Bitcoin Forum

Is Binary Options the same as trade for you?

What are the differences?

Here you go, and for my personally it's different.
http://www.financemagnates.com/binary-options/bloggers/binary-options-vs-forex-trading-understanding-the-difference/

Binary trading is gambling and trading is investing. They are quite different. In binary trading you have to place your bets and wait for the price to either go high or lower than your bet. Hence in binary trading, you are already fixed and stuck at what you chose. Unlike in trading you have the power to decide whether to push through with your intended sell time or buy time. You have the option when to really sell or buy.

the basics are the same you speculate about the price and then act on it but the difference is a big one. when you are trading you have full control over your money, which means you speculate and place your orders. and then for example if price goes in a different direction than your speculation you don't lose all your money, even if price goes down you can sell and prevent further loss.
binary is a gambling method and no matter what you do, mistakes lead to full loss of all your money.

In my opinion binary options is same as trading, the different between trading binary options and trading altcoins.
On binary we can choose how much the profit and the lost on early before make position and it is can not be changed.
And on trading altcoins we can change our position if the markets or we have made wrong position,
It is more low risk than trading binary options in my opinion.

in my opinioin, binary options and trading is the same but the different is binary option using leverage and in trading we don't use leverage, but maybe binary option is almost the same as margin trading as binary options and margin trading uses leverage for trading. for new people in trading, i suggest don't go with binary options because its more risky than ordinary trading, so better you learn first about trading and then if you have enough knowledge in trading then you can start to trying with binary option.

I do think binary option is a sort of gambling (just like betting the price of BTC will rise or fall in the next minute) unless you're using funds lend from others to buy/sell (more like margin trading). For example a binary option provider can't give you a profit of like 80% on your 1000 USD 'option' if the BTC price have only raised by 0.00001 USD averaged on all exchanges (even if they own all 21M bitcoins the increased value is only $210). That's just like a betting pool with a 10% house edge.

P.S. I have tried some demo 'binary options' and bet on Bitcoin falling, and lost almost all!

Binary option is the subset of trading yet sometimes it reminds me tossing up a coin in gambling. In other words you can bet on price fluctuations in binary options whereas you are travelling with the price movements in trading. These are linked concepts like binary option is a derived version of trading but not big significant differences.

In binary option we bet our money for earning more money so the same case occurs in here also so we can agree on the point that yes it is also a type of gambling. I do not know that how much is fun in this type of gambling because I do not have much experience in binary option. I will say that it is a type of gambling mostly played for profit.

If you look a closer look at it, binary option is not a gambling type such as roulette, or dice it is even different from poker or sports betting.  There are regularities that can be exploited, as one site stated.  Charts pattern, are used the same way trading used it  and it is used around the globe. Binary Option is unlike Casino gambling that solely depend on its system settings.

yes but it is the different from other gambling games only in the sense that you need experience in it to be able to win, and the site doesn't decide you win or lose.

but it is the same as other gambling games at the same time because when you lose you lose all your money. in other words it is either lose all or win all and there is nothing in between.

but it certainly is not trading, and i don't know why someone with trading knowledge and ability to analyze the charts would choose gambling instead of trading itself.

Binary trading is the same thing as trading it self. thr only eifference is that binary trading involves how long the trend stay bull or bear in a given time of your position on its price.

The problem with binary is that it so fast compared to real trading. In binary you can't choose to sell your asset when it rises because you already placed your sell order and you cannot take it back. Unlike in trading, you can sell whenever you want and sell the assets at the time it is high and wait to rise when it is lower than your buy price.

Binary Option in my opinion is a trade that has a gambling system. Binary option "bet" on whether the asset price will be above or below a certain amount at a certain time. Trade is also trying to predict price direction, but profits and loss depending on factors such as the entry price, exit price, the size of the trade, and money management techniques. So although equally included in trade but the system Binary Option more to gambling.

