Binary options trading is not like regular options investing, even though it carries the same titles such as "calls" or "puts". On the upside, the pricing and profit components are far less complicated because time decay and changing options prices is not an issue. Not only that, but once you place the trade, there are no more emotional or subjective judgements to make about when or whether to exit. There is no exit strategy - only a fixed amount win or a loss when the time expires. Many traders like this 'fixed payout' characteristic of binary options trading because it provides a level of certainty.
On the downside, they are normally very short term speculative trades based on where the underlying financial instrument will be in an intraday timeframe. If it's where you anticipated, you receive a fixed payout; if it's not, you lose most, but not all of, your investment amount.
The word "binary" means "two" so these types of options are well named. There are only two outcomes - you get paid or you don't. Sometimes they are called all-or-nothing options, digital options or fixed-return-options (in the USA).