CloseOption Review 2020

Close Option Binary Review

To be able to trade binary options, and indeed any financial instrument or any financial market, you need to be registered with a broker. There is a wide variety of brokers that you can pick from; however, to get access to seamless trading, you have to choose the most reliable, one of which is Close Option. CloseOption is a relatively new broker in the binary options space (launched in 2017), but it is pretty much gaining some ground quickly. Headquartered in Georgia, CloseOption is owned and operated by Organic Tech LLC. It currently boasts a membership of over 460,000 traders that have registered on its platform and is one of the few binary options brokers that accept traders from the United States.

However, traders from some countries are not allowed.

Close Option offers commendable binary options brokerage services to traders aimed towards giving a better trading experience.

Some of these services and features are outlined below:

Binary options trading works in a way that your profitability or otherwise is tied to the fixed period for which you’ve set your trade to expire. If you set your CALL or PUT trade for an expiry period of 5 minutes and the market finishes in your desired direction at the end of those 5 minutes, you have a winning trade; if otherwise, you have lost the trade. Despite this seemingly simple and straightforward model, many binary options traders record debilitating losses, especially after they’ve conducted careful technical analyses, with some resorting to blaming their brokers, and some even accusing their brokers of manipulating the process.

However, we discover that this is partly because the expiry periods allowed by most brokers is ultra-short, with some brokers setting a maximum of 5 minutes expiry period per trade.

However, CloseOption deviates from this norm by allowing up to 1 month (30 days) expiry period for a trade if the trader so desires.

It is a widely quoted statistic that up to 90% of beginner traders quit trading within the first year of trading, mainly because of the losses they encountered. This is largely traceable to lack of proper trading education, and as such, the importance of training and education in a trader’s journey cannot be overemphasized.

CloseOption dedicates a special section to training and education on its platform.

Other perks that you get to benefit when you trade with CloseOption include a payout of up to 85% for successful trades, although we must admit that this is not really one of the best in the industry. There is also good customer service and an affiliate program that allows you to earn when you refer others to CloseOption.

Close Option Login

There is only one channel through which you can access Close Option services, and that’s through its web platform, which is accessible both on PC and mobile devices. This translates to the fact that CloseOption does not have any mobile applications, yet.

The Close Option trading platform, known as the Trade Room, is noted for its simplicity as it can be adapted to even simple browsers.

To start trading, you need to sign up on the platform. There are 2 methods of registration; you can register through your social accounts (in this case, Google+ or Twitter), or you can fill out the “manual” registration form by entering the required details and providing a password, as well as your country of abode. It must be noted that not all countries are supported by Close Option.

If you choose to fill the Registration form, you are expected to verify your email, after which your account gets created. It should be noted that with CloseOption, only need one registration process to access all its services. The single registration gives you access to all 3 types of accounts – Demo, Contest, and Real.

Assets Tradable on the Close Option Platform

When speaking of available markets, we can say that Close Option does not measure up to what is achievable in the industry. With Close Option, you really can only trade currency pairs (in fact, you have access to only 17 pairs as against the common 30 pairs you get with other brokers). Then, you can trade cryptocurrencies and crypto pairs, but still, the only pairs available are those including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This translates to the fact that you cannot get to trade assets like stocks of popular global companies, commodities such as Gold and crude oil, as well as equity indices.

The binary options brokerage space is full of a lot of participants, leaving the prospective trader in search of a broker of choice with a lot of options. Contributing to this dilemma is the fact that not all of these brokers operate the same brokerage model; from brokerless trading platforms to crypto-based binary options brokers, there appears to be a never-ending variety. Unfortunately, not all of them can be regarded as credible. One way to sieve through the numbers is by going for brokers who are registered with regulatory bodies.

Your broker being regulated by a financial services body comes with a number of benefits to you as a trader in many ways.

If a broker is regulated by a government authority, the chances of such a broker engaging in fraudulent activity are greatly reduced. This is because most regulators come up with rules that potential loopholes through which manipulations or fraud may be committed. Most regulators also perform oversight functions on the activities of brokers to check if breaches have been committed, with appropriate sanctions to that effect.

One more benefit that comes with trading with a regulated broker is the fact that the safety of your capital is almost guaranteed. This is because most regulators mandate brokers to separate their traders’ capital from their own operating funds.

Unfortunately, Close Option does not appear to be regulated by any regulatory body; however, it claims to be registered with the National Bank of Georgia.