That really depends on the trader. I think most blow their accounts faster than in forex as the ad campaigns are much worse claiming no knowledge needed etc. Can you make money? Yes, it is possible but as always you need to know what you are doing. It has little to do with gambling unless you for those ultra-short expiry times.
Binary option trading payouts are known and the time frame is fixed, means whatever expiry time you choose your trade will be expired on the said time. You will have to predict either your underlying asset will go up in this time frame or down. Its pure trading and I guess it is easier than forex.
trades that expire end of day will see you with a bigger win ratio .
i think i place about 2 trades a month on binary using end of day which most win. any less time than that trade forex or spreadbet. Once i moved to cfd`s and spreadbetting i started making money intraday
Not necessary, i also make some good amount while trading on 2 - 5 minutes expiry. But to some extent, i guess new traders should try longer time frames as trading on lower time frame without much experience can merely be a suicide.