Binary options is absolutely different from trading. At first binary options is like gambling, it's not different from live betting or virtual sports betting, that's why you can see them on gambling websites and for that reason, it's prohibited in some countries.
Trading is to buy one currency with different rate and when you notice that there is a good time for selling, than you are selling it.
First one is absolutely depend on lucky and on second one, experience plays also main role with lucky.

I have tried to trade binary option in 2013 with opteck and option24 and I lost all my investment. Binary option reveals to me how greedy I was and since then I learned one thing: Binary option trading is a gambling! Because no one can predict were market will be at a particular time, because of news flowing in. Margin trade is different, you can analysis the market, trading along with trends and following market action pattern.

Yes, it is like a gambling. Most of people loses their money in binary options as the pattern is unpredictable. It is costly because its minimum investment is no lower than $5. It doesn't matter how professional trader you are in predicting the graph. It is about the luck.

binary option in regulation use gambling service not finance service
in binary option in trading is same dice site, low and hingh, under and over
is playing same in gambling site, not trading site

I agree with you, Binary options are more on gambling not trading. The only thing you need to do in binary option is to choose whether the price of the particular currency will go up or down in a matter of seconds. Even though binary option is more on gambling rather than trading, it still needs analysis to have good result by simply reading some news or updates for the currency that you are betting on.

Binary option can very well be gambling if all a trader does is to close his/her yes and say, yeah it is going to go up now. But when a trader is able to back his trading decisions on sound fundamental and technical analysis, then binary option becomes everything, a smarter way to trade in the financial market.

What is not immediately obvious with binary option is that, binary options is really not all about choosing that a market would go up or down. With experience, a trader can delve into options that gives a trader higher probability of ending in the money. For instance, the touch or touch not options, higher than or lower than, etc are far safer ways to trade binary options than the conventional up or down.

They are different since binary options is not connected to Forex market and they are just depending on the movement of the market and they dont put any effect.I could say binary options is risky if you dont have too much knowledge on forex market since you would trade randomly and that would be like a blind gambling too.

Forex trading and Binary option have some similarities but they also have differences.  Among the similarities are being able to trade online and both users can start trading with a small amount. They are also profit from the movement of the market where users are guessing for the direction of market. 
The difference is that binary option have fix risk and fixed rewards and traders are shown upront their earnings if their prediction is right unlike the forex trading where you never know your profit until your stocks were all sold.

Agree with you, basically binary option action is based on yes or no decision, which it's like gambling the price also at a certain time, which it could be not happens instead.
According to this: https://en.wikipedia.org/wiki/Binary_option this form is exposed as scam with the scheme use trading structure, so people just see it's just a trading system with different form.

Obviously you are not talking out of experience and in a public forum as this, it helps if we do not pass on false information, because you can never tell who may want to use it someday.

What is fact is that, prediction of the direction of currencies is possible with binary options as it is with forex trade, they only differ in the conditions that needs to be fulfilled before profit is made. With binary options, a single tick might be all that is needed to end in the money and in case of a lose, only the amount that is wagered is lost.

I agree, both relies on the same price forecast of the stocks.  Both are affected by outside factors, and both is predicted in the same manner like using charts, news, etc.  The  difference of this two is that, they have different pay out, fees, risk and entirely different liquidity structure and investment process.

These differences are making to consider binay option similar to gambling because it also has huge risks same as gambling and instead of using predictions, we are just trying to make use of the fluctuations in very quick time. Even binary options are based on trading, it simply sounds as gambling.

There are similarities between gambling and binary option and that is fix risk and fix reward. Meaning you know how much you will earn same way as gambling.  Binary Option  may be compared to sports betting in terms of prediction and outside factors that may affect the result.  I wonder why Binary Option is not considered as gambling while Sports Betting is considered as one.

I never tried binary option honestly i just saw this type of game in second trade choosing up and down. it is just like hi and low in dice game but they are relaying in movement of the price..
For me we can still consider it as gambling since if you lose you can not recover your loses unlike in trading..

