Other currencies like AUD, CAD, JPY, Bitcoin are also traded in the binary options market. Forex binary options is actually very popular and many traders prefer to trade currencies only. Most of the binary options signal providers and binary options robots focus more on Forex.
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Forex binary options are always available in the form of currency pairs for trading. It is so because a currency cannot be defined in absolute terms. Its value is always defined in terms of other popular currencies.
For a binary options trader this is a very important fact. It means than any deviation in either or both currencies will change the price level of the currency pair. This gives an advantage to the binary options traders because if something happens which will influence the price level of either of the currencies, the trader can use this information to make money. Smart traders follow the market updates closely and whenever there is a suitable moment they do not fail to make the full use of it.
Let us consider the case of EUR vs USD. If there is some negative news about the USD currency, which is likely to weaken USD, you can trade Call options in EUR vs USD because weakening of the USD will take EUR vs USD up. You should trade Put options in the opposite case.
Similarly, if some reforms have taken place which will strengthen the EUR, you should be quick to trade the call option in this case and the put option in the opposite case.
Trading Forex is very easy in binary options trading. Go to the trading platform of your binary options broker and there you can trade Forex using all the trading types like High or Low, Boundary, One Touch, 60 Seconds, Option Builder etc. High or Low is the most widely traded binary options for Forex followed by 60 seconds.
In High or Low Forex trading, you need to first select the currency pair you are interested in. After this just select the direction you think the currency pair will move in and enter the amount you want to trade. If your prediction is correct will can make a profit of about 70% to 90%. This percentage will be displayed prior to making the investment and you will know exactly how much you would win if your prediction is correct.
If you want to trade the Forex for extremely short expiry time, you can trade the 60 seconds option. In 60 seconds options all the trading methodology is exactly the same like High or Low trading except for the fact that the expiry time is just one minute.
Binary options trading provides a unique way of trading Forex options. Following the market closely and trading sensibly can help you win big profits by forex binary options trading.