What is Binary Options?
A binary option trade is an all-or-nothing proposition. Binary traders in Singapore can purchase options that predict whether the underlying price of an asset will go “up” or “down” over a set period of time. Should their prediction be correct, the trade will be considered “in the money”, and the Singaporean trader will be paid a set amount. If there prediction is not correct, the trader will not be paid anything.
Technically, binary options trading is not Forex, but many Singaporeans consider it to be a good alternative. The assets that are available to trade in Singapore are much the same. They include commodities such as gold, currency pairs such as GBP/USD, and stocks. There are also some advantages to it, such as low minimum deposit requirements, and no commissions or spreads.