Closeoption

CloseOption is a binary options broker that offers trading on two dozen forex and crypto assets. New users can get started with a $5 minimum deposit and the broker accepts multiple payment methods including Bitcoin. But is CloseOption.com legit and safe? This 2024 review unpacks payouts and withdrawals, trading apps, demo mode, and more. Find out if our expert team recommend signing up with CloseOption.

Headlines

• Maximum payouts up to 95%
• Minimum investment stake $1
• Weekly trading competitions with cash prizes
• Contract lengths from 30 seconds to 1 month
• $50,000+ balance needed for the best payouts
• Weak regulatory oversight
• Poor customer service

Company Details

CloseOption is based in Georgia, having opened its virtual doors in 2013. The firm offers binary options trading to investors across the world, except for a small number of Asian and African countries that are restricted from its services.

CloseOption is registered with the National Bank of Georgia (license number B2-08/3647). However, it is worth highlighting that this is not a well-regarded trading regulator.

Traders can sign up for a CloseOption account in a few minutes with no KYC checks. The broker accepts traditional payment methods like bank cards and wire transfers, plus e-wallets and cryptocurrencies.

Markets

CloseOption offers binary options trading on more than 25 forex pairs, including EUR/USD, GBP/USD, and USD/JPY, plus digital currencies like BTC/USD, ETH/USD and LTC/USD.

On the downside, this is a fairly limited range of assets compared to alternatives like Pocket Option and IQ Option which also offer binaries on stocks and commodities.

Payouts

Payouts typically range from 17% – 91% depending on the asset and account tier. With that said, cryptos tend to have lower payouts of around 40%.

Payouts 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, there is a 0.5% charge on inactive accounts after three months without login, as well as a $10 reactivation fee.

Platform

CloseOption offers its own TradeRoom platform. It is available on popular browsers, including Chrome, Safari, and Mozilla Firefox. There is also a mobile web variant, allowing users to trade from their smartphone. On the downside, there is no CloseOption app.

The platform’s main selling point is simplicity. It offers all the basic tools you need to trade binary options, including various chart styles, analytical tools like Fibonacci lines, plus a full view of your order history. Charting timeframes range from 5 seconds to 1 minute.

Binary options contracts are available in varying lengths, from 30 minutes to 1 month. The minimum trade size is $1 and the maximum is $1,000.

However, when we used CloseOption’s TradeRom, we found the terminal slow and cumbersome. There are also limited advanced analysis tools for experienced traders. Ultimately, it is a better fit for beginners.

How To Place A Trade

1. Sign in to the members’ area using your CloseOption login details
2. Click TradeRoom in the right-hand menu
3. Select Real Trading
4. Pick an asset in the menu above the chart
5. Pick an expiry time between 30 seconds and 1 month
6. Input the investment stake between $1 and $1,000
7. Check the payout offered
8. Click Put or Sell to make the trade

CloseOption Account Types

CloseOption offers one live trading account and a contest profile.

Real Account

• $5 minimum deposit
• $1 minimum trade value
• $1000 maximum trade value
• $10 cash gift when you start trading
• One account per person – no hedging allowed

There are also different levels, ranging from Copper (up to $1,000 deposit) to Diamond ($50,000 – $100,000 deposit). The levels unlock better payouts, with Copper offering a 76% payout on EUR/USD and 17-75% on other assets, and Diamond offering 91% on EUR/USD and up to 79% on other assets.

Contest Account

• Use virtual funds to compete against other traders
• Contests are run weekly, with up to 20 winners per game and prizes up to $850
• Winners are selected based on the account balance at the end of the contest period
• Entrance fees are usually $5-10 per game, but free contests are also available
• Minimum of $500 deposit in your real account to be eligible for a contest profile
• Recharge packages are available if your balance dips below $1,000
• Opportunities to double your balance using accelerator coins
• Prizes are deposited into winners’ accounts within 48 hours

How To Sign Up For A CloseOption Account

1. Register for a CloseOption account and enter your basic details, such as an email address and password
2. You will receive an email asking you to verify your account, click the link in the email
3. Visit the CloseOption dashboard and enter your home address and salary details (this is required to verify that you have sufficient money to trade)
4. Upload ID documentation, this can take up to two working days to verify
5. Your account will be pre-loaded with a welcome gift of $10 and you can deposit funds via the dashboard

Demo Account

CloseOption also provides a demo account with $100,000 in virtual funds. This is a great opportunity to understand how the platform works and build a strategy before you begin trading binary options with real money.

