Closeoption Binary Option Broker Review (Updated 2025)

I. Executive Summary

This report provides a comprehensive analysis of Closeoption, a binary options broker operating primarily online and targeting an international clientele, including customers within the United States.¹ Established with roots in Georgia ², the broker promotes a user-friendly platform designed for simplicity.² However, a detailed examination reveals significant concerns regarding its regulatory standing, operational transparency, and the inherent risks associated with its business model.

The most critical finding pertains to Closeoption’s regulatory status. While the broker claims authorization from the National Bank of Georgia (NBG) ⁵, this claim requires careful scrutiny given the NBG’s typical oversight scope and the broker’s international focus. More alarmingly, Closeoption appears on the U.S. Commodity Futures Trading Commission’s (CFTC) Registration Deficient (RED) List for soliciting American clients without the necessary registration.¹ This listing signifies a major compliance failure and presents substantial risks for traders, particularly those in the US.

The proprietary ‘TradeRoom’ platform is characterized by its ease of use ⁶, potentially appealing to novice traders. However, this simplicity comes at the cost of limited analytical capabilities and a restricted range of tradable assets, confined solely to Forex and cryptocurrency pairs.⁶ Stocks, indices, and commodities are notably absent.

Closeoption employs a tiered account structure where advertised maximum payouts, reaching up to 90%, are contingent upon exceptionally high deposit levels ($50,000 or more).⁶ For traders making smaller deposits (starting at $5), the effective maximum payout is significantly lower, around 79% ⁶, potentially trailing industry competitors. Furthermore, the broker’s marketing claim of “Zero Fees” on deposits and withdrawals ⁸ is contradicted by evidence of substantial fees for wire transfers and conditional coverage of potentially high card deposit fees.⁶

In conclusion, Closeoption represents a high-risk proposition for potential clients. The serious regulatory flags raised by the CFTC, coupled with questionable transparency regarding fees and payouts, and the fundamentally speculative nature of binary options trading, necessitate extreme caution. Traders, especially those residing in jurisdictions like the United States where the broker lacks authorization, are advised to weigh these significant risks heavily against the platform’s superficial appeal.

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II. Broker Profile and Operational Overview

Understanding the background and operational structure of Closeoption is essential for evaluating its services. The broker identifies itself as CloseOption ² and presents itself as a user-friendly platform for binary options trading.²

Sources provide slightly varying information regarding its establishment timeline. Some indicate a founding year of 2012 ², while others point to 2013.⁵ The company’s official ‘About Us’ page states it was officially registered on August 8, 2013.⁷ Forum posts suggest brokerage services commenced in 2015.⁹ While minor, this discrepancy warrants noting. Ownership is attributed to Organic Tech LLC in forum discussions ⁹, although this is not explicitly confirmed on the broker’s official website.⁷

Closeoption’s geographical footprint is centered in Georgia, cited as its headquarters or origin.² A specific legal office address is provided: Vake-saburtalo district, Al Kazvegi ave. N41 Apt.N19, Tbilisi, Georgia.⁴ Contact information includes an email address ([email protected]) and two international phone numbers: one with a UK prefix (+442032902097) and another with a US prefix (+17068474747).⁴ The provision of UK and US contact numbers alongside a Georgian legal base suggests a deliberate operational strategy. By establishing a legal presence in Georgia, a jurisdiction not typically associated with stringent global financial oversight, while providing local contact points for key Western markets, the broker may be attempting to appear accessible and established in those regions while potentially benefiting from a less demanding regulatory environment compared to the UK or US. This structure allows Closeoption to actively solicit clients in highly regulated territories from a base with potentially lower compliance burdens.

The broker emphasizes its platform’s simplicity and ease of use ⁵, claiming to prioritize the safety and security of user funds and personal data.² It asserts a commitment to providing a transparent and equitable trading experience.² Notably, Closeoption actively targets an international client base and explicitly welcomes customers from the United States ¹, a point of significant consequence in the context of its regulatory standing.

III. Regulatory Compliance and Oversight Analysis

The regulatory status of any financial broker is paramount, particularly in the high-risk domain of binary options. Closeoption’s regulatory position presents a complex and concerning picture, marked by significant discrepancies between its claims and verifiable oversight.

