Properly executed, options trading strategies can be a high-income source. And when you practice them in the crypto’s high-risk, high-reward universe, they can be extremely beneficial. However, finding a suitable platform for this purpose can be a challenging task.

If you are intrigued by the potential of crypto options trading but unfamiliar with the top marketplaces within this niche, don’t worry. Indeed, due to the volatility of the crypto world, careful selection of the right platform is crucial.

That’s why we have researched and compiled a list of the 5 best crypto options trading platforms for you. These exchanges not only offer valuable features but also provide you peace of mind during trades.

So, without further waiting, let’s begin!

1. Binance

Key Features

Founded	July 2017
Crypto Options Available	Bitcoin, Ethereum, Binance Coin
Fees	Transaction fee rate = 0.02% & Exercise fee rate = 0.015%
KYC Verification	Required

Binance is one of the world’s leading crypto exchange platforms that hold digital assets worth billions of dollars. The platform introduced options trading in September 2022, which you can perform via their website or mobile application. The US users can access the options trading feature on Binance.US, while the rest of the world can use Binance.com.

Reasons to Choose

Low Transaction Fees: Binance Options charge an impressively low transaction fee, only 0.02% of the total transactions. Moreover, their exercising charges (fee holders pay while exercising a call or put option) are also low at 0.015%.

American & European-Style Margined Contracts: Unlike many other crypto platforms, Binance offers these smart contracts in both American & European styles. So, you can either exercise the contract either before or on expiration.

USDT Settlements: To perform a successful options trade without any complication due to the crypto’s volatility, Binance uses USDT, a stablecoin whose value remains at $1. Utilizing Tether for the process increases the confidence of traders and improves security.

Limitation

American-Style Options Expire Early: Although you can trade American-style margined smart contracts, these options mostly expire the same day. It means you either have to let go of the trade if you don’t feel it worth exercising and lose your premium or execute it within 24 hours (which may be uncomfortable for some users).

Bottom Line

Binance Options are great for everyone, whether beginner or professional, due to their low fees and reputation (that provides authenticity). It is also extremely versatile because you can exercise these smart contracts in American and European styles. You can read our full Binance review here.

2. ByBit

Key Features

Founded	March 2018
Crypto Options Available	Bitcoin, Ethereum, Solana
Fees	Transaction fee rate = 0.03% & Exercise fee rate = 0.015%
KYC Verification	Not required

ByBit is another reputable and among the best crypto options trading platforms that offer numerous trading perks. It started offering options in April 2022 and resembles Binance in many factors. But it also provides other features that differentiate ByBit from many platforms.

Reasons to Choose

Free Demo Account: Upon new account creation, ByBit offers you a free demo account with $50,000 virtual money to test your trading skills and get used to the platform. It is extremely helpful for new users who can understand options trading dynamics without worrying about loss.

Portfolio Margin: Another highlight of ByBit’s success is its Portfolio Margin, which allows you to analyze margins for various positions and investments. It helps in risk management and gives better insight into the application of a strategy. Traders can also maximize their profit if they utilize the feature carefully.

USDC Settlements: Like Binance, ByBit also uses a stablecoin to minimize the crypto market’s volatile effect on the returns and reduce the complexity of profit or loss calculation. However, it uses a more stable and transparent USDC instead of USDT.

Limitation

Can Confuse Beginners: Although ByBit allows a free demo account so beginners can understand the platform’s working and trading, it presents all information at once. So for a newbie, this sudden presentation of numerous calculators, charts, metrics, graphs, and analytical numbers may be easily overwhelming (or confusing).

Bottom Line

ByBit is particularly useful due to its demo account and portfolio margins. So, they are a better choice for traders with prior options trading knowledge or newcomers who are (at least) familiar with the terms. 

You can read our full ByBit review here.

3. Deribit

Key Features

Founded	June 2016
Crypto Options Available	Bitcoin, Ethereum, Solana
Fees	Transaction fee rate = 0.03% (zero for SOL options) & Exercise fee rate = 0.015%
KYC Verification	Required

Deribit quickly became popular after its creation because it was launched as a crypto-oriented website. The platform is one of the initial purpose-built crypto trading platforms that announced options trading in May 2022. It is better known for high liquidity, flexibility, and leverage.

