What is Binary Options?
A binary option trade is an all-or-nothing deal. Binary traders in Somalia 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 correct, the trade will be considered “in the money”, and the Somalia trader will be paid a set amount. If there prediction is not correct, the trader will not be paid anything.
Binary options is technically not Forex trading, but many Somali consider it to be a good alternative. The assets that are available to trade in Somalia are much the same. They include commodities such as gold, currency pairs such as GBP/USD, and stocks. It can also have some advantages, such as low minimum deposit requirements, and no commissions or spreads.
Binary Options
