If it boils down to guessing ‘up’ or ‘down’ for where the asset will go in the next 5 minutes, run away. Run far, far away.
The only legitimate binary options dealer that I know of so far is Nadex, who are regulated by the CFTC and actually, you know, let you trade binary options…
Simply guessing ‘up’ or ‘down’ is not trading a binary options contract, while Nadex actually does allow you to trade those contracts.
Nonetheless, you still need to be familiar with the asset to be able to choose the direction and timing which requires the same skill and experience that trading the spot market would require, it’s just a different derivative to do it with