CloseOption Review – An Introduction

CloseOption is not a regulated binary options broker and it based in Georgia. The brokerage company CloseOption is a trademark of Organic Tech LLC, the company which claims to be licensed by the Bank of Georgia. While the Bank of Georgia seems to have some supervisory functions on the banking and non banking financial sectors in their country, but there is no list of regulated brokers and there is no proof that the broker is really regulated. Therefore, if you are wondering whether to invest with this broker or not we would advise you to go through this review at first.

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About the CloseOption:

CloseOption is a Georgian binary options broker that provides its clients only a single type of trading account. The minimum requirements of this broker is lowest among the brokers in the industry, like the bet size with this broker is only $1, while the minimum amount to open an account with it is just $5. Such low minimum bet sizes and deposit amount is sometimes a trick of the scam brokers to gather more and more clients. The broker offers free demo account option for testing its services, which is quite unusual among binary options brokers in general but is indeed a good feature for traders.

Indeed CloseOption offers trading in some of the very popular cryptocurrencies but it lacks in offering the traditional trading instruments, such as CFDs on indices, commodities, or stocks. Actually, the product portfolio of the broker only includes 14 currency pairs and some pairs with the most popular digital assets like Bitcoin, Litecoin, Ethereum, Bitcoin Cash and others. CloseOption just like most of the binary options brokers offers its services on a web based trading platform. The interface of the trading on this platform is easy to use, but lacks many analytics and advanced tools that the other platforms support.

Is CloseOption legit or scam?

CloseOption is an unregulated binary broker that claims to be licensed by the Bank of Georgia which is really weird and absurd for a central bank to regulate binary options brokers. It should be noted that Binary options are considered a very risky and actually almost close to gambling. This is the reason why binary options brokers are banned in a number of jurisdictions. There a various negative reviews about the broker CloseOption, therefore in our view the broker lacks reliability and could be a scam.