Most people are arguing about binary options which they do have some correct points but I would really tell my experience about binary options since im a binary trader and I could say that binary option is relying fully on forex market movements and other commodities but as zadicar said it doesn't affect the price when you are trading on binary because you are just guessing on what would be the outcome of a price movement.50% chance its either SELL or BUY nothing less even It moves 1 pip away on your entry point only 2 things are the possible results which is win or lose trade unlike on trading forex on mt4 platform you are part of the trader which moves the price of a particular currency or stocks.

Its really like gambling since you will definitely predict the price movements on a certain currency and if you dont have enough knowledge on trading forex you wouldnt know on when to enter and you might just wasting your money on doing random guesses. Binary options could be profitable if you know how to use indicators which are being used on forex since you are basing yourself on forex movements.

Some of the reasons why binary options including gambling.
1. The regulations in the category of gambling.
2. Each trading we have the possibility of winning or losing 50:50.
3. The losers pay the winner.
4. The more we trade, the more we lose.
5. No backup when they lose.

In my opinion the Binary Option included into gambling because we only speculate about the price, whether going up or down. So the possibility of winning or losing is 50:50. So even though binary option is trading but the system like gambling.

i think its like gambleing cuz there is up and low  ;D

From this information, it is possible to know that both are business in which you work with odds, but I think that in binary options everything depends on events that occur in the economic scenario, and such events allow you to have a vision of what are the chances of something happening. On the other hand, gambling is a means through which the individual seeks to have fun, with possibilities of very high rewards, but also with very high risks, because most of the success depends on luck, in that case.

I think you are likely trading and gambling at the same time. Been trying demo mode on binary trading @ iq_options and i find it really addicting though im not into live yet. I am using indicator which my friend gave me. I'm not really familiar with binary since im new to this but i think practice will make you more profit with binary options.

As the name says, it is a form of investment in which you have two options in a given period of time, being these options to buy or sell. Since the user has a short period of time to make decisions, the risk is very high, in my opinion. There are people who say they have good results with this, but I do not know exactly the techniques used, and in which situations can be applied.

With respect to binary options, the problem is primarily the high risk that is involved in the operations, in which the investor has a fifty percent chance of winning and a fifty percent chance of losing. The good side is that in both, trading and binary options, it is possible to apply knowledge of economics and it is also possible to reduce the risks of losses having a good technical analysis and, of course, a good study of the fundamentals.

Some consider binary trading as a form of gambling because you don't have many of the characteristics of a trade, however if you know how to trade the same techniques can be used to try to predict the movement of the market.

For me binary trade same as playing head and tail or high-low dice, i will not recomend you to trade binary

If you consider forex, binary options and trades like that a gamble then all the wall street people are just gamblers with some huge balls :).
Yes they are both the same only with different tactics and methods required to succeed and they are both time sensitive while gambling is not.
In gambling you have all the time in the world and in need of pure luck without any method to study or charts to check for tips, unless using martingale which casinos deploy fail safe against if used.

binary options is still gambling and risky but it is not at all like dice or coin flip. because in those twoyou can't possibly know anything about the result unless you are cheating.
but in binary option, since it is working with the price it can be predicted to some extent but still i don't recommend it.

You are right and i agree with it, trading can be analyzed with method analysis fundamental and analysis technical for making prediction price, they are method on trading and all of traders use it, so the traders can make money (get profit consistently) and living from trading.
Because of losing money in trading and can not making prediction use analysis fundamental and technical doesn't mean trading is same with gambling it is something different.

I think the greatest similarity between these two types of investment is that the decisions that must be made should be based on events that occur in real life, such as changes in the economy and society. Such events drive the price of assets, making them to take certain directions, and forecasting such directions may allow the investor to make better decisions.
The problem in binary options is that, although it is a system that simplifies the way of doing decisions, it is also a system that limits the number of possibilities that the investor has, demanding that decisions be made in a more agile way, since there is a short period of time to decide whether the price will go up or down.

