Close Option Review 2024: Is it legit?

What is CloseOption?

CloseOption is a binary options broker that was founded in 2013 and is headquartered in the country of Georgia.

It offers trading on a variety of assets, including commodities, currencies, stocks, and indices, and it is one of the few binary options brokers that accept clients from the United States and Canada.

Most binary options brokers will agree that the rigorous regulatory requirements in the US and Canada are enough to deter them from offering their services to customers in those countries. However, most traders view CloseOption’s accessibility to US and Canadian citizens as proof that they are a reliable and trustworthy binary options broker.

The company is also registered with the Financial Conduct Authority (FCA) in the United Kingdom and is compliant with the MiFID regulations. CloseOption is also regulated and compliant with the regulations set forth by the Financial Action Task Force (FATF).

The company is diligent in taking measures to prevent money laundering and terrorist financing. To this end, they have a strict KYC (know your customer) policy to ensure that their clients are legitimate.

What makes CloseOption different from other binary options brokers is that they offer Islamic accounts, which are compliant with Sharia law. These accounts are swap-free and have no rollover fees. An Islamic account is beneficial for traders who wish to conduct binary options trading in a Sharia-compliant manner.

Another unique feature of CloseOption is that they offer bonuses to their clients. The bonus amount depends on the account type and the deposit amount. Unfortunately, these bonuses are not available to residents of the United States and Canada.

In addition to compliance with regulators, the company is regulated by the National Bank of Georgia. While binary options trading is not currently regulated in Georgia, the company’s compliance with National Bank of Georgia regulations provides an additional level of protection for traders.

What CloseOption offers

Account Types

CloseOption offers two account types: a demo account and a real account. The demo account is available to all traders and gives you the ability to test out the trading platform with $10,000 of virtual money.

The real account requires a minimum deposit of $5 and gives you access to all of the features of the trading platform, including live market quotes, real-time charting, and social trading. There is also a contest account, which is a competitive account type that offers cash prizes to the top traders every month.

You can also climb your way up to a VIP account that comes with special perks, such as access to trade and administration assistance. The tiered account system allows you to access additional features as your trading skills improve, and they are based on the deposits you make on your real account.

Security Features

CloseOption takes security seriously and offers several features to protect your account. These features include two-factor authentication, SSL encryption, and a dedicated team to monitor suspicious activity. For US and Canadian traders, your funds are held in a segregated account at an FDIC-insured bank.

There is a rigorous verification process to open an account, which ensures that only serious traders are using the platform. While this might appear as a hindrance at first, it’s a necessary component to keeping the trading environment safe and secure.

CloseOption boasts numerous positive reviews in terms of its safety features. A glance at user reviews online and you will see that safety is one of the things that traders like about this broker.

Trading Platforms

CloseOption offers two trading platforms: a web-based platform and a mobile app. The web-based platform is available in English, Russian, Portuguese, Spanish, and Turkish. The mobile app is available in English and Russian. Both platforms are user-friendly and offer a variety of features, including live market quotes, real-time charts, social trading, and an economic calendar.

Forex and Crypto Trading

In addition to binary options trading, CloseOption also offers forex and cryptocurrency trading. The forex trading platform offers more than 30 currency pairs, including major, minor, and exotic pairs. The cryptocurrency trading platform offers a selection of popular coins, such as Bitcoin, Ethereum, Litecoin, and Ripple. What’s more, making crypto deposits comes at zero fees.

Customizable Trading Room

CloseOption’s trading room is fully customizable, which allows you to set up the platform in a way that suits your trading style. You can also customize the charting interface and indicators to suit your preferences. With CloseOption’s trading room, you have access to technical analysis tools, economic news, and a variety of other resources that can help you make informed trading decisions.

Intuitive Dashboard

If you are just getting started with binary options and need a straightforward platform, then CloseOption’s dashboard is perfect for you. It’s an interface that’s easy to navigate and provides information at a glance which you can use to make informed trading decisions.

