CloseOption Forex Broker

Closeoption Forex Broker - Complete Information Guide

1. Broker Overview

　　Closeoption is a binary options broker founded in 2013, headquartered in Tbilisi, Georgia. The company operates as a privately held entity, offering its services to a global market, with a particular focus on retail traders interested in binary options and forex trading. Over the years, Closeoption has developed a significant user base, reportedly serving over 2 million traders worldwide, including clients from the United States.

　　Since its inception, Closeoption has aimed to provide a user-friendly trading environment, marked by a low barrier to entry with a minimum deposit requirement of just $5. The broker has established itself in the binary options market, offering a range of trading products primarily in fiat currencies and cryptocurrencies. Notably, Closeoption has also implemented an affiliate program to expand its reach and provide additional income opportunities for its clients.

　　The broker operates on a proprietary web platform that allows traders to engage in binary options trading conveniently. Closeoption has made significant strides in enhancing its offerings, including the introduction of trading competitions that reward users with cash prizes, further enriching the trading experience.

2. Regulation and Compliance Information

　　Closeoption operates under the supervision of the National Bank of Georgia, holding a license number B 2 - 08 / 3647 issued in October 2017. However, it is essential to note that the National Bank of Georgia does not specialize in regulating online trading or forex-related activities, which raises concerns about the broker's regulatory standing.

　　The broker has established various compliance measures, including Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, to ensure the safety of funds and the integrity of its operations. However, the absence of robust regulatory oversight from recognized global authorities such as the FCA in the UK or ASIC in Australia limits the level of investor protection available to clients.

　　Additionally, Closeoption implements a client fund segregation policy, ensuring that traders' funds are kept separate from the company's operational funds. However, the lack of participation in investor compensation schemes raises further questions about the safety of client deposits.

3. Trading Products and Services

　　Closeoption offers a focused range of trading products, primarily specializing in binary options trading. The broker provides access to over 25 forex pairs, including major currencies such as EUR/USD, GBP/USD, and USD/JPY. Additionally, it allows trading in several cryptocurrency pairs, including BTC/USD, ETH/USD, and LTC/USD.

　　However, it is important to note that Closeoption does not offer trading in stocks, commodities, or indices, which may limit the trading options for clients seeking a more diversified portfolio. The broker frequently updates its product offerings, although the pace of new additions can vary.

　　The trading services are primarily aimed at retail clients, with no specific offerings for institutional clients or white-label solutions. The absence of additional trading instruments may deter more experienced traders looking for a broader range of investment opportunities.

4. Trading Platform and Technology

　　Closeoption utilizes a proprietary trading platform that is accessible via major web browsers, including Chrome, Firefox, and Internet Explorer. The platform is designed to be user-friendly, featuring essential tools for binary options trading, such as various chart styles and analytical tools like Fibonacci lines.

　　The platform supports multiple charting timeframes, ranging from 5 seconds to 1 minute, and offers binary options contracts with expiry times from 30 seconds to 1 month. However, it lacks support for widely used trading platforms like MetaTrader 4 or MetaTrader 5, which may limit advanced trading capabilities.

　　While Closeoption does not currently offer a dedicated mobile application, the web platform is optimized for mobile browsing, allowing users to trade on their smartphones and tablets. The broker's execution model does not involve leverage, requiring traders to use their own capital for trades, which is standard in the binary options market.

5. Account Types and Trading Conditions

　　Closeoption provides a straightforward account structure with one primary live trading account and options for demo and contest accounts. The minimum deposit required to open a real account is just $5, making it accessible for new traders.

　　The trading conditions vary based on the account tier, which is determined by the deposit amount:

• Copper Account: $0 - $1,000 deposit, payouts up to 76%
• Bronze Account: $1,000 - $2,000 deposit, payouts up to 77%
• Silver Account: $2,000 - $10,000 deposit, payouts up to 78%
• Gold Account: $10,000 - $50,000 deposit, payouts up to 79%
• Diamond Account: $50,000 - $1,000,000 deposit, payouts up to 91%

　　The minimum trade size is set at $1, while the maximum trade size can reach $1,000. Closeoption does not offer leverage, which may limit trading strategies for some clients. Additionally, an inactivity fee of 0.5% applies to accounts that have been dormant for more than three months.

6. Fund Management

　　Closeoption supports a variety of deposit methods, including bank transfers, credit cards, and electronic wallets such as PayPal, Perfect Money, and WebMoney. The minimum deposit requirement is $5, and the processing time for deposits is generally instant, except for cryptocurrency transactions, which may take up to 30 minutes.

　　Withdrawals can be made using the same methods as deposits, with a minimum withdrawal amount of $1 for cryptocurrencies and e-wallets, and $20 for credit card transactions. However, bank wire transfers require a minimum withdrawal of $500. Withdrawal requests are typically processed within three business days, although fees for bank wire withdrawals can range from $50 to $100, which is higher than many competitors.

　　Closeoption does not charge fees for most deposit methods, but a fee of 0.5% applies to accounts that have been inactive for three months, alongside a $10 reactivation fee.

7. Customer Support and Educational Resources

　　Closeoption offers customer support through various channels, including email, phone, and live chat, with a commitment to provide assistance 24/7. However, users have reported varying response times, with some experiencing delays in receiving support. The broker supports multiple languages, catering to its diverse client base.

　　In terms of educational resources, Closeoption provides basic tutorials and a knowledge base covering various topics related to binary options trading. While these resources can help beginners understand the platform and trading strategies, they may not be as comprehensive as those offered by more established brokers.

　　Market analysis services are limited, with the broker providing basic insights and updates rather than in-depth research reports. Additionally, traders have access to various trading tools, including calculators and economic calendars, to assist in their trading decisions.

8. Geographic Coverage and Restrictions

　　Closeoption primarily serves clients in regions where binary options trading is permitted. The broker is accessible to traders worldwide, including significant markets like the United States. However, it does not accept clients from countries where binary options trading is restricted, such as North Korea, Iran, and several other jurisdictions.

　　The broker's operations are structured to comply with local laws, and potential clients are encouraged to verify their eligibility based on their country of residence. Closeoption's marketing efforts appear to target a broad audience, but traders should exercise caution and ensure compliance with their local regulations before opening an account.

　　In conclusion, while Closeoption offers an accessible entry point into binary options trading with a low minimum deposit and a user-friendly platform, the lack of robust regulatory oversight and limited asset offerings may be significant drawbacks for many traders. As always, potential clients should conduct thorough research and consider their trading needs before engaging with any broker, including Closeoption.