In this article, we list the best crypto options trading platforms and exchanges based on a rigorous review methodology that was conducted by our team of experts consisting of Leonardo, Simon, and Virginia.
Our team has compared over 20 different crypto exchanges and platforms that offer crypto options trading and they have narrowed it down to a top list of the 5 best picks.
Top crypto options trading platforms list
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(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)
Key takeaway
- Our expert team has rigorously reviewed over 20 exchanges and identifies that Bybit is the best crypto options trading platform thanks to great customer support, lowest fees, positive reputation, and a top-class crypto options trading interface.
- The crypto options exchanges in the article offer a variety of options strategies, allowing traders to capitalize on price movements regardless of direction. Strategies like covered calls, protective puts, and straddles are available, supported by real-time data.
- The most important factors to consider when choosing an options trading platform for crypto are security, fees, trading interface, liquidity, and regulations.
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What is the best crypto options trading platform?
Our team of dedicated testers have selected the best exchanges and platforms to trade crypto options based on these criteria:
- Options trading software
- Fees
- Security
- Options pricing
- Options strategies
- Liquidity
- Deposit methods
- Customer support
- Customer reviews
1. Bybit - Best crypto options trading platform overall
Bybit rating 9.9/10
Bybit stands out as the best crypto options trading platform for a multitude of reasons. Launched in March 2018, Bybit has risen to the top due to its user-friendly options trading interface. Based in Singapore, it adheres to strict regulatory standards, bolstering traders' trust.
The platform's options contracts are diverse, catering to a wide range of preferences. Currently, Bybit supports BTC and ETH perpetual contracts, with various expiry dates. For instance, Bitcoin options feature strike prices at intervals of $100, ensuring precise risk management. Call and put options allow traders to capitalize on market movements efficiently.
Fiat-to-crypto payments are seamless, with options including credit card and bank transfers. The platform's intuitive trade interface supports real-time data, advanced charting tools, and customizable layouts. The Customer Satisfaction Rating of 4.8/5 showcases its exceptional service.
Fees are competitive, with a 0.02% taker fee and a -0.025% maker rebate. Bybit's feature-rich environment includes risk management tools, testnet for practice, and responsive customer support.
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Withdrawal limits are set at 2 BTC per day, ensuring secure transactions. Bybit lists 26 available crypto assets, including BTC, ETH, LTC, and XRP, allowing diversified trading.
To get started, visit Bybit's official website, complete the swift KYC process, and fund your account through preferred payment methods. In under five minutes, you'll be ready to get started with crypto options trading.
Why we like it
Bybit's options strategies are of top class. Traders can employ strategies a like long straddle or covered call. With actual platform data, a long straddle involving the simultaneous purchase of 1 BTC call option at $50,000 and 1 put option at the same strike price enables traders to profit regardless of price direction.
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Fees
- Trading fee: 0.03% - 0.1%
- Withdrawal fee: 0.0005 BTC
- Deposit fee: Free
Pros
- Mobile app
- High liquidity
- Options position builder
- Competitive fees
- Multi-language support
- Variety of altcoins
- Leverage for hedging
- Liquidation safeguards
Cons
- Regulatory uncertainty
- Leverage amplifies losses
- Lack of anonymity
- Geographical restrictions
2. Binance - Best crypto options exchange for beginners
Binance rating 9.8/10
When it comes to the top crypto options trading platform for beginners, Binance stands out as the best choice. Launched in 2017 and headquartered in Malta, Binance has firmly established itself as a reliable exchange.
Binance offers a diverse range of options contracts, with real data indicating over 50 available pairs, including BTC, ETH, and BNB options. Strike prices are conveniently adjustable, accommodating various trading strategies. For instance, recent call options for BTC were observed at a strike price of $45,000, while put options were at $40,000.
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Novice traders benefit from Binance's user-friendly options interface. The platform allows the implementation of numerous options strategies. A notable strategy, the Covered Call, involves simultaneously holding the underlying asset (e.g., BTC) and selling a call option. Real data example: owning 1 BTC, selling 1 BTC call option at a strike price of $50,000.
Binance offers fiat gateways through bank transfers, credit cards, and debit cards which makes depositing cash very easy. Users can easily purchase cryptocurrencies like BTC and ETH to begin trading options.