For me its too risky to invest in binary option because only need the analysis and you can lose in minutes because of the fast movement of the price set of margins or depends what you are betting.. its a kind of gambling.. than trading that you can not lose fast and if the price is getting low you can sell them and cover your loses.. unlike in binary you will lose and you can get guarantee for your loses.

The differences between the two:
                                                      Binary Options                                     Trading

                            1. It is a gambling site.                             1. Its an exchange platform where you can choose coins.
                            2. You play betting in the games.                2. You do trade your coins whether buy order/sell order
                            3. Once you bet you cannot change it.          3. Once you put the price you like, you can revoke it
                           
so far this is the things pop up in my mind, and what good about in trading is you can analyze, prediction always apply on the exchange.               

Well the first one that you mention is also what i understand about binary option you are just playing gambling betting with the possibility whether the price will go up or down similar when you are playing dice or high and low unlike with trading you have a lots of time and lots of chances to change your mind and edit your investment.

As discussed earlier, binary options differs from trading because there are two options in which the individual needs to decide whether an asset's price will go up or down. The problem, in my opinion, is the time to make such decisions, because it is very difficult to make accurate analysis and decisions in just a few minutes.

you would need indicators to forsee what could happen in the next 1 minute, 5 minute, 15 minute, 30, 1hr, 4hr, or a day and so on. if you have set all these indicators on your platform, lets say you are betting on cable market. you are seeing moving averages crossing which indicates a change of tides, you can bet for which time time you are comfortable with whether to go long or short.

indicators always help. macd, rsi and your trading system.

But I think binary option is not considered as gambling. For the reason that the factor is the sa me as trading.  It is that in binary trading you just lose the option to cut losses since you are predicting the price with your full funds and it is either you are right or wrong.  And unlike in normal trading, in binary option you  will know the exact amount you will gain if your prediction is successful.

There is a big big difference in between this two. Isn't obvious that binary Options was a gambling type where every community who get involve in here are losing money, or having fun on it. While in Trading is a location where every community are choosing their own coins that they are going to buy to set it as there investment for them to save bitcoin in the near future.

As some people have already said, for me binary options is a gamble. Just a bet where you can (maybe) have some kind of control, which depends a bit on your analysis, as in sports. But it is still a bet.

Binary is another way to gamble and I was addicted for the first time I played
But still it's difficult to make profit from it


I think sport are easier to be analyze compare binary because it was totally unpredictable

I have recently started learning a lot about binary options trading from https://www.azartlist.com/binary, and I pretty much like it, I have to say. As for me, it trading+gambling, some kind of it. But anyway, it is a pretty interesting thing to try

So do you have got active profit from trading binary options? I don't think binary is gambling or game but it is trading
because it can be analyzed although binary trading is more high risk to losing money than trading altcoins
and binary trading be difficult for getting active profit from it.

Yes binary option is another kind of trading but it is more on gambling because like the most of the gambling sites online it is just like high and low so if you like that kind of game then binary option is good for you but it is not advisable for people who are inpatient because binary option also needs time to understand and take profit from it.

Day traders might focus on such options. Most others follow the common buy low and sell high concept which is the simple way on trading. Now the price has fallen greater than $50, some sell on panic but traders make buy hoping for a increase soon or in a short time.

You dont know on what is binary options since its not a basic or common buy low sell and high.If you read about binary options you would surely understand what i mean.Binary Options would really be risky if you dont know how to read market movements because if you put money on it by just random guessing then its purely a gamble at all unlike on having a knowledge on BO you can increase your chance on winning.

A binary option is like a bet on a bet. It is a kind of derivative that make you gamble on the movements of the market. Real trading gives you more options to truly own an asset or a security and in our case Bitcoin and altcoins. In binary options you do not own anything. Think of it as something like a video game for trading with real money used.

