CloseOption review and ratings

COMPANY INFORMATION

CloseOption is a binary options broker with a representative address at Tbilisi, Georgia.
The original place of registration and operation is not disclosed at the company’s website.

AVAILABILITY

CloseOption accepts clients from all over the world, excluding Afghanistan, Algeria, Bangladesh, Bhutan, Brazil, Colombia, Egypt, Georgia, Indonesia, Iran, Iraq, Israel, Malaysia, Morocco, Myanmar (Burma), Nigeria, North Korea, Pakistan, Palestine, Sri Lanka, Syria, Tunisia, Turkey, Uzbekistan, Venezuela, Zimbabwe.

DISTINCTIVE FEATURES

• Simple registration and verification process.
• Various binary options available for trading.
• Cryptocurrency funding accepted.
• Free binary options contests.

TRADING INSTRUMENTS

Binary options broker offers the following underlying assets for trading.

COMPREHENSIVE REVIEW

CloseOption is a binary options broker based out of Tbilisi, Georgia, and registered with the National Bank of Georgia as a provider of forex and options trading services. Unfortunately, no links or certificates are provided to prove the broker’s regulatory status, and it is therefore difficult for us to verify this.

CloseOption states on its website that it does not provide services to residents of a number of countries, including Brazil, Georgia, Indonesia, Malaysia, and Turkey, to name just a few. Worth noting, however, is that neither the United States nor any EU countries are mentioned on the list, despite binary options trading being heavily regulated – and in some cases illegal – in those jurisdictions.

This means that CloseOption is one of just a few binary options brokers that offer services to traders in those countries, although it is most likely operating in a regulatory grey area.

In terms of assets that are available for binary options trading, CloseOption offers a rather small selection of about 15 fiat currency pairs, as well as a similar number of cryptocurrencies. Although this is pretty good in terms of a crypto offering, the number of traditional FX pairs available for trading is really quite limited. Serious binary options traders looking for a diversity of assets to get exposure to will therefore have a hard time finding what they need from CloseOption.

All assets offered by the broker can be traded via its own proprietary trading platform, referred to as TradeRoom. This is a web-based trading platform designed exclusively for trading binary options on time frames ranging from 30 seconds to 1 month.

In an overall sense, TradeRoom is a very simplistic trading platform that is probably best suited for beginners in the market. The platform has a minimalistic interface, and is therefore easy to learn to use, even for people with no prior experience from trading.

CloseOption interestingly markets three different trading accounts on its website, but also says that all clients will get access to all three account types. These accounts are a Real Account, a Contest Account, and a Demo Account, respectively.

Another interesting thing about CloseOption is the large number of cryptocurrencies the broker accepts as payment for funding trading accounts. This includes not only the usual suspects like Bitcoin and Ethereum, but also less common coins like Dash, Monero, Ripple XRP, Litecoin, and Zcash. To make it even better for crypto fans, these cryptocurrencies are accepted without any processing fee charged by the broker.

Lastly, CloseOption’s customer service team claims to be available 24/7 via live chat, phone, and email. That is despite the fact that the broker is closed for trading on weekends, which makes us wonder why customer service is open then. In any case, the most convenient way to reach them is most likely via the chat feature on the broker’s website. For those who prefer to call, a UK-registered phone number is also provided.

In conclusion, we are of the impression that CloseOption may be a suitable choice for new binary options traders who just want to dip their toe into this market with smaller amounts of capital. Traders looking for more advanced trading with technical indicators, and those who have larger amounts of capital, may instead want to go for one of the larger and more renowned brokers we have reviewed here on FX-List.