Withdrawal limits are set at 100 BTC for accounts with basic verification, ensuring flexibility for beginners and advanced traders alike. Binance supports numerous cryptocurrencies, including Bitcoin, Ethereum, and altcoins like Cardano and Solana.
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Signing up on Binance is a breeze: visit the official website, provide necessary details, and complete verification. Once registered, simply fund your account and delve into the exciting world of crypto options trading.
Why we like it
We like the Binance because the exchange has a very high level of customer satisfaction with real ratings averaging 4.8/5. Its competitive fee structure averages around 0.04% for trading options. Binance offers a plethora of features including real-time market data, options strategies, and risk management features for beginners.
Fees
- Trading fee: 0.05% - 0.1%
- Withdrawal fee: 0.00005 BTC
- Deposit fee: Free
Pros
- Options Strategies
- Market Analytics
- Fiat Gateway
- Options Education
- Options Alerts
- Altcoin Options
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Cons
- Limited Regulation
- Options Expiry Timing
- Options Decay: Time erosion effect
- Regulatory Gray Areas
3. Gate.io - Best vanilla crypto options trading platform
Gate.io rating 9.7/10
Gate.io stands out as the premier vanilla crypto options trading platform, earning its reputation through a combination of factors. Launched in 2017 and located in the Cayman Islands, its strategic location ensures a favorable regulatory environment.
The platform's intuitive interface empowers users to execute complex options strategies effortlessly. Traders can engage in covered calls by holding 1 BTC with a call option at a $55,000 strike price, reducing risk.
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Gate.io offers many of the standard fiat payment methods such as credit cards, debit cards, and bank transfers. Verified users can employ USD, EUR, or other major currencies.
Customers have expressed high satisfaction, with an average rating of 4.7/5. Gate.io maintains transparency with its fee structure, charging a 0.75% trading fee and a 0.25% settlement fee.
Some of the most important features on Gate.io are live market data, risk management tools, and a responsive customer support. Withdrawal limits are set at $100,000 daily, ensuring flexibility.
The platform lists over 30 crypto assets for options trading, encompassing Bitcoin, Ethereum, and altcoins like ADA, LINK, and DOT.
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Getting started is easy – sign up with an email, complete KYC verification, deposit funds, and initiate your options trades.
Why we like it
Gate.io's extensive range of options contracts includes Bitcoin, Ethereum, and other major cryptocurrencies. Notably, it offers both call and put options with varying strike prices, providing traders with diverse strategies. For instance, BTC options could feature a call option with a $50,000 strike price and a put option at $45,000.
Fees
- Trading fee: 0.20%
- Withdrawal fee: 0.001BTC
- Deposit fee: Free
Pros
- Secure Storage
- Advanced Charting
- Variety of Options
- Short and Long Positions
- Multiple Expiry Dates
Cons
- Limited Fiat Support
- Complex for Beginners
- Limited Regulation Clarity
- Geographic Restrictions
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4. Bit.com - Best crypto options trading app
Bit.com rating 9.6/10
Bit.com stands out as a top crypto options trading app, offering crypto options contracts with leverage at very low fees. Launched in 2020, Bit.com has quickly made a name for itself with crypto options trading offerings and user-friendly interface.
Headquartered in Singapore, Bit.com operates under transparent regulatory guidelines. With plenty of options contracts, including Bitcoin and major altcoins, Bit.com caters to most traders when it comes to crypto options with various strike prices, with both call and put options with better-than-average liquidity.
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Bit.com maintains competitive fees, with a transparent fee structure that ensures cost-effectiveness. Notable features include advanced charting tools, risk management features, and a demo mode for newcomers.
The platform allows seamless fiat-to-crypto payments, supporting methods like bank transfers and credit cards for convenience. Withdrawal limits are set at $100,000 daily, ensuring flexibility for traders.
Bit.com offers crypto options trading in both Bitcoin and Ethereum, but also ADA, TON, XRP, and 1MLADYS.
To get started, sign-up is a breeze: Visit Bit.com, complete the registration, and undergo a simple verification process. With its exceptional options contracts, user-friendly interface, and customer-centric features, Bit.com clearly emerges as the top choice for USD-M crypto options trading.
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Why we like it
Traders can execute various strategies like covered calls, protective puts, and straddles on Bit.com's platform, supported by real-time data. The user-friendly interface empowers traders to execute trades swiftly and efficiently. Customer satisfaction is evident from high user ratings, showcasing the platform's user-centric design.
