Closeoption Review Is CloseOption Scam or Legit Binary Broker

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Close Option Review: is CloseOption a Scam or Legit Binary Broker?

Close Option is a binary options broker owned and operated by Organic Tech LLC, CloseOption have their address at Avsallar Ahmet Erdogan Sk C.11 D:12 P.K:07410 Alanya Antalya Turkey.

CloseOption Trading Platform

Binary platforms are the interface where the trading on assets such as commodities, currencies, stocks or indices are done. A good binary options platform should have charting tools and indicators, it should also be easy to use and very fast in executing trades. CloseOption broker uses their propriety platform. The asset for trading are only currency pairs.

Withdrawal and Deposit Method

CloseOption withdrawal and deposit methods could be carried out by the following means: Visa, Bank Wire transfer, MasterCard, PerfectMoney, Payza.

License and Regulation

Close Option is NOT a licensed broker. This means there are no regulatory bodies that monitors their activities to ensure they stick to best practices. Complaints about most unlicensed brokers are withdrawal issues(not being able to withdraw your money) and since they are unlicensed and unregulated, no regulatory bodies can fight for you, so you are left helpless. This is a source of major concern.

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CloseOption Review

CloseOption

Reason to avoid: Lack of Regulation

Listed Date: October 3, 2020

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  • Our Review
  • CloseOption User Reviews
  • CloseOption News

  • Company name:

Organic Tech LLC. Close Option.

  • Registration Address/ License:

Georgia. Authorized by National Bank of Georgia.

CloseOption is a trading name and brand item that belong to the Organic Tech LLC Company incorporated in Georgia and provides access to trade mainly Binary Options and additionally Forex instruments. Even though the company operates under the permission and authorization of the National Bank of Georgia, the institution, however, is not specialized in the regulation of online trading or Forex offerings. That means, that there is no specified according to the industry details that maintain a safe trading environment to the investors and regulated the business itself alike the major financial authorities perform.

The serious regulatory body sets numerous rules that are necessary to the broker and are turned with a purpose to protect the client at every stage of trading. Apart from the adequacy capital requirements, participation to schemes in unlikely events, as well as the operational standards, the serious authority constantly monitors how exactly the company operates and can find it if something goes wrong.

In addition, generally Binary trading is an extremely risky business which requires the highest level of accuracy while trading. Therefore, since the CloseOption broker delivers the relatively competitive offering to the client, it’s non-regulated as well the highest risk investment environment revolve not the best solution.

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  • Binarium
    Binarium

    Best Choice! The leader in our ranking!
    Perfect for beginners!
    Free Demo Acc + Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

There are not too many reviews or feedbacks about the company, which can be the reason that the company is relatively young and small, thus didn’t gain its highest popularity and potential reliability. The broker also tries to attract clients by small deposit requirements, performs regular contests and campaigns to award traders. Overall, it is hard to estimate or evaluate how exactly the company will treat their clients, is it a real scam or just another company in the rows of Binary Options. Yet, our recommendation would be negative towards trading with CloseOption, we always advise to trader only with reputable and reliable companies that are regulated by the world respected authorities. Check our list of Regulated Forex Brokers and choose the one that suits particular needs.

CloseOption Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Min./Max bet size Payout
Standard $5 $1/$1000 up to 80%

Unlike most binary options brokers, CloseOption offers its clients a single trading account. Read on to get all the details on this Georgian broker and decide whether investing in it is a good idea. As always, we strive to be impartial.

CloseOption Advantages

Claims to be licensed by the National Bank of Georgia

As there have left no reliable financial regulators in the binary option sector after ESMA banned this type of trading, having some sort of license is definitely an advantage.

Although we could not find any specific regulations applicable for forex and binary options brokers licensed in Georgia (probably because there aren’t any), the regulatory environment is most likely better in terms of security compared to those in offshore zones and surely better than none at all.

Yet, we did not find any proof that CloseOption is really licensed in Georgia, but you can read more on this in the Disadvantages section below.

Low min. deposit and low min. bet size

The minimum bet size with this broker is also among the lowest in the industry, amounting to $1, while the minimum amount to open an account is just 5 bucks. Such low minimum bet sizes allow better risk management.

Demo accounts available, as well as promotions

Another good feature of CloseOption is that it offers free demo accounts for testing purposes, which is quite unusual among binary options brokers in general.

