CloseOption Review (2023)

Is CloseOption a scam or a legit broker?

CloseOption is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

CloseOption is a trading name and brand item that belong to the Organic Tech LLC Company incorporated in Georgia and provides access to trade mainly Binary Options and additionally Forex instruments. Even though the company operates under the permission and authorization of the National Bank of Georgia, the institution, however, is not specialized in the regulation of online trading or Forex offerings. That means, that there is no specified according to the industry details that maintain a safe trading environment to the investors and regulated the business itself alike the major financial authorities perform.

The serious regulatory body sets numerous rules that are necessary to the broker and are turned with a purpose to protect the client at every stage of trading. Apart from the adequacy capital requirements, participation to schemes in unlikely events, as well as the operational standards, the serious authority constantly monitors how exactly the company operates and can find it if something goes wrong.

 In addition, generally Binary trading is an extremely risky business which requires the highest level of accuracy while trading. Therefore, since the CloseOption broker delivers the relatively competitive offering to the client, it’s non-regulated as well the highest risk investment environment revolve not the best solution.

There are not too many reviews or feedbacks about the company, which can be the reason that the company is relatively young and small, thus didn’t gain its highest popularity and potential reliability. The broker also tries to attract clients by small deposit requirements, performs regular contests and campaigns to award traders. Overall, it is hard to estimate or evaluate how exactly the company will treat their clients, is it a real scam or just another company in the rows of Binary Options.

Conclusion

Yet, our recommendation would be negative towards trading with CloseOption, we always advise to trader only with reputable and reliable companies that are regulated by the world respected authorities. Check our list of Regulated Forex Brokers and choose the one that suits particular needs.