He was a doubter and now he is a believer... Congratulations on your payout @raymondstephen15
Binary option is infact a prediction of which direction the price of the underlying asset (a stock, commodity, index or currency) will move by a specified expiration time. With Binary Options, an investor doesn't purchase the asset - he is merely predicting the direction that the underlying asset moves. There are actually just two possible outcomes. A fixed gain if the option expires “in the money”, or a fixed loss if the option expires “out of the money.” The price of the asset is not important. The only thing that matter is whether the prediction is correct or incorrect.
A binary options trade usably involved three steps:
First, you choose a trade expiration time, this is the time you want the trade to end. It could be any time period between a minute and a week - usably it is within the day.
Second, you choose Call or Put. If you think the price will end up above the current price: you click the buy/call button. If you think the price will end up below the current price: click the sell/put button.
Now that the trade is placed, you simply wait for the outcome. If the trade expires 'in the money', you make a profit. If it expires 'out of the money' , you'll lose.
Now you can see where the "binary" comes from, it stresses the fact that there are two possible outcomes to a binary option, both of which are set and understood by the investor prior to placing a trade.
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