6 Best Platforms to Trade Crypto Options
Finding the best platforms to trade crypto options can be overwhelming, especially with so many choices out there. Whether you’re a seasoned trader or just starting out, it’s tough to know which platform offers the right mix of security, low fees, and useful features. You’re not alone—many traders face this challenge.
This article breaks down the top platforms to help you trade crypto options with confidence. We’ll cover fees, security, trading features, and more, so you can find the platform that best suits your needs.
What is Crypto Options Trading?
Crypto options trading gives you the right—but not the obligation—to buy or sell a cryptocurrency at a set price within a specific timeframe. There are two types: call options (expecting prices to rise) and put options (expecting prices to fall).
When you buy an option, you pay a premium to lock in the right to trade at the agreed strike price. If the market moves your way, you can either exercise the option or sell it for a profit. If not, your only loss is the premium you paid.
Crypto options come in two styles: American (can be exercised anytime before expiration) and European (only on the expiration date). Options offer leverage, allowing you to control a larger position with a smaller investment. This makes them useful for speculation or hedging against price changes. For example, a trader might buy a put option to protect their assets if the market drops.
That said, options trading can be risky, especially in volatile markets. It’s important to manage your strategy to minimize losses.
Curious to learn more? Check out our in-depth guide on crypto options trading.
How to Choose the Best Platform to Trade Crypto Options?
Here’s what to look for when picking the best platform for crypto options trading:
Available Cryptocurrencies: Make sure the platform supports the coins you want to trade. Bitcoin (BTC) and Ethereum (ETH) are the most popular for options trading.
Platform Fees: Check the fees, including premiums, settlement costs, and withdrawal charges. Lower fees help you keep more of your profits.
Trading Volume and Liquidity: A platform with high liquidity means smoother trades and less slippage. Higher trading volumes also lead to better prices and faster execution.
User Interface and Tools: Go for a platform that’s easy to use and offers advanced tools like detailed charts, analytics, and risk management features. These tools can improve your trading experience.
Types of Options Available: Make sure the platform offers both call and put options and lets you choose between American or European styles, depending on your strategy.
Security Features: Security is a must. Look for multi-factor authentication, cold storage, and encryption. Check the platform’s track record for handling any past security breaches.
Regulation and Reputation: Choose a platform that’s well-regulated and trusted. Read reviews and see if it’s had any issues in the past to ensure a safer trading experience.
Payout and Settlement Options: Some platforms allow fiat withdrawals, while others settle only in crypto. Pick the one that fits your cash-out preferences.
Customer Support: Reliable support is essential, especially when something goes wrong with your trades or funds. Look for 24/7 customer service to get help when you need it.
By keeping these factors in mind, you’ll find the right platform that fits your needs and makes trading crypto options online smooth and secure.
Here are the Best Platforms to Trade Crypto Options:
1. MEXC
MEXC is a solid pick if you’re looking for a crypto options trading platform with a huge selection—over 2,300 cryptocurrencies. It’s great for traders with 0% spot trading fees and just 0.02% futures taker fees, making it easy to keep more of your profits. Check out their complete fee structure here.
With over $1.1 billion in daily trading volume, MEXC offers smooth trades and solid liquidity. It also has cool features like copy trading and demo accounts, perfect for beginners trying out new strategies. Plus, if you like taking risks, you can trade with leverage up to 200x.
The platform supports USDT-M and COIN-M perpetual contracts for flexible options trading. On the security side, MEXC uses two-factor authentication and stores funds in cold storage for safety. It’s available in 170 countries, though not in the U.S.
If you want a low-fee crypto options exchange with lots of trading options, MEXC could be a great fit.
2. Binance
Binance is a go-to crypto options trading platform, offering 600+ cryptocurrencies to trade. It’s budget-friendly with a 0.03% transaction fee and 0.015% exercise fee. Check out their complete options trading fees guide here.
With $76 billion in daily trading volume, Binance ensures smooth trades and top-notch liquidity. The platform is easy to navigate, packed with advanced tools, and offers guides for beginners and pros alike. Binance focuses on European-style USDT options with popular assets like BTC, ETH, BNB, XRP, and DOGE.
Security is solid, with a multi-tier architecture, AI-based risk monitoring, and its SAFU fund to protect users. You can also reach their support via live chat or email anytime.
If you’re after the best platforms to trade crypto options that are also secure and easy to use, Binance should be at the top of your list.
3. Bybit
Bybit is a well-known crypto options trading platform offering BTC and ETH options. It keeps fees manageable with a 0.02% trading fee, a 0.015% delivery fee, and a 0.2% liquidation fee. Check out their complete options trading fees guide here.
With over $2.8 billion in daily trading volume, Bybit provides solid liquidity for smooth trades. It offers demo trading, which is perfect for beginners to practice, along with USDT and USDC perpetual contracts and futures trading. For options, Bybit supports European-style USDC options.
