CloseOption is an online trading platform that focuses exclusively on binary options. The broker positions itself as a simple and accessible gateway into trading, offering straightforward contracts and a platform designed for fast execution. It has been active since 2013, which is a fairly long history in the fast-moving retail binary options field.
CloseOption will give you access to a simple proprietary platform and a modest range of assets, with a focus on fiat currency and cryptocurrency as underlying assets for the binary options. It is most appealing to beginners looking for a simple interface to enjoy short-term market predictions on exchange rates.
Just like most other retail binary options platforms, it is based in a jurisdiction known for being pretty lax when it comes to enforcing trader protection rules, and this is something prospective users must take into account.
Trading Platform Experience
This binary options broker will give you access to its own proprietary, web-based trading interface. The platform is lightweight and relatively easy to navigate, designed for traders who want to place short-term binary options contracts without complex tools.
Expiry times for binary options on this platform range from very short-term contracts to longer lifespans, giving flexibility in trade selection.
While the platform is user-friendly for beginners, it lacks advanced features that would support algorithmic trading and detailed technical analysis. This makes it less appealing for experienced traders seeking in-depth functionality.
Underlying Assets For Binary Options at CloseOption
CloseOption focuses primarily on binary options based on currency exchange-rates, including both fiat currencies and cryptocurrencies.
The selection of fiat currency includes over two dozen pairs and contains both majors, minors, and exotics. You can for instance speculate on EUR/USD, GBP/USD, USD/JPY, AUD/JPY, AUD/USD, EUR/AUD, EUR/CAD, EUR/JPY, EUR/NZD, GBP/AUD, GBP/CAD, GBP/CHF, NZD/USD, USD/CAD, USD/CHF, and USD/NOK.
The cryptocurrency section is comprised of cryptocurrencies traded against the USD, including pairs such as BTC/USD, BCH/USD, ETH/USD, and LTC/USD. It works well if you want to speculate on well-known cryptocurrencies such as Bitcoin, Bitcoin Cash, Ether (Ethereum), and Litecoin, but CloseOption is not ideal for traders interested in less well-known alt coins.
Accounts and Tiers
CloseOption offers a single standard account for real-money trading, but the account can reach different levels within a tiered account structure. Each level provides different benefits and available payout percentages. Your account level is determined by the total deposit amount in your real-money trading account.
- Copper level. Deposited amount at $1,000 or below. Binary options payouts available up to 79% for EUR/USD speculation and up to 75% for other speculation.
- Bronze level. Deposited amount at $1,001 – $2,000. Binary options payouts available up to 80% for EUR/USD speculation and up to 76% for other speculation.
- Silver level. Deposited amount at $2,001 – $10,000. Binary options payouts available up to 82% for EUR/USD speculation and up to 77% for other speculation.
- Gold level. Deposited amount at $10,001 – $50,000. Binary options payouts available up to 85% for EUR/USD speculation and up to 80% for other speculation. Weekly cash gift upon request.
- Diamond level. Deposited amount at $50,001 or above. Binary options payouts available up to 90% for EUR/USD speculation and up to 85% for other speculation. Weekly cahs gift. Personal manager. VIP terms in tournaments.
In addition to the real-money trading account, you can also have a demo account and a contest account. The demo account is filled with play-money. It is a great way to learn how the platform works and try out new strategies. The contest account is for participating in weekly trading contests, where you can win cash prices.
All three account types are accessible using the same log-in credentials.
Bonuses and Promotions
CloseOption advertises bonuses and promotional incentives. Make sure you fully understand the terms and conditions of each offer before you agree, because they come with strings attached that can freeze your account from withdrawals until certain trading volumes are met.
Opaque terms and conditions for bonuses are a recurring issue in the binary options industry in general, as they can effectively lock up trader funds and prevent clients from accessing their balances without meeting high turnover requirements. It is not just your bonus money and profits derived from it that gets froozen; your deposited money and profits earned before you accepted the bonus gets frozen too.
Deposits and Withdrawals
CloseOption accepts deposits via standard channels such as credit and debit cards, wire transfers, and cryptocurrency transfers. While deposits are processed quickly, withdrawal requests have been an area of concern. Traders have reported delays, requests for excessive verification, and in some cases, denied withdrawals. Sometimes, it is because traders have failed to read and understand bonus terms and conditions before accepting bonus money.
Regulation and Reputation
Two companies have ties to the CloseOption venture: CloseOption LLC and Organic Tech LLC.
