CloseOption Review 2020

General Information

Website URL: https://www.closeoption.com/

Founded: 2017

Regulation: Not regulated

Languages: English

Deposit Methods: PayPal, Master Card, Wire Transfer, WebMoney, Perfect Money

Minimum Deposit: From $5

Free Demo Account: Yes

Types of Assets: Forex pairs, Crypto

CloseOption is a binary options broker based in Tbilisi, Georgia. They try to distinguish themselves from the rest of the competition by offering some unique solutions. Our CloseOption review will provide you with an in-depth analysis of all of its pros and cons, so that, by the end, you will have a good idea whether you should commit. The review is broken down into segment for easier digestion of all the information thrown your way.

Regulation

By operating from Georgia, CloseOption has to abide by the local laws. Unfortunately, this means two things. First of all, this broker does not fall under any financial watchdog’s jurisdiction. CySEC, FCA have no legal authority over this broker, so it can basically write its own rules. Secondly, while CloseOption technically has to work under Georgian laws, they are conveniently very loose when it comes to any Forex activity. In the past several years, we have seen many brokers deciding to start their companies in this part of the world because they want to avoid regulation.

On the other hand, many young brokerages (CloseOption was founded in 2017) decide to go unregulated until they establish their brand. Being regulated requires a significant amount of funds, and many simply prefer to invest in other aspects of the business instead. Absence of regulation is not a red flag, but it does mean that traders are proceeding at their own risk.

Trading Platform

The good thing about CloseOption is that they offer a complete and fully operational Demo for all traders who want to know what they are getting into. This is especially useful given the fact that CloseOption trading platform recently underwent an overhaul and will take some time getting used to. The Demo environment does not hold anything back, and traders get the full range of tools to play around with.

The actual Trading Room is confusing at times. The design is not intuitive, so even the most experienced traders will have a hard time finding what they are looking for. Eventually, you will find that there are around 20 currency pairs to trade. These include major Forex pairs and major crypto coins. Selecting them will open up a “real-time” monitor for your asset. We put quotation marks because we have major reservations on the usability of that monitor. There is noticeable input lag, and it is barely usable in an environment where every second matters.  

Account Types

Unlike many brokerages, CloseOption keeps thing simple. There are no different account tiers to choose from. Every trader is subjected to the same rules. Whether this is a good thing or bad, depends on you and your preferences. We prefer to always have a choice, and CloseOption fails to deliver this. We can praise the low entry barrier of just $5, but that is about the only thing we can compliment.

Education

We were puzzled when we encountered CloseOption’s education system. It was unlike we have ever seen before. To put it simply, there are no traditional educational resources to speak of. If you are used to reading eBooks or watching VOD, you are out of luck. What is on offer is surprisingly good. Each trader gets to participate in Contests. Here you can observe how experienced traders form their strategies, copy or alter those and them implement them in a safe environment. There is even a Leaderboard that announced winners each month. This novel approach offers learning through practice. While this innovative method can be beneficial for a lot of beginners, we would love to see some of the traditional educational tools too.

Deposits and Withdrawals

CloseOption offers the complete range of payment methods. If you have ever traded before, you will know what you are dealing with. You can use credit cards, PayPal, a range of eWallets, WebMoney, Perfect Money and Bank Wire Transfer to get your money to and from your account. All these methods work as advertised. The only downside is the slightly longer waiting times for withdrawal approvals.

Customer support

While technically there is a sufficient amount of communication channels, not all of them are as efficient. If you are in need of a quick reply, you could hit up the quick chat feature, but it is a mystery when someone is actually operating it. Most of the times our cries for help fell on deaf ears. Equally frustrating are the phone lines. There is one team in the U.K., but we were never able to get through. This leaves the only viable solution: on-page form. You can expect a reply within several days, which is significantly longer than the industry standard. Customer support should be a vital part of any brokerage, and sadly, CloseOption fails to properly establish it.