Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

Based on our analysis, Bybit, Deribit, and Binance are the top picks for crypto options trading, each with standout features. Bybit leads with unparalleled liquidity and ease of use, Deribit is the go-to for institutional investors with its wide options range, and Binance appeals to traders looking for options on altcoins like Solana.

These platforms excel in security, asset variety, usability, fees, and support, ensuring they meet the high expectations of options traders looking for efficiency and reliability.

Bybit Exchange
Bybit Exchange

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.7

Supported Assets

1,000+ Cryptocurrencies (Spot & Futures)

Trading Fees

Maker and Taker Fees of 0.01% and 0.06%

Leading cryptocurrency options exchanges stand out by offering a diverse range of trading opportunities, including European and American style options for prominent digital currencies such as Bitcoin and Ethereum. These platforms provide traders with sophisticated tools for leveraging and hedging, simplifying the task of navigating the unpredictable crypto markets.

Security remains a top concern, with comprehensive measures meticulously implemented to safeguard users' investments and personal information. Focusing on options trading, these platforms draw a knowledgeable base of crypto traders. They present a polished trading platform tailored for investors aiming to elevate their trading strategies.

Best Cryptocurrency Options Exchanges

Diving right into the essentials, here’s a summary of the leading platforms for options trading, designed to cater to a broad spectrum of investors:

  1. Bybit - Top pick for comprehensive crypto options trading
  2. Deribit - Ideal for professional institutional options investors
  3. Binance - Outstanding for options trading on a variety of altcoins
  4. OKX - Excellent choice for those new to options trading
  5. Delta Exchange - Best choice for no KYC options trading

Our Methodology

Our evaluation process for cryptocurrency options exchanges is thorough, focusing on essential features like European and American style options, liquidity, asset diversity, fee policies, and regulatory standards. We leverage user feedback, trading insights, expert evaluations, and exchange-provided information to spotlight platforms excelling in trading features and security.

This focused strategy ensures our suggestions are dependable and straightforward, designed to cater to traders looking for superior options trading platforms. By concentrating on these crucial aspects, we aim to make the selection process for finding the best options exchange smoother and more informed.

1. Bybit

Bybit secures its position as the foremost choice for cryptocurrency options trading, catering to a diverse audience with comprehensive features since its inception in 2018. Renowned for industry-leading liquidity on options, Bybit offers an advanced trading environment beyond traditional offerings. Here's why it stands out:

  • Expansive Asset Selection: Traders have access to a wide range of digital currencies, with options trading available for top coins like BTC, ETH, and SOL. This showcases Bybit's versatility in market offerings.
  • Advanced Trading Tools: Bybit introduces European-style USDC-margined contracts, enhancing trading efficiency and risk management with portfolio margining, reducing the margin requirements for traders handling multiple positions.
  • Competitive Fees: With an industry-leading fee structure of 0.01% for Maker and 0.06% for Taker, Bybit positions itself as a cost-effective platform for options trading.
  • Robust Security Measures: Prioritizing user security, Bybit implements stringent protections for both funds and personal data, ensuring a safe trading experience.
  • Market Leadership: Demonstrating its market prowess, Bybit specializes in options and offers a spectrum of over 1,000 crypto assets across spot, futures, and derivatives markets, marked by high liquidity and volume.

With a commitment to excellence and a user-friendly interface, Bybit is the top recommendation for traders seeking a reliable and sophisticated platform for trading cryptocurrency options.

Bybit Options

2. Deribit

Deribit positions itself as our second-best platform for cryptocurrency options trading, specifically designed for professional and institutional investors. Launched in 2015, it has grown to become the world's leading options platform by volume, with over $12b in daily trading activities. Here's what makes Deribit stand out:

  • Professional and Institutional Focus: Tailored for the needs of serious options traders and institutional investors, offering a specialized trading environment.
  • Market Leadership in Volume: Recognized for its unparalleled options trading volume, ensuring deep market liquidity and efficient execution.
  • Advanced Trading Options: Provides European-style coin-margined contracts for BTC and ETH, coupled with 10x leverage, enabling a variety of strategic trading approaches.
  • Competitive Fees: Attractive fee structure starting from 0.03%, making it a cost-effective choice for high-volume traders.
  • Comprehensive Contract Range: Offers daily, weekly, monthly, and yearly options contracts, allowing traders to implement a wide array of strategies.

Deribit's commitment to speed, security, and a broad range of trading options cements its status as a top choice for professionals seeking an efficient and dynamic cryptocurrency options trading platform.

Deribit Options

3. Binance

Binance claims the third spot on our list as a versatile cryptocurrency options trading platform. Since branching out from spot trading, Binance has introduced options trading with American and European-style USDT-margined contracts for BTC, ETH, SOL, DOGE and BNB, featuring some of the industry's most competitive fees starting at 0.02%. Here’s why Binance is a top choice:

  • Wide Range of Options: Offers both American and European-style contracts, providing flexibility in trading strategies for BTC, ETH, SOL, DOGE and BNB.
  • Low Transaction Fees: Attractive fee structure starting from just 0.02%, making it an economical choice for options traders.
  • Seamless Integration for Existing Users: Binance users will find the options trading platform familiar and advantageous, though it’s equally beneficial for experienced traders outside the Binance ecosystem.
  • Simplified Collateral Requirements: All options trading positions are settled in USDT, streamlining the trading process without the need for traditional margin requirements.

