CloseOption Review

Trading binary options can be a fun and profitable way to speculate on the price movements of various assets, such as forex and cryptocurrencies. However, finding a good broker can be a challenge, especially if you don’t know what to look for.

That’s why we decided to review CloseOption, one of the most popular binary options brokers in the industry.

In this review, we will analyze CloseOption’s regulations, platform, account types, payment methods, bonuses, and customer support.

We will also highlight its pros and cons and tell you our final verdict on whether CloseOption is a trustworthy and reputable broker.

So, if you are curious about CloseOption and how to trade binary options on its platform, stay tuned!

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How Can I Get Started on the CloseOption Platform?

To get started with CloseOption, you need to register for an account on their website.

You can choose between a demo account, a live account, or a contest account.

If you are totally new to trading, I recommend you start with a demo account.

Why a DEMO account?

While a demo account allows you to practice trading with $100,000 in virtual funds for free, a live account requires you to make a deposit of at least $5 to get started.

Other benefits of starting to trade with a DEMO account on CloseOption include: –

• Free to refill – You can replenish your demo account back to 100K for free when you run out.
• Good for creating new strategies
• Free access to all platform features
• Can be used to join CloseOption tournaments

Contest Account

A contest account in CloseOption enables you to participate in weekly trading tournaments with cash prizes.

Other CloseOption Account Types

One of the features of CloseOption is that it offers different account types for its clients.

Depending on the amount of deposit, traders can choose from five account levels: Copper, Bronze, Silver, Gold, and Diamond.

Each account level has different payouts, ranging from 76% to 91%.

The higher the account level, the higher the payout.

In other words, to qualify for the best payouts, clients need to deposit at least $50,000, which is quite a high amount for most beginning traders.

Note: These three account statuses are just tiers on the live account. The demo account and the contest account are both constant no matter the account tier you are in.

The account tiers of CloseOption are summarized in the table below:

Best Account Type in CloseOption

The best account type in CloseOption depends on your trading goals, preferences, and budget.

If you are a beginner or want to test the platform before investing real money, you might want to try the demo account or the contest account.

The demo account allows you to practice trading with $100,000 in virtual funds, while the contest account enables you to participate in weekly trading tournaments with cash prizes.

If you are ready to trade with real money, you can choose from these five account levels: Copper, Bronze, Silver, Gold, and Diamond.

Each account level has different payouts, ranging from 76% to 91%.

The higher the account level, the higher the payout. However, to qualify for the best payouts, you need to deposit at least $50,000, which is quite a high amount for most traders.

Now, let’s ask that question again, Which account type is best in CloseOption?

Decide for yourself by considering your trading strategy, risk appetite, and expected returns.

You can also compare CloseOption with other binary options brokers and see which one offers the best features and benefits for your needs.

Jump to the bottom of this review to compare CloseOption with Quotex, RaceOption, and other brokers.

1. How to register a Contest, Demo, and Real account all at once

To register for an account, you need to provide your email address, username, password, and country of residence.

You also need to agree to the terms and conditions and privacy policy of CloseOption.

After that, you will receive a confirmation email with a verification link.

Once you verify your email, you can log in to your account and access the trading platform.

2. How to Make a Deposit in CloseOption

To make a deposit, you need to select the ‘Deposit’ option on the top right corner of the platform and choose a payment method.

CloseOption accepts PayPal, WebMoney, Mastercard, Perfect Money, and crypto transfers.

The minimum deposit is $5 and the maximum is $10,000 for all methods.

Deposits are processed instantly and do not incur any fees.

However, if you are making the minimum deposit in order to participate in CloseOption contests, then you should think twice because CloseOption says,

“We regret to inform you that you are not eligible to enter the contest. A total deposit of $500 will need to be paid before joining the contest. You should note that your payments are deposited directly to your CloseOption wallet, and this deposit requirement is different from the entry fee, which is $5.00. Also, the starting balance for all participants is $10,000.”

That sucks, right?

If you do not intend to participate in the contest though, you can just make the $5 minimum deposit and trade in the trading room.

3. How to DEMO Trade in CloseOption

You will need to select the ‘TradeRoom’ option from the menu for the ‘Real Trading’ account or just click on the “Trade now button” next to the demo account balance to start practicing for FREE.

Were you redirected to the trading platform?

You can now select an asset from the list of 25+ forex pairs and cryptocurrencies provided to start doing your analysis.

Next, you need to select an expiry time from 30 seconds to 1 month. Then, you need to enter the trade size from $1 to $1000 and confirm the potential payout.

All said, select ‘Put’ or ‘Sell’ if you think the price will go down or ‘Call’ or ‘Buy’ if you think the price will go up.

4. How to Withdraw Money From Close Option

To withdraw your earnings, you need to select the ‘Withdrawal’ option from the menu and choose a payment method.

The minimum withdrawal is $1 for most methods and $20 for Mastercard.

The maximum withdrawal is $10,000 for all methods and withdrawals are processed within three working days.

a). Notable Features in Close Option

• Weekly contests

CloseOption organizes weekly trading tournaments with cash prizes for its clients.