While Bybit is available in more than 180 countries, it’s banned in the U.S. due to regulations from the SEC and other financial authorities.
If you’re looking for a platform with low fees and practice tools to refine your strategies, Bybit could be a good choice.
4. Crypto.com
Crypto.com offers BTC and ETH options through its UpDown options product. These options automatically close if the asset’s price hits a set ceiling or floor, helping you lock in profits or limit losses. The fees are straightforward—a $1 exchange fee and a $0.99 technology fee. Check out their complete guide on how UpDown options work and its fee structure here.
With $2.3 billion in daily trading volume, liquidity is solid, so trades run smoothly. The platform has a simple interface and lets you manage up to 250 positions, mixing long and short trades.
Crypto.com supports American-style UpDown options for more flexibility and is regulated by Nadex and overseen by the CFTC, ensuring compliance.
Currently, these options are only available to U.S. users, making it a reliable, regulated choice for traders in the U.S.
5. OKX
OKX offers call and put options for BTC and ETH, with settlements made in the same coin you’re trading. You can pick from daily to quarterly expiration dates, and strike prices come in $100 steps for BTC and $10 for ETH.
You can use up to 100x leverage if you want bigger exposure. Fees are pretty fair, starting at 0.02% for makers and 0.03% for takers, with discounts based on how much you trade, hold, or the amount of OKB coins you have. Option fees are capped at 12.5%.
OKX offers a demo account so you can practice your strategies risk-free. Their unified account makes it easy to switch between options, spot, margin, and futures trading all in one place.
OKX’s European-style BTC and ETH options are available globally, but not in the U.S. If you’re after a flexible way to trade crypto options online, OKX is worth checking out.
6. Deribit
Deribit offers BTC and ETH options, focusing on European-style options for traders. It charges a 0.03% fee on the underlying asset value, capped at 12.5% of the option price, keeping fees in check.
With a daily trading volume of about $25.8 million, Deribit provides decent liquidity. The platform comes with handy features like a position builder tool to plan trades and offers educational resources to help users learn the ropes.
Deribit only accepts crypto deposits and isn’t available in the U.S., limiting access for some traders. If you’re looking for a straightforward way to trade crypto options online, Deribit could be a solid pick, especially for BTC and ETH options.
FAQ
Are crypto options profitable?
Crypto options can be profitable, but it depends on the trader’s strategy and market conditions. Options allow you to benefit from price movements without owning the asset, and they also offer ways to hedge against risks.
However, profits aren’t guaranteed. If the market doesn’t move in your favor, the most you can lose is the premium you paid for the option. It’s important to understand the risks, especially in volatile markets, and have a clear strategy in place. Many traders use crypto options to manage risk or take advantage of short-term price swings.
What’s the difference between crypto futures vs options?
The main difference between crypto futures and options is how they handle obligations. With futures, you must buy or sell the asset at a set price when the contract expires, no matter what the market does. In contrast, options give you the right, but not the obligation, to trade the asset at a specific price by a certain date.
How to trade crypto options?
Here’s a quick step-by-step guide to trade crypto options:
- Choose a platform – Pick a reliable crypto options trading platform like Binance, OKX, or Deribit.
- Create an account – Sign up and complete any required verification steps.
- Deposit funds – Add crypto or fiat to your account to start trading.
- Select your option – Choose between a call option (bet on prices going up) or a put option (bet on prices going down).
- Set strike price and expiration – Pick the price you want to lock in and the expiration date.
- Pay the premium – Pay the premium to secure your trade.
- Monitor the market – If the market moves in your favor, you can either sell the option or exercise it to make a profit. If it doesn’t, your loss is limited to the premium.
Always practice risk management, especially in volatile markets.
What are some popular options trading strategies for crypto?
Here are a few popular crypto options trading strategies:
- Long Call – You buy a call option, expecting the price of the asset to rise. If it goes up, you profit by exercising or selling the option.
- Long Put – You buy a put option, betting the price will drop. This is often used as a hedge to protect your holdings from market downturns.
- Covered Call – You sell a call option while holding the underlying asset. If the price stays flat or drops, you keep the premium. If it rises, you sell the asset at the strike price.
- Straddle – You buy both a call and a put option with the same strike price and expiration. This strategy profits from large price swings in either direction.
- Iron Condor – A more advanced strategy where you use multiple call and put options to profit from low volatility.
These strategies vary in complexity, so it’s a good idea to experiment with them using a demo account first.
What’s the difference between options vs spot crypto trading?
With spot trading, you buy or sell the actual cryptocurrency at the current market price. You own the asset outright and can hold or trade it whenever you want. Profits or losses depend entirely on how the market moves.
In options trading, you don’t own the asset directly. Instead, you buy the right (but not the obligation) to trade it at a specific price by a certain date. This makes options more flexible since you can profit from price swings without owning the crypto.
Check out our in-depth guide on the different crypto trading strategies to learn more.