CloseOption Review

Our assessment of CloseOption began with a thorough cross‑check of official regulatory registers, including those of the National Bank of Georgia and major international bodies, to confirm the broker’s licensing status. We found no record of any authorisation to provide investment services.

In parallel, we collected and analysed the full corpus of real user reviews available on Trustpilot and other public platforms — 63 in total for CloseOption — alongside aggregated industry data and 30 withdrawal‑related complaints. Each review was categorised by topic to build a balanced picture of trader sentiment. The FXCanary Scam Risk Score of 75 out of 100 reflects the weight we assign to the absence of regulation, the frequency of withdrawal‑denial reports, and the broker’s opaque disclosure of its operating conditions.

CloseOption was founded in April 2019 and is registered at Vake‑Saburtalo district, Al Kazvegi avenue N41, Apt. N19, Tbilisi, Georgia. The registered address is a residential apartment, not a dedicated office, and the company reports having zero employees. This suggests a one‑person or very small operation with no substantial physical infrastructure.

While a small team is not automatically a red flag, it does raise questions about the firm’s capacity to handle client disputes, maintain robust IT systems, or comply with international anti‑money laundering standards. A residential address also complicates any legal action a trader might wish to take.

FXCanary’s investigation confirms that CloseOption holds no financial‑services licence in any jurisdiction. The broker is not regulated by the Georgia National Bank, nor by any recognised authority in Europe, Australia, or elsewhere. This is a critical finding.

In regulated environments, client funds are typically segregated from company accounts, and traders benefit from compensation schemes and supervisory oversight. At CloseOption, none of these safeguards apply. Your capital is merely a balance in the broker’s own books, and if the company became insolvent or decided to deny a withdrawal, there would be no external body to appeal to. The 75/100 scam risk score heavily reflects this regulatory vacuum.

The only account tier visible is simply called ‘Real’, requiring a minimum deposit of $5. No information is provided about maximum leverage (which is irrelevant for binary options), spreads, commissions, or any VIP / premium account with better payouts.

The $5 threshold is exceptionally low and is clearly designed to attract risk‑averse beginners. However, it also means that the broker collects very little per client — which puts pressure on the business model to generate revenue through other means, such as unfavourable payouts or by making it difficult to withdraw winnings. Users who deposit more than the minimum do not appear to receive any documented benefits, which is unusual for a broker claiming to offer ‘multiple account options’.

CloseOption does not publicly list its deposit or withdrawal methods, fees, or processing times. From user reports, it appears that PayPal and bank transfers are commonly used, and the broker mentions integration with WalletConnect, suggesting cryptocurrency support may also be available.

The user review record, however, is dominated by complaints about withdrawals. One trader described how a valid Hungarian government ID was repeatedly rejected during KYC, and after submitting over 10 documents, was told to pay a fee to unlock the funds. Another reported being ‘played for two weeks’ just to get a withdrawal processed. In total, we counted 30 discrete withdrawal‑related complaints — a disproportionately high number given the relatively small pool of 63 reviews.

Even positive reviewers often mention that withdrawals worked ‘so far’, implying an awareness that the process can break down. The pattern that emerges is one where small, early withdrawals may be honoured to build trust, but larger or later requests trigger demanding verification loops that ultimately lead to account freezes and fund confiscation.

CloseOption operates a proprietary web platform focused solely on binary options. The broker claims to offer more than 30 forex pairs, but no equities, commodities, indices, or cryptocurrencies are mentioned. The platform is intentionally stripped‑down: there are no advanced charting tools, drawing instruments, or algorithmic trading capabilities.

Many beginners praise the simplicity, but experienced traders uniformly consider it inadequate. One reviewer captured this sentiment by stating, ‘what broker in the binary trading world lacks essential trading tools? The answer is clear: only Close Option.’ Occasional lag during active hours further detracts from reliability when timing is critical.

On the positive side, several users confirmed that order execution is generally accurate, with some noting that the arbitration team quickly resolved disputes over closing prices. Still, the platform’s limitations make it unsuitable for anyone beyond the most casual, low‑stakes trading.

Binary options do not charge spreads in the traditional sense; the ‘fee’ is embedded in the payout structure. CloseOption does not publish its payout percentages, but user sentiment suggests they are less competitive than those offered by some other binary brokers. One reviewer explicitly stated that ‘payouts aren’t as competitive’, while another described having to trade just to break even.

There is also no clarity on whether deposits or withdrawals incur charges, or whether inactivity fees apply. The absence of a publicly available fee schedule is a transparency failure. Combined with the withdrawal blockade pattern, the overall cost to a trader who manages to profit could be far higher than the nominal payouts suggest — because actually accessing those profits is a gamble in itself.

The 63 reviews paint a starkly divided picture. Long‑term users who have never sought large withdrawals often praise the broker’s reliability. For instance, one five‑year veteran reports smooth trades and fast PayPal payouts. A trader who received a $10 welcome gift and traded with a real account found deposits and withdrawals ‘easy without problems.’

However, the tone shifts dramatically when traders reach the point of withdrawal. One user described being banned without reason after six years of trading and having their eligible contest entry denied. Another, who grew a $10 bonus to $20, saw their valid ID rejected and the account blocked. A third user reported being told to pay an additional fee after submitting 10 documents, with the broker threatening that the case would not progress otherwise.

The topic‑level sentiment analysis reinforces this: while topics like ‘speed’ and ‘order execution’ have strongly positive ratios, the critical categories of ‘withdrawals’, ‘account & KYC’, and ‘scam concerns’ are overwhelmingly negative. This is a classic sign of a broker that works well for small‑scale, non‑threatening accounts but turns hostile when a client tries to withdraw meaningful profits.

CloseOption holds a 3.0 out of 5 rating on Trustpilot, a score that might initially seem moderate. However, the rating distribution reveals a high proportion of 1‑star reviews — many containing detailed, credible accounts of blocked withdrawals — alongside a cluster of 5‑star reviews from users who predominantly comment on the ease of depositing and the low minimum.

No reviews were found on Forex Peace Army or other major binary‑options forums, which is somewhat unusual for a broker that has been operating since 2019. This limited digital footprint makes it harder to triangulate the broker’s reputation, but also suggests that it may not have attracted the critical mass of attention that would prompt wider community discussion. Industry databases that track scam reports assign a severe risk profile, broadly consistent with the 75‑point FXCanary score.

CloseOption’s complete lack of regulation, opaque disclosure, and high frequency of credible withdrawal‑related complaints place it firmly in the ‘severe risk’ category. The $5 minimum deposit is a marketing hook; the real cost for traders who achieve positive results appears to be the potential loss of all funds and the stress of a KYC‑based blockade.

Our Scam Risk Score of 75 out of 100 reflects a broker that exhibits multiple red flags typical of binary options operations that eventually default on client obligations. We strongly advise any trader considering CloseOption to treat it as an extreme‑risk environment. If you choose to open an account, never deposit more than you are prepared to lose entirely, withdraw profits immediately upon each gain, and be prepared for a protracted KYC process that may or may not ever release your funds.

For most retail traders — especially those in regulated jurisdictions — there are far safer, transparent alternatives that offer similar exposure to binary options within a proper legal framework. CloseOption cannot be recommended at this time.