Closeoption asserts that its Forex and Options Trading activities are permitted under a license (number B 2-08/3647, dated October 18, 2017) issued by the National Bank of Georgia (NBG).⁵ The company states its operations comply with Georgian law.⁷ Some third-party reviews and forum posts also mention Closeoption being “registered” with the NBG.⁶ However, the practical implications of this NBG license for international clients require careful consideration. While the NBG does supervise financial institutions within Georgia ¹², its regulatory framework and enforcement capacity, especially concerning brokers primarily serving international clients in complex derivatives like binary options, may not equate to the standards imposed by Tier-1 regulators in major financial centers. Furthermore, a check of the NBG’s publicly available list of licensed brokerage companies did not reveal Closeoption’s name, raising questions about the precise nature and scope of the claimed license or registration.¹³ The NBG license, even if technically valid for domestic operations or specific activities within Georgia, appears to function more as a superficial marker of regulation for an international audience rather than a guarantee of robust client protection aligned with standards in the markets Closeoption actively targets.

This concern is dramatically amplified by Closeoption’s inclusion on the CFTC’s RED List, effective July 6, 2022.¹ The CFTC, a major US regulator, explicitly identifies Closeoption as an entity soliciting and accepting funds from US customers for forex and binary options trading without the mandatory CFTC registration.¹ The RED List designation serves as a formal warning that the entity appears to be operating in violation of US regulatory requirements. The CFTC cautions that US customers dealing with such unregistered foreign firms may have minimal or no legal recourse or protection.¹ This listing directly contradicts any image of regulatory compliance Closeoption attempts to project internationally and represents a critical red flag, particularly for US residents, but also signals a broader disregard for regulatory norms in major financial markets.

Compounding these issues is the complete absence of regulation by recognized Tier-1 international bodies, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC). The importance of such regulation is highlighted by industry standards and competitor profiles; other brokers often prominently display licenses from these authorities.² Closeoption’s lack of such credentials means it operates outside the stringent frameworks these bodies impose, which typically include requirements for client fund segregation, participation in investor compensation schemes, and adherence to strict conduct rules. No information was found indicating that Closeoption segregates client funds or offers any form of compensation protection, further increasing client risk.

The broker’s stated policy of welcoming US clients ² despite the explicit CFTC warning demonstrates a high tolerance for regulatory risk and suggests a deliberate strategy to operate in markets where it lacks authorization. While this might attract traders seeking products unavailable through regulated channels, it places the full burden of regulatory risk squarely on the client.

Table 1: Closeoption Regulatory Status & Warnings Summary

Regulatory Body	Claimed Status (per Closeoption/Sources)	Verified Status / Warnings	Implications for Traders
National Bank of Georgia (NBG)	Licensed (B 2-08/3647) / Registered 5	Not found on NBG’s public list of licensed brokerage companies.13 Regulatory scope/protection likely limited, especially for international clients.	Minimal practical protection; oversight standards likely lower than Tier-1 regulators. Questionable value for non-Georgian clients.
CFTC (USA)	Welcomes US Clients 2	Listed on RED List (July 2022) for soliciting US clients without registration.1	Significant red flag. US persons lack regulatory protection and recourse. Indicates disregard for major market regulations.
Tier-1 Regulators (FCA, CySEC, ASIC etc.)	No claims made.	Not regulated by any major Tier-1 authority.14	Lack of stringent oversight, no guaranteed client fund segregation, no access to investor compensation schemes, limited dispute resolution mechanisms.

IV. Trading Platform Evaluation: The ‘TradeRoom’

Closeoption provides its clients with a proprietary trading platform known as ‘TradeRoom’.⁵ The platform is entirely web-based, accessible through standard desktop and mobile browsers, offering a mobile-friendly interface for trading on the go.⁵ Notably, unlike some competitors ¹⁴, Closeoption does not appear to offer dedicated downloadable mobile applications for iOS or Android.

