What are derivatives FX options?

Could you kindly explain to me what derivatives FX options are? I've heard of derivatives in finance but am not quite sure how they apply to foreign exchange, or FX, options. Could you break it down for me, perhaps explain the basic concept and its functions in the financial market? Also, are there any specific risks associated with derivatives FX options that investors should be aware of? I'm interested in understanding the ins and outs of this topic to make informed decisions in my financial portfolio.