What is Binary Options?
A binary option trade is win or lose proposition. Binary traders in Libya can purchase options that predict whether the underlying price of an asset will go “up” or “down” over a set period of time. If their prediction is right, the trade will be considered “in the money”, and the Libya trader will be paid a set amount. If there prediction is not correct, the trader will not be paid anything.
Binary options trading is really not Forex, but many Libyans consider it to be a good alternative. The assets that are available to trade in Libya are much the same. They include commodities such as gold, currency pairs such as GBP/USD, and stocks. There can also be some benefits to it, such as low minimum deposit requirements, and no commissions or spreads.