September 21, 2023 The online broker CloseOption has been active since 2013 and is known for having an excellent selection of binary options based on forex and cryptocurrency. You can for instance use CloseOption to speculate on EUR/USD, BTC/USD, GBP/EUR, and ETH/USD.CloseOption accepts deposits and withdrawals in both traditional currencies and cryptocurrencies. They encourage cryptocurrency deposits by giving traders a 2% bonus on each crypto deposit. Also, the smallest permitted crypto deposit is just the equivalent of $1 so you do not have to make a big crypto transfer to get started using crypto for your deposits and withdrawals with CloseOption.The minimum trade size for binary options is $1.Maximum payout on binary options is 95%, but most binary options here will pay out significantly less than this and the best-paying binary options are only available to traders with a very high account balance: $50,000+.All trading takes place on the proprietary CloseOption trading platform, which opens directly in the browser window. Regrettably, no mobile apps are available.Is this broker licensed by the Australian Securities & Investments Commission (ASIC)?No, it is not, because the Australian Securities & Investments Commission (ASIC) does not license brokers who issue and distribute binary options to retail traders.In May 2021, an ASIC product intervention order came into effect which prohibits the issue and distribution of binary options to retail clients.The order does not prohibit Australian retail clients from buying binary options.Since this is an intervention order, it is not permanent and needs to be extended to remain in effect. In September 2022, ASIC announced that the intervention order had been extended until 1 October 2031, with approval from the Honourable Stephen Jones MP, Assistant Treasurer and Minister for Financial Services.Ownership and regulationCloseOption is owned by a company based in Georgia, a country located east of the Black Sea, in the Caucasus region of western Asia. Georgia is not considered a strict regulator of online brokers and the issue and distribution of binary options to non-professional traders has not been banned in Georgia. Georgia is also not requiring brokers to provide negative account balance protection for non-professional clients using leverage.CloseOption is registered with the National Bank of Georgia.Identification numbers B2-08/3647 and D86708031.Can I use this broker to speculate on AUD/USD?Yes, there are binary options available here where the underlying asset is the Australian dollar / United states dollar currency pair.PlatformAll trading takes place on the proprietary Close Option trading platform TradeRoom. You will not get access to any third-party platform, such as MT4, MT5 or cTrader.The Close Option proprietary platforms TradeRoom opens directly in the browser window. There is no software to download and install, so it doesn´t matter which operative system your computer is running on. TradeRoom works well with most of the major browsers, including Safari, Chrome and Firefox.TradeRoom is a sleek platform, but it is also a bit slow compared to many of the competitors, which is a minus for many traders. It is a bit strange that a platform that seems to have a minimalist approach is not capable of being fast.Using mobile devicesRegrettably, there are no TradeRoom apps available, neither for iOS nor for Android.You can open the TradeRoom platform directly in the browser widow of your smartphone or tablet, but a dedicated app would have been better.Technical analysisCloseOption´s TradeRoom platforms comes with charts and analytical tools for technical analysis. The assortment of time frames for charts goes from 5 seconds to 1 minute.If you are used to platforms such as MetaTrader 5 or cTrader, you will probably feel that TradeRoom is a bit thin when it comes to technical analysis. However, for a beginner just getting started with technical analysis, it can be nice that the tool box is a bit limited and not too overwhelming.Is Copy Trading available on the CloseOption TradeRoom platform?No, this platform does not support copy trading.Check out the CloseOption platform with a free Demo AccountYou can sign-up for a free CloseOption Demo Account and get $10,000 in play-money. With this play-money, you can do play-money trades on the platform and see if you like the interface. It is also a fun way to learn how everything works and try out different trading strategies without risking any real money.If you run out of play-money, contact the support and they will refill the account for you. You can have it refilled up to three times, so you will have plenty of money to play around with while you explore the ins and outs of the CloseOption platform.Binary options trading with CloseOptionBinary option typesThis broker only offers the classic Put/Sell binary options. You can not find other varieties here, e.g. Ladder binary options and Boundary binary options.LifespansThe shortest lifespan available is 30 seconds. Super turbo options that expire quicker than that (e.g. after 5 seconds) are not available.The longest lifespan available is 1 month.Trade sizeThe smallest possible trade size is $1 for one binary options contract.Underlying assetsThis broker focuses on binary options based on forex and cryptocurrency. It offers speculation on both classic foreign currency pairs (e.g. EUR/USD) and cross-overs where one currency is crypto and the other one is traditional (e.g. BTC/USD).Examples of available pairs:EUR/USDGBP/USDUSD/JPYBTC/USDETH/USDLTC/USDCommissionCloseOption does not charge commission fees on binary options trading.PayoutsFor a standard trader (not top-tier accounts), payouts typically fall within the 15% – 90% range. For cryptocurrency speculation, many of the options pay out around 40%. Pairs only involving traditional currency usually pay out more, and major pairs tend to have the best payout. It is possible to find binary options here based on EUR/USD, USD/JPY and GBP/USD that payout around 75%. For AUD/USD and USD/CHF, expect payouts around 70%.If your account balance exceeds $50,000 you can be offered binary options with higher payouts, up to 95%.CFD