Updated on March 15, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding CloseOption due to the issues we've identified.
Is CloseOption Scam or Legit Broker? ▲
Based on our comprehensive analysis, we have determined that CloseOption operates without a valid license from any globally recognized Forex authority. This lack of licensure raises significant red flags, suggesting that CloseOption may potentially engage in fraudulent activities. A legitimate broker typically undergoes rigorous compliance checks before commencement of operations, is subject to continuous monitoring to ensure safety, and is bound by legal obligations to operate in a transparent and ethical manner. Unfortunately, CloseOption does not meet these critical safety standards, making it an unsafe choice for traders.
CloseOption is a commercial name under the umbrella of Organic Tech LLC Company, based in Georgia, offering Binary Options trading and, to a lesser extent, Forex instruments. While the company claims to be authorized by the National Bank of Georgia, it's crucial to note that this institution does not specialize in overseeing online trading or Forex services. The scarcity of reviews and feedback on CloseOption could be attributed to its relatively recent entry and modest size within the industry, casting doubt on its reliability and potential for client satisfaction. CloseOption attempts to lure traders with low deposit requirements and promotional activities; however, given its unregulated status and the inherent risks associated with Binary trading, it poses a highly risky investment avenue.
After evaluating CloseOption against a plethora of criteria and comparing it to over 1000 other brokers, our expert opinion, backed by over a decade of experience in Forex trading, leads us to assign a significantly low ranking to CloseOption. The primary concerns stem from its unregulated status and the inherent risks involved. Therefore, our overall ranking for CloseOption stands at a mere 1.0 out of 5, positioning it unfavorably against both well-established and leading brokers in the industry.
A critical aspect of a broker's evaluation is the efficiency and security of its deposit and withdrawal processes. In the case of CloseOption, the lack of regulatory oversight casts doubt on its ability to ensure safe and transparent financial transactions. It's essential for traders to have access to reliable and swift deposit and withdrawal options to manage their funds effectively. Unfortunately, CloseOption's unregulated status may compromise these crucial aspects of trading, further underscoring the risks associated with using this broker.
In summary, our extensive review and analysis of CloseOption reveal significant concerns regarding its legitimacy and safety for traders. The absence of a valid license from a reputable Forex regulatory authority is a critical issue, undermining trust and suggesting possible fraudulent intentions. Given the high-risk nature of Binary Options trading and the additional risks posed by an unregulated broker, we strongly advise traders to steer clear of CloseOption. The overall negative experience and low ranking we've assigned to CloseOption reflect our commitment to guiding traders towards safer, more reliable trading options in the Forex market.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
CloseOption Review 2024
I invested a total of £50,000 with this company. Initially, I made a deposit of £15,000, and then proceeded to invest an additional £20,000. I started to see profits, but later discovered that it was all a scam. When I tried to make a withdrawal, I was told to set a target of £50,000, which seemed reasonable to me. I made another deposit of £15,000 to reach that target, but when I requested a withdrawal, it was denied. I was then asked to pay a certain amount in order to access my funds. Reluctantly, I was angry until I came across Bruce Nora who helped me to recover all my money at first I was surprised but it was given to me in total, if you are interested In recovering your lost funds you can contact bruce__nora__254__(AT)__gmail__.__com.