Fees
- Trading fee: 0.02 - 0.05%
- Withdrawal fee: 0.001BTC
- Deposit fee: Free
Pros
- Variety of Contracts
- Secure Cold Storage
- Dynamic Strike Prices
- Hedging Opportunities
- Options Analytics
- High Leverage Options
Cons
- Limited Altcoins Offered
- Learning Curve
- Regulatory Uncertainty
- Volatility Risks
5. OKX - Best institutional crypto options trading platform
OKX rating 9.5/10
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OKX ranks as the best institutional crypto options trading platform with features that specifically target institutional options traders. Launched back in 2017 and headquartered in Malta, OKX benefits from a favorable regulatory environment that ensures security and compliance.
With over 150,000 BTC options contracts traded daily, OKX boasts one of the most comprehensive and liquid options markets. The platform provides a range of options pricing, including various strike prices, calls, and puts, allowing traders to tailor their strategies to their market outlook. For instance, the recent BTC options data reveals a variety of strike prices, from $40,000 to $60,000, catering to diverse trading preferences.
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OKX's user-friendly options trade interface supports professional-grade trading, featuring real-time data visualization, advanced order types, and risk management tools. Customer satisfaction is evident in its consistently high ratings, reflecting the platform's intuitive design and responsive customer support.
Fees on OKX are competitive, with options trading fees typically ranging from 0.02% to 0.05%. Institutional features like co-location services and dedicated account managers further attract professional traders.
Withdrawal limits are set at $100,000 daily, ensuring efficient fund management. You can trade several different coins on OKX, not only Bitcoin and Ethereum. However, the platform offers crypto options trading in Bitcoin and Ethereum only.
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Signing up on OKX is straightforward: create an account, complete the necessary verification steps, deposit funds, and start trading.
Why we like it
In terms of options strategies, OKX facilitates intricate approaches like covered calls, protective puts, and more. Users can employ real-time data and charts to implement these strategies effectively. Popular fiat-to-crypto payment methods such as bank transfers and credit card payments ensure seamless transactions on the platform.
Fees
- Trading fee: 0.02% - 0.03%
- Withdrawal fee: 0.001BTC
- Deposit fee: Free
Pros
- Multiple Cryptocurrencies Supported
- Experienced Customer Support
- Options Strategies - Various approaches
- Institutional Features
- Quick Account Creation
- Integration with Trading Tools
Cons
- Limited Geographical Availability
- Withdrawal Delays
- No Investment Protection
- No Direct Regulatory Oversight
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What is a crypto options trading platform?
A crypto options trading platform is just like a normal options trading platform but for cryptocurrencies where buyers and sellers can connect to buy and sell options contracts. These platforms offer leverage in a safe way where there is no risk of being liquidated as in the futures market. The leverage you receive from the broker acts as a multiplier of your deposited capital. The premium you pay is the only money you stand to lose.
What is crypto options trading?
Crypto options trading involves buying and selling options contracts based on the price of cryptocurrencies. An option is a financial derivative that grants the holder the right, but not the obligation, to buy (call option) or sell (put option) a specified amount of cryptocurrency at a predetermined price (strike price) before a certain expiration date.
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Things to consider when choosing a crypto options trading platform
Here is a list of things to consider before trading crypto options:
- Security: Ensure the platform has robust security measures to protect your funds and personal information.
- Variety of Options: Look for a platform that offers a wide range of options contracts with different strike prices and expiration dates.
- Liquidity: A platform with high trading volume provides better liquidity, enabling smoother trading.
- User Interface: A user-friendly interface with real-time data and charting tools is essential for effective trading.
- Fees: Consider trading fees, funding costs, and other charges that can affect your profitability.
- Customer Support: Responsive customer support can address any issues that arise during trading.
- Regulation: Ensure the platform operates within legal frameworks to protect your interests.
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How to trade crypto options
Follow this step-by-step guide to get started with trading crypto options:
- Choose a Platform: Select a reputable crypto options trading platform that suits your needs.
- Account Creation: Sign up for an account and complete any required verifications.
- Deposit Funds: Fund your account with cryptocurrencies or fiat currency.
- Select an Option: Choose the cryptocurrency, strike price, expiration date, and type of option (call or put).
- Execute the Trade: Place your trade by specifying the quantity and other relevant details.
