What is binary option? Do we have that in India?

I see a lot of ads on the Internet regarding binary options. What is it exactly? Is it a derivative of the regular options? 

I checked those sites and tried the demo and it felt like pure gambling. 

Binary options are not legal, and yes it is like gambling because you win/loose to the house and not against other people. By house I mean the binary option company that gives you the spread. The most popular option is cash or nothing, so assuming you a binary on stock closing above Rs 100. If it closes, for every Rs 100 bet you might get back Rs 300, if it closes below 100 you loose everything.

Do stay away from binary options.

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