Let's make a few things clear about binary options.
1. The whole concept was invented by the online gambling industry to make gambling look like trading.
The basic concept of a binary option is a bet of up or down. In general, if you lose, you lose the entire amount of your wager. If you win, your "prize" is somewhere between 60 and 90% of your wager.
Now look at the time frames being encouraged by the brokers. They push 5 minute, 1 minute, and even shorter trades. This turns your "trade" into a coin toss or betting red or black at the roulette table, since even in a good trend, there's no way to reliably predict if price will be higher or lower in 5 minutes or less.
How many of you would like to bet $10 per coin toss, knowing that if you win, you'll get $7 or $8 and if you lose, you'll lose $10?
Real world casinos have offered to let people bet red or black at the roulette since the 1700's. There are some differences. In a casino version of roulette, the house advantage is only the green 0 slots. Other than that, the payout is equal to the wager for a red or black wager. This is a far more narrow advantage than binary "brokers" give themselves.
In real forex trading, if you catch a good trend, you can trail your stop and let the trade run as long as you like or until the trend reverses and hits your stoploss.
In real options trading, your loss can be fixed, but if a contract is "in the money", your profits are based on how far price has moved in your favor.
2. There is no liquidity provider in binary options.
There's no central bank or even large bank which will take the other side of a fixed payout wager, just like real world casinos can't get a bank to take the other side of bets at the roulette table.
EVERY binary options company is a market maker/bucket shop. Your losses are their gain, Your wins are their losses.
3. Bucketshops are profitable, but not profitable enough for these greedy binary scammers.
A roulette wheel is a mainstay at licensed and regulated casinos because it will make profits in the long run in spite of the occasional lucky gambler who cashes out while ahead. With the far greater advantage binary brokers have, they should be happy to rake in people's losses and pay out the few who make a profit and are ready to withdraw.
Instead, many (most? all?) of the major binary platforms are rigged. This lets the broker easily manipulate price or expiration to increase the client's chance of losing.
Add in the "expert account managers" who claim to be able to make profits for clients. If you walked into a casino, knowing that your winnings can hurt the casino's bottom line, would you trust an "expert gambling manager" who would tell you where, when, and how much to bet to be "sure to make you a big profit"?
The simple fact is that if a casino employee did have a way to help clients easily win big and did show this to clients, the employee would be fired to save the casino from bankruptcy.
4.. Look at the fraud rate for binary brokers vs forex brokers.
Just go to the FPA reviews and take a look. Yes, there are forex brokers with ratings averaging less than 2 stars or that are labelled as scams, but the percent of binary brokers with extremely low ratings or listed as SCAM is much higher.
It's already well established that Cysec regulation didn't even slow down most binary scammers from looting their client's bank accounts, retirement plans, and even provided advice on getting mortgages and credit card limit increases. Now that Cysec seems to have stopped handing out new licenses to steal to binary companies and Israel is chasing binary operations out of the country, more and more of these scammers are moving to countries with little or no regulation.
If you have an overwhelming urge to "trade" this way, I recommend you go to a licensed casino and spend an evening betting red or black at the roulette table. No one will call you and pressure you to deposit more. No one will misuse your credit card or ID documents. Best of all, you can take your chips and cash them in with no problem any time you like.
Binaries need to be banned. They were invented to bypass regulations. Even an honest binary broker has an automatic conflict of interest and is offering clients a bad deal. If they are banned, then there's no need to waste time and money hoping that you might have gotten lucky and found an honest one.