Binary options are a type of financial instrument that allow investors to speculate on the price movement of various assets, such as stocks, commodities, currencies, and indices. Although binary options trading may appear to be a recent speculative market, it has been around since 1974. The Chicago Board Options Exchange (CBOE), one of the world’s largest derivatives markets, invented binary options. Binary options were not widely accessible to the public until 2008, and many entities duplicated the original CBOE asset type list.