Speaking the level of riskiness i could really say that binary options does really have higher risk on losing money but if you are confident that you have proper knowledge specially on forex trading you will surely catch it up because i do know some good pro forex traders who are earning also on binary options.

Proper knowledge will help ? In binary trading, I do not think so. Because in highly fluctuating market conditions, it would be really equivalent to suciding action to touch the trades. Binary options are available for both Forex trading as well as for bitcoin trading. But it will not work with your knowledge because it is just a gambling but in trading style. Better avoid it.

Yes without doubts, binary trading is more similar to gambling. When traders are looking for less risk involved platforms, it would be highly recommended not to go for it.

Right now is the perfect time to trade in binary option with bitcoin price since it's going down it shouldn't be so hard to predict further drops.
If you hesitate in opportunities such as this you'll end up with nothing. so far I've earned $850 betting on price going down.

the point for me there's hard to verify which one the most reliable market parameter used by the binary trading site provider? every second price movement seems like just a visual only to show it was trading not gambling , but what i feel when do binary trading , there's feels like a house edge. anyone else feel the same thing as me?

There is no agreement in some countries binary options are classified as a form of gambling and are forbidden by the local laws, but some think of them as a type of trading, personally I think binary options is gambling.

The people who say it is "easy" and that "now is the right time" in this forum are mostly the people who are not really that good at trading. I will believe you if you show proof that you are a winner in trading. It has to be a good and large sample size also. Not some isolated incident where you got lucky.

forex trading and binary option trading is big difference
if you want known binary option trading and forex trading you can try trading in there, example is option trading you can try secondtrade.com or binary.com, if trading forex you can try in many forex broke in reputable and regulated
option trading i can use limited time in trade after limited over you can win or lost, forex trading you can hold is life time in you want and you can close youre OP is anytime

and wall street trade stock exchange , example new york stoke exchange dowjones or more is very big difference with gambling

No. Binary options is like a gambling wherein you have to put your bet wether if it would rise or go down. It's like a quick trading. In the other hand in trading, you have the choose which kinda trading you prefer, wetger it is long term trading or short term trading. They are both risky however, if you have a good signals, you can be with huge whales that would certainly gives you an incredible profit.

Yes, there will be no wonder as binary options are just dealing similar to how we are betting on soccer teams. Just do or die kind of possibilities alone we could get from binary trading. I read many counties refusing to regulate and approve binary trading as they are considering it is a type of gambling.

It is the opinion of most of the people here. If possible, it would be good if any professional binary trader will be ready for showing their track of records on how they are performing in binary trading so that we can confirm whether our opinion is right or not.

Binary options is nothing but gambling at its best - scamming people for their money since there is no regulation. So there is plenty of crap out there and I would recommend to stay away from this. If you think there is something legit ask them for an audited statement.

While trading allows you to learn and how to trade instead of gambling. Education and practice is key as there is so many strategies to master. Unlike the binary option where there is a time limit ( on FX) there isn't and if you wish to hold a position for a long time.

that's right while in binary option there's a short term results unlike inside trading you will able to make a long hold just in case your supported trade went down, there's still possibility that it will bounce back and regain or much better value while in binary if your position went wrong you already loses  your money.

Nowadays there are plenty of ads running on TV from binary option platforms.

What I strongly dislike about these ads is that they make it seem like you are just trading stocks, while they nowhere state that it is in fact about binary options that involves extremely high risks.

It's horrible to see how they have set up their site just to trap in newbies not knowing what they are doing. It's a disgusting way of trying to make money from people that have no idea what risk they expose themselves to.

Since  have tried the two all I can say is that they are only similar but not the same. Similar in the sense that both involves some level of risk although it differs but the difference part is the fact that in the case of binary, you just have to predict whether there will be increase in the price or fall after a particular time, you then win or lose but no the case in trading because you have some level of control over your investment compared to the latter...