CloseOption LLC is a corporation registered in Georgia, a former Soviet Republic that is now a sovereign nation. The associated address is Vake-Saburtalo district, Al. Kazvegi Ave. N41 Apt. N19, Tbilisi, Georgia.
According to CloseOption´s own site, the CloseOption brand and related operations belong to the Organic Tech LLC company in Georgia, registered in Georgia in August 2013, with the registration number B13080768. The site also claims that this company holds a license from the National Bank of Georgia (No. B 2 08/3647). We have not found any entity named Organic Tech LLC in the Georgian business registry, so the sitation remain opaque. The license number B 2 08/3647 can not be seen among the publicly available records published by the National Bank of Georgia.
CloseOption LLC has a registered address in Turkey: Avsallar, Ahmet Erdogan Sk, P.K 07410 Alanya, Antalya, Turkey.
Both Georgia and Turkey are listed among the restricted countries on the CloseOption site, meaning that traders in these countries can not use the CloseOption platform.
Customer Support
Customer support is available through live chat and email, but clients report that response times are inconsistent. Reports suggest that while some inquiries receive quick replies, more complex issues, particularly those related to withdrawals, are met with vague or unhelpful responses, and the support seems to be stalling for time.
The CloseOption is support is open 24/7.
You access the live chat through the TradeRoom platform or through the CloseOption web site.
Email address: info@closeoption.com
For legal matters, contact legal@closeoption.com.
A UK phone numer and a US phone number are available:
+44 2032 902 097
+1 706 847 4747
Note: In the U.S., the 706 area code is for the northwestern and east-central parts of the state Georgia. This can cause some confusion, since the company CloseOption LLC is registered in the Asian country Georgia, and not in the U.S. state Georgia. It is important for prospective traders to understand that they are not dealing with a U.S. company based in the state of Georgia. As far as we can tell, CloseOption LLC does not have any support centre or other business actually located in the U.S. state of Georgia, they have simply obtained a U.S. phone number with the area code 706.
If you do not want to make the phone call (and pay for the call), you can use the CloseOption call-back service. Use the Contact Us form on the CloseOption website and request and callback.
Restricted Countries and Territories
At the time of writing, CloseOption does not provide services to clients in the following countries and territories:
- Afghanistan
- Algeria
- Armenia
- Azerbaijan
- Bangladesh
- Belarus
- Bhutan
- Brazil
- China
- Colombia
- Egypt
- Georgia
- India
- Indonesia
- Iran
- Iraq
- Israel
- Kazakhstan
- Kenya
- Kyrgyzstan
- Latvia
- Malaysia
- Mexico
- Mongolia
- Morocco
- Myanmar (Burma)
- Nepal
- Niger
- Nigeria
- North Korea
- Pakistan
- Palestine
- Russia
- Sri Lanka
- Syria
- Tajikistan
- Tunisia
- Turkey
- Turkmenistan
- Ukraine
- Uzbekistan
- Venezuela
- Yemen
- Zimbabwe
Why Are Traders Chosing CloseOption?
CloseOption is not a platform designed for mainstream investors who prioritize long-term financial growth or the protections that come with strong legal trader protection rules. Instead, CloseOption is appealing to traders who is interested in short-term speculation, is okay with high risk, and is drawn to simplicity over advanced functionality. You need to be okay with the risks that come with using a broker based in the Asian country Georgia, a location without strong retail trader protection rules. You must accept that protections such as mandatory segregation of client accounts, governmental compensation schemes, and a formal dispute resolution service handled by a financial authority are absent.
CloseOption is appealing to traders looking for simplicity, as the trading platform has a straightforward interface. This attracts beginners who want to try binary options trading without being overwhelmed by complex tools or advanced software. The platform´s focus on simple trade execution makes it accessible to newcomers who value ease of use over technical depth.
The focus is on short-term binary options, which is appealing to traders who prefer fast-paced speculation rather than longer-term trading or investing. Binary options contracts on the platform are structured with short to medium expiry times, appealing to those who enjoy predicting rapid price moves in currency pairs and crypto assets.
CloseOption can be an appealing choice for traders focused on currency exchange rate speculation; both fiat currency and cryptocurrency. This platform is not suitable for other strategies, e.g. equity speculation, commodity speculation, or index speculation.
You can make a small first deposit to CloseOption ($5) and this is appealing to traders on a small budget and traders who want to try a new broker with a small deposit before committing any more funds.