No it not a scam
Maybe the sh itty broker that offer them a scamming " broker"
But binary is just a investment structure / products ( in fact - binary is just 2 options together )
It like saying options , share , spot fx , bonds are scam too
The easy way at looking at binary is - yes or no investment like betting head or tail
Eg Will the Aud/usd drop 100 pip in the next week - yes or no
Now you can either short a mini fx and have a 100 pip take profit and a 100 pip stop lost
So in 1 week - Your only out cone are :
with fx - hits your stop lose or take profit 100 pip or some where in between ie : the market doesn't move and only made eg 1 pip profit or only -50
With binary - if you made the same guess that aud/usd will drop 100 pip in a week .
Your only out come is . Correct or wrong
You will either make $x or lose $x
The outcome will be pre set when you open the trade eg. Win $100 or lose $40 or win $10 or lose $300
With options fx it kinda the same
But when you buy your loss is cap at a limit and profit are unlimited
Sell - profit are caped at a limit and loses are unlimited
So in turn - there is nothing called "binary options"
They are either direct investment ( share, fx etc ), options , or binary