In addition, the broker seems to offer a lot of perks, such as a weekly contest, bonuses, and so on. Many traders enjoy such promotions, but be careful, as they usually come with a price. Make sure you always read the terms and conditions of any such promotions and everything written in small print.

CloseOption Disadvantages

Light regulation, if any at all

CloseOption is a trademark of Organic Tech LLC, a company allegedly licensed by the Central Bank of Georgia. While the bank seems to have some supervisory functions regarding the banking and non-banking financial sectors in the country, we could not find a list of regulated entities and make sure that the broker is really regulated. Even if it is really licensed in Georgia, it seems that there aren’t any specific regulations for forex and binary options brokers in Georgia.

After all, it sounds nearly absurd for a central bank to regulate binary options brokers. Binary options are considered very risky and actually very close to gambling. That is why they are banned in a number of jurisdictions.

Payouts not that high

Payouts with CloseOption reach 80%, if an option expires in-the-money. Such percentage is actually not that high, as most brokers offer at least 83% in payouts on EUR/USD.

Limited product portfolio

Although CloseOption offers trading in some of the most popular cryptocurrencies, it does not offer more traditional trading instruments, such as CFDs on commodities, indices or stocks. Actually, the broker’s product portfolio solely includes 14 currency pairs and some pairs with the most popular digital assets like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and others.

Web-based oversimplified platform

As most binary options brokers, this one also offers its services on a web-based platform. CloseOption’s trading interface is easy to use, but lacks any analytics and advanced tools other platforms support. Here is a snapshot:

CloseOption’s platform. Click on the image to zoom in.

Conclusion

CloseOption is a Georgian binary options broker that claims to be licensed by the local Central bank. Strange as it may sound, it is still better than nothing. Nonetheless, we could not verify this claim, so we cannot recommend doing business with this broker. Although there are no warnings regarding this CloseOption coming from financial authorities, the user reviews are a mixed bag, and it might be one of the many con-artists on the binary options market.

That being said, you’d better select a broker with proper regulation and a proven track record. There are many such companies offering forex trades, which are more or less similar to binaries. Below, you may find a list of such brokers authorized by one of the most reputable financial agencies, the Financial Conduct Authority in the UK.

Let’s sum up our recap of CloseOption in a few words:

Demo accounts available, as well as promotions

Pros Cons
Claims to be licensed by the National Bank of Georgia Light regulation, if any at all
Low min. deposit and low min. bet size Payouts not that high
Limited product portfolio
Web-based oversimplified platform
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

CloseOption Review – 5 things you should know about closeoption.com

Beware! CloseOption is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

CloseOption is a binary options broker, based in Georgia, offering bets with 17 forex pairs and several crypto coins like Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The maximum payout for the EURUSD pair is 80%, which is not competitive. Have in mind that maximum payout below 85% is not considered attractive.

However, betting conditions put aside, we have some serious concerns about the regulatory status of the broker, which we will discus in the following paragraph.

CloseOption regulation & safety of funds

CloseOption is owned and operated by the Organic Tech LLC Company – a company based in Tbilisi, Georgia, which says to be registered and regulated by the Central Bank of Georgia. And although that may sound good, the issue here is that the National Bank of Georgia does not regulate forex and CFD brokers specifically, as its sole responsibility is to oversees the monetary stability and the commercial banks in the country.

That said, it turns out CloseOption is not regulated, neither in Georgia nor anywhere else for that matter. On top of that, an interesting detail is that CloseOption does not offer its services in Georgia. Think of that. If they are regulated in Georgia and are legit, why would they not offer their services in the country?

As a rule of thumb, trading with unregulated brokers comes with a unacceptably high risk of loosing your money to scammers. That is because the safety of your funds with unregulated brokers depends solely on the integrity of the people, who run them.

Brokers, licensed by respectable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) on the other hand are completely safe as they have to abide by strict rules, among which to allow external audits and file regular reports, to keep all clients funds in a segregated, form their own account and to guarantee traders that they will not loose more money than they have deposited. This last rule is called negative balance protection and was adopted throughout Europe last year.

And finally your funds with a broker, regulated in EU, will be covered by an insurance. So for example, if you are trading with a FCA broker you will not have to worry about the first 50 000 GBP in your account, while with a CySEC broker the insured funds are up to 20 000 EUR.

CloseOption deposit/withdrawal methods and fees

The minimum deposit requirement being as low as 5 USD, CloseOption accepts payments with major cards like VISA and MasterCard, as well as a couple of e-wallets – Perfect Money, WebMoney and PayPal and bank wire. And they also say you can pay with some crypto coins – Bitcoin, Dash, Ethereum, Litecoin, Monero, Ripple and Zcash.