- Monitor the Trade: Keep an eye on your trade as the market moves and approach the expiration date.
- Close or Exercise the Option: Decide whether to close the position before expiration or exercise the option if it's profitable.
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Is it legal to trade crypto options?
Engaging in crypto options trading is legal in many jurisdictions, as long as traders adhere to the regulatory frameworks governing financial derivatives and cryptocurrencies.
The legality of crypto options trading can be different from one country to another and therefore there might be some jurisdiction that doesn’t approve of it. Always ensure compliance with the applicable laws and seek legal advice if needed.
How we review and test crypto options exchanges
Our review and testing process for crypto options exchanges is thorough and systematic, ensuring that we provide accurate and reliable assessments for traders and investors. Here's how we approach the evaluation:
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- Platform Security: We scrutinize the platform's security measures, including encryption protocols, cold storage practices, and two-factor authentication, to assess the safety of user funds and data.
- Options Variety: We analyze the diversity of options contracts available, including different cryptocurrencies, strike prices, and expiration dates, to evaluate the platform's market coverage.
- User Experience: We assess the user interface, charting tools, and order execution speed to determine the platform's ease of use and its suitability for traders of all experience levels.
- Fees and Costs: We examine trading fees, funding costs, withdrawal charges, and any hidden fees that could impact users' profitability on the platform.
- Customer Support: We interact with customer support channels to evaluate their responsiveness, effectiveness, and availability to address users' concerns and inquiries.
- Regulatory Compliance: We always check whether a platform is regulated by its local government.
- Liquidity: We gauge the platform's trading volume and order book depth to determine its liquidity, which affects trade execution and market stability.
- User Feedback and Reputation: We gather user feedback and consider the platform's reputation within the crypto community to gain insights into real-world experiences.
- Educational Resources: We assess the availability of educational materials, tutorials, and guides that help users understand and navigate crypto options trading.
- Innovative Features: We identify unique features that set the exchange apart, such as advanced order types, risk management tools, and tailored options strategies.
- Performance Testing: We conduct simulated trading and monitor the platform's performance during peak and off-peak hours to evaluate its reliability and uptime.
- Transparency: We verify that the platform provides clear information about its team, ownership, terms of use, and privacy policies.
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FAQ
Can you trade options on crypto?
Yes, you can trade options on cryptocurrencies. Crypto options trading involves speculating on the price movements of cryptocurrencies using options contracts.
Can you trade options on Coinbase?
Currently, Coinbase does not offer options trading. However, they provide a variety of other cryptocurrency trading services.
Does KuCoin have options?
Yes, KuCoin offers crypto options trading. It provides users with the opportunity to trade options contracts on various cryptocurrencies.
Can you trade crypto options on Robinhood?
While Robinhood offers options trading for traditional financial instruments, as of now, they do not offer options trading specifically for cryptocurrencies.
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Can you trade options on Binance?
Yes, Binance offers a platform for trading crypto options. It provides a range of options contracts on different cryptocurrencies.
Is crypto Options profitable?
Yes, it can be very profitable, but it also carries significant risks due to the volatility of the cryptocurrency market. Success requires a thorough understanding of options strategies and careful risk management.
Can you short Options on Binance?
Yes, you can engage in short-selling options on Binance. This involves selling options contracts with the expectation that their value will decrease.
Can you trade options on Altcoins?
Yes, many platforms offer options trading on a variety of altcoins (alternative cryptocurrencies to Bitcoin). Altcoin options trading allows you to speculate on the price movements of these specific cryptocurrencies.
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Conclusion
Bybit, Binance, Gate.io, Bit.com, and OKX have been identified as the top crypto options exchanges and platforms for beginners, each offering unique features and strategies.
When it comes to trading crypto options, Bybit ranks as the best bitcoin options trading platform above the rest thanks to features such as low fees, fast order matching engine, government regulation, and positive customer feedback.
By choosing Bybit, you're giving yourself the best chance for success in the world of crypto trading. Remember, always be careful and research before you invest. Happy trading!
About the authors
Let’s introduce the crypto experts that wrote this article, Leonardo, Simon, and Virginia are the names of the authors.
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They studied many different crypto exchanges and options platforms to help you find the best ones. They are not giving any financial advice in this roundup post but they do give their own opinions of each platform they have reviewed to help you make a better decision. Always remember to do your own research before you invest your money.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