Reasons to Choose

Leverage up to 10x: Options trading is more commonly known for the leverage it gives to traders. Options leverage is the quantity of return you get on your purchased shares (minimum 100 shares) after investing in them at lower rates. Deribit offers this leverage up to 10x, which means you can get $100K on a $2,000 investment if the price of a stock rises from (presumably) $60 to $70.

Experts-Oriented: Since the platform is delicately launched for crypto traders, it uses many detailed, insightful, and sophisticated charts and graphs for better analysis. So, the platform is well-suited for expert and professional traders.

Limitation

Not Available to US Citizens: Being an excellent choice for crypto options traders, the platform doesn’t operate in the US. It hasn’t got the license to provide its service in America. However, users outside the USA can easily create and access their accounts.

Bottom Line

Since Deribit has advanced metrics, charts, and tools for in-depth and updated market analysis, it is best for crypto veterans and professional users. Traders with mediocre knowledge can also use the platform, but it is not recommended for beginners due to its complexity.

4. Delta Exchange

Key Features

Founded	July 2017
Crypto Options Available	Bitcoin, Ethereum, Solana, Binance Coin, Ripple, & Chainlink
Fees	Transaction fee rate = 0.03% & Exercise fee rate = 10% of the Premium
KYC Verification	Required

Delta Exchange, commonly known as Delta X, is also recognized among the best crypto options trading platforms. It is also called the “home of crypto options” due to its diversified supported altcoins. Moreover, the platform has no minimal deposit limitation, attracting more than 200,000 registered users.

Reasons to Choose

Eight Coins to Trade: Delta X offers eight crypto coins for options trading, higher than many crypto platforms. Also, it uses BTC along with USDT to offer smart contracts but uses only USDT for calculations. You can test these cryptocurrency option trades on its demo account.

No KYC Requirement: Unlike many platforms, Delta X is not so strict with KYC verification, which means you can trade your call and put options without providing many personal details. However, if your daily trade exceeds 2 BTC or you hold above 5 BTC, you must provide some identity verification.

Limitation

Low Liquidity: Despite multiple altcoins’ availability for trades, Delta Exchange has relatively lower liquidity. It can impact your transaction speed and other metrics. That’s why trading on the platform is also slightly pricier.

Bottom Line

Delta X is a great place for beginners and traders who want to diversify their options trading portfolio. The platform is also excellent due to no minimum deposit and a free demo account, especially for newbies. However, low liquidity may irritate them sometimes.

5. Robinhood

Key Features

Founded	April 2013
Crypto Options Available	Bitcoin, Ethereum, etc.
Fees	Free
KYC Verification	Required

Robinhood has been in the industry for over a decade and still offers multiple crypto-related services for free. The platform began offering options trading in December 2017, and since then, it has not charged any commissions, contract fees, regulation fees, or trading fees. That’s why about 13 million users come to Robinhood every month.

Reasons to Choose

Completely Free: The most significant reason is the free nature of the platform. Robinhood is one of the very few exchanges that offer free options trading. They don’t even charge you the Options Clearing Corporation (OCC) clearing fee.

Robinhood Options Chain: Another great factor is getting all the necessary details about an option right before investing in it. When you select an option, it provides many details that can help you understand it and purchase a put or call accordingly.

Limitation

Fewer Features: Apart from free trading, you won’t get lots of features and metrics to analyze your trades progressively. So, if you are shifting from any other options trading platform because Robinhood is free, you’ll notice the unavailability of some important tools. However, it still has some valuable features that are sufficient for beginners.

Bottom Line

Robinhood is a decent option if you want options trading free of cost. It is also excellent for beginners because the platform doesn’t overload them with all tools and information. However, intermediate and professionals would consider another platform because of the same unavailability of vital features.

Options Trading Platforms – Summary

Options trading demands high skill, which is best if left to the professionals. But if you are a beginner and want to begin this career, start by practicing on demo accounts, then turn to actual trading when you feel ready.

However, if you are already experienced enough and searching for the platforms, selecting one of the above-mentioned best crypto options trading platforms will be excellent. A couple of them also offer you that demo account for practice. So, create an account on the platform you feel most comfortable with and start trading options.