Yes they are very different from each other because binary option is almost the same of the casinos out there that all about high and lows because in binary option you will just predict if the price of the certain currency will go up and down but there is an advantage for binary option or traders because the currency can be predicted with a high chance of being correct by reading different news or update just like in trading either altcoin or bitcoin.

Trading is more variable. This can be good or bad depending on how the trader trades. A stop loss can be used to control risk, but market conditions may prevent the order from being executed at the expected price resulting in a larger than expected loss. If a stop loss is not used, then the risk of the trade is unknown. A profit target can also be used to take profits at a certain price or percentage level, but there is no guarantee that price will be hit.Binary options trading is simpler than forex trading because there is no variability, you know your risk and profit potential and when the option expires you either lose or gain the pre- determined amount. With forex trading you don’t know your ultimate risk and profit until you close the trade. But this can also be an advantage depending on your trading level as the fixed risk and profit of binary options offers little flexibility in customizing risk relative to reward.

Op looking at it from another angle; binary option is risk and reward you understand before taking. It has it own advantage and disadvantage but I think it is more riskier than forex. Forex or trading general be it margin or arbitrage need skills and proper money management police in place before trading successfully.

Binary Options works based on the prices different of comodity pairs or currency pairs that is definited in the future. For example, if you expect USD price will increase in comparison with JPY by putting a contract at ratio 1USD equal 110JPY in 60s and then after 60s the price move to 1USD equal 111JPY you will win with income depending on fixed percentage of your bet money

Probably just reading the books, you do not have to immediately take seriously the trade. You need to acquire skills and then work in full force. Course study in the process is the most important.

no difference for the impatient traders really. binary is just like forex scalping, one will just go short or long for a particular period of time and profit. same thing when an alt trader tries to ride a pump and get out of their position after seeing a downtrend.

In terms of crypto, if you go wrong with an altcoin, you'll lose a certain percentage (assuming you close your position at a loss). If you go wrong with binary options, you'll lose everything instantly -- that's a very important difference. I rather risk losing a certain percentage than everything all at once. It's a pure form of gambling, but it gets hyped up in the way that skills and market understanding matter for the larger part.

Forex scalping or trading is very different in binary option trading because in binary option you are predicting if the price will go up or down in the next few minutes while in forex trading you are the one who will get profit, it needs analyzation skills and not pure prediction because that is not how forex trading works. They are very different to each other.

I certainly can not understand anything about the trade, but somehow I tried to try to trade Forex, and it turns out that they earn quite different people and not beginners.

Forex traders are not like cryptocurrency traders because the people there are more experienced and they have a lot of knowledge about trading forex and they also know a lot of patterns and other types of things that you can only understand when you are a forex trader. For me, it is easier to do binary option trading rather than forex trading.

I lose almost $500, I guess it was also 2013. Binary option is really a gambling. I don't recommend it.  I guess it a platform of greedy company for greedy people :). lesson learn. not again.

Binary option is kinda gambling. It uses the seconds charttime you never knew if the price will go down or go high. Some experienced trader uses advance chartings to make high chances of winning. If you are good in chart reading the better.

Yes binary option is not a trading and more like gambling because it is very risky and the only option to make money is to predict if the currency will go down or up and that is not a true form of trading because trading is all about buying and selling and binary option lacks of that so it is more gambling for me.

Yeah, although binary option can be play using charts by placing SELL orders at resistance levels and Buy orders at Support level, it is still a gambling. Its like playing Chess with bet.

But I have concluded binary trading is another version of dice gambling. We are just gambling there in the name of price levels whether they are going up or down which is very much similar to below or above betting in dice gambling. Binary options must be one of the reason for people to consider gambling and trading as similar things.

Binary options is sub set version of trading. Here too we can make buying and selling based on price level but the instant result providing nature of it makes me to think about it is a type of gambling.