A consistent theme across descriptions is the platform’s emphasis on simplicity and user-friendliness. It is characterized as having an intuitive, clean design and an uncluttered layout, making navigation and trade execution straightforward, particularly for traders new to binary options.² The trading terminal typically features the selected chart prominently, with options to adjust parameters like the trade timeframe and stake amount easily accessible.⁵ Payout percentages are conveniently displayed before a trade is confirmed.⁶

However, this focus on simplicity results in significant limitations in analytical tools. The charting package is described as basic ⁶, offering only four fundamental chart views ⁵, three chart types, and four timeframes.⁶ While manual drawing tools like trend lines, text annotations, and Fibonacci retracements are available ⁵, the platform notably lacks the sophisticated real-time technical indicators that more experienced traders often rely on for in-depth market analysis.⁵ This deficiency places TradeRoom at a disadvantage compared to platforms offering more comprehensive analytical suites.⁶

The platform facilitates the execution of standard High/Low binary options contracts.⁶ A key feature is the wide range of available expiry times, spanning from extremely short durations of 30 seconds up to one month.⁶ This flexibility caters to various trading styles, from very short-term scalping to longer-term directional bets.⁶

Additional platform features include a user dashboard providing a simple overview of account status ⁵ and integration with the broker’s referral program.⁵ The platform also serves as the venue for Closeoption’s frequently promoted weekly trading contests.⁵

The deliberate simplicity of the TradeRoom platform, while potentially lowering the barrier to entry for beginners, carries inherent drawbacks. The lack of advanced analytical tools hinders the ability to perform rigorous technical analysis, which is crucial for navigating the complexities and risks of binary options trading effectively. Combined with the availability of very short expiry times (down to 30 seconds), the basic nature of the platform might inadvertently encourage impulsive, less-informed trading decisions, aligning more with speculative activity than strategic market participation. This structure, emphasizing speed and simplicity over analytical depth, caters heavily towards high-frequency speculation, particularly on volatile assets.

V. Market Access: Asset Coverage and Limitations

The range of underlying assets available for trading is a critical factor in a broker’s offering. Closeoption adopts a highly specialized approach, focusing exclusively on binary options based on Forex currency pairs and cryptocurrencies.⁶

The offering includes over 15 traditional currency pairs, encompassing majors like EUR/USD and GBP/USD, as well as some minor pairs such as GBP/CHF.⁶ Additionally, a selection of cryptocurrency pairs is available, including prominent options like BTC/USD, ETH/USD, and LTC/USD.⁶ It is noted that trading cryptocurrency pairs specifically requires the account to be funded using a cryptocurrency method.⁸

Significantly, Closeoption does not provide access to binary options on other major asset classes. Instruments such as individual stocks, stock market indices, and commodities are explicitly excluded from its platform.² This narrow focus stands in stark contrast to many competitors in the binary options space, some of whom offer access to hundreds of underlying assets across diverse markets, including equities, indices, and commodities alongside Forex and crypto.⁶

This restricted asset selection severely limits opportunities for diversification and makes Closeoption unsuitable for traders seeking exposure beyond the currency and cryptocurrency markets. Traders interested in speculating on stock price movements, broader market indices, or commodity trends would need to utilize alternative brokerage platforms.

The decision to concentrate solely on Forex and cryptocurrencies aligns with markets known for potentially high volatility, especially in shorter timeframes. This characteristic can be attractive for binary options trading, where profitability hinges on correctly predicting price direction over fixed, often brief, periods. The choice of assets thus complements the platform’s offering of very short expiry times and its generally speculative nature, catering to traders seeking to capitalize on rapid price fluctuations within these specific market segments. However, this specialization comes at the significant cost of breadth and diversification potential.

VI. Account Tiers, Payout Structure, and Contests

Closeoption utilizes a tiered account system, differentiating client status and potential payouts based primarily on the amount of funds deposited. This structure significantly impacts the trading conditions and potential profitability for users.

There are five distinct account levels identified ⁶:

• Copper: Requires a minimum deposit of just $5. Offers maximum payouts of up to 79%.
• Bronze: Requires a deposit of $1,000. Offers maximum payouts of up to 80%.
• Silver: Requires a deposit of $2,000. Offers maximum payouts of up to 82%.
• Gold: Requires a deposit of $10,000. Offers maximum payouts of up to 85%.
• Diamond: Requires a deposit of $50,000. Offers the highest maximum payouts, up to 90%. Higher tiers may also come with additional perks like dedicated account managers and cash gifts.⁶

