Binary options are a type of financial instrument that allows traders to speculate on the price movement of various assets, such as stocks, currencies, or commodities. Unlike traditional trading, where you buy and sell assets, binary options offer a simple yes-or-no proposition: will the asset's price rise or fall within a specific time frame? If your prediction is correct, you receive a fixed payout; if not, you lose your investment. These options are typically short-term, with expiration times ranging from minutes to hours. While they can offer high returns, they also carry significant risks, making them suitable primarily for experienced traders. It's essential to understand the market and the specific asset before engaging in binary options trading.