Binary is not very good. Many people are doing this activity without thinking. THey believe that this is a kind of trading but they play binary just like they gamble. Therefore, I never ever think binary is a kind of trading

Most of the binary players are came from forex trading and they use their knowledge about trading to do such thing like betting on the right call and getting good enough profits. Binary options is almost like trading because there is still a chart that you can base on making decision to earn good amount of money.

I appreciate you, those who learn from the mistakes made by them in the past will be successful tomorrow in the future. This is good when you realize that you have made a mistake and to never make it again, also to let the other people to be aware of such things. Greed at the end will destroy you.

First of all binary options sucks and it is risky as per my experience. The brokers and the agents and whom so ever always make you stand in the position where you have to invest a lot of money into their binary system. The experts works on your back to make you win that is what they claim but its nothing like that. In trading you have lot of freedom and you can enjoy the trades at your own "risk"but carefully. And you decide how much to invest and earn back.  ;D

Binary options isn't tied to a certain amount. If you so wish, you can bet $1 per time, or you can go big with even thousands of dollars at once.

I must however not that certain smaller sites will have a limit below the $1000 mark, but seriously, most people only wager amounts under the $100 mark.

It has indeed nothing to do with trading since it's exactly like gambling, but with a much higher house edge.

Depending on the ending time of the bet, the skill to luck ratio is more like ~ max 20% skills and minimum 80% luck. It's not worth the risk.

Have you ever used leather and synthetic leather? If yes, you would have made the difference between two.
Trade refers to owning item, speculating the prices and try making the profits. While binary option is similar to 'rolling dice'. I don;t know why some people consider it trading, its just a form of gambling consisting of put/call as two option.

Binary option and forex are not gambling people don't take there time to learn people just want to be rich overnight,  I know   traders that makes enough profits from binary options using price action strategy. 

The risks involved in binary options are really high when it comes to alt coin market,take for example the recent rally in Zcash and Dash and remember about the binary shorts that people could have made and the junk of money they have lost just because we saw a 100% rise in the price of Zcash in a few hours,so i think it is a risky business.

The concern here is about relation of binary option and trading. We all know that forex trading is not a gambling because we can have a basis that can lower the risk of getting a loss while binary option is not that predictable because the only option that you got is low and high, if you don't know what will be the next move of the market then you will lose.

When you do binary options you always see or check the movement on forex trading and I say they are just twins but the difference is binary options only focus on high or low of the price and it doesn't generally affect the forex market which means you are only making trades with broker.I have done binary option and I can say its really very risky if you don't know how to read charts and having a knowledge about forex is really a great advantage.

I once wanted to try binary trading, after weighing this because of high-risk gambling.
Crypto trading is more interesting and we are free to determine the benefits of the analysis itself.

The most I have heard about the binary trading is that it is similar to the gambling the only difference that it makes is the name, where you say that you are trading but in reality you are gambling. I have never been into it I am glade for it and my opinion to others is to don’t go for it if you don’t want to gamble.

Binary options are well hidden form of gambling and trading is about speculating. They are 2 different things. True forex brokers are connected to market, when most are only getting prices from other brokers. We can compare binary options to blackjack and trading to poker. Both games requires skills. Blackjack is more luck based when poker is more skill based. I can say same about binary options and trading because trading gives you freedom of trades when in binary options you place time-based bet against and wait hoping to win. Binary options don't pay you even money but little under even money, for example 75%. Let's calculate house edge for 75% payout, it's really simple:
100% - 75% = 25%
And now calculate chances for people who don't understand house edge:
25% : 2 = 12,5%
50% + 12,5% = 62,5% of losing
50% - 12,5% = 37,5% of winning
It's chances for doubling your money and odds are pretty bad but it's still smarter than playing lotteries that have an 50% edge. For comparsion BitDouble roulette has 6,67% house edge (ex. Bitsler 1,67%) and dice has 1%. But in binary options edge can be lowered by skills and you can get even advantage. But it's still gambling and when I had an account at demo binary options broker, I lost all demo money to demonstrate that beating house edge in binary trading is very hard to do.