The entry fee for these contests is $5 and the prizes can go up to $1000. Interestingly, weekly CloseOption contests are held using $100,000 in virtual funds and the winners are determined by the highest balance at the end of the week.

• Multiple payment methods:

CloseOption supports various payment methods for deposits and withdrawals, including PayPal, WebMoney, Mastercard, Perfect Money, and crypto transfers.

The minimum deposit and withdrawal amount is $5 for most methods and $20 for Mastercard.

The maximum deposit and withdrawal amount on the other hand is $10,000 for all methods.

Deposits are processed instantly except if you use manual methods like Crypto.

• In-depth knowledgebase:

CloseOption provides a comprehensive and helpful knowledge base for its clients, where they can find answers to frequently asked questions, tutorials, demo videos, and trading articles.

This knowledgebase covers topics such as how to trade binary options, how to use the platform, how to participate in contests, how to make deposits and withdrawals, and more.

If you ask me, this is a valuable resource for both beginners and experienced traders who want to learn more about CloseOption and binary options trading.

• Regulation:

CloseOption is a Georgian-based company that was registered on 08.08.2013 with the number D86708031.

CloseOption’s “Forex” and “Options Trading” activities are permitted by the license with the number B 2-08/3647, dated 10.18.2017, issued by the National Bank of Georgia.

Note: – All activities of the company are in accordance with the laws of Georgia.

If you have any questions or concerns about the platform then you should direct them to Mr. Giorgi who is the company’s attorney. You can send him an e-mail: [email protected].

• Trading Contests or tournaments

CloseOption offers regular trading contests with attractive prizes for its clients.

The contests are held on a weekly basis and have a total prize pool of $3000 per week and $12,000 per month.

The contests are open to all clients who have a live account and are willing to pay a $5 entry fee.

As mentioned earlier, these contests are based on virtual funds, and the winners are determined by the highest balance at the end of the week.

The contests are a fun and exciting way to challenge yourself, compete with other traders, and win extra cash.

• Minimum Deposit $5:

CloseOption has a very low minimum deposit requirement of only $5 for most payment methods.

This means that you can start trading binary options with real money without risking too much of your capital.

You can also choose from five account levels based on your deposit amount, which have different payouts ranging from 76% to 95%.

The higher the account level, the higher the payout.

• Minimum Trade Amount $1

CloseOption also has a very low minimum trade amount of only $1 for all assets. This means that you can trade binary options with small amounts and control your risk exposure.

You can also trade binary options with various expiry times from 30 seconds to 1 month.

The maximum trade amount is $1000 for all assets.

• $100,000 in Demo account:

CloseOption offers a free demo account for its clients, where they can practice trading binary options with $100,000 in virtual funds.

The demo account has all the features and functions of the live account, except that it does not involve real money.

Beginners can use this account type to figure out the trading platform while experienced traders can also use it to create new trading strategies.

• Fast Trade execution:

CloseOption boasts a fast and reliable trade execution system that ensures that your orders are executed in real-time without any delays or slippage.

b). CloseOption Android and iOS App Download

One of the drawbacks of CloseOption is that it does not have a mobile app for its clients. This means, that CloseOption users can not enjoy the convenience of mobile app trading with their phones.

Traders can however access the web-based platform from any device including laptops and computers.

While this can limit your trading opportunities, especially if you are used to trading with mobile apps, don’t beat yourself up to a pulp. You can still trade with Mozilla, Safari, Chrome, and Edge among other free browsers downloaded from the Play Store.

c). Pros and Cons of Trading With CloseOption

1). Advantages of Trading with CloseOption

• Low minimum deposit and trade amount:

CloseOption allows you to start trading binary options with as little as $5 for most payment methods. You can also trade with a minimum trade amount of $1 for all assets.

• High payouts and bonuses:

CloseOption offers payouts up to 95% for its Diamond account holders, which is one of the highest in the industry.

You can also get up to a 100% matching bonus on your initial deposit, depending on your account level.

• User-friendly and web-based platform

CloseOption has a simple and easy-to-use platform that does not require any downloads or installations.

You can access the platform from any web browser, including Microsoft Edge, Google Chrome, Mozilla Firefox, and Safari.

The platform has all the basic features you need to analyze assets and trade binaries, such as charts, expiry times, trade sizes, payouts, and put/call buttons.

• Multiple payment methods and fast withdrawals

CloseOption supports various payment methods for deposits and withdrawals, including PayPal, WebMoney, Mastercard, Perfect Money, and crypto transfers.

You can deposit and withdraw your money with ease and convenience.

The minimum withdrawal amount is $1 for most methods and $20 for Mastercard.

The maximum withdrawal amount on the other hand is $10,000 for all methods.

Withdrawals are processed within three working days and do not incur any fees for most methods.

ii). Disadvantages of Trading with CloseOption

• The high deposit requirement for best payouts

CloseOption offers payouts up to 95% for its Diamond account holders, which is one of the highest in the industry.

However, to qualify for the best payouts, you need to deposit at least $50,000, which is quite a high amount for most traders.

