Our Evaluation
Our Evaluation of CloseOption
CloseOption is one of the top brokers in the financial market with the Overall Score of 8.5 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by CloseOption clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
CloseOption is a regulated binary options broker where traders can trade fiat currencies and cryptocurrencies with their own funds. Due to the small size of the minimum deposit, the broker is suitable for beginners. CloseOption will also appeal to experienced traders due to the increased payout rates on VIP accounts.
Tested
How we tested CloseOption
Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Brief Look
Brief Look at CloseOption
CloseOption is a binary options broker that was registered in Georgia in 2013 and operates under the supervision of the National Bank of Georgia. It provides its clients with trading in pairs with fiat currencies and cryptocurrencies through a proprietary web platform. CloseOption’s services are used by over 2 million traders worldwide, including the United States. The broker specializes in active options trading but also offers an affiliate program to generate passive income. More than ten payment systems are available to CloseOption clients for depositing and withdrawing funds, with the majority of them allowing fee-free transactions.
Review
Expert Review
Clients can trade pairs on the CloseOption broker platform not only with the most liquid currencies, such as USD, EUR, GBP, and AUD, but also with JPY, CAD, CHF, NZD, and NOK. Cryptocurrency pairs include ETH/USD, LTC/USD, BCH/USD, and XBT/USD. Because the company does not provide leverage, it is possible to use only personal funds in trades.
CloseOption does not offer a Weekend Trading option, which means that, unlike other brokers, its clients cannot trade on Saturdays and Sundays. As a result, the company seeks to protect the capital of traders, as market volatility typically increases on weekends. CloseOption warns on its website that delays in price processing and its display in the trading platform range from 1000 to 2000 ms. This means that there is a chance of closing a trade with a minor price difference, which can result in both profit and loss.
Creating a user account takes no more than 10 minutes, but the user must pass verification. To do so, he must submit scanned copies of documents proving his identity and place of residence. Authentication of the provided details takes up to two business days. Citizens of countries where trading in binary options and Forex is prohibited at the state level are unable to open an account with CloseOption.
Trade with this broker, if:
- You value a low initial deposit requirement. With a loyal first deposit of just $5, this broker offers accessibility to traders with smaller capital.
- You appreciate the incentive of increasing payment sizes as trading volumes increase. As your trading activity grows, the size of your payments also increases, providing potential for higher returns over time.
Do not trade with this broker, if:
You prioritize higher payments on accounts with small deposits. Payments on accounts with small deposits are lower compared to those of competing brokers, which may affect your overall profitability, especially if you have a smaller trading capital.
You require the option to trade with leverage. This broker does not offer trading with leverage, which may limit your ability to amplify potential profits or losses.
Summary
CloseOption Summary
| 💻 Trading platform: | Proprietary web platform |
|---|---|
| 📊 Account types: | Real, Contest, and demo |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | PayPal, Perfect Money, WebMoney, Bitcoin, Tether, Ether, Tron, Ripple, Bitcoin Cash, Dash; Visa, MasterCard, or American Express bank cards, and wire transfer |
| 🚀 Minimum deposit: | $5 |
| 📈️ Min Order: | $1 |
| 🔧 Instruments: | Binary options (currency pairs, pairs of fiat and cryptocurrencies) |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| ⭐ Trading features: | The payout amount varies depending on the traded pair and the user account level |
| 🎁 Contests and bonuses: | Yes |
The percentage of payments from the CloseOption broker is not fixed. It varies according to market volatility, the total number of orders placed for the particular asset, and the user account level. The minimum payout rate is 17% of the bet amount, and the maximum is 95%. Before the expiration of the contract, a trader can buy or sell no more than 25 options. A buy or sell trade order cannot be canceled.
