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9 Best Crypto Options Trading Platforms

12 mins
Updated by Maria Petrova
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More “options” for trading crypto options become available every year. As such, researching all of the best features that make an options trading platform worthwhile can take hours. This is time you could have spent trading! In crypto, it’s always our advice to DYOR. But we can help point you in the right direction. Read on to discover the nine best crypto options trading platforms on the market today.

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What is crypto options trading?

what is crypto options trading

Before we dive into the top crypto exchanges for options trading, here’s a quick rundown of options contracts. Trading crypto options is very similar to trading traditional options. Crypto options give an investor the right, but not the obligation, to buy or sell crypto at a predetermined price and date.

There are two main types of options contracts. A call option gives an investor the opportunity to buy stocks or digital assets at a predetermined price in the future. Likewise, a put option allows an investor to sell a stock or digital asset at a predetermined price in the future.

We call the price of an option the premium. The predetermined price that an investor can buy or sell at is the strike price. The predetermined date that the investor must exercise the option contract by is the expiration date. An options writer is someone that sells options.

Writers sell call or put options, covered or uncovered. When a writer sells an option but does not have the underlying asset, this is referred to as uncovered. Conversely, when the writer does hold the asset, the option is covered. An underlying asset is the security or digital asset that must be delivered when a trader exercises the option. In our case, the underlying asset is crypto.

9 best crypto options trading platforms

Now for the fun part, what are the top crypto options trading platforms? Only you can determine what the best options trading platform for you is. However, there are a few that stand above the rest.

Binance

Best for Crypto Ecosystem
Options
BTC, ETH, BNB
Pricing
Low
Fiat deposit
Yes
Availability
WorldWide

Bybit

Best for 100x Leverage
Options
BTC, ETH, SOL
Pricing
Low
Fiat deposit
Limited
Availability
UK, EU & 100+

StormGain

Best for Simple User Interface
Options
BTC, ETH
Pricing
High
Fiat deposit
Limited
Availability
Latam & Asia

GateIO

Best for Simulation Trading
Options
BTC, ETH
Pricing
N/A
Fiat deposit
No
Availability
UK, EU & 100+

Huobi

Best for Multiple Expiries
Options
BTC
Pricing
Fair
Fiat deposit
Limited
Availability
UK, EU & 100+

OKX

Best for Trading View Integration
Options
BTC, ETH
Pricing
Low
Fiat deposit
Limited
Availability
UK, EU & 100+

Lyra

Best for Buy or Sell Options
Options
WBTC, ETH,
Pricing
Fair
Fiat deposit
No

Deribit

Best for Deep liquidity
Options
BTC, ETH, SOL
Pricing
Low
Fiat deposit
No

Dopex

Best for model for hedging
Options
BTC, ETH, MATIC, ect.
Pricing
N/A
Fiat deposit
No

Best qualities of a crypto options trading platform

Choosing crypto exchanges for options trading doesn’t have to be complicated. If you want to know a platform’s best qualities, start with these basic criteria.

Fees and commissions

What are the commissions and fees? Over the years, transaction costs for options have steadily fallen. Many options trading platforms now offer zero-commission trades. This allows you to save money and lowers the barrier to entry for new traders. However, commission-free trading comes at a cost.

Generally speaking, if you’re not paying for the product, you are the product. A commission-free platform might be the best choice for some, but not all, traders.

Liquidity

Depending on the context, liquidity can be understood in a variety of ways. On the one hand, liquidity is the ability to convert an asset into cash. In our case, liquidity is trade volume or the number of buyers and sellers. Liquidity determines price stability. A high number of buyers and sellers will result in a relatively stable bid-ask spread.

A market or platform with low liquidity will result in volatility. Volatility is the measure of how drastically a market or asset’s price changes. Low liquidity amounts to higher transaction costs.

Execution quality

In essence, execution quality is the best bid and speed at which your orders are executed. For example, one of the reasons why trading platforms can offer commission-free trading is because of order routing. In brief, some liquidity providers pay trading platforms to route your orders to them. This can cause a degraded order quality, which may result in a missed trade.

Altogether, traders save more money on trades with good execution quality in the long run. Execution quality is easy to overlook, even for advanced traders, so don’t worry if you don’t notice it right off the bat.

Trading tools

Trading tools are the little “je ne sais quoi” that separates a good crypto options trading platform from a great one. This will determine the ultimate user experience. These tools aren’t for beginners, but in the hands of the right trader can be proverbial “money printers.” Platforms such as TradingView offer excellent trading tools, including indicators, analytics, technical tools, automated screeners, and more.

Crypto options trading platforms compared

crypto options trading platforms comparison table

Choose the best crypto options trading platform for your personal needs

Crypto options trading platforms are not a panacea. They are the merging of two complex asset classes. Therefore, it is rare that one exchange can offer everything that another cannot. Furthermore, at the moment, crypto options have very limited offerings, typically relegated to BTC, ETH, and European-style contracts.

That being said, some platforms do stand out above others. If you really want the best platform, figure out how you like to trade and take a look at some of the top crypto trading platforms. The ‘best’ crypto options trading platform really is dependent on your skill level and individual requirements. As long as the outcome is income, you won’t be disappointed.

Frequently asked questions

Which platform is best for crypto options trading?

Is there options trading for crypto?

Does Coinbase offer options trading?

How do you trade F&O in crypto?

Can you trade options on Binance?

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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