You might find better deals with other brokers that offer lower deposit requirements and higher payouts.

• Lack of mobile app:

CloseOption does not have a mobile app for its clients.

This means that you cannot trade binary options on your smartphone or tablet using an app for CloseOption.

You can only access the web-based platform from your desktop or laptop computer.

This can limit your trading opportunities and convenience, especially if you want to trade on the go or monitor the market from anywhere.

• Lack of well-regarded regulation:

CloseOption is regulated by the National Bank of Georgia, which ensures that its activities are in accordance with the laws of Georgia.

However, the National Bank of Georgia is not a well-known or respected regulatory authority in the binary options industry.

You might prefer to trade with brokers that are regulated by more reputable and trustworthy authorities, such as CySEC, FCA, ASIC, or CFTC.

5). CloseOption Bonuses and Promo Codes

CloseOption also offers a generous 44% deposit bonus on every deposit you make.

This bonus can help you increase your trading capital and potential profits.

However, there are some terms and conditions that you need to know before you claim the bonus.

In this section, we will explain the details and benefits of the CloseOption deposit bonus.

This deposit bonus is available for both new and old accounts and traders who choose to activate the bonus will receive the bonus on every deposit they make, regardless of the number of deposits.

The bonus amount is 44% of your deposit amount. For example, if you deposit $100, you will get $44 as a bonus.

Unlike on all the other binary options trading platforms, the bonus credit in CloseOption is added to the trader bonus balance, which is separate from the real balance.

Traders can trade on the bonus balance when the real balance is depleted.

Not to worry though, trading on the bonus balance is similar to real trading.

i). How to Withdraw Bonuses in CloseOption

The bonus credit can be withdrawn only after a trader completes a certain trading volume which according to CloseOption is 20 times the deposit amount.

For example, if you deposit $100, you need to trade $2000 to withdraw the bonus. The trading volume includes both real and bonus orders.

ii). What Happens if You Withdraw Money Before Reaching the 20 Times Bonus Requirement?

You can withdraw your original money at any time without affecting the bonus. However, if you withdraw an amount before releasing the bonus, your bonus balance will be reduced proportionately.

For example, if you deposit $100 and get $44 as a bonus, and then withdraw $10, your bonus balance will be deducted by $4.4.

The bonus period lasts for 30 days from the point you activate it on the “Promotion” page.

If you do not meet the trading volume requirement within 30 days, the bonus will be removed automatically.

However, if you make another deposit, the bonus amount and the expiration date will be reset.

Compare Close Option

• Quotex – QxBroker is an innovative platform for online investment, offering binary options trading on forex and cryptocurrencies. It has a user-friendly and web-based platform that provides integrated signals, trading indicators, and charts. This platform also offers a free demo account with $10,000 in virtual funds, a low minimum deposit of $10, and payouts up to 98%.

• IqCent – This is an all-in-one trading platform that provides investors with a single space to trade cryptocurrencies, other types of digital assets, indexes, stocks and more. The minimum deposit on this platform is low and a minimum trade amount of $1. IqCent also offers a generous deposit bonus of up to 100%, weekly trading contests with cash prizes, and copy trading features.

• RaceOption – RaceOption is a binary options broker that offers a range of features and benefits for its clients. It allows you to trade forex, cryptocurrencies, stocks, commodities and indices with a minimum deposit of $250 and a minimum trade amount of $1. RaceOption also offers payouts up to 95%, weekly trading contests with cash prizes, multiple payment methods and fast withdrawals.

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Frequently Asked Questions

• Is CloseOption legit or a scam?

CloseOption is a legit binary options broker that is regulated by the National Bank of Georgia. This means that its activities are in accordance with the laws of Georgia and that it has a license to offer forex and options trading.

CloseOption also has a dedicated and responsive customer support team that can assist you via email, phone, online contact form, or office address.

However, you should also be aware that binary options trading is a risky and speculative activity that can result in losses as well as profits.

As a rule of thumb, you should only trade with money that you can afford to lose and have a good trading strategy and risk management.

• How much do I need to deposit at CloseOption?

CloseOption has a very low minimum deposit requirement of only $5 for most payment methods.

You can also choose from five account levels based on your deposit amount, which have different payouts ranging from 76% to 95%.

The higher the account level, the higher the payout.

However, to qualify for the best payouts, you need to deposit at least $50,000, which is quite a high amount for most traders.

You can deposit and withdraw your money using various payment methods, such as PayPal, WebMoney, Mastercard, Perfect Money, and crypto transfers.

• Is CloseOption a good binary options broker for beginners?

CloseOption can be a good binary options broker for beginners who want to learn how to trade binary options without risking too much of their capital as it offers a free demo account with $100,000 in virtual funds

You can use the DEMO account funds to practice trading with different assets and expiry times.

CloseOption also provides a comprehensive and helpful knowledgebase on their website, where you can find answers to frequently asked questions, tutorials, and demo videos.

This knowledgebase covers topics such as how to trade binary options, how to use the platform, how to participate in contests, how to make deposits and withdrawals, and more. All topics are needed by beginner traders.