In this CloseOption review, we will talk about one Georgian based broker that offers Forex and Binary Options trading to the clients. What gained my attention is the claim that customer satisfaction is in the first place, so each person who opens an account will get secure and fast depositing, occasional cash gifts, and weekly contests with cash prizes. Not bad at all, so I hope things will turn out to be just like this broker promised.
Quality of service
Unfortunately, my excitement from the beginning is a little lower now, I have to admit. When I saw the Account Types, I realised there isn’t a possibility to choose. You can open a Real or Contest Account, that’s it. If you want to go with the contest one, you need to apply first and wait to see if the broker will approve your request.
For Real Account minimum deposit is $5, the minimum trade amount of $1, and the maximum trade amount of $1,000 per trade. Also, you can place 25 trades at the same time. Trading conditions are not bad at all, but I do have a problem with the lack of choices.
The trading platform is also not the best one I have seen and if you are used to MetaTrader, don’t get surprised if you need some time to get adjusted. A lot of things are different, and I would prefer if this broker offered MetaTrader as an option, as well.
Speed of response
This part is very interesting because at the same time I was pleasantly surprised and disappointed. Yes, that can happen as well. First of all, a variety of contact methods is good. You can choose the one you prefer, and my choice was Live Chat.
What surprised me pleasantly is the speed of response. I received a fast reply, it took them only a minute to provide me with an answer. The negative surprise was the answer itself. It was a simple copy-paste from the website. I had a couple of questions and each time I would receive a sentence from the website. So, customer representatives are responsive, but not very useful.
The transaction speed for deposit is not the best one, but it is reasonable. You will have to wait for 30 minutes to receive the money on your trading account. It’s not instant, but it’s not that bad. On the other hand, transaction speed for withdrawals takes three business days just for request approval.
But the main problem is that we have no idea how long it takes once your request is approved. CloseOption never specified that.
One of the worst things about this broker is the fact it charges numerous fees. For example, there is an inactivity fee (0.5% of your balance will be charged automatically from your account if you were inactive for more than three months). Also, you will have to pay a deposit fee for the Credit Card method from 1% to 8.4%. This is the fee that raises a lot of questions. It’s actually an exchange fee because each currency will be converted to the Chinese Yuan first. When you make a deposit, funds will vary across multiple international banks and different gateway providers, before they appear on your account.
There is also a withdrawal fee for Wire Transfer and the amount ranges from $50 to $100, and for Credit Cards you will pay an exchange fee again. If you believe this broker charged more fees than it should, there is an option to request a fee refund, but honestly, I don’t believe you will get approval.
There is also an entry fee of $10 if you want to enter the contest. Lastly, if you make any damage to this broker you the expenses plus lawyers’ fees and recovery costs are on you. Of course, we have no clue what those damages include which means you can be charged for everything.
CloseOption is not a regulated broker when it comes to Binary Options trading. This broker does have a Forex license from the National Bank of Georgia, but when you contact the customer support, they will tell you that Forex trading is not available, and you can only choose Binary Options trading.
Variety of payment methods
We saw that CloseOption has some negative things in its business, but a variety of payment methods is not one of them. You can choose a Credit Card (an interesting thing is that Visa is not allowed), PerfectMoney, WebMoney, PayPal, Bitcoin, and Crypto Payments.
The selection is excellent, but I have to reflect once again on the part where your money goes through different international banks and gateway providers. This is the only reason I cannot recommend this broker and I really hope this will change soon because it’s quite questionable what happens with the money when someone makes a deposit.