Close Option offered assets is very limited in number and binary option is the only method of trading. Looking at the Terms and Conditions of close Option, most clauses are tailored to benefit the broker a lot more than the client. Also, there are some language-related mistakes but that is acceptable considering the visual dissatisfaction of the website in the past.
Close Option is certainly not the best binary options broker, although some people find the platform to be convenient and attractive. Close Option is not regulated by any regulatory body and this has certainly influenced its potential reliability, popularity and customers’ feedback.
On the other hand, it’s a real risk to be working with this broker – it is not easy to find feedback from traders about Close Option, therefore it would be a good idea to evaluate everything before creating an account here.
Here are some reviews from forex-peace-army, about getting scammed by Close Option;
“don’t know why ‘ account closed?
After I withdrew a bit of my profit ‘ and then I deposited a few dollars then I lost it as I traded like an idiot ‘ it’s my fault I think ‘ but … I don’t know why they closed my account ?!
maybe because I was withdrawn more as I deposited after
they said in chat ‘ write a message to support ‘ but I don’t wanna hear it or work more with this broker in future ‘ whatever the reason is.”
From a trader in Germany with username; X73RM
“They purposely made my contest trades lose. I have proof!
Scammers! They’ll purposely put your trades in the red for convenience. I have screenshots. Here is the story:
They never close cryptocurrency binary pairs properly. You always have to email them and beg them to manually close them. So when I brought up that they should manually close the trades for me so I could continue the contest, they tried to rig the contest so I would not win.
When pairs don’t close, it still tells you if you would win that trade. All the trades showed that I was supposed to win, but they made them lose. I took the same trades on the demo as I did on the contest. On the demo account trades they closed, they made it win. But on the contest account, they made it lose. All of this is shown in the screenshots I have.
I emailed support and they were not helpful and didn’t take accountability.”
From Lauren in the United States.
Is Close Option A Scam
It is unclear whether or not Close Option is a scam because of the lack of sufficient customers’ feedback to determine the validity of the platform. Although they are not licensed by any serious regulatory authority, this is not a broker that should be considered reliable.
Close Option claims to be regulated by the National Bank of Georgia which is obviously to trick its clients because the Bank does not license Forex and/or Binary Options activities, so it is better to go for brokers that are licensed and have a proven track record. The funny part is that Close Option restricts people from Georgia from trading on their platform, weird considering that Close Option is situated in Georgia and licensed by the National Bank of Georgia.
It must be also noted that they do not specify the name of the company clearly. Their legal documents use the phrasing “CloseOption, a limited liability company, was registered in Georgia”, however, we couldn’t locate a company named CloseOption
How to recover funds lost to Close Option
A binary option is a very risky investment platform because of its high rate of volatility not to add the effect of the ever-increasing scam brokers.
Losing funds to a broker scam can be devastating, but you shouldn’t be ashamed as anyone can be a victim of a scam. You should make sure you recover your money from the scammer by all means necessary.
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