CloseOption foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.closeoption.com/register, about the company's legal and temporary regulatory information, the company's address Vake-saburtalo district, Al Kazvegi ave. N41 Apt.N19, Tbilisi, Georgia.
CloseOption is a binary options broker that was established in 2013 and is headquartered in Tbilisi, Georgia. The broker operates under the ownership of Organic Tech LLC, a private entity. CloseOption primarily serves retail clients interested in trading binary options on various forex and cryptocurrency pairs. The platform has seen significant growth, claiming to have attracted over 2.5 million traders globally, thanks in part to its low entry barriers, such as a minimum deposit of just $5.
Since its inception, CloseOption has focused on providing a user-friendly trading environment. The broker has developed its proprietary trading platform, known as the Trade Room, which is designed to cater to both novice and experienced traders. The company has reached several milestones, including the introduction of weekly trading contests and a demo account feature, which allows traders to practice without financial risk.
CloseOption operates on a business model centered around retail forex trading and binary options. It offers a limited range of assets, primarily focusing on over 25 forex pairs and a handful of cryptocurrencies, which can limit diversification for traders seeking exposure to other markets.
CloseOption claims to be registered with the National Bank of Georgia, holding the license number B 2 - 08 / 3647. However, it is important to note that this regulatory body does not have the same level of authority or reputation as major financial regulators such as the Financial Conduct Authority (FCA) in the UK, Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).
The regulatory framework in Georgia allows CloseOption to operate, but it lacks robust oversight, which raises concerns about investor protection. For instance, traders do not have access to an investor compensation scheme in the event of insolvency, and there is no ombudsman to handle complaints.
CloseOption adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, requiring users to verify their identity before making withdrawals. This process typically involves submitting proof of identity and address documentation.
CloseOption offers binary options trading on more than 25 forex pairs, including popular options like EUR/USD, GBP/USD, and USD/JPY. Additionally, the broker provides options for a few major cryptocurrencies such as BTC/USD, ETH/USD, and LTC/USD. However, it is noteworthy that CloseOption does not offer binary trading on stocks, indices, or commodities, which limits its appeal compared to other brokers that provide a broader range of assets.
The platform features a variety of contract durations, ranging from 30 seconds to 1 month, catering to both short-term and long-term traders. While the broker has introduced some unique features, such as weekly contests with cash prizes, the overall product offering remains relatively narrow, primarily focusing on forex and cryptocurrency pairs.
CloseOption operates its proprietary trading platform known as the Trade Room, which is a web-based terminal accessible through major browsers including Google Chrome, Mozilla Firefox, and Safari. Unfortunately, CloseOption does not support popular trading platforms like MetaTrader 4 or MetaTrader 5, which may deter experienced traders seeking advanced trading tools and features.
The Trade Room provides essential trading functionalities, including multiple chart types (line, candlestick, area) and basic technical analysis tools such as Fibonacci lines and trend lines. However, it lacks the depth and advanced capabilities that seasoned traders might expect, such as automated trading options or extensive analytical tools.
Currently, there are no dedicated mobile applications for CloseOption, but the platform is optimized for mobile browsing, allowing traders to access their accounts and trade on the go. The execution model is straightforward, with traders placing bets directly against the broker.
CloseOption offers a single live trading account type with a tiered structure based on deposit amounts. The tiers include:
The minimum trade size is set at $1, while the maximum trade size can go up to $1,000. CloseOption does not offer leveraged trading, which is common in binary options trading, as all positions must be funded in full. The platform also charges a 0.5% inactivity fee on accounts that have not been logged into for over three months.
CloseOption supports a variety of deposit methods, including traditional banking options, credit/debit cards, e-wallets, and cryptocurrencies. The minimum deposit requirement is $5, making it accessible for new traders. Deposits are typically processed instantly, except for cryptocurrency transactions, which can take up to 30 minutes.
There are no deposit fees for most methods, although bank card deposits may incur a fee ranging from 1% to 8.4%, depending on the bank and currency. Withdrawals can be made using the same methods as deposits, with a minimum withdrawal amount of $1 for cryptocurrencies and e-wallets, and $500 for bank wire transfers. Withdrawal requests are processed within 1 to 3 business days, but users have reported delays, particularly with bank transfers, which may incur fees of $50 to $100.
CloseOption provides customer support through various channels, including 24/7 phone support, email, and live chat. However, users have reported mixed experiences, with some experiencing delays or unresponsive live chat support during trading hours. The broker claims to offer multilingual support, but the effectiveness of this service may vary.
In terms of educational resources, CloseOption offers a knowledge base that includes tutorials on using the trading platform and basic trading strategies. However, the depth of educational content is limited compared to competitors that provide comprehensive training programs. Market analysis services are also available, but traders looking for in-depth research may find the offerings lacking.
CloseOption serves a global clientele, accepting traders from various countries, including the United States and Singapore. However, it restricts access to clients from certain jurisdictions where binary options trading is prohibited, such as Iran, North Korea, and Iraq. The broker's operations are primarily focused on regions where binary options trading is legal, but potential clients should verify their local regulations before signing up.
In summary, while CloseOption presents an accessible platform for binary options trading, potential clients should carefully consider the regulatory environment, limited asset offerings, and customer support reliability before engaging with the broker.
FX8660304182
Chile
This problem is causing me a lot of anxiety. I put all my savings here, specifically 51,000 pesos and now they leave me with that they went bankrupt and they will not pay anyone. I beg you to help me so that they do not get away from it
Exposure
2021-12-03
FX1074198442
Netherlands
This broker has been a great service provider for trading options over the years. Always fast withdrawals and deposits. I never experienced any issues with such. I'm quite comfortable trading with this CloseOption.com over the years. Recommended
Positive
2024-05-02
Better half
Australia
Being able to open an account for as little as $5 is so attractive. But my friend told me not to deal with unregulated companies, and I think he has a point.
37130
2023-02-17
FX1209914232
Australia
CloseOption’s website is confusing and messy… whole webiste is gaudy and useless… I don’t know how to say…I won’t trade with this broker, anyway...
Positive
2023-02-16

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