Binary Options Broker CloseOption

CloseOption – A Brief Review of a Scam Binary Options Broker The CloseOption scam broker started its activity in the binary options market in 2016. Although the website of this scammer states that it was registered in Georgia in August 2013. It claims the ability to open deals on classic options higher/lower on currency pairs , metals and cryptocurrencies . CloseOption REVIEWS

There are often rave reviews about the binary options broker CloseOption on the Internet. But how much can you trust them? What is really hidden behind the bright signboard of this company? In this review, we will reveal the truth about the broker CloseOption and try to find out what are the true motives of those who stand behind it.

Content:

• Main characteristics of a binary options broker
• General information about the broker
  • Domain registration
  • Licenses and Regulations
  • Promotion in social networks
  • Trading conditions
• Registration with broker CloseOption
• Verification of personal data
• Minimum deposit on the CloseOption platform
  • Replenishing an account with a broker and withdrawing money from the site
• Account Types
• Trading platforms
• Competitions and bonuses
• Educational programs
• Customer support work
• CloseOption user reviews
• Pros and cons of a broker
• Conclusion: Is CloseOption Worth Trading?

Main Characteristics of a Binary Options Broker

General Information About the Broker

CloseOption positions itself as an international broker, allegedly offering binary options trading services worldwide. Its clients have access to two types of trading accounts for trading with real funds (real and contest), as well as one demo account . At the same time, the scam broker CloseOption promises to credit generous bonuses when replenishing the account.

In order to resemble as much as possible the companies that you can find in our rating of reliable binary options brokers , the CloseOption scammer posts informational materials on trading on his website, pretending to care about his clients.

Domain Registration

The domain of the scam broker CloseOption was registered in 2015, as evidenced by the corresponding entry in the publicly available Whois database. And this company began its vigorous activity in the summer of 2016. That was when the first official website of these scammers appeared.

Licenses and Regulations

The most interesting part will start when you want to inquire about the registration and licenses of this scam broker. The official website says (translated into Russian below) that CloseOption was allegedly registered in Georgia on August 8, 2013 under number D86708031. Naturally, there are no documents confirming this on the website.

In addition, it is said that the activities of the binary options broker are regulated by a license from the National Bank of Georgia under number B 2-08/3647 dated October 18, 2017. That is, according to the information of the company itself, it turns out that for four years they operated illegally - without a license. But that's not all. If you turn to the official state register of legal entities of Georgia, it turns out that there has never been any CloseOption.

From which it is easy to conclude: all information about registration and licenses on the website of the scam broker CloseOption is fake. Such a company never existed. And, naturally, the National Bank of Georgia could not issue it any licenses.

There are also discrepancies in the dates. The site indicates the registration date as 2013, while CloseOption.com appeared only at the end of 2015.

Promotion in Social Networks

The social networks of this “broker” also raise many questions. The official CloseOption page on Reddit has a meaningful inscription.

There is nothing on the X network either.

There is only a very modest YouTube channel with 185 subscribers, which was apparently abandoned long ago after publishing only 6 videos.

There is also Instagram

and a Telegram channel in English with fake subscribers.

This doesn't look at all like a successful project with a decade-long history.

Trading Conditions

Scam broker CloseOption offers binary options deals on currency pairs, spot gold and several cryptocurrencies. However, its owners decided not to bother with adding OTC assets.

Please note that the actual payouts for options in the trading terminal of this “broker” differ significantly from those stated on its website - 95%.

Registration with Broker CloseOption

Registration with the CloseOption scammer follows a standard procedure, like with honest binary options brokers : fill out a form and get access to your personal account, where you can supposedly manage accounts and see transaction statistics. However, before you give your personal data to these scammers, think carefully.

Verification of Personal Data

To gain full access to your trading account and the ability to withdraw funds, you need to go through verification . The company requires you to confirm your first name, last name, and date of birth by providing a passport or driver's license, as well as a document confirming your residential address - a utility bill or a bank statement with your name and address, dated no more than three months ago. We advise you to think three times before sending this data.

Documents are uploaded via the Control Panel > Settings > Account Approval section. Once verified and approved, the account should become fully active, which theoretically will open access to all platform functions and allow funds to be withdrawn. In practice, this is not guaranteed.

Minimum Deposit on the CloseOption Platform

To start trading on this scam broker's platform, you need to make a deposit of $5. There is nothing unusual in this regard - this is a standard practice for all binary options brokers with a minimum deposit .

But CloseOption is far from a standard broker. On the main page, it openly states that you can trade without going through KYC. This is a gross violation of all the rules and requirements of financial regulators, for which any licensed company would lose the right to work. Here, the lack of customer verification is presented as an advantage - as long as the money comes in, regardless of its origin.

Replenishing an Account with a Broker and Withdrawing Money from the Site

Topping up an account with this scam broker is as easy as pie – this is the main goal of the project. The owners have taken care of maximum convenience for victims: 17 payment systems, 3 types of bank cards and the same number of cryptocurrencies. There is no verification of the origin of funds or the identity of clients, because you can trade here without KYC, as we have already found out.

Account Types

CloseOption offers clients three types of accounts: for real trading, participation in competitions and study.

Trading Platforms

The broker CloseOption has everything "perfect", including its trading platform. While it has long been the norm for most binary options brokers to equip the terminal with built-in technical indicators, here they are simply not there. Apparently, the scam broker believes that they are unnecessary for anonymous trading.

The platform's capabilities are minimal: a choice of chart type, graphical analysis tools, timeframe and asset. That's all. The quality of historical data is also "at its best" - it is easy to notice "holes" on the charts, which, as luck would have it, appear immediately after opening a deal.

A special "convenience" is the ability to open deals with an expiration of up to a month with a maximum chart timeframe of only one minute. An excellent solution for long-term traders, because they, of course, analyze the market exclusively on minutes.

Competitions and Bonuses

Scam broker CloseOption uses a weekly demo account contest as bait to attract new victims. In words, the winners are promised cash prizes, but given the company's reputation, it is hard to believe. Most likely, the contest serves only as a tool to lure traders, and not an honest way to reward participants.

Educational Programs

This pseudo-broker has a section on its website dedicated to training traders. Outwardly, it differs little from similar sections of other binary options brokers: a blog with training and analytical materials, analysis of trading strategies , publication of forecasts.

However, you shouldn’t trust this analytics – it can be misleading and used in the interests of the company, not the trader.

Customer Support Work

CloseOption customer support promises to answer all your questions via online support chat or through the ticket system built into the user's personal account.

CloseOption User Reviews

Reviews of this scam broker, as expected, are mostly negative. Traders complain about failures in the trading platform and about blocking accounts without any explanation from the company.

Pros and Cons of a Broker

Conclusion: Is CloseOption Worth Trading?

Surprisingly, the binary options scam broker CloseOption has managed to operate on the market for ten years. During this time, countless complaints have accumulated, but the company continues its dirty work.

How can traders accept that CloseOption's trading platform lacks basic technical analysis tools? While leading brokers like Pocket Option are implementing artificial intelligence , offering risk-free trades and advanced market analysis features, CloseOption offers clients an outdated terminal - without indicators and with a price chart that literally has gaping holes.

This is incomprehensible. We strongly recommend not to open an account with such scammers. Instead, choose trusted companies from our rating of reliable binary options brokers .

Choose a reliable broker

See Also:

• Strategies for binary options
• Are Binary Options a Scam?
• How to choose the right binary options broker
• What to do if the broker does not withdraw money