CloseOption has yet to release a dedicated mobile application for its users as of this review.
CloseOption Mobile App: Main Features And Functionality
Updated: October 11, 2023
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CloseOption is a renowned binary options trading platform. This review delves into the CloseOption mobile application, highlighting its main and additional features. While the platform is accessible via browsers on various devices, it's essential to note that there isn't a dedicated mobile app available for CloseOption as of this review.
CloseOption app checklist
| IQCent | Deriv | CloseOption | |
|---|---|---|---|
Mobile App Rating |
N/A |
N/A |
N/A |
User-friendliness |
Good |
Good |
Good |
Updates |
Yes |
Yes |
Yes |
Biometric and two-factor authentication |
No |
Yes |
No |
How to download and set up CloseOption app
The CloseOption trading platform is accessible via any browser, eliminating the need for downloads. Users can access the platform from PCs, laptops, or smartphones. CloseOption has yet to release a dedicated mobile application for its users as of this review.
Registration process
Website navigation. Visit the official CloseOption website, the primary portal for all trading activities and account management.
Form completion. Fill out the online registration form with the required details and finalize the process by clicking the ‘Sign Up’ button.
Accessing trade room. Once logged in, locate and click on the ‘Trade Room’ icon prominently placed in the top right corner of the interface.
Account selection. Users can choose between a live trading account or a demo profile. Interestingly, both these accounts can be accessed using the same login credentials.
Verification protocols. CloseOption prioritizes security. New registrants are mandated to comply with anti-money laundering and know-your-customer guidelines. This involves uploading documents that verify their address and identity.
Account activation. To activate the trading account fully, navigate to ‘Settings’ on the main dashboard and choose ‘Account Approval’. It's worth noting that the approval process can span up to two working days.
Main features of CloseOption mobile app
Risk profile. CloseOption is a moderate-risk broker with a TU Overall Score of 6.36/10, reflecting its reliability and associated trading risks.
Trading platform. CloseOption boasts a proprietary web platform tailored for binary options trading, ensuring a user-friendly experience.
Trading conditions. Payouts from CloseOption aren't fixed. They fluctuate based on market volatility, order numbers for a specific asset, and the user's account level.
Minimum deposit. CloseOption stands out with its low entry barrier, allowing traders to start with a mere $5 deposit.
Additional features of CloseOption app
Currency pairs. CloseOption offers a variety of currency pairs, including major ones like EUR/USD and GBP/USD. They also support cryptocurrency trading pairs.
No weekend trading. CloseOption doesn't support weekend trading, restricting weekday trading activities.
User account & personal cabinet. The platform features a user account section for account management, deposits, and trading access.
Fees: While profitable trades aren't charged, fees apply for fund deposits or withdrawals via bank transfer or card.
Pros and cons of CloseOption mobile app Advantages:
👍 Pros:
• Regulatory license. CloseOption operates under the guidance and regulations of a well-respected financial authority. This licensing ensures the platform adheres to strict standards, providing traders with a secure and transparent trading environment.
• Initial deposit. One of CloseOption's standout features is its low entry barrier. An attractive initial deposit requirement of just $5 opens doors for novice and experienced traders to begin their trading journey.
• Payment dynamics. CloseOption adopts a dynamic payment structure. As trading volumes increase, so does the size of the payouts, offering traders the potential for higher returns based on their trading activity.
• Virtual fund prizes. CloseOption incentivizes traders by offering monetary rewards for trading with virtual funds. This encourages practice and skill development and allows earning real money without risking personal funds.
• Technical support. CloseOption prides itself on its robust technical support system. Available 24/7, traders have multiple avenues to reach out, ensuring that their queries and concerns are addressed promptly and efficiently.
👎 Cons:
• Asset range. One of the limitations of CloseOption is its restricted range of trading assets. This limitation can sometimes hinder traders looking for a diverse portfolio or specific assets to trade.
• Leverage trading. CloseOption does not support leverage trading. This means traders cannot amplify their trading positions, which can be a drawback for those looking to maximize potential profits.
• Payment structure. While CloseOption offers dynamic payouts, accounts with smaller deposits might experience lower payments compared to other platforms. This discrepancy can deter traders who start with minimal funds but expect competitive returns.
FAQs
Is CloseOption a good trading app?
CloseOption is commendable for those seeking a trustworthy binary options broker, offering a low deposit, high payout, and an intuitive platform.
What are the disadvantages of using CloseOption?
The platform has a limited asset range for trading and doesn't support leverage trading.
Do people make money on CloseOption?
To profit on CloseOption, one must open a real account, deposit funds, and accurately predict asset prices.
Is CloseOption regulated or not?
CloseOption is a regulated binary options broker, allowing fiat currency and cryptocurrency trading with personal funds.
Team that worked on the article
Alamin Morshed
Contributor
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson
Developmental English Editor
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.