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What are binary options, what can they be traded on and what is the process in trading them?

Also, are there any brokers in Australia who offer binary options?

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Binary options is a type of option where the payoff is either some fixed amount of some asset or nothing at all. When you trade binary options a trader who thinks that the EUR/USD strike price will close at or below 1.2500 at 3:00 p.m. can buy a put option or sell the contract.

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