The advertised maximum payout rates, often highlighted as up to 90% ⁶ or even 95% in some promotional materials ⁵, are therefore misleading for the average user. Achieving the top payout tier necessitates a substantial $50,000 deposit, placing it out of reach for most retail traders.⁶ For those starting with the minimum $5 deposit (Copper tier), the realistic maximum payout is capped at 79%.⁶ This standard payout rate may lag behind those offered by some competitors, who might provide higher percentages even with lower initial deposits.⁶ Furthermore, payout rates are not uniform across all assets; major currency pairs typically offer higher rates (e.g., 79% for EUR/USD during testing) compared to less liquid pairs or cryptocurrencies, which can have significantly lower payouts (e.g., 50%).⁶ The platform does display the applicable payout ratio for each trade option before execution.⁵

The minimum trade size is accessible at $1 ⁵, allowing traders to manage risk with small position sizes. The maximum trade size is reported as $1,000.⁶ A demo account option is available, allowing users to familiarize themselves with the platform and test strategies using virtual funds without financial risk.⁵

A prominent feature of Closeoption’s offering is its emphasis on weekly trading contests.⁵ These contests often feature substantial prize pools (e.g., $20,000 split among 20 winners ⁶, $3,000 weekly ⁹, $1,000 weekly ¹¹) awarded to the top performers based on account balance at the contest’s end. While some contests may require a small entry fee (e.g., $5 ⁹), Closeoption frequently runs promotions offering free entry, sometimes even accessible via demo accounts.⁵ Contest prizes are typically awarded as withdrawable cash.⁹

Closeoption also frequently offers bonuses, including welcome bonuses for new clients and deposit bonuses that can reach up to 60%.⁵ Promotions for a $10 No-Deposit Bonus have also been observed on trading forums.⁹ As with any broker bonus, traders should carefully review the associated terms and conditions, particularly regarding withdrawal requirements.¹⁷

The tiered account system, linking higher payouts directly to significantly larger deposits, creates a potential conflict of interest. It inherently incentivizes traders to commit substantial capital – amounts ranging from $10,000 to $50,000 – to achieve competitive returns. Encouraging such large deposits with a broker that lacks robust regulatory oversight and clear client fund protection mechanisms poses a considerable risk to the client. This structure disproportionately benefits the broker by increasing the funds held under its management.

Simultaneously, the aggressive promotion of contests and bonuses, particularly those offering free entry or no-deposit funds, functions as a potent client acquisition strategy. These promotions can attract traders, especially novices, with the allure of “free money” or significant prizes, potentially overshadowing the inherent risks and the need for disciplined trading strategies. This gamified approach, common among less-regulated offshore brokers, can foster a gambling-like environment and prioritize trading volume over informed decision-making.

Table 2: Closeoption Account Tiers Comparison

Account Tier	Minimum Deposit	Maximum Payout %	Key Features / Perks (Mentioned)
Copper	$5	Up to 79%	Basic Access
Bronze	$1,000	Up to 80%
Silver	$2,000	Up to 82%
Gold	$10,000	Up to 85%	Potential perks (e.g., cash gifts, account manager) 6
Diamond	$50,000	Up to 90%	Highest payouts, potential perks 6

VII. Financial Operations: Deposits, Withdrawals, and Fee Transparency

The efficiency and transparency of funding and withdrawal processes are crucial aspects of any brokerage service. Closeoption offers a diverse range of payment methods but presents inconsistencies regarding its fee structure.

Clients can deposit funds using various methods, including Bank Cards (Mastercard specifically mentioned ⁸), popular E-wallets like PayPal, Perfect Money, and WebMoney ⁵, a selection of Cryptocurrencies such as Bitcoin, Ethereum, and Bitcoin Cash ⁵, and likely Bank Wire Transfers, as this is offered for withdrawals.⁵ This range of options is generally considered convenient.⁶

Withdrawals can be processed back to the source where feasible, including Bank Cards (typically as refunds ⁸), E-wallets, Cryptocurrencies, and Bank Wire Transfers.⁵

A significant point of concern arises from the broker’s fee claims. Closeoption prominently advertises “Zero Fees On Deposits & Withdrawals” on its main page.⁸ However, further investigation reveals this claim to be misleading. While deposits via Bitcoin, Perfect Money, and WebMoney are indeed free of charge ⁶, bank card deposits inherently incur fees ranging from 1% to as high as 8.4%.⁶ These fees are attributed to currency conversion processes by intermediary banks and payment gateways.⁸ Closeoption states that it covers these card deposit fees as part of ongoing promotions ⁶, but the existence of the underlying fee and reliance on a potentially temporary promotion contradicts the “Zero Fees” assertion.

