binary options you place puts and calls. and within the expiry time if even price is 1 pip in the money you win.
You basically bet a certain amount. eg: If I bet $100 and I win I get back 170-185$. Basically your bet + 70-85%
So unlike forex its fixed risk reward.
Binary can be traded starting from 30 second, 1 min , 2 min , 15 min, 30 min, 1 hrs, daily, weekly expiries.