Introduction
Financial markets are where those needing capital can solicit funds from investors. In other words, financial markets are places where investors can put their money and profit from the valuation of the assets they have bought. In addition, the markets provide the media for trading various assets such as cryptocurrencies, fiat currencies, stocks, securities, etc. These markets are often a secondary source of income for most investors, but some expert traders rely solely on the markets to make a living. In this article, we will provide you with a CloseOption review. If you want to learn more about the services this broker offers and its pros and cons, please read this article till the end.+
Popular Marketplaces
The traders and investors join these markets with different presuppositions and for various purposes. For instance, conservative investors who do not want to expose their capital to high risks prefer to make a long-term investment in the stock market and wait patiently for the valuation of the bought assets. Other traders who desire active engagement with the market and quick returns but do not mind a moderate risk can choose the forex market.
On the other hand, the crypto market can be a suitable place for those who do not mind high volatility in assets’ prices, provided that they can gain considerable profits or incur hefty losses.
But what if the investors did not have to register on several brokers and exchanges to access these markets? What if there was a legal trading platform that allowed users to trade forex and crypto assets in one place? This article introduces a unified trading platform for forex and crypto traders and explains why the platform can relieve traders of unnecessary trading burdens.
About CloseOption Trading Platform
CloseOption is a binary trading platform legally established in Georgia in 2013. The company was founded to facilitate asset trading by creating a simple yet highly functional platform for traders who cannot afford the time to gain an in-depth knowledge of financial markets. In other words, CloseOption provides everyone with a basic understanding of market dynamics with the chance to profit from the forex and cryptocurrency pairs market.
What Services Does CloseOption Provide?
User-friendly Trading Interface
Unlike Forex brokers and cryptocurrency exchanges, the CloseOption trading platform is simple, and users can easily navigate different parts of the trading room. Of course, the simplicity of the trading interface does not mean the exclusion of helpful chart analysis tools. Users can deploy graphic tools and indicators on the chart to facilitate their reading of price movements.
In other words, CloseOption focuses on the trading room’s functionality rather than overwhelming users with unnecessary tools on the trading interface. Moreover, thanks to the trading room’s seamless design, users can access their accounts and start trading using their smartphones.
CloseOption Demo Account
New users unfamiliar with options trading who want to experience it in a risk-free environment before creating a real account and depositing funds can significantly benefit from the CloseOption demo account service, which is free. The demo panel simulates the real-time chart, but users use virtual money to open calls or put positions.
Users can reset their demo account balance up to $1000 ten times. Of course, novice traders are just some users who can benefit from CloseOption’s free demo account. Professional traders can also use the demo account to test their new strategies before they employ them on the real chart. Therefore, the demo account allows users to navigate the real account features without risking their capital and accidentally losing money.
CloseOption Real Account
You can start trading in the real account when you finish practising in the demo account. Note that the money in the real account is the money you deposited earlier (not virtual). The minimum deposit amount is $5, and users can open positions with $1. Also, the maximum deposit amount is $ 5,000, and the position size can increase to $1,000 at a time. Furthermore, each user can create one account, and CloseOption will ban users who create more than one account on the platform.
CloseOption Contest Account
One of the exciting features of the CloseOption trading platform is the Contest account. CloseOption holds a weekly contest or tournament, and users can participate in the contest to earn prizes. What is fascinating about the contest account is that participants do not need to fund the contest amount with real money.
Instead, they use the virtual cash that CloseOption credits into their account. Therefore, the contest account offers an excellent opportunity for users to learn about price movements and their ability to compete with other traders, as well as to win valuable prizes. The value of the rewards and the duration of the contest depend on the broker who runs the contest.
CloseOption credits participants’ contest accounts with $10,000, and traders who lose this virtual money in the contest can recharge their balance using the recharge packages available above the trading panel. It should be noted that users who want to participate in the contest should have at least $500 in their account balance.
Each tournament has 20 winners who have the highest balances at the end of the tournament. However, to launch a competitive contest, winners are refrained from participating in the next two contests. It is worth mentioning that if the winner is a VIP member of CloseOption, they will receive cash prizes of up to $100 in a contest that lasts more than one week.
CloseOption emails the winners and adds their prize to their real account balance. Winners can either use the money to trade in their real account or withdraw the prize amount unconditionally.
Contest Levels
CloseOption has designed a framework for contest accounts that gives traders a clear sense of their position among other traders. The framework also encourages more intense competition among traders and exhilarates their trading experiences. Contesters are grouped into 15 levels based on their Experience Points (XPs).
Traders with higher proficiency and winning ratios can climb the framework, and as they enter a new level, they have to make more effort to move to the next one. Traders with more than 1,723,000 XPs are at the highest level (L15), and traders whose XPs are below 42,000 XPs are at the lowest level (L0).