trading with CloseOptionCloseOption does not offer Contracts for Difference (CFDs).Account typesTiered AccountsCloseOption has a tiered system for accounts, where the lowest level is the Copper Account and the highest level is the Diamond Account.A $5 deposit is enough to get started with a Copper Account. Minimum trading size for a Copper Account is just $1 but there is also a maximum limit in place and the maximum trading size is $1,000.At higher account levels, the min/max limits are different. You get access to various perks and also higher-paying binary options. With a Diamond Account, you will be offered certain binary options where the payout is 95% and quite a lot of binary options where the payout exceeds 90%. While a Copper Account can find some binary options around the 90% mark, most of the available assortment will consists of binary options that pay considerably less.Speciality AccountsCloseOption does not offer speciality accounts.Indian Demat Account:NoIslam / Muslim / Sharia / Halal Account:NoSTP Account:NoECN Account:NoDMA Account:NoMAM Account:NoPAMM Account:NoLAMM Account:NoDeposits & WithdrawalsCloseOption acceps a wide range of transaction methods that are well-known and popular in Australia, so Australian traders should not have any problem finding one that suits them. Also, this broker is really in favour of traders using cryptocurrency for deposits and withdrawals, so that is definitely a viable option for Australian traders. When you deposit using cryptocurrency, you get a 2% bonus on your deposit.Please note: Cryptocurrency deposits to CloseOption are made through coinpayments.net. You will be automatically re-directed to that site during the deposit process if you select a cryptocurrency transfer as your deposit method.Does CloseOption charge deposit fees?Close Option does not charge any deposit fee for processing cryptocurrency deposits. (You actually get a 2% bonus.) Deposits through PayPal are also free.For deposits made using a debit/credit card, Close Option will charge the trader a 7% or $50-$100 deposit fee, and the same is through for bank transfer and wire transfer.Always check with CloseOption before you select your deposit method, to get the latest information and avoid unpleasant surprises.Examples of accepted transaction methodsBitcoin transferBitcoin Cash transferDash transferTether transferEthereum transferTron transferRipple transferMonero transferMajor credit/debit cards, including MasterCard (Warning: You will pay a fairly high deposit fee to CloseOption)Wire transfer (Warning: You will pay a fairly high deposit fee to CloseOption)Bank transfer (Warning: You will pay a fairly high deposit fee to CloseOption)PayPalPerfect MoneyWebMoneyWhat are the mininum deposits and withdrawals with CloseOption?It depends on which transaction method you are using.Generally speaking, crypto transfers are best in this regard, since the minimum deposit and withdrawal is just the equivalent of $1 when you do a crypto transfer. For certain e-wallets, CloseOption has similarly low requirements.For other transaction options, the thresholds are more cumbersome. The wire transfer option does for instance require a $500 deposit.Know-your-customer (KYC) checksTo comply with anti-money laundering routines, CloseOption will require you to pass a KYC check before you can start making withdrawals. It will involve confirming your identify. Typically, CloseOption do these checks over Skype.Inactivity feeCloseOption charges a 0.5% inactivity fee.An account is classified as inactive after 3 months without any log in.If your account becomes classified as inactive, it will cost $10 to have it classified as active again. Simply logging in is not enough to re-activate the account.Customer supportPhone support: Yes, phone support is available.Email support: Yes, email support is available.Live chat support: Yes, live chat support is available.Call back service: Yes, you can send your phone number to the customer support by email or live chat and ask them to call you. That way, you do not have to worry about the phone bill for the call.CloseOption claims to offer customer support 24/7, but quite a few traders have refuted this claim. The support department seems to sometimes become unstaffed, even during very active trading hours. There are also reports of traders being notified they are #1 in the queue, but then never being connected to the support.If reliable customer support around the clock is important for you, CloseOption might not be the right broker for you.Questions & answers about CloseOptionIs there a welcome bonus?Yes.The exact contents of the welcome bonus package depends on the size of your first deposit.The maximum welcome deposit match bonus is 44%. There is also a $10 fixed-sized welcome gift available.Make sure your read and understand the terms and conditions of the bonus offers before you make your first deposit. Bonus money comes with a trading requirement, and the trading requirement is calculated based not just on the size of your bonus but also on the size of your deposit. You can not make withdrawals from your account until you have fulfilled the trading requirement. All money is locked in until then; deposited money, bonus money and profits.Can I turn on two-factor authentication for my account?No, two-factor authentication is not available for CloseOption accounts.Can I speculate on stocks here?No. You can not gain exposure to stocks or stock indices here.CloseOption specializes in speculation on forex and cryptocurrencies.Does Close Option offer VPS hosting?No, this broker does not offer Virtual Private Server (VPS) hosting.Are there tournaments?Play-money contests are available for traders who have deposited at least $500 in real-money. These contests run weekly, and winners get bonus money. The highest possible prize in a regular weekly contest is $850 in bonus money. (Terms and conditions apply.)Even though the trading takes place using play-money, you will typically need to pay a real-money entrance fee to participate. The fee is not huge; usually in the $5-$10 range for a standard weekly tournament.Sometimes, CloseOption arranges contests where there is no entrance fee.