As a trader you need to be aware of the other types of binary options if you want to trade successfully in this market. You can choose the type depending on your specific trading needs. The type can be decided depending on the prevailing market conditions and trends. You can make the choice based on the best payout that is offered in the market. Up/down – This is the most common type of binary option and is also known as call/put or high/low option. The trader speculates whether the underlying asset may close up or down at a predetermined period. You can choose to take a long or short position. The various expiry times available to traders include 60 seconds, 15 minutes or one hour, end of day or more than one day. After the trader choose the expiry period they do not have to monitor the trade as it automatically expires at the specified time. The closing status of each trade is notified to the trader and this helps keep track of the profits. Touch/no touch or double tou