Traders can charge their accounts up to three times when the recharge symbol appears. All winnings are virtual and cannot be withdrawn.

Deposits

CloseOption offers a good selection of payment methods, including bank cards, wire transfers, e-wallets and digital currencies.

Cryptocurrency deposits are the quickest option, taking anywhere from 10 seconds to 1 hour to process. The minimum deposit is $5 and the maximum is $1,000,000. If you deposit via crypto you will also receive a 2% deposit gift and there are no fees incurred. Accepted cryptos include Bitcoin, Bitcoin Cash, Dash, Tether, Ethereum, Tron, Ripple, and Monero.

You can also deposit via PayPal, bank cards, and wire transfer. These solutions require you to verify your identity before you can deposit. For PayPal, there are no fees, but also no deposit gift. For bank transfers and bank cards, there is a 7% fee and no deposit gift. The minimum payment is $5 and the maximum is $5,000.

How To Make A Deposit

1. Log in to CloseOption and visit the dashboard
2. Click Deposit on the left-hand sidebar
3. Select your preferred payment method from the list
4. Enter the amount to deposit and select whether you would like to receive a bonus
5. The next page will provide details about expected processing times
6. Review the details on the summary page before clicking through to pay. For crypto, you will be directed to coinpayments.net to process the transaction
7. Coinpayments.net will give you an address to send your payment to. Ensure you send enough to cover any blockchain fees. Visit your crypto wallet to process the transaction
8. Finally, check the deposit is visible in your CloseOption account

Withdrawals

CloseOption withdrawals are completed by opening a ticket with the broker. Withdrawals must be made back to the initial deposit method or wire transfer.

The minimum withdrawal varies by method, starting from $1 with cryptos and e-wallets and climbing to $500 with wire transfers. There are no fees for most payment methods, however bank transfers have a charge of $50 to $100, which is high vs alternatives.

You must also verify your identity via Skype before you can withdraw and some traders have had difficulty with Skype verification reportedly unresponsive.

Most withdrawals are processed within three working days.

CloseOption Bonuses

The binary options broker offers trading contests that are run weekly. 20 winners will take home up to $850 in earnings for their part in the contests.

CloseOption also offers a $10 welcome gift and deposit bonus of up to 44%. This bonus is not given by default, you will need to tick the box to agree to it in the Deposit window.

However, this promotion does come with terms and conditions. Most notably, you won’t be able to complete any withdrawals until you have traded 20 times the deposit amount, for example, if you deposit $100 you must trade $2,000.

Regulation & Safety

CloseOption is licensed by the Bank of Georgia under licence number D86708031. However, the platform is not regulated by a tier-one financial agency, though this is typical in the binary options space.

There are also no login security measures like multi-factor authentication. Additionally, trades cannot be reversed or cancelled once placed.

Pros Of Trading Binaries With CloseOption

• Demo account
• Low minimum deposit of $5
• Low minimum trade size of $1
• Open to most traders globally
• Accepts cryptocurrency deposits
• Weekly trading tournaments with cash prizes

Cons Of Trading Binaries With CloseOption

• Not regulated by a trusted financial authority
• Forex and crypto binary options only
• Complaints of withdrawal problems
• Unresponsive live chat support
• No weekend trading
• No copy trading
• No mobile app

Customer Support

CloseOption advertises ‘round the clock’ support via telephone, email and live chat. However, they were contacted by our experts via live chat within trading hours and we received no response, despite being first in the queue.

There is an option for a callback, just leave your details in the box and they will get back to you. However, while using CloseOption, our traders were concerned that urgent help is not on-hand if you need it.

Should You Trade Binary Options With CloseOption?

Whilst the low minimum deposit and contest prizes may be tempting, CloseOption is not market-leading in terms of its trading conditions, regulation or client safety. The demo account is a great way to practise and the contests are a fun way to trade, but real-money trading opportunities are limited to forex and crypto assets.

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