CloseOption Review
| Broker | CloseOption |
|---|---|
| US Traders Accepted | |
| Company Name | CloseOption LLC |
| Headquarters | Georgia |
| Regulation | National Bank of Georgia (B 2-08/3647) |
| Bonus Type | Welcome Bonus |
| Bonus Size | $10 |
| Max Payout | 95% |
| Out-of-Money Reward | 0% |
| Trading Platform | Proprietary web-based platform |
| Deposit Options | PayPal, Perfect Money, Cryptocurrencies (Bitcoin, Ethereum, USDT, Ripple, Dash, BCH). |
| Deposit Currencies | US dollar |
| Minimum Deposit | $5 |
| Minimum Trade | $1 |
| Maximum Trade | $1,000 |
| Online Since | 2015 |
| Trading Instruments | Currencies (Forex): AUD/JPY, AUD/USD, CAD/CHF, EUR/AUD, EUR/CAD, EUR/JPY, EUR/NZD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/NOK Cryptocurrencies: BCH/USD, ETH/USD, LTC/USD, XBT/USD |
| Number of Trading Instruments | 21 |
| Binary Option Types | Call/Put, 60-second options, 30-second options, long-term options |
| Customer Support Types | Phone, email, ticket (web form), live chat. |
| Education Offered | Knowledge base and educational program covering basics of binary options trading, trading strategies, market analysis, risk management techniques, trading psychology insights, platform training, accessible educational resources |
| Tools Offered | Chart drawing tools |
| Commission | Cryptocurrency withdrawals involve paying a network fee. PayPal and Perfect Money withdrawals are free. Wire transfer fee is $100. |
| Languages | English |
| Demo Account | Yes, unrestricted |
CloseOption is a binary trading broker registered in the Eastern European country of Georgia. They’ve been operating since 2015 and offer a rather wide range of common call and put binary options via their custom web trading platform.
In terms of regulation, CloseOption is licensed by the National Bank of Georgia, which permits them to conduct operations in option trading and Forex.
Opening an Account
Opening a trading account with CloseOption is rather straightforward. There is no mandatory verification to open the account, but the KYC verification will be required to be able to use your live trading account in full (including to be able to withdraw funds). Once the basic registration is submitted, you can start trading on a demo account in under a minute. The demo accounts seem to be unrestricted, so you’ll have plenty of time to practice your strategy with their platform before deciding to switch to a real account.
CloseOption lacks an hierarchy of account types present at some other binary options brokers. You can deposit just $5 and start trading immediately.
Once you are ready to deposit real funds, it can be done via one of multiple methods: PayPal, Perfect Money, and various cryptocurrencies.
Trading on CloseOption
This broker offers their own custom proprietary platform with simple web access. The platform loads very fast and offers a chart overview of the selected instrument. You can switch the chart type and apply simple chart tools, but there is no way to use technical indicators that require calculations or to apply algorithmic trading — in this sense, the platform is rather basic. Which means that you’ll probably want to do your analysis elsewhere and only execute your trades there.
The platform offers customizable quick-trade buttons to simplify the execution process. Yet they offer many different option expiration periods: from 30 seconds to 1 month. This makes the platform suitable for long-term trading, which is nowadays rare in the BO industry.
Unfortunately, the only offered option types are the classic Call and Put (Above or Below). There is also no option to close the trade before its expiration.
Customer Service and Education
The customer service is very responsive at CloseOption, which is a definite advantage in this industry. Being available 24/7 and via multiple channels, such as phone, email, support ticketing system, and live chat, it surely helps when your own money could be at stake.
Another point in CloseOption’s favor is their set of educational materials freely available to traders. They cover a wide range of subjects and allow newbie traders to learn the basics of binary options pretty quickly.
Contests and Bonuses
CloseOption holds regular contests among its traders to reward the best ones with cash prizes. Welcome gifts and occasional cash gifts, as well as deposit bonuses, are sometimes announced based on the current promotion campaign.
Conclusion
Overall, CloseOption is a solid choice for traders, especially those looking to start trading long-term binary options with a hassle-free registration process. They offer a top-notch user support, which, combined with their estimable age and solid regulation, is something to look for in a binary options broker.