Binary options are quite a new niche in trading business, largely unknown and feared by traders. Generally traders will approach with anything new with fear and overblown spreading of false information, and when it comes to binary options its nothing different. Binary options shouldnt be feared simply becouse they do have certain advantages over other insturments, however at the same time they do carry large negative aspects which are simply not as exagurated in other instruments. Generally my suggestion would be to trade binary options after one has made some decent experiance with trading of either equities or FX, it is important to completly understand the patter that one trades before doing any binary options trading, since there is little room for trading patterns that have low statistical edge.

Here is short list of characteristics that binary options provide.

Pros:

-very liquid market, ability to trade on high frequency time frames (5,10,30 second charts), providing plenty oportunities each day.
-no calculations needed in regards to margin use of account, much more straightforward capital allocation on trade compared to equities or regular FX.

Cons:

-low quallity over risk control and reward ration on position. Generally options pay 80-90% on the investment of position, which means that even with cutting the positions (closing option before expiration) it is hard to get good RR on trade, since small volatile move is enough to render option ins 30-40% loss.
-requires very good quallity of technical/fundamental pattern with statistical performance over 60%. If pattern that one trades performs only 50-50 (every other time price does not do what trader expects) it is very hard or almost impossible to make profits. Requires better understanding of market than some other trading instruments.

The broker that i use to trade is IQ option, which in my opinion and experiance is probably the best broker out there. Their platform is outstanding (with little technical hitch here and there) it is very robust and easy to use with minimal UI which is always great to see. Support is also very helpful and usually pretty fast. There are many binary options brokers out there, but by far the largest advantage that IQ option has over many others is the ability to use candlestick detailed charts in their software, it is quite shocking that most binary brokers use line charts for data feed.