CloseOption Review 2024: Binary Options Trading Made Simple

Payouts and Other Features

CloseOptions and bonuses

Summary of CloseOption

It was a “eureka!” moment for me. I finally found a broker that offers Binary Options and a competitive fee structure, all packaged into one.

CloseOption is all about its extensive collection of forex and crypto Options. Additionally, the interface is minimal and there are no exorbitant deposit thresholds. What else could you want from a Binary Options broker?

CloseOptions earns a TB score of 6.8 out of 10 based on a close evaluation of its features.

In this review, I will explore CloseOption in detail, looking at its educational resources, competitive fees, and selection of instruments. After reading this, you will be able to decide whether you want to become one of its 3,160,000 members from across the globe.

List of restricted countries

Pros and cons

Demo platform

Evaluating the High Impact Factors

User satisfaction: 8 / 10

Regulation: 6 / 10

Educational content: 8 / 10

Webinars: 1 / 10

Spreads and commissions: 9 / 10

Customer support: 9 / 10

Tons of educational resources

Despite the regulations, a majority of CloseOption’s users are based in the United States.

Trade with CloseOption If:

• You don’t want to overcommit with a high deposit (the low deposit minimum of $5 makes it easy for beginners to try Binary Options trading)

Low deposit threshold

Don’t Trade with CloseOption If:

• You prefer trading platforms with dedicated mobile apps (CloseOption can only be accessed through its web interface)

Ticket submission via browser

Verified Office Address

CloseOption is based out of Georgia. I looked for a physical address and found that it operates from Al Kazvegi Ave. N41 Apt.N19, Tbilisi, the Vake-saburtalo district.

This address is open for correspondence and gives a layer of credibility to this Binary Options broker.

Most of the team can be contacted online. However, high-deposit and Diamond clients can also arrange a personal meeting with members of the team.

Expert Opinion on CloseOption

“Start Binary Option with CloseOption and Earn Big Profits!”

Yongii Gray, Trader

Trader testimonial 

“I made $100 in the Weekly Contest of Closeoption they are legit. You can try this Binary Option Platform and start using Contest to Learn. They offer real Cash Prizes and Even Welcome Gifts to the New Comers.”

Allan Gorczamy, Binary Options Trader

Trader Testimonial

Credible and trustworthy, as mentioned by Traders

Expert Review of CloseOption

I have used several Binary Options brokers, including popular ones like IQCent and Olymp Trade. However, the low deposit threshold on CloseOption managed to catch my interest.

After trying it out, I found several things I really liked about this broker. Here are some of them.

3-in-1 Accounts

I created a standard trading account. To my surprise, that also gave me access to the contests and demo trading options. And the more I trade, the higher my chances of getting increased payouts or profit percentages.

I started at the Copper level. However, if you deposit between $1,000 and $2,000, you can move to the Bronze level for better payouts. From there, you can upgrade to the Silver, Gold, and Diamond levels, with payouts going as high as 95%.

Demo Trading Support

Another feature I really like is the $100,000-stacked demo account. It’s a great way to learn the ropes of Binary Options trading using made-up funds. And because the demo trading interface looks exactly like the regular trading interface, you get a feel for the real thing.

A Decent Set of Pairs

Some of you might disagree with me on this one. Yes, there are only 21 Binary Options trading pairs on CloseOption. But that’s because it’s a broker that keeps things simple.

From the major forex pairs – from USD-JPY, EUR-USD, and EUR-JPY to BTC, BCH, and LTC crypto pairs with USD – this Options broker has the crucial instruments covered.

Note that the payout rate varies depending on the instrument you wish to trade.

Featured instruments 

Educational Resources

CloseOption has a tutorial section with everything a trader needs, regardless of their level of expertise. Here you’ll find materials on trading strategies, blockchain basics, Options market analysis, and lots of other useful subjects.

Contests

CloseOption periodically releases offers related to deposit bonuses, which can go as high as 44%. Plus, you can get featured on the leaderboard if you participate in a contest and win.

Trader or contest leaderboard

Signing Up

Getting started with CloseOption is relatively simple.

Once you hit the Sign Up button, you will be required to fill out the registration form. If you prefer, you can also log in using you social credentials.

I chose to log in using my Google account and was immediately directed to the trading dashboard.

Signup window

CloseOption Dashboard

CloseOption’s dashboard is quite comprehensive. As you can see from the screenshot below, you can access all the trading, educational, and support features right on this page. You can also view the broker-specific news headlines and realign your trading strategies based on them, if needed.

The trading chart for any Binary Option pair updates in real-time with a cascading view, making it possible for experienced traders to track the market in real-time.

