Looking to trade bitcoin binary options, a new project called Bitbinaries has just gone live. In its initial launch, the product allows users to make one, 12, or 24 hour bets on the price of bitcoins. Bets are available on a minimum size of 0.1 BTC, with a maximum of 0.25. Like typical binary option bets, Bitbinaries provides an ‘all or nothing offering’ with winning bets paying a 90% payout.
For those new to binary options. The product is based on users betting whether the price of an instrument will be below or above a specific price (strike price) at a specific time (expiration). For example, if bitcoin is trading at $100/USD, traders can wager whether the price at expiration will be above or below the current price. This betting that it will be above $100 will receive a 90% payout on their win, or lose all their funds if the price drops below $100 at the time of expiration. In terms of comparing Bitbinaries offering to typical binary option broker products, the payout is competitive as it firms generally offer between 70-80% on wins.
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We reached out to Bitbinaries for information to learn more about who they are and other background information and will post as we receive updates.