Binance’s expansion into options trading combines its robust security, extensive asset selection, and user-friendly interface, solidifying its status as a preferred platform for existing Binance enthusiasts and institutional investors venturing into cryptocurrency options.

Binance

4. OKX

OKX earns our fourth-place ranking as a top cryptocurrency options platform, particularly favored by beginners for its intuitive user interface. Established in 2016, OKX provides European-style coin-margined options for Bitcoin, Ethereum, and Solana, with contracts spanning from daily to bi-quarterly expirations. Here’s what sets OKX apart:

  • User-Friendly Design: Tailored for newcomers with a sleek, easy-to-navigate interface, making the initial foray into options trading less daunting.
  • Flexible Trading Options: Offers a range of expiration dates, accommodating various trading strategies with European-style options for key cryptocurrencies.
  • Competitive Fee Structure: Utilizes a maker/taker fee model starting at 0.03%, plus a 0.02% exercise fee for executed contracts, ensuring cost efficiency.
  • Asset-Specific Settlements: Margins and settlements are conducted in the respective digital currency, streamlining the trading process.

Despite its lower liquidity compared to other platforms, with daily volumes around $1 million, OKX's accessible approach makes it an ideal entry point for beginners exploring cryptocurrency options trading.

5. Delta Exchange

Securing the final spot in our top platforms for cryptocurrency options trading is Delta Exchange, a Seychelles-based exchange known for its no-KYC policy. This feature allows traders to engage in trading activities without undergoing extensive verification, providing an accessible and efficient trading environment. Here's why Delta Exchange is noteworthy:

  • No-KYC Requirement: Traders appreciate the streamlined access to trading, bypassing the need for detailed personal verification, making it a unique offering in the crypto trading space.
  • Specialized in European-Style Options: Offers coin-margined European-style options for BTC and ETH, catering to a specific segment of traders looking for these particular contract types.
  • Intuitive Platform for Beginners: With a straightforward and user-friendly interface, Delta Exchange is especially welcoming for those new to cryptocurrency options trading.
  • Competitive Fee Structure: Fees are set at 0.03% for makers and 0.06% for takers, with no hidden charges for exercised contracts before their expiration, promoting transparency and cost-effectiveness.
  • Asset-Specific Settlements: Margin and settlement processes are streamlined, using the respective digital assets to facilitate trading activities.

While it may face challenges in liquidity, trading under $1 million on its options contracts, Delta Exchange's no-KYC policy and specialized options offerings make it a compelling choice for traders prioritizing accessibility and ease of use.

Delta Exchange

American-Style vs. European-Style Crypto Options

American-style and European-style options are two key types of derivatives contracts found in both the cryptocurrency and traditional finance sectors. American-style options provide traders with the flexibility to exercise the option at any point before the expiration date, offering strategic advantages in rapidly changing markets.

On the other hand, European-style options are more structured, allowing exercise only on the expiration date itself. This difference significantly influences trading strategies and risk management, making each style suitable for different investor needs and preferences.

Is Trading Crypto Options Secure?

Like any investment, trading crypto options carries its risks, primarily due to the complexity of options trading and the volatility of cryptocurrency prices. These factors can result in abrupt financial losses. However, with the right risk management strategies and thorough research, trading crypto options can be a secure and potentially profitable way to diversify an investment portfolio.

It's crucial to trade with only what you can afford to lose and to choose reputable trading platforms that emphasize strong security measures and are known for their transparency and reliability.

Closing Thoughts

In wrapping up, our guide sifts through top crypto options platforms, highlighting Bybit for its robust offerings and deep liquidity, Deribit for institutional traders, Binance for its versatility, OKX for newbies, and Delta Exchange for no-KYC simplicity. 

We've picked these based on their standout security, diverse trading options, and strong regulatory standing, making your trading journey clearer and safer. Remember, while options trading has its perks, smart choices and the right platform are key to mitigating risks and securing gains.

Author

Nick Ng is a skilled analyst at StacksOnChain with expertise in both cryptocurrencies and traditional finance. His research offer valuable insights into market trends and investment opportunities for readers.

View posts

Featured Guides

Learn more with some of the featured guides recommended by our analysts.

Dive into Berachain, where DeFi meets innovation through EVM compatibility, a novel liquidity consensus, and integrated DeFi applications.
Chris Wheelan
May 18, 2024
Research

What is Berachain?

Dive into Berachain, where DeFi meets innovation through EVM compatibility, a novel liquidity consensus, and integrated DeFi applications.

Explore how EigenLayer Restaked Points measure user contributions with ETH staked, impact EIGEN token distribution, and face geo-restrictions.
Richard Zhang
Apr 30, 2024
Research

What are EigenLayer Restaked Points?

Explore how EigenLayer Restaked Points measure user contributions with ETH staked, impact EIGEN token distribution, and face geo-restrictions.