CloseOption Affiliate Program
Aside from the diversity of accounts, the CloseOption affiliation plan is another excellent way to maximize the users’ profits. Each user has a unique referral link that they can use to invite new users to the CloseOption trading platform. The commission rate for clients who introduce the brokers (IBs) to other people is 7% of the spread on every trade their clients make.
After CloseOption approves the invited users, the commissions will be charged to the inviter’s IB account weekly or monthly. However, IBs should refrain from advertising the CloseOption platform on websites with an unprofessional audience. Instead, they can upload banners on websites focusing on financial markets and economic content.
CloseOption Support Team
One of CloseOption’s priorities is the users’ time and convenience in using the platform. To that aim, the company has employed a professional support team to help users with their questions regarding the trading room, account types, payment procedures and any other problems. The support team is active 24/7, and users can reach them through various media such as online chat, email, and telephone. The users can also request a callback, and the support team will contact them immediately.
Educational Materials
CloseOption has an expert content provider team that shares their insights with other market analysts in concise and informative articles. The company has not left the users empty-handed in their binary options trading experience. It has provided them with many articles that help them learn about the markets and take a systematic and rational approach towards trading assets.
What are CloseOption Account Levels?
Everyone save for the residents of restricted countries can open an account on the CloseOption trading platform. CloseOption categorizes the accounts based on their balance, and the payout percentage depends on the account level. For instance, diamond accounts have the highest rank and refer to accounts with more than $50,000 balance. Their payout percentage is 91% for EUR/USD and 17% to 79% for other assets.
Also, the lowest accounts are the Copper level accounts with less than a $1,000 balance, and the payout percentage is 76% for EUR/USD and 17% to 75% for other assets. Of course, the percentages are calculated for normal market conditions, and when the market is volatile, the payout fees increase. Therefore, the figures are not fixed and vary according to the market conditions.
Generally, the higher the account level, the higher the payout rates. Diamond account holders can enjoy several other advantages other than high payout percentages. For example, they receive cash prizes in the waiting period (before they can participate in the contests again). They can also submit a written request to CloseOption and ask for a dedicated manager. Gold account holders can also ask for cash gifts in a written request.
What Assets Are Available at CloseOption Trading Platform?
CloseOption has included the 21 most popular assets both from the crypto and Forex markets. The listed crypto assets are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Also, the supported fiat currencies for Forex trading are USD, EUR, GBP, JPY, CAD, CHF, NOK, NZD, and AUD. In other words, CloseOption users have access to the platform’s best Forex and Crypto markets. Moreover, Traders can also use the platform’s native token (PCN) to benefit from transaction fee discounts.
What are CloseOption Payment Methods?
CloseOption offers various payment methods to suit every trader’s taste. Traders can deposit funds using PayPal, MasterCard, Perfect Money, and Cryptocurrencies. The company also offers an Instant payment method that does not require transaction fees. Users can deposit in cryptocurrencies and receive a 2% Deposit Gift. Moreover, the Instant payment method will enable users to increase the deposit amount to $1,000,000.
Who Can Use the CloseOption Trading Platform?
CloseOption provides Forex and Options trading services for traders and investors worldwide. However, traders from most countries with unconventional and internationally controversial economic systems, such as Iran, North Korea, Syria, etc., cannot use the platform due to regulatory concerns and KYC threats.
Additionally, some countries like China have prohibited binary trading platforms, and therefore, their residents cannot register on CloseOption. Delightfully, US citizens who usually face governmental regulatory restrictions in using overseas trading platforms can legally sign up and use the CloseOption trading platform. You can find the complete list of restricted companies here.
Why should you Trust CloseOption?
You may face many questions like “Is CloseOption Scam?” on the internet. As an answer, we would say that CloseOption is a legal options trading platform regulated by the Bank of Georgia. The company has been up and running for a decade and has gained traders’ trust. User feedback and third-party reviews also show the popularity of CloseOption as a hybrid trading platform.
Additionally, all CloseOption users undergo a thorough verification process that minimizes fraudulent activities such as money laundering. Users must verify their accounts by providing proof of identity and address; otherwise, they cannot withdraw funds from their accounts or join contests. Also, if users attempt to create an account using someone else’s ID, CloseOption will report them to legal authorities, and their accounts will freeze.
Furthermore, regarding the security of users’ funds and wallets, CloseOption has deployed cutting-edge security protocols to protect users’ funds against possible hacker attacks.
You can sign up on CloseOption for free by clicking Here.
Final Words
Trading assets does not have to be an overwhelming experience. CloseOption has developed a legal binary options trading platform that allows users to trade popular currency pairs and hot cryptocurrencies in a plain and functional interface. The platform has evolved over the ten years since its establishment and includes several accounts and plans to maximize traders’ winning ratios. So, if you are tired of overcrowded trading platforms and want a simplified trading experience, CloseOption deserves the top position on your list.
