Option Buyer are Unlimited if there is continued move in the direction of the Option. Had my prediction been correct I would have received an X as profit along with my initial investment. Before explaining the binary options, I want to let you know that binary Options are not legal in India, but they are extensively traded in the UK, and are largely seen as something close to gambling by the rest of the trading fraternity.
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Binary options come in many different flavors, such as onetouch options where a trader can anticipate that the price will touch a level. And the time of expiry is usually your choice, that is, you can choose the expiry from a range of 30 seconds to a few days. The above pic is taken from IQ option demo platform. This percentage profit is usually fixed and known before the trade is executed, this feature of knowing your risk enables you to balance your strategy allocation by adjusting your risk and reward in advance. I hope it helps.