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Generally speaking a 'Binary' option is a choice of one of two things, e.g. yes/no, off/on etc.
I'm not sure what standard options are in this context, but it could be something other than binary (e.g. multiple choice, more than two choices etc.)
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With binary options you have two choices. Either the price goes up or down, and you have to try and predict which way it goes. That is why it is called "binary".
You can read more about it in our E-guide to binary option trading on http://www.scribd.com/doc/150343456/Banc-De-Binary...
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