Recently, Close Option, a binary options trading platform has come under the sights of some troubling reports by users, with several concerning things potentially going on with the options broker including unexplained account bans, unreasonable account verification requests, and withheld account balances – which raises the alarm is this another platform with excessive inaccuracies and is Close Option another cryptocurrency scam?
Website: https://www.closeoption.com/
Website Availability: Yes
Address: Vake-saburtalo district, Al Kazvegi ave. N41 Apt.N19, Tbilisi, Georgia
Warning Notices: Not recommended by the review website like Lycan Retrieve
Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
Unexplained account bans and withheld balances
One troubling report was when traders were simply banned for no reason and no prior warning. One particular trader, who had a verified account for over six years, got banned from Close Option while raising a support ticket asking for confirmation about their eligibility to enter a contest. Since then, the trader can no longer access their balance and suspects foul play.
Unreasonable and repeated verifications
Multiple users have reported that Close Option drags their customers through series of endless account verifications. One trader provided them with an extensive series of legitimate documentation, including their passport images, and Close Option kept rejecting their account verification. Other users also speculated their private documents with likely thousands of verifications in a short period of time may have even been sold or utilized elsewhere.
Bad Trading Conditions and Fewer Assets
Close Option appears not to have the base commissions or commissions fee model of a legitimate brokerage. The trading platform had no real assets available for trading, no leverage, and supposedly paid out less on smaller accounts, compared to real assets. These restrictions dramatically reduce the profit potential for retail investors.
Conclusion
- Multiple reported cases of blocked accounts or withheld funds
- Credential verification is complicated and probably exploitive
- Limited trading options, low payouts
- Data security issues and being compliant
Frequently asked questions
Q1: Is Close Option regulated?
No. There is no evidence to suggest that Close Option has any regulation by a legitimate financial regulatory body.
Q2: Can Traders withdraw from the Close Option?
Many reviews from users reported issues around withdrawal, and the most high-profile case is when they have an issue verifying their credentials/a contest.
Q3: Is Close Option safe for new investors?
Close Option would be considered a high-risk investment based on the reviews and consumer complaints available.
Take Informed Action
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