CloseOption

Active since 2013, CloseOption is an online broker specializing in binary options based on forex and cryptocurrencies. You can not use this broker to speculate on other assets.

All trading takes place on the CloseOption proprietary platform TradeRoom, which is browser-based and can not be downloaded and installed. No mobile app is available.

The minimum deposit to CloseOption depends on your choice of deposit method and will only be the equivalent of $1 if you do a cryptocurrency deposit.

The smallest binary option stake is $1.

Welcome bonus

• $10 welcome gift
• A first deposit bonus of up to 44%.

These perks come with trading requirements. Make sure you understand the terms and conditions before you accept any gift/bonus. Your will not be able to make any withdrawals from your account until you have fulfilled the requirements, including trading the deposited amount 20 times.

Cryptocurrency deposit bonus

CloseOption encourage their clients to make deposits and withdrawals using cryptocurrencies and gives a 2% deposit bonus on cryptocurrency deposits.

Trading contests

If you fulfil certain requirements, you can become eligible for trading contests at Close Option. One of the requirements is a minimum deposit of $500 into your trading account. Most contests come with a $5 or $10 entry fee, but there are also some contests that are free to enter.

The contests are run weekly and traders utilize virtual funds to compete against each other. There are up to 20 winners per contest and up to $850 in bonus money for prizes.

Account types and account tiers

Real-money trading accounts and account tiers

There are several account tiers, ranging from Copper Account (entry-level account) to the top-tier Diamond Account. The Diamond Account is available to clients who deposit at least $50,000.

Your account-tier will impact various aspects of your trading experience, including binary options payouts. The typical payout on a binary option based on EUR/USD would be around 75% for a Copper Account, but over 90% for a Diamond Account.

Play-money Demo Account

You can open a free Demo Account filled with $10,000 in play-money. This is a great way to get to know the platform and see if you like what CloseOption has to offer.

You can refill the Demo Accout with new play-money three times.

Speciality Accounts

CloseOption does not offer speciality accounts, such as Ethical Investment Accounts or Islam / Muslim / Halal / Sharia Accounts. You can also not have a Demat, STP, DMA, ECN, PAMM, LAMM, or MAM account here.

Binary options

Option types

Only one type of binary option is available here; the classic put/sell option. This is not the right broker for you if you want more unusual alternatives, such as ladder options, touch/no touch, boundaries, etc.

Expiry times

The shortest available expiry time is 30 second and the longest is 1 month.

Minimum stake

The minimum stake is $1.

Underlying assets

This broker specializes in binary options based on forex and cryptocurrencies, and no other types of underlying assets are available.

Examples of underlying assets:

• EUR/USD
• GBP/USD
• GBP/EUR
• USD/JPY
• BTC/USD
• ETH/USD
• LTC/USD

Payouts

The payout rate ranges from around 15% to 95% depending on the binary option, underlying asset and the account level. The 95% payout rate is only available to Diamond Account (top-tier accoun) holders with an account balance exceeding $50,000 and even then it is only available for certain specific underlying assets and time-frames.

Generally speaking, the payout is best for binary options based on the largest major forex pairs, e.g. EUR/USD and GBP/USD. Even with a Copper Account (lowest tier account), you will frequently see payouts around 75% for binary options based on majors. For forex pairs such as AUD/USD and USD/CHF, you can expect payouts a few percentage points lower. For binary options that involve one or more cryptocurrencies, it is rare to see payouts exceeding 45%.

Commissions

This broker does not charge a commission fee on the binary options trading.

The TradeRoom platform

CloseOption have their own proprietary trading platform called TradeRoom. You open and use it directly in the internet browser window, e.g. Chrome, Mozilla Firefox or Safari. Since you don´t download and install it on your computer, it does not matter if your computer is running on Windows, Linux, MacOS or something else.

The trading platform is sleek and fairly minimalistic, which can be a plus for novice traders who don´t want to risk being overwhelmed by features. For experienced traders, it can feel a bit too simple and lacklustre.

