CloseOption is not your typical everyday broker. If you were to inspect their website more closely, you will notice that they are offering forex pairs and several crypto coins like Bitcoin, Litecoin and Ethereum. This binary options broker was founded and is operating from Tbilisi, Georgia. Even though this implies that they have to comply with local laws, the bad news is that Georgia does not regulate Forex and CFD traders. This means that CloseOption is not regulated by any financial regulatory body, locally or globally. We already spoke about this subject on numerous occasions. The sole fact that the brand isn’t regulated shouldn’t be a red flag in itself. However, all traders are advised to tread carefully.
In our CloseOption review, we went over all the pros and cons of this brokerage. After going through all the features, we had some serious concerns about the legitimacy of this broker. We already mentioned our fears when it comes to regulation. Unlike CloseOption, brokers who are licenced by respectable institutions are completely safe as they need to abide by strict rules which put traders first. On the other hand, CloseOption does not need to allow external audits or keep all client funds in segregated accounts or even keep client funds ensured. Each trader needs to figure out for themselves if this is a deal-breaker or not.
Platform and Execution SCORE: 60%
The good news is that CloseOption provides a Demo account for all newcomers or traders who simply wish to practice before going live. This is extremely lucky for newcomers because the system in place is not easy to navigate and will definitely take some time to get used to. First of all, traders need to make a choice between the classic view or the new version. While neither is particularly beginner-friendly, we would suggest sticking with the new layout because of its visual appeal.
On the left side, you can find all the necessary shortcuts. If you are a novice trader, the first shortcut to inspect should be the Tutorial one. Here you will be able to familiarize yourself with some key tools and learn how to properly use them.
Trade room is where you will be spending most of your time. It is not very intuitive, and traders need to devote some time into getting the grips. First thing you should inspect is the currency pair button, which can show you all the available pairs. Once selected you can view the real-time performance of that asset. There are a few analysis tools you can use, but those feel really sluggish. The response time is horrible, and in the end, you are far better off not using them at all. We had to refresh our page many times in order to get the real-time view working again. This is just a short-term solution for a problem that shouldn’t exist in the first place.
Withdrawal Speed SCORE: 55%
In the previous segment of our CloseOption review, we mentioned we had an issue with the platforms’ slow performance. We encountered similar issues when trying to deposit or withdraw our funds from and to our wallet. At first glance, CloseOption provides many payment options, much more than the average broker. However, the overall execution is something that we find underwhelming at the best of times.
Traders can choose from PayPal, Master Card, WebMoney, Perfect Money, Bank Wire Transfers or one of many crypto payment options. All these are viable for both deposits and withdrawals. The main problem we encountered was when we tried to get the money from our account to our wallet. We understand that using any type of bank-related option means having to wait additional time due to bank policies. However, the problem was in the inordinately long waiting time to have our withdrawal request approved in the first place. This type of manipulations is common for all types of scammers, so we advise extra caution if you do decide to proceed with trading with CloseOption.
Support and Assistance SCORE: 30%
If you end up needing a helping hand, CloseOption will offer plenty of solutions, each with varying degree of efficiency. For a quick reply, there is the quick chat option powered by Zendesk. There seem to be no official working hours for support, so it’s anyone’s guess when you will be able to get a response this way. A slightly more reliable option is to phone them directly. There is a U.K. phone line for all traders. Sadly, no matter how many times we tried, we were never able to get through. We have no idea whether this is due to insufficient staff on board, or the entire line is a hoax. Practically, the only way for you to get a proper response is to write an email using the on-page form. Even so, you should expect several days before you hear anything back from them. These responses are polite enough, but they fail to address the core of our issues. Instead, they are just a fancy way of saying sorry. Experienced traders know the value of good support systems, and it is a shame to see CloseOption pay so little attention and resources to it.
Education and Tools SCORE: 60%
There are no traditional educational resources to speak of on CloseOption. Instead, they have come up with “contests” that they advertise as the “only risk-free opportunities for learning and trading”. We wouldn’t agree with that statement completely, but there are some aspects of it we genuine liked. By joining a contest you get to observe the other contestants and recognize some winning strategies and then use them for yourself. You receive a certain amount of virtual money that you can invest in this safe environment. You are basically getting a chance to participate in a sandbox and learn as you go without the fear of losing your own money. In essence, this is the extension of the Demo account. While some traders will enjoy this novel approach, we would’ve loved to see a more traditional approach where traders can learn at their own time. F.A.Q. page helps a little bit, but it is in no means a true substitute to eBooks, webinars and similar content many other brokerages offer.
CloseOption is a unique broker. While it definitely has some advantages, we cannot overlook the cons. There are simply too big in number to ignore. The lack of any type of regulation, confusing trading platform, limited range of trading tools, poor support, slow execution times when it comes to withdrawals and lack of traditional resources are some of the glaring faults. At the end of our CloseOption review, we cannot advise traders to commit to them, as they are simply not competitive in today’s market.