Forex options are derivatives that give a trader the right, but not the obligation, to buy and sell Forex at a predetermined price on a predetermined date. Keep in mind that forex trading, in general, is a way of speculating on currencies without actually owning them. Forex options, spot currency trading, and currency forwards are all options. Many people enjoy trading forex options because there is less risk when purchasing because they are not required to complete the trade. However, when selling, the risk is theoretically limitless.