The platform comes with an assortment of basic tools for charting and technical analysis, including a few different chart styles and some analytical devices. The shortest charting time frame is 5 seconds and the longest 1 minute. It is an okay selection for a beginner who is just starting out, but a more experienced trader who is used to platforms such as the MetaTrader 5 will not be overly impressed.

Is a downloadable platform available for desktop computers?

No, there is no version of TradeRoom that can be downloaded and installed on your computer.

Is there a trading app available for iOS, Android or Windows Mobile?

No, there is no TradeRoom mobile app available for smartphones or tablets.

You can access the platform in the browser window of you mobile device, but the platform was not developed for small screens and touch-screen navigation, so it can be a clunky experience.

Is Copy Trading available?

No, TradingRoom does not support copy trading.

Can I use third-party platforms with my CloseOption account?

No. Unlike some other brokers, CloseOption will not give you access to any of the independent third-party platforms, e.g. MetaTrader 4 (MT4, Meta Trader 5 (MT5) or cTrader. Your account will only work with the proprietary TradingRoom platform.

Deposits & Withdrawals

This broker encourages their traders to use cryptocurrencies for deposits and withdrawals, and will even give a 2% deposit bonus on cryptocurrency deposits. When you do a deposit into your account using cryptocurrency, you will be directed to coinpayments.net to complete the transaction.

Examples of accepted cryptocurrencies are Bitcoin, Bitcoin Cash, Tether, Ether (Ethereum), Dash, Ripple, Tron, and Monero. Both deposits and withdrawals tend to be processed faster by CloseOption when you use cryptocurrency instead of traditional currency.

With that said, CloseOption also accepts traditional currency and more conventional transaction methods, including MasterCard, bank transfer and wire transfer, plus an assortment of e-wallets, including PayPal, WebMoney and Perfect Money. For some of these methods, CloseOption charges a hefty processing fee, so make sure you read the fine print before you make a decision. Wire transfers and bank transfers can for instance incur a 7% or $50-$100 deposit fee.

Cryptocurrencies also get preferential treatment when it comes to minimum deposit size. For cryptocurrencies, the smallest permitted deposit is the equivalent of just $1. For other methods, it is higher, from reasonable $5 limit for certain methods up to the massive $500 limit for wire transfers.

Identity verification

Just like many other brokers, CloseOption will require you to verify your identify before you can make withdrawals. With CloseOption, the standard procedure is to do this over Skype, which can be an issue for people who don´t have a Skype account.

Customer support

Phone support: Yes, +44-2032 9020 97. This is a British phone number.

Email support: Yes, info@closeoption.com

Live chat support: Yes

Call-back service: Yes

There are issues with the customer service that prospective traders need to keep in mind. Even though CloseOption claim to offer support 24/7, this is not always the case. Regrettably, traders sometimes find it impossible to reach customer support staff, even during trading hours.

Ownership and regulations

CloseOption is owned by a company based in Georgia, a small country located in the Caucaus region of Euroasia.

The company was registered in August 2013 and has the registration number D86708031.

Company office address: Vake-saburtalo district, Al Kazvegi ave. N41 Apt.N19, Tbilisi, Georgia

CloseOption is registered with the National Bank of Georgia and has the license number B2-08/3647.

Georgia is not considered a top-tier regulator when it comes to trader protection. This is to be expected, however, as most brokers who offer binary options to retail clients are now based in countries known to have a more hands-off approach, as many of the more stringent countries and regulators have either banned or strongly restricted the sale and distribution of binary options to retail clients.

Questions & Answers

Can I trade CFDs here?

No, CloseOption does not offer Contracts for Difference (CFDs).

Is there an inactivity fee?

Yes, there is. The inactivity fee is a 0.5% charge and an account is considered inactive after not being logged into for three months. Activating an account that has become inactive costs $10.

Can I turn on two-factor authentication for my account?

No, two-factor authentication is not available for CloseOption accounts.

Does Georgia require Negative Balance Protection?

No, they do not, and you will not have negative account balance protection when using leverage with CloseOption.

Is VPS hosting available?

No, this broker does not offer Virtual Private Server (VPS) hosting.