Overall, I found the dashboard simple and highly interactive.

Account dashboard

However, there is a reason why I didn’t give it a perfect 10.

For standalone trades, you need to head over to the TradeRoom (CloseOption’s trading interface) and click on the Real Account tab. That can be a bit of a hassle, especially for users who are just getting the hang of a platform like this one. However, the extensive set of indicators, chart-viewing options, and other features in the TradeRoom make up for this minor hiccup.

Deposits and Withdrawals

As a trader, it is natural to be concerned about deposits and withdrawals specific to a platform.

On CloseOption, your choices are plentiful. You can move funds to and from your account using:

• Electronic wallets
• Crypto transfers
• Bank cards
• Wire transfers

Existing deposit and withdrawal methods

I tried crypto transfers and was impressed by how seamless it was, both for deposits and withdrawals. Not only that, but CloseOption even gave me a 2% deposit bonus for crypto transfers.

If you prefer security over ease, however, wire transfers are a suitable option as well.

Trading Conditions

CloseOption has a pretty transparent fee structure and does not charge any trading commission directly. If you look at the dashboard, you’ll notice the payout percentage assigned to your account.

In my case, it was set at 80% (as seen in the screenshot below). That means if my trades earn a profit, I’ll be credited 80% of the value, with CloseOption keeping the remaining 20%.

Payout is at 80% as part of the trading level

There is also an account reactivation charge of $10 if you want to resume trading after three months of inactivity. On top of that, when you fund your account after those three inactive months, 0.5% of the deposit value will go to inactivity fees.

There are no deposit fees, and withdrawal charges are waived for crypto transfers. However, bank and wire transfers can be charged at $50 to $100, even for small amounts.

How to Start Trading with CloseOption

After completing the signup process, the next step is to fund your account.

The deposit tab on the top right corner of the screen lets you select the funding method and the amount. Once the funds are in your account, you can start trading.

Account funding

Do note that trading via contests might not adhere to the minimum deposit threshold of $5 and may require a higher amount.

Useful Tools for Traders

CloseOption keeps things simple. If you’re a Binary Options trader, all you will find is a proprietary web interface that replicates the extensive set of indicators and tools TradingView offers.

However, as a trading expert, I could locate a few useful tools to further amplify the trading experience:

Real trading interface

• Access to different types of views (including candlesticks, lines, and zigzag lines)
• A handful of analysis tools (including Fibonacci levels)
• Access to educational tools related to trading, directly from the trading interface

Trading tools

CloseOption also has a timer on the dashboard to let you know the status of active contests, if you’re participating in them to earn additional funds.

Investing Opportunities

Unfortunately, CloseOption doesn’t offer copy trading, which would really allow traders to amplify their profits.

It does, however, support trading contests that allow you to win weekly and monthly prizes based on your trading performance. Be aware, however, that CloseOption levies a charge on the payouts of contest winnings.

Contests for better earnings

In most cases, trading contests will require you to make a minimum deposit to your CloseOption wallet and pay an entry fee (though in some cases, that fee is $0).

Affiliate Program

CloseOption has a relatively muted yet rewarding affiliate program, with a promise of 7% commission. You can also use referral banners offered by the platform to draw in users organically.

There are also specific referral plans and more lucrative rewards available during specific times of the year.

The affiliate program offers you two ways to earn: through regular commissions or revenue sharing.

Security Standards

CloseOption is regulated by the National Bank of Georgia, which might not be a top-tier body like the FCA but still ensures a credible operational framework.

Despite this relatively weak regulation, CloseOption takes fund and data security very seriously. Some of the stronger security implementations include:

• Two-factor authentication for login
• Account verification for withdrawals
• Mandatory security audits
• SSL-led data encryption for data security
• Account approval or KYC for withdrawals

KYC window

Customer Support

Whether you’re using the standard dashboard or the trading dashboard, CloseOption’s commitment to top-of-the-line customer support will be evident.

Active X handle of CloseOption

These include access to the team via social media handles, with the one on X (previously Twitter) being very responsive.

Other features include:

• Multilingual support
• Dedicated account managers for high-value accounts
• Callback service
• Ticket submissions
• Direct phone support
• Email support
• Round-the-clock support
• Live chat interface

Existing customer support options

Summary

And that sums it up!

After trying CloseOption for myself, I was quite impressed by its features and the overall experience.

The interface was somewhat minimal but very intuitive.

The referral program is a great way to earn some passive income alongside the trades you make.

If you’re interested in Binary Options trading, you can’t go wrong here. If you’re looking for a broker that is tightly regulated, you’ll be hesitant to give this one a shot. But if your main concern is having features that help you trade with ease, CloseOption has you covered.

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