However, you should be ware that the broker offers various trading bonuses, all of which come with special withdraw conditions, linked to certain minimum trade volume requirements.

Here we should also note that the practice to offer trading bonuses is banned throughout the European Union altogether, while all binary options bets were also banned in July last year by the European Securities and Markets Authority.

How does the scam work?

It may come as a surprise to you but scammers are pretty well organized and employ lots of resources to get to your money. A scam company functions pretty much as a normal business, except that they will be registered offshore and will employ a call center that will be located probably in Asia or Eastern Europe.

Also scammers pretty often use the services of the so called robo scam websites like Crypto Revolt and Bitcoin Evolution, which are specially designed to hook up gullible investors. There you will probably watch a well cut video, about how you can get instantly rich by joining an innovative trading app or a platform – completely risk free. And all you have to do is fill a simple registration form with your e-mail and phone.

Than you will be instantly transferred to the web page of a unregulated, offshore, scam broker where you will be asked to deposit about 250 USD. And besides, you may be surprised, but your first trades with the scammers will be surprisingly successful and the money in your account will almost double in a day or two. That, however, will not be real. Your account will simply be manipulated so that latter you will be more easily convinced to invest a larger amount.

And surely you will get a phone call as well. It will be your “senior account manager”, who will congratulate you for your trading results, but who will also explain that if you want to make some real cash you will simply have to invest more – like 10 000 USD. And chances are you will invest those money as well, without realizing you have been scammed until the very moment you decide to withdraw some of your funds.

Than scammers will tell you, you can not withdraw anything until you reach a certain minimum trade volume requirement, linked to a trading bonus you have so carelessly accepted. Of course, the pretext might be different, but any case you will not see a single dollar back.

What to do if scammed?

If you are a victim of a scam you have only one option to get your money back and that is to file for a charge back with your credit card provider. The good news here is that in an effort to combat online scam, both MasterCard and VISA extended the period in which you will be able to do that to 540 days.

And if by any chance you have given away the number of your credit card or the password for your online banking service, immediately block your card and change the password.

And finally do not waste any more of your money with the so called recovery agencies. Those people are not to be trusted. They will simply collect an online payment and will leave you even deeper in to the red.

CloseOption Review

CloseOption

Reason to avoid: Lack of Regulation

Listed Date: October 3, 2020

Top 3 Forex Brokers

Alpari Review

FXTM Review

FP Markets Review

  • Our Review
  • CloseOption User Reviews
  • CloseOption News
  • Company name:

Organic Tech LLC. Close Option.

  • Registration Address/ License:

Georgia. Authorized by National Bank of Georgia.

CloseOption is a trading name and brand item that belong to the Organic Tech LLC Company incorporated in Georgia and provides access to trade mainly Binary Options and additionally Forex instruments. Even though the company operates under the permission and authorization of the National Bank of Georgia, the institution, however, is not specialized in the regulation of online trading or Forex offerings. That means, that there is no specified according to the industry details that maintain a safe trading environment to the investors and regulated the business itself alike the major financial authorities perform.

The serious regulatory body sets numerous rules that are necessary to the broker and are turned with a purpose to protect the client at every stage of trading. Apart from the adequacy capital requirements, participation to schemes in unlikely events, as well as the operational standards, the serious authority constantly monitors how exactly the company operates and can find it if something goes wrong.

In addition, generally Binary trading is an extremely risky business which requires the highest level of accuracy while trading. Therefore, since the CloseOption broker delivers the relatively competitive offering to the client, it’s non-regulated as well the highest risk investment environment revolve not the best solution.

There are not too many reviews or feedbacks about the company, which can be the reason that the company is relatively young and small, thus didn’t gain its highest popularity and potential reliability. The broker also tries to attract clients by small deposit requirements, performs regular contests and campaigns to award traders. Overall, it is hard to estimate or evaluate how exactly the company will treat their clients, is it a real scam or just another company in the rows of Binary Options. Yet, our recommendation would be negative towards trading with CloseOption, we always advise to trader only with reputable and reliable companies that are regulated by the world respected authorities. Check our list of Regulated Forex Brokers and choose the one that suits particular needs.

Best Binary Options Brokers: 2020 Ranking
  • Binarium
    Binarium

    Best Choice! The leader in our ranking!
    Perfect for beginners!
    Free Demo Acc + Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

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