In this extended CloseOption review, we dive deep into the platform’s key features, regulatory standing, trading tools, and user experiences, while also evaluating whether Close Option is a scam or simply a mediocre platform.
Binary options trading has surged in popularity over the past decade, attracting thousands of retail traders looking for quick profits. Platforms like CO promise fast-paced trades, user-friendly platforms, and minimal entry requirements. But behind the glossy advertising and flashy referral programs, is this broker actually reliable?
Despite some seemingly attractive features, we will provide a spoiler for the CloseOption review: it is not a good option for serious or cautious traders. The broker is plagued with red flags that shouldn’t be ignored.
What is CloseOption?
CloseOption is an online binary options broker that offers a streamlined platform for traders to speculate on various financial markets. Established in 2013 and operated by CloseOption Ltd., the company markets itself as a global provider of binary options trading services. The platform allows users to place bets on the price movements of currency pairs, cryptocurrencies, and some commodities.
Unlike more comprehensive brokers offering a variety of trading instruments, CloseOption focuses solely on binary options – specifically, the “High/Low” trading format. This makes the platform very easy to use but extremely limited in flexibility and risk management features.
Key Features of CloseOption
This part of our CloseOption review outlines the most important tools and characteristics offered by the platform. However, many of these features lack depth and are presented with minimal transparency.
1. Binary Options Focus
The platform only offers binary options. While this simplifies the user interface and learning curve, it significantly reduces trading possibilities. Traders can only speculate on whether an asset’s price will rise or fall over a set period.
2. Simple Web-Based Platform
CloseOption’s trading terminal is browser-based, meaning no software installation is needed. It’s functional and relatively fast, but lacks advanced tools like multi-timeframe analysis, drawing tools, or custom indicators.
3. Demo Account with Caveats
A demo account is available, allowing new users to test the platform using virtual funds. However, multiple users have noted that the demo environment does not reflect the real market conditions, potentially giving false expectations of success.
4. Low Financial Entry Barrier
The platform allows you to start trading with as little as $5, and minimum trade sizes start from $1. This might appeal to beginners, but it also attracts many vulnerable traders with unrealistic expectations of quick profits.
5. Cryptocurrency Funding
CloseOption supports deposits and withdrawals using cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. While this is convenient, it also means that users who fund accounts with crypto lose the ability to charge back or dispute transactions.
6. Cashback Rewards
A modest cashback system offers traders a return of 2% based on trading volume. However, it doesn’t significantly benefit long-term profitability or compensate for the platform’s lack of advanced features and security.
Is CloseOption Regulated?
No, CloseOption is completely unregulated. This should raise immediate concerns for any trader. A lack of regulation means the broker is not subject to audits, not required to hold client funds separately, and can essentially operate without legal accountability.
The binary options space is already known for scams, and trading with an unregulated broker like CloseOption puts you at extreme risk.
Is CloseOption a Scam?
While it’s hard to label any company definitively as a scam without a court ruling, many CloseOption practices mirror those of scam brokers:
- Lack of regulation
- Anonymous company structure
- Aggressive affiliate marketing
- Frequent withdrawal issues
- No transparency on pricing
Combine that with dozens of negative user experiences and a complete absence of meaningful oversight, and you’re left with a highly questionable broker. If it walks like a duck and quacks like a duck…
User Reviews and Trader Feedback
As part of this CloseOption review, it’s important to highlight what actual users are saying about the platform. On TrustPilot and similar review platforms, the average rating on CloseOption is low, with most reviewers complaining about:
- Frozen accounts after profits are made
- Arbitrary verification delays
- Withdrawals taking too long
- Unresponsive support
- Sudden losses despite clear market direction
These are not isolated incidents, but recurring patterns seen across Reddit threads and trading forums like ForexPeaceArmy.
Pros
While Close Option may not be the best broker on the market, it does offer some entry-level benefits:
✅ Low minimum deposit and trade size – Ideal for those who want to test the waters.
✅ Cryptocurrency-friendly – Accepts crypto for faster funding (though not necessarily safer).
✅ Simple platform – Beginners can learn the basics quickly.
✅ Demo account available – Virtual balance for testing.
These advantages are appealing at first glance, but they are often outweighed by larger, structural issues tied to regulation, reliability, and long-term trustworthiness.
Cons
Despite offering some useful features, the cons of Close Option are numerous and concerning.
❌ Not Regulated by Any Trusted Authority.
CloseOption is not licensed by any tier-one financial authority such as the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), or Australian Securities and Investments Commission (ASIC). This means that the broker exposes traders to a high level of risk and they have no recourse or protection in the event of fraud.
❌ Reports of Price Manipulation.
Unregulated binary brokers have a reputation for manipulating price feeds. Several users have posted screenshots and detailed complaints alleging that CloseOption alters price outcomes, especially during volatile moments when trades are about to expire.
❌ Slow or Denied Withdrawals.
There are numerous complaints across forums, Reddit, and review sites about withdrawals being delayed, denied, or subjected to endless “identity verification” procedures. Some traders claim to have waited weeks or even months to receive their funds – if at all.
❌ Limited Trading Tools.
Unlike brokers that offer MetaTrader platforms or in-depth charting tools, CloseOption provides only a basic chart with a couple of timeframes and one or two indicators. There’s no option to apply strategies, backtest ideas, or automate trades.
❌ Anonymous Management and Location.
The company provides almost no information about its ownership or management. There’s no official address, no named directors, and no company registration number visible on the site. This is a huge red flag in an industry prone to scams.
Alternatives to CloseOption
Our CloseOption review shows: For those looking for a more secure, transparent and regulated trading environment, there are much better platforms out there. Here are some top alternatives worth considering:
🟢 IQ Option
- Regulated by CySEC.
- Offers binary options, Forex, CFDs, cryptocurrencies, and stocks.
- Advanced trading interface with customizable charts and technical analysis tools.
- Minimum deposit of $10.
- Excellent mobile and desktop platforms.
🟢 Quotex
- A rapidly growing binary options platform.
- Offers competitive payouts, fast execution, and demo trading without registration.
- Clear and modern interface designed for both beginners and experienced traders.
- While not regulated in the traditional sense, Quotex has a better reputation than CloseOption and a cleaner history.
- Supports a wide range of payment options and crypto deposits.
🟢 Olymp Trade
- Offers both binary options and Forex-style trading.
- Regulated by the International Financial Commission (FinaCom).
- Extensive educational resources, strategies, and tutorials.
- Includes a free demo account and has an app for mobile users.
- Excellent for beginners due to its simplified platform and training support.
These alternatives provide more tools, better transparency, and stronger customer support than CloseOption. For anyone serious about binary trading, choosing one of these brokers is a smarter move.
Final Verdict: Should You Trade with CloseOption?
Based on our comprehensive CloseOption review, the broker fails to meet essential standards of trust, performance, and regulation. From non-existent regulation to numerous withdrawal complaints and a general lack of professionalism, the risks far outweigh the benefits.
Yes, the platform may seem appealing to beginners with low deposit limits and cashback offers. But those advantages are overshadowed by serious issues that could put your funds and personal data in danger.
If you value transparency, security, and real trading opportunities, you’re far better off choosing from established alternatives like IQ Option, Quotex, or Olymp Trade.
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