With the explosion of so called "Binary Options investment firms", I am surprised that there hasn't been much discussion about what exactly these companies are. From my observation, they are basically a kind of on line casino. When Hedge Street opened as one of the first on line binary options platforms, at least they had strike prices (although they were very far apart, and putting on binary options spreads was completely impractical). However, these days, all of the on line binary options trading I see have elimianted strike prices. The current price is referred to as the strike price, if you think it's going up it's called a call and going down is called a put. Is this not a gross misuse of these terms as used in traditional options trading? I have 2 questions. 1) Are there any binary options firms that still have real strike prices as used in traditional options? (Like Hedge Street used to have) 2) What is the advantage to trading binary options as opposed to traditional option spreads, in terms of risk/reward. Am I missing something, or does the binary options industry pray on people with no knowledge of options?