AML Compliance

CloseOption is compliant with Anti-Money Laundering (AML) regulations and Know Your Customer (KYC) guidelines.  The broker requires all new clients to complete a verification process, which typically takes 1-2 business days.

Supported Payment Methods

CloseOption supports a variety of payment methods, including credit/debit cards, bank wire transfers, e-wallets, Perfect Money, Webmoney, and crypto. The minimum deposit is $5 for credit/debit cards and $500 for bank wire transfers. Withdrawals are processed within 1-3 business days.

Customer Service

CloseOption offers customer service via email, telephone, and live chat. The customer service team is available 24/7 and is quick to respond to inquiries. Overall, CloseOption is a reliable binary options broker that offers a variety of features and services to its clients.

If you’re looking for a binary options broker that serves clients from the United States and Canada, CloseOption may be a good choice.

How does CloseOption compare to other brokers?

The best way to make a conclusive decision about the broker you want to choose is to evaluate its platform and services in comparison to other brokers. Here is a quick look at how CloseOption compares to its competitors.

Minimum deposit: CloseOption offers a minimum deposit of $5. Rival companies such as IQ Option and Binary.com require a minimum deposit of $10. What’s more, you can start trading binary options on CloseOption with as little as $1, which is quite affordable compared to its competitors.

Maximum Payout: CloseOption offers a maximum payout of 95%, which is higher than the industry average. For example, Binary.com and IQ Option offer a maximum payout of 92%. Supported Payment Methods: CloseOption supports a variety of payment methods when compared to its competitors.

Customer Service: Most popular brokers offer customer service via email, telephone, and live chat. The customer service team is available 24/7 and is quick to respond to inquiries. CloseOption is no different in this regard.

Trading Features: When it comes to trading features, a good broker will offer a variety of options and resources to its clients. CloseOption provides access to technical analysis tools, economic news, and other resources that can help you make informed trading decisions in its trading room.

The company even goes as far as offering its VIP clients a personal account manager. This is quite remarkable, considering platforms such as IQ Option only offer this service to clients who deposit $1,000 or more.

Intuitive Dashboard: Ease of use is a must-have for any good broker. CloseOption’s dashboard is designed with the user in mind, with its streamlined platform making for a pleasant and stress-free trading experience. When compared to rivals, CloseOption comes out among the top brokers in terms of user-friendliness.

Factors to Consider while Choosing a Broker

If you’re looking for a binary options broker, there are several factors you should take into consideration.

The first thing you need to have in mind is whether or not the broker is regulated and licensed by a reputable authority. This is important because it will ensure that your broker is held to high standards of conduct.

While most traders are attracted to binary options trading due to the ease of use and high profits that can be made, it’s important to remember that this is a risky investment. You need to make sure you’re entrusting your trades to a broker who isn’t fraudulent.

Another thing to consider is the minimum deposit. A good broker will have a low minimum deposit so that you can start trading with a small amount of money. As we mentioned before, CloseOption has a minimum deposit of $5, which is lower than the industry average. This makes it a good choice for traders who are just starting.

You should also consider the maximum payout when choosing a broker. This is the amount of money you can potentially make on a successful trade. As we mentioned, CloseOption offers a maximum payout of 95%. So far, the company has over 1.5 million diamond members and continues to offer contests and bonuses to encourage traders to stick with the platform.

Next, look at the fees. Most brokers will charge a commission on each trade, as well as a withdrawal fee. You should also take into account the spreads offered by the broker. The smaller the spread, the better.

Discover top binary options brokers tailored to your region. Browse our curated lists by country:

All Brokers | Top Brokers | USA | Canada | UK | Australia | Nigeria | India | New Zealand | Germany | Turkey | Spain | France | Ukraine | China | Indonesia | Pakistan | Bangladesh | Russia | Mexico | Japan | Brazil | Philippines | Vietnam | Iran | South Africa | Italy | South Korea | Argentina