CloseOption is a Georgian based broker that offers Forex and Binary Options trading. The ultimate goal of this company is customer satisfaction, so they offer quick and secure depositing, weekly contests with cash prizes, and occasional cash gifts. I won’t lie, this sounds great, but let’s see if it is really true.
Quality of service
From Trading Platform to Account Types, everything is included in service quality. The platform is web-based, and you are required to use that one. So, if you are a fan of MetaTrader, you will have to get used to the one that is a bit different. I don’t think that’s a bad thing, but it would be nice from this broker to provide different options.
When it comes to accounts, there isn’t any possibility to choose. You can open a Real Account that has good trading conditions like a minimum deposit of $5, minimum trade amount of $1 and the maximum trade amount of $1,000 per trade, the possibility to place 25 trades at the same time, etc. Also, there is a Contest Account, but you have to apply for that and wait to see if you will get approval.
Speed of response
There are different contact methods and you can choose the one that is the most suitable for you. Of course, for testing, I decided to go with Live Chat. I was surprised and disappointed at the same time. Let’s start with the positive things, the speed of response is incredible. The customer representative replied instantly, which is great.
But the negative thing is that I kept receiving answers that are just a copy-paste from the website. Each sentence I received was the exact same as this broker wrote on the website, so customer support wasn’t very helpful at the end.
When you deposit the desired amount using Bitcoin or any other cryptocurrency, it takes up to 30 minutes for a payment to appear on your account. I prefer instant deposits, but 30 minutes is a reasonable time to wait.
For withdrawals, things are a little bit different. It takes three business days for the withdrawal request to be processed, but this broker never specified what happens after that. Brokers usually need a bit more time to transfer the funds, and with CloseOption, we have no idea how long that period lasts.
CloseOption charges numerous fees and you should know that before you open an account. My advice would be to check the Terms and Conditions page regularly since that is the legal document and the broker is allowed to change it without prior notice.
Some of the fees you will have to pay are inactivity fees (if you were inactive for more than three months, 0.5% of your balance will be charged automatically from your account). Aside from that, there is a deposit fee for the Credit Card method from 1 to 8.4 percent. This is actually an exchange fee since each currency will be converted to Chinese Yuan first and it will vary across multiple international banks and different gateway providers, which is more than questionable, I have to say.
When it comes to withdrawals, you have to pay a fee for Wire Transfer and the amount ranges from $50 to $100, and for Credit Cards you will pay an exchange fee again. There is an option to request a fee refund if you believe they are higher than you expected, but I wouldn’t put too much hope on that.
Those are not the only fees you need to pay. For example, if you want to enter the contest, they organise, the entry fee is $10. If you make any damage to this broker, you will pay the expenses plus lawyers’ fees and recovery costs. Needless to say, nobody said what those damages include. Basically, you can be charged for everything.
Regulation is not something you should expect from Close Option. This is a company from Georgia, and it has a license for Forex trading from the National Bank of Georgia, but there isn’t any Forex trading with this broker. Yes, they promote it but once you reach out to the customer support, they will tell you that option is not available, and you can only trade Binary Options.
Variety of payment methods
There are different payment methods available, but if you decide to go with a Credit Card be aware that Visa is not allowed, only Mastercard. Aside from that, you can deposit money using PerfectMoney, WebMoney, PayPal, Bitcoin, and Crypto Payments.
The selection is not bad and the only thing that surprised me is the fact that you cannot use the most common credit card provider, Visa.
This is a broker that has some great offers and if there aren’t some questionable things, I would recommend it without hesitation. But what scares me the most is the part we discussed in the Commission segment of this CloseOption Review. Why would our money go through different international banks and gateway providers? If the broker is honest and legitimate, the money would never go through third parties.