On the withdrawal side, while most methods are presented as fee-free ⁶, Bank Wire Transfers are subject to substantial charges, ranging from $50 to $100 depending on the withdrawal amount.⁶ Withdrawals to bank cards, processed as refunds, are generally free unless currency conversion by external parties imposes a charge; Closeoption suggests contacting support to potentially have high card withdrawal fees covered.⁸ This complex reality, particularly the hefty wire transfer fees and the conditional coverage of card deposit fees, undermines the broker’s claims of cost-free transactions.

Minimum transaction amounts also vary. The minimum deposit is very low at $5 ⁵, making the platform initially accessible. However, minimum withdrawal amounts differ significantly by method: just $1 for cryptocurrencies and e-wallets, but a much higher threshold of $500 for bank withdrawals.⁶ This high minimum for bank transfers could pose a barrier for traders who deposited smaller amounts and wish to withdraw via this common method. The combination of a low entry deposit and potentially high withdrawal minimums or fees for certain methods might inadvertently discourage withdrawals of small balances.

Processing times are generally in line with industry expectations. Deposits are typically processed instantly ⁶, although one source suggests this applies mainly to non-crypto methods.⁸ Withdrawal requests usually take up to three business days to be processed by the broker.⁶

Adding to transparency concerns is the claim that traders can “Start Trading Without KYC” (Know Your Customer).⁸ Standard practice in the regulated financial industry mandates KYC procedures to prevent money laundering and verify client identity. Offering trading services without initial KYC checks is a significant deviation from these norms and constitutes a major red flag regarding the broker’s commitment to Anti-Money Laundering (AML) compliance and overall operational legitimacy. While potentially appealing for quick onboarding, it signals weak internal controls.

VIII. Customer Support and Educational Resources

Accessible customer support and adequate educational materials are important components of a broker’s service offering, especially for less experienced traders. Closeoption provides several channels for support but appears limited in its educational depth.

The broker claims to offer round-the-clock customer support.⁹ Clients can reach the support team via email at [email protected] and through the provided UK and US phone numbers.⁴ While not explicitly detailed in the analyzed materials, a live chat feature is commonly expected and likely available through the website interface.

Closeoption states it offers numerous educational resources aimed at enhancing traders’ understanding of binary options.² These resources include basic platform guides and trading tutorials.⁶ However, reviews suggest that these materials are limited in scope and may not be sufficient for truly upskilling newer traders about how financial markets function or the fundamental factors driving price movements.⁶ This contrasts with some competitors who offer more comprehensive educational sections with detailed guides and market analysis.¹⁴ The focus appears to be more on platform operation than on foundational trading knowledge. This lack of depth in educational resources might align with a business model that benefits from high trading volume, potentially driven by promotions and contests, rather than fostering well-informed, strategic traders.

The broker maintains a visible presence on online trading forums, such as EarnForex.⁹ However, the content primarily consists of promotional posts advertising bonuses (like the $10 No-Deposit Bonus) and the weekly trading contests. While some user posts mention participating in or winning these contests ¹¹, there is limited evidence in the provided snippets of substantive community discussion regarding trading strategies, platform performance, or user experiences with Closeoption on these forums. The emphasis seems heavily skewed towards marketing and client acquisition rather than fostering genuine community engagement or transparent discussion about the service. No specific user reviews from platforms like Trustpilot or ForexPeaceArmy pertaining to Closeoption were found within the analyzed materials.

IX. Risk Assessment and Legitimacy Verdict

Synthesizing the findings across regulation, operations, platform features, and transparency leads to a critical assessment of the risks associated with Closeoption and its overall legitimacy.

