Established in 2013, CloseOption is a Georgia-based binary options broker offering payouts up to 90%. UK investors can open an account with a $5 minimum deposit and trade on the user-friendly TradeRoom platform.
This CloseOption review evaluates the key features for prospective traders, drawing on our firsthand experience testing the platform.
Our Take
- TradeRoom is easy to use with a simple design and essential charting tools, including 3 chart types, 4 timeframes, and 6 drawing tools.
- CloseOption caters to a range of trading strategies with 15 contract timeframes spanning from 30 seconds to 1 month.
- CloseOption stands out with its weekly contests, providing an environment to test trading skills with $20,000 split between 20 winners.
- CloseOption is good if you want to trade on around 20 fiat and digital currencies, but it lacks stocks, indices and commodities, a drawback compared to Quotex.
- Payouts still trail the best binary brokers following tests, notably Pocket Option, unless you deposit $50,000 to unlock Diamond status.
Investment Offering
CloseOption specialises in binary options on 15+ traditional currencies, such as EUR/USD, GBP/USD and GBP/CHF.
A handful of cryptocurrencies are also available, including BTC/USD, ETH/USD and LTC/USD.
However, CloseOption is not suitable if you want to speculate on other financial markets, including equities, indices and commodities. Category leader Quotex is better here, with over 400 binaries spanning global markets.
Binary contracts last from 30 seconds to 1 month, while the minimum stake is $1 and the maximum stake is $1000, catering to a range of trading strategies.
Payouts
CloseOption advertises payouts up to 90%, however these are only available to Diamond-level traders who deposit $50,000, which will be out of reach for most traders.
For traders who deposit up to $1,000, the maximum payout is 79%, trailing our top-rated broker Pocket Option, which pays out up to 92% on winning trades with an accessible minimum deposit of $50.
It’s also worth noting payouts vary depending on the asset you’re trading. During testing, majors like the EUR/USD and GBP/USD were available with payouts of 79% and 78%, respectively, while less popular pairs like the GBP/AUD and GBP/CAD had lower payouts of 50%.
As is standard across binary options platforms, cryptos have lower payouts, coming in at around 50%.
Accounts
CloseOption offers five account levels:
- Copper: $5 deposit, payouts up to 79%
- Bronze: $1000 deposit, payouts up to 80%
- Silver: $2000 deposit, payouts up to 82%
- Gold: $10,000 deposit, payouts up to 85%
- Diamond: $50,000 deposit, payouts up to 90%
After comparing the different accounts, it’s evident the main benefit of depositing more is better payouts. That said, there are other perks, including cash gifts for Gold and Diamond levels, an account manager for Diamond traders, and exclusive conditions in VIP contests.
Still, CloseOption stands out by offering Contest accounts. The broker runs weekly trading competitions where you can test your skills against other traders with a $20,000 prize pot split between the top 20 traders.
I can’t fault the sign-up process at CloseOption. It took me less than 5 minutes to open an account from the UK by providing basic contact details and using the activation link sent by email. Alternatively, you can register with a Google or Apple account.
Deposits & Withdrawals
CloseOption offers an excellent selection of convenient payment methods for British traders, including bank cards, e-wallets like PayPal, Perfect Money and WebMoney, plus cryptocurrencies.
There are no deposit fees for Bitcoin, Perfect Money and WebMoney, however payments via bank cards incur steep fees from 1% to 8.4% depending on the bank and currency.
Deposits are usually processed instantly, while withdrawals can take up to 3 business days, which is in line with industry standards.
Minimum withdrawals range from $1 for cryptos and e-wallets to $500 for bank withdrawals.
Importantly, while most withdrawals are fee-free, wire transfers incur a hefty $50 to $100 charge, so I recommend using an alternative method.
Trading Platform
CloseOption’s TradeRoom, available through web browsers on desktop and mobile, excels for its ease of use. However, it lacks the sophisticated charting package and trading tools found at alternatives, notably IQCent.
On the positive side, I really like the user-friendly design and uncluttered layout that makes it straightforward to place high/low binaries and monitor trades.
You can easily amend parameters like timeframe and stake at the top of the platform, while payouts are helpfully displayed before you confirm the trade.
I’ve also spent hours trading binaries on the CloseOption platform and it’s fast and responsive with no delays or glitches during testing.
Ultimately, it will provide a smooth entry into binary options trading for newer investors.
Considering the negatives, TradeRoom provides a very basic charting package with just 3 chart types (line, area, candlestick), 4 time intervals (5 seconds to 1 minute) and 6 analysis tools (such as Fibonacci lines).
As a comparison, IQCent excels with TradingView integration, providing a comprehensive charting package for more experienced traders with over 70 technical indicators and analysis tools.
My other complaint is the lack of extra features on the CloseOption platform to help identify opportunities and inform trading decisions, with no signals or social trading tools provided by alternatives like Pocket Option.
Customer Support
CloseOption offers 24/7, English-speaking customer support via telephone (+44 203 290 2097), email (info@closeoption.com) and live chat (bottom left corner in TradeRoom).
I’ve used the live chat multiple times over the years and normally get responses within 15 minutes. Agents are generally courteous and can assist with basic account queries and questions about trading conditions.
However, I’ve had multiple occasions where chat support is disconnected and I’ve had to return to the queue – very frustrating when you need urgent help during trading.
Pros and Cons of Trading Binaries With CloseOption
Pros
- Weekly contests – CloseOption is still one of the only brokers to offer weekly trading competitions with cash prizes – some are free while others cost $5 to $10.
- User-friendly platform – TradeRoom has clearly been designed with newer traders in mind. It’s straightforward to learn and you can trade binaries in a few clicks.
- Welcome bonus – CloseOption regularly offers welcome bonuses that can boost your trading capital, with a $10 sign-up offer available during our latest tests.
- Diverse trading strategies – With a wide range of contract timeframes, spanning 30 seconds to 1 month, both short- and medium-term traders are catered for.
Cons
- Weak regulation – Although CloseOption is registered with the National Bank of Georgia (license number B 2-08/3647), it’s not authorized by a trusted financial body.
- Narrow investment offering – CloseOption offers traditional and crypto currencies only, with no opportunities to speculate on shares, indices, or commodities.
- Limited education – Beyond basic platform guides and trading tutorials, there is little to upskill newer traders about how the financial markets work and what moves prices.
- Average payouts – Testing shows payouts still trail industry leaders like Pocket Option unless you make a significant deposit of $50,000.
Who Is CloseOption Good For?
CloseOption will appeal to UK residents looking to trade short-term binaries on currencies using an intuitive, if not basic trading platform that can be accessed directly through browsers.
It will also appeal to investors looking to compete in regular binary options competitions with real prizes available to the top-performing traders.
Additionally, CloseOption is geared towards traders who are willing to deposit large sums in return for better payouts and perks like dedicated account managers and cash gifts.
FAQs
Can I Trade On CloseOption From My Mobile?
While CloseOption doesn’t offer a stand-alone app for iOS or Android devices, its TradeRoom platform can be accessed directly through mobile browsers.
It delivers a reliable mobile trading experience with a clean interface, interactive charts and a full suite of binaries.
Does CloseOption Offer A Demo Account?
CloseOption offers a demo account with a $100,000 virtual balance.
This an invaluable tool for learning platform features and it’s recommended to start here before trading binaries with real money.