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That could range from a few minutes to a few months in the future. These are complex products and there are inherent risks. You receive a fixed payout if your prediction is correct but lose your entire investment if you are wrong.
Typically, a representative of a binary option website will ask a customer to deposit money into an account where the customer can purchase binary option contracts. Investors either lose all their money or cannot withdraw the balances in their accounts, as withdrawal requests are not honoured.
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