The Plain Vanilla option is a standard option with a given strike price and expiration date while Exotic option refers to currencies that are less popular in the trading world as compared to major currencies. Under the Exotic options category, there are numerous options such as Asian options, Barrier options, Baskets, Binary options, Lookback options, Compound options, spread options and the list goes on and on. These are usually tailored to a specific trader’s needs and can evolve over time.