CloseOption Review – Legitimate But Exhibits Some Red Flags!

CloseOption login URL: closeoption.com

Origin: Tbilsi, Gerogia, according to the CFTC.

Operating under the domain, closeoption.com, CloseOption purports to be a binary options trading platform. The company boasts of having over 3.5 million users worldwide. It also claims to be based in the republic of Georgia and that it was registered in 2013. It also claims to be authorized to conduct its business activities in the jurisdiction by the National Bank of Georgia under license number B 2-08/3647. Yet it’s not on the NBG’s list of registered binary options brokers. Even the provided license number doesn’t feature anywhere on the regulator’s database. 

Is CloseOption Legit?

The short answer is yes. Based on our thorough investigation, we believe that this binary options broker is not a scam. However, we urge you to proceed with caution when investing with them, as they are not entirely free of red flags. During our investigation, we uncovered some serious concerns that raise questions about the broker’s transparency and overall reliability. While they may not be outright fraudulent, these issues suggest that potential investors should be cautious when dealing with this broker. To that effect, it would be wise to avoid investing substantial amounts of money on this platform and to withdraw your profits as soon as they become available.

Evidence Showing That CloseOption Is Legitimate

1 Positive CloseOption Reddit Feedback

We came across a post from a Reddit user indicating that CloseOption does process withdrawals. However, the post itself wasn’t focused on whether the broker processes withdrawal requests. Instead, it detailed a customer’s skepticism about CloseOption due to receiving funds via PayPal from a different organization’s name. The implications of this situation are a separate matter altogether. Our primary concern was confirming whether the broker processes withdrawal requests, which the post confirmed.

To ensure it wasn’t from someone with questionable motives trying to mislead investors, we checked the comments section for any negative feedback about the broker withholding funds. We did not find any such comments.

2. Mostly Positive Reviews of CloseOption On Trustpilot 

CloseOption has mostly positive reviews on Trustpilot. Most users praise and appreciate the broker, claiming it is legitimate and trustworthy. This situation implies that the broker is generally well-regarded by its user base. It suggests that many customers have had satisfactory experiences with the platform, including aspects such as trading, withdrawals, and customer service, leading them to believe CloseOption is a credible and reliable broker.

3. Broker Review Blogs 

Many broker review sources suggest that CloseOption is a legitimate broker, citing positive indicators such as real withdrawal processing. These sources include well-established review platforms like DayTrading.com, BinaryOptions.net, FX-List.com, Binarytrading.com, and Investing.Co.Uk. These blogs generally present CloseOption as a reliable and credible trading platform, reinforcing the view that this broker is not a scam.

Red Flags 

1. CloseOption and False Registration Claims

The fact that CloseOption doesn’t appear on the National Bank of Georgia’s list of registered binary options brokers suggests that the broker isn’t licensed by this authority. The broker’s contrary claims of being registered with the NBG are likely fabrications designed to reassure investors and reduce concerns about investing with the firm.

It’s concerning that CloseOption, while not a scam, engages in a deceptive practice often seen with fraudulent brokers. For example, platforms like Canada-Crypto, Octotrade, Apexnexia, Intrafund, and Allup Intl also make false registration claims to create a misleading impression of legitimacy.

2. CloseOption Blacklisted By Various Regulatory Bodies

Further, CloseOption is on the Red Lists of several regulatory bodies, including the U.S. Commodity Futures Trading Commission (CFTC) and the National Securities and Stock Market Commission of Ukraine (NSSMC). Both the CFTC and NSSMC have flagged this broker for operating illegally in their respective jurisdictions without the necessary license or registration.

This is a significant red flag. It’s not a coincidence or an innocent mistake that CloseOption operates in various jurisdictions globally  without proper registration.

In my experience, a broker may choose to do this to avoid adhering to industry regulations and standards, knowing they won’t be subject to regulatory oversight. This is especially true if their intentions are questionable or may become so in the future.

In fact, most unregulated brokers are dubious. You should avoid any online trading platform that operates illegally without a license, or at the very least, proceed with caution when engaging with it.

CloseOption Account Types

The broker offers three account types;

• A demo account— This account is free. It’s meant to allow you to practice trading without using real money and familiarize yourself with the platform alongside its features. It comes preloaded with $100,000 in virtual money.

• A real account—Starts with a minimum deposit of $5 whereas the maximum deposit depends on the payment method. For example, if you choose a bank card, PayPal, or any other standard method, it can be up to $5,000. However, if you’re depositing via cryptocurrency, the maximum is significantly higher, up to $1,000,000.

• A contest account— requires a deposit of $5. This account is meant for binary trading tournaments/contests/competitions which offer participants opportunities to win cash prizes. 

CloseOption Minimum Deposit

We sought details on CloseOption’s minimum deposit from Customer Support. The representative informed us that it’s $5, with no maximum daily limit. While the low minimum deposit is favorable, you should be cautious when dealing with binary brokers that offer very low entry points. It’s wise to fully understand the terms and conditions before making any deposits. Additionally, starting with a small amount is a good idea to evaluate and ensure that the broker operates reliably.

CloseOption Withdrawal

The broker offers various withdrawal options including credit/debit cards, bank transfers, Skrill, Neteller, and other e-wallets, as well as crypto wallets. The minimum withdrawal amount usually depends on the method, ranging from $10 to $100.

Similarly, the maximum withdrawal amount varies by method, typically falling between $1,000 and $10,000 per transaction.Generally, you can withdraw as many times as you like in a day. 

Moreover, withdrawal processing time depends on the withdrawal method, but it ranges from 1 hour(for crypto withdrawals) to 5 business days(for bank transfers). 

Final Thoughts

CloseOption is a legitimate broker in that it processes withdrawals, as confirmed by user feedback on various platforms like Reddit and Trustpilot. However, this broker exhibits a few significant red flags you should consider before engaging with them. Notably, CloseOption is listed by the CFTC and other regulatory bodies for operating without the necessary licenses in their respective jurisdictions. Additionally, the broker has made claims about being registered with the National Bank of Georgia, yet this information is not supported by the NBC’s official website.

Given these concerns, it’s crucial for potential users to proceed with caution. While CloseOption may not steal peoples’ funds, its regulatory issues and unverifiable claims warrant careful consideration. 

Always ensure thorough research and due diligence before investing with any broker exhibiting such significant red flags.

Fell Victim To A Scam Online Trading Platform?

If so, and you have evidence, go to this page, or send an email to scamread@scamreader.info to report the incident and seek help.

We’ll assist you in pursuing your funds by guiding you through all the available recovery options, including those you may not be aware of. 

We charge a 10% commission, payable only on the successfully recovered amount.