Several major red flags dominate the assessment:

1. Regulatory Deficiencies: The most severe concern is Closeoption’s listing on the CFTC RED List for operating in the US market without registration.¹ This overrides any perceived legitimacy derived from its claimed National Bank of Georgia license ⁵, the practical value and scope of which remain questionable for international clients, especially given its absence from the NBG’s public list of licensed brokers.¹³ The lack of any Tier-1 regulatory oversight means clients operate without standard protections like guaranteed fund segregation or access to compensation schemes.
2. Transparency Issues: The broker’s marketing claim of “Zero Fees” is demonstrably inaccurate, with significant fees applicable to wire transfers and conditional coverage for card deposit fees.⁶ The tiered payout structure, heavily favoring large depositors, obscures the typical returns achievable by average clients.⁶ The claim of allowing trading without KYC ⁸ raises serious AML compliance concerns.
3. Inherent Product Risk: Binary options are intrinsically high-risk, speculative instruments.⁸ The platform’s features, including very short expiry times and limited analytical tools, may encourage gambling-like behavior rather than informed trading.
4. Operational Risks: Potential difficulties may arise with withdrawals due to high minimums for bank transfers ($500) ⁶ or if promotions covering card fees are discontinued. Crucially, the lack of robust regulation means clients have limited recourse in case of disputes or operational failures.

Considering these factors, Closeoption’s legitimacy is seriously challenged. While it appears to be an operational entity processing deposits, withdrawals, and contest payouts, its business model operates in a regulatory grey area. It potentially satisfies minimal requirements in its home jurisdiction of Georgia while actively disregarding regulations in major target markets like the US. This structure maximizes operational flexibility for the broker but externalizes significant regulatory and financial risk onto its clients. The business model seems heavily reliant on attracting trading volume through aggressive promotions, low entry barriers, and a gamified contest environment, potentially prioritizing client acquisition and activity over transparency, comprehensive education, and long-term client success. This approach is amplified by the weak regulatory oversight under which it operates. While some third-party review sites may assign positive scores ⁵, the weight of the regulatory warnings and transparency issues cannot be understated.

X. Conclusion and Expert Recommendations

Closeoption presents itself as an accessible, user-friendly binary options broker based in Georgia, distinguished by its simple ‘TradeRoom’ platform, very low minimum deposit requirement, and a strong focus on promotional contests and bonuses. Its asset offering is narrowly focused on Forex and cryptocurrency pairs.

Despite these superficial attractions, this analysis concludes that Closeoption represents a high-risk proposition for traders. The perceived benefits are significantly overshadowed by critical weaknesses and substantial risks:

• Severe Regulatory Concerns: The broker’s presence on the CFTC RED List for soliciting US clients without registration is a major disqualifying factor for US persons and a serious warning for all potential clients globally. The claimed NBG license offers questionable practical protection for international traders, and the absence of any Tier-1 regulation leaves clients exposed.
• Lack of Transparency: Misleading claims regarding “Zero Fees,” a tiered payout structure that disadvantages smaller depositors, and a concerning “No KYC” policy undermine the broker’s credibility and operational integrity.
• Limited Trading Environment: The platform’s basic analytical tools and restricted asset range (FX/Crypto only) limit its utility for serious or diversified traders.
• High-Risk Product: Binary options trading is inherently speculative, and Closeoption’s platform structure may exacerbate these risks.

Based on this comprehensive evaluation, the following recommendations are provided:

1. US Persons: It is strongly advised to AVOID Closeoption entirely. The CFTC RED listing confirms the broker operates without authorization in the US, meaning clients have no regulatory protection or legal recourse through US channels.
2. Traders in Other Jurisdictions: Exercise EXTREME CAUTION. Fully understand that the NBG license likely provides minimal effective protection and recourse is limited. Be highly skeptical of promotional offers and bonus terms. Critically evaluate the tiered payout system and the actual returns achievable for your deposit level. Never deposit funds you cannot afford to lose completely.
3. Beginner Traders: Despite the platform’s apparent simplicity, the high-risk nature of the product, coupled with limited educational resources and significant regulatory concerns, makes Closeoption unsuitable for novices. Prioritize brokers with strong regulatory credentials (from reputable authorities like FCA, CySEC, ASIC) and comprehensive educational support.
4. Experienced Traders: The limitations in analytical tools, narrow asset range, and unacceptable regulatory status make Closeoption an inappropriate choice for serious market participants.
5. General Advice: Always conduct thorough due diligence before selecting any broker. Prioritize and verify regulatory licenses from well-regarded authorities applicable to your region. Scrutinize all fee schedules, payout structures, and terms and conditions. Remember that binary options trading carries a substantial risk of capital loss.⁸

Works cited

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