If your balance drops below $1,000, recharge packages are available.
  • Accelerator Coins: Opportunity to double your balance.
  • Prize Distribution: Prizes credited to winners’ accounts within 48 hours.

Demo Account


CloseOption offers a demo account loaded with $100,000 in virtual funds, allowing new traders to familiarize themselves with the platform and develop strategies without risking real money. Note that all winnings in this account are virtual and non-withdrawable.


Deposits and Withdrawals


Deposit Options

CloseOption supports a variety of payment methods:


  • Cryptocurrency: The fastest option with processing times between 10 seconds and 1 hour. Minimum deposit is $5, maximum $1,000,000. A 2% deposit bonus applies, and there are no fees. Accepted cryptocurrencies include Bitcoin, Ethereum, Tether, and more.
  • PayPal, Bank Cards, and Wire Transfers: Require identity verification. PayPal incurs no fees but offers no deposit gift. Bank cards and wire transfers carry a 7% fee. Minimum payment is $5, with a maximum of $5,000.

Deposit Process:


  1. Log in to CloseOption.
  2. Navigate to the dashboard and select "Deposit."
  3. Choose your payment method and enter the deposit amount.
  4. Review the processing details before finalizing the transaction.

Withdrawal Process


Withdrawals are initiated by opening a ticket with CloseOption and must be processed back to the original deposit method:

  • Minimum Withdrawal: Starts at $1 for cryptos and e-wallets; $500 for wire transfers.
  • Fees: Most methods are free, except for bank transfers, which may charge $50-$100.
  • Identity Verification: Required via Skype prior to withdrawal.
  • Processing Time: Most withdrawals are completed within three working days.

Bonuses and Promotions


CloseOption offers:

  • Welcome Bonus: A $10 gift for new traders.
  • Deposit Bonus: Up to 44%, but conditions apply—traders must complete 20 times the deposit amount in trades before withdrawals can be processed.

Regulation & Safety


CloseOption is licensed by the Bank of Georgia (license number D86708031), but it lacks regulation by a tier-one financial authority, a common issue in the binary options sector. There are no login security features like multi-factor authentication, and trades are final once placed, with no option for reversal or cancellation.


Pros and Cons of Trading with CloseOption

Pros

  • Access to a demo account.
  • Low minimum deposit of $5.
  • Low minimum trade size of $1.
  • Open to most global traders.
  • Accepts cryptocurrency deposits.
  • Offers weekly trading contests with cash prizes.

Cons

  • Not regulated by a reputable financial authority.
  • Limited to forex and crypto binary options only.
  • Reports of withdrawal difficulties.
  • Unresponsive live chat support.
  • No weekend trading.
  • Lacks copy trading features.
  • No mobile app available.

Customer Support


CloseOption claims to provide round-the-clock support via telephone, email, and live chat. However, attempts to contact their support team via live chat during trading hours yielded no response, raising concerns about the availability of urgent assistance. Users can request a callback, but the reliability of support remains questionable.


FAQs


What Is CloseOption?
CloseOption is an online broker specializing in binary options trading on over 25 crypto and forex instruments, including major pairs like EUR/USD and BTC/USD.


Is CloseOption Legit?
While CloseOption operates under a license, it is not regulated by a legitimate authority, raising concerns about client safety and support reliability.


What Payouts Does CloseOption Offer?
Payouts can reach up to 95%, but higher payouts are reserved for premium account holders with significant deposits.


Is CloseOption A Good Binary Options Broker?
Despite appealing bonuses and contests, CloseOption may not be the best choice for binary options trading, especially given the limited asset range and withdrawal issues.


What Trading Platform Does CloseOption Use?
CloseOption utilizes its proprietary platform, TradeRoom, offering essential trading features but lacking advanced technical analysis tools.


Does CloseOption Have a Mobile App?
No, CloseOption does not provide a dedicated mobile app, but its web platform is accessible on mobile devices through popular browsers.




Feature Details
Broker Closeoption
Bonus $10 Welcome Gift
Instruments Binary Options on Forex & Cryptos
Demo Account Yes
Minimum Deposit $5
Minimum Trade $1
Payout 95%
Expiry Times 30 seconds - 1 month
Ladder Binary Options No
Boundary Binary Options No
Payment Methods Bitcoin, Ethereum, Mastercard, PayPal, Perfect Money, WebMoney, Wire Transfer
Regulator National Bank of Georgia
Mobile Apps iOS & Android
Copy Trading No
Social Trading No
Margin Trading No
MetaTrader 4 No
MetaTrader 5 No
cTrader No
AlgoTrader No
OmniTrader No
TradingView No
Autochartist No
eSignal No
Trading Central No
STP Account No
ECN Account No
DMA Account No
MAM Account No
PAMM Account No
LAMM Account No
Demat Account No
AI / Machine Learning No
Robo Advisor No
Negative Balance Protection No
Market Maker No
P2P Trading No
Spot Trading No
VPS Hosting No
Tournaments No
Demo Competitions Yes
Ethical Investing No
Islamic Account No
Account Currencies USD
CFD Trading No
Forex Trading Yes
Forex GBPUSD Spread No fee - payouts approx. 80% (Copper)
Forex EURUSD Spread No fee - payouts approx. 80% (Copper)
Forex EURGBP Spread No fee - payouts approx. 80% (Copper)
Forex Assets 20+
Crypto Trading Yes
Crypto Spread No fee - payouts approx. 40% (Copper)
Crypto Coins BCH, BTC, ETH, LTC, XBT
Crypto Lending No
Crypto Mining No
Crypto Staking No
Crypto Auto Market Maker No