Binary Options Broker CloseOption

CloseOption – A Brief Review of a Binary Options Scam Broker The CloseOption scam broker entered the binary options market in 2016, although its website claims it was registered in Georgia in August 2013. The platform offers trading on classic higher/lower options across currency pairs, metals, and cryptocurrencies. CloseOption Reviews

Glowing reviews of the binary options broker CloseOption are easy to find online — but how much can you trust them? What is really behind this company's polished facade? In this review, we cut through the marketing and examine CloseOption's true nature.

Contents:

• Main Characteristics of the Broker
• General Information About the Broker
  • Domain Registration
  • Licenses and Regulation
  • Social Media Presence
  • Trading Conditions
• Registering With CloseOption
• Identity Verification
• Minimum Deposit on the CloseOption Platform
  • Deposits and Withdrawals
• Account Types
• Trading Platforms
• Contests and Bonuses
• Educational Resources
• Customer Support
• CloseOption User Reviews
• Pros and Cons
• Conclusion: Is CloseOption Worth Trading With?

Main Characteristics of the Broker

General Information About the Broker

CloseOption presents itself as an international broker offering binary options trading services worldwide. Clients have access to two account types for live trading (real and contest) as well as one demo account. The broker also promises generous deposit bonuses.

To appear credible alongside the companies listed in our rating of reliable binary options brokers, CloseOption publishes educational trading materials on its website — a superficial attempt to project legitimacy.

Domain Registration

According to the publicly available Whois database, the CloseOption domain was registered in 2015. The company's active operations began in the summer of 2016, when its first official website appeared.

Licenses and Regulation

The licensing claims on CloseOption's website deserve close scrutiny. According to the site, CloseOption was registered in Georgia on August 8, 2013, under number D86708031 — yet no supporting documents are provided anywhere on the platform.

The site further states that the broker is regulated under a license from the National Bank of Georgia, number B 2-08/3647, dated October 18, 2017. This means that, by the company's own account, it operated without a license for four years. More importantly, a check of the National Bank of Georgia's official list of licensed brokerage companies returns no record of CloseOption whatsoever — neither the company name nor the registration number it claims to hold appears anywhere in the registry.

The conclusion is straightforward: all registration and licensing information on the CloseOption website is fabricated. The company has no verifiable legal existence, and the National Bank of Georgia could not have issued it any license.

The dates don't add up either. The site lists a registration date of 2013, while the CloseOption.com domain only appeared at the end of 2015.

Social Media Presence

The broker's social media presence raises further red flags. The official CloseOption page on Reddit carries a telling notice.

Its presence on X (formerly Twitter) is equally negligible.

There is only a dormant YouTube channel with a minimal subscriber count and just a handful of uploaded videos, apparently abandoned long ago.

The broker also maintains an Instagram account and an Telegram channel with artificially inflated subscriber numbers.

None of this resembles a legitimate project with a decade of operating history.

Trading Conditions

CloseOption offers binary options on currency pairs, spot gold, and a handful of cryptocurrencies. OTC assets are not available — apparently the broker's operators did not consider them worth adding.

Note that the actual payouts displayed in the trading terminal differ significantly from the 95% figure advertised on the website.

Registering with CloseOption

The registration process at CloseOption follows the same standard flow as legitimate binary options brokers: fill in a form and gain access to a personal account where you can supposedly manage your funds and view trade history. Before handing over any personal data, however, think carefully about who will be receiving it.

Identity Verification

To unlock full account access and the ability to withdraw funds, users must complete identity verification. The company requires a government-issued ID (passport or driver's license) to confirm your name and date of birth, along with proof of address — a utility bill or bank statement no more than three months old. We strongly advise thinking carefully before submitting this information to an unregulated operator.

Documents are uploaded via Control Panel > Settings > Account Approval. Once approved, the account is supposed to become fully active, granting access to all platform features and enabling withdrawals — though in practice this is far from guaranteed.

Minimum Deposit on the CloseOption Platform

Getting started on this platform requires a minimum deposit of $5 — standard practice among low-minimum binary options brokers.

What is far from standard is the platform's open promotion of no-KYC trading. Advertising the absence of identity checks as a feature is a blatant violation of financial regulatory requirements — any licensed broker would lose its authorization for this. Here, the lack of client verification is presented as a selling point, with no regard for the origin of deposited funds.

Deposits and Withdrawals

Depositing funds is made as frictionless as possible — which is, of course, the entire point of the operation. The platform supports a wide range of payment methods, including bank cards (Visa, Mastercard), e-wallets (PayPal), and multiple cryptocurrencies (Bitcoin, Ethereum, Tether, and others). There is no verification of the source of funds or the client's identity, consistent with the no-KYC policy described above.

Account Types

CloseOption offers three account types: live trading, contest participation, and practice.

Trading Platform

CloseOption's trading platform is, to put it charitably, bare-bones. While most binary options brokers now offer terminals with built-in technical indicators as standard, CloseOption's platform has none. Apparently, the broker considers them unnecessary for anonymous trading.

The platform's functionality is minimal: users can select a chart type, apply basic graphical analysis tools, change the timeframe, and switch assets. That's it. The quality of price data is equally poor — gaps are clearly visible on the charts, and they tend to appear right after a trade is opened.

Particularly notable is the ability to open trades with expiration times of up to one month while the maximum available chart timeframe is just one minute — a remarkable feature for long-term traders who, naturally, conduct all their analysis on one-minute candles.

Contests and Bonuses

CloseOption uses a weekly demo account contest as bait to attract new users. Winners are promised cash prizes, but given the broker's track record, such claims are hard to take at face value. The contest most likely serves as a recruitment tool rather than a genuine reward mechanism.

Educational Resources

CloseOption maintains a training section on its website that, on the surface, resembles those of other binary options brokers: a blog with educational and analytical articles, trading strategy breakdowns, and market forecasts.

This content should not be trusted — it may be deliberately misleading and designed to serve the broker's interests rather than the trader's.

Customer Support

CloseOption's support team can be reached via live chat or through the ticket system in the user's personal account.

CloseOption User Reviews

User reviews of CloseOption are, predictably, overwhelmingly negative. Common complaints include platform outages and account blocks with no explanation from the company.

Pros and Cons

Conclusion: Is CloseOption Worth Trading With?

It is remarkable that CloseOption has managed to operate for a decade despite an ever-growing list of complaints. The scheme continues regardless.

How any serious trader could overlook the absence of basic technical analysis tools on CloseOption's platform is difficult to understand. While leading brokers like Pocket Option are integrating artificial intelligence, offering risk-free trades, and rolling out advanced market analysis features, CloseOption offers an outdated terminal with no indicators and a price chart riddled with data gaps.

We strongly recommend against opening an account with this broker. Instead, choose a trusted platform from our rating of reliable binary options brokers.

Choose a Reliable Broker

See Also:

• Binary Options Strategies
• Are Binary Options a Scam?
• How to Choose the Right Binary Options Broker
• What to Do If Your Broker Won't Process Withdrawals