Best Crypto Options Trading Platforms In 2024: Trade With Confidence

The evolution of cryptocurrency is real. From a speculative digital asset to a critical financial instrument, crypto is actively integrating into legal and economic frameworks. It has triggered global decentralization over the past decade at an unprecedented rate, transforming the financial view of investors and institutions. With the growth of the crypto market, the demand for crypto tools is skyrocketing, leading to the emergence of advanced tools for both experts and neophytes. Initially developed for traditional trading ecosystems, Options trading has made its way into the crypto sector offering several benefits that align to the market demand.

Options allow users to speculate on price movements without directly holding any asset. This allows investors to hedge risks, speculate about market movements, and earn from holdings over a short time with relatively higher returns. Beyond speculation, options work as an effective risk management tool. Traders can choose call options for price increases and put options to manage downturns regardless of the market direction. Traders can create strategies that help investors protect their portfolios from unexpected market fluctuations to minimize loss. This article will list and provide a detailed analysis of the best crypto options trading platform in 2024.

Which are the best Crypto Options Trading Platforms?

2024 has witnessed a rapid market evolution which triggered the demand for reliable trading platforms that assure its users balance security, regulatory advice, and customer support with advanced trading tools. With new regulations such as the European Union’s MiCA frameworks, there is a significant demand for better trading platforms. Here is a look at the best platforms that assure liquidity and user-friendly experiences in this fast-evolving market space.

Bybit

Bybit has carved out a niche in the crypto trading platform as a quick transaction facilitator, efficient customer service, and multilingual community, making Bybit for global traders. The no-frill trading platform operates secure trading with a focus on derivatives like options and contracts.

Assets available: BTC, ETH, and altcoins
Fees: Charges a minimum maker fee of 0.03% of their asset value and a taker fee starting at 0.03%. It offers a discount on fees for users with VIP status.
Security: ensures user protection with multi-signature wallets, Cold storage facility for assets, and Two-factor authentication. To ensure privacy, KYC/AML verification is required
user experience: it can be effectively used by both experts and novices. It provides effective customer support.
Fiat currency support: More than 20 currencies are supported through the P2P exchange. It allows the deposit of 16 fiat currencies and the withdrawal of 11, including EUR, USD, GBP, and more.
Additional Features: High liquidity and can be accessed from mobile phone. The application offers tutorial videos for beginners
How to deposit?: Allows bank transfer, credit/debit cards, crypto transfer, third-party fiat, and off-ramps.
cons: Limited asset options for options trading.

Deribit

Deribit is one of the oldest crypto trading platforms known for its BTC and ETH options. It offers a free options course to upgrade trading skills. It can be easily used by beginners, experienced traders, and Institutions. Founded in 2016, Deribit offers high liquidity and the latest trading tools with 24/7 user assistance.

Asset available: BTC, ETH, SOL, XRP, etc
Fees: an entry-level commission of 0,03% is charged for options trading, capped at 0.03 BTC on each transaction.
Security: Offers a multi-layer security service which includes 2FA and cold storage facilities
User experience: the app includes a practice platform, free of charge, and fees for beginners to understand the user interface. The tools allow users to make, shape, and optimize their trading strategy with 24/7 user support.
Fiat currency Support: The Deribit app supports transactions in 41 fiat currencies including USD, Euro, Yen, Swiss Franc, etc. It supports an additional 34 currencies through credit card transactions.
Additional Features: Charting tools and technical indicators are included. Substantial liquidity with tight bids and short-term options.
How to deposit?: Accepts bank transfers, credit card transactions, and currency transfers.
Cons: Less versatile for traders interested in other assets.

Binance

Binance is a good option for both short-term and long-term traders, offering options trading from an extensive list of assets. With its premium liquidity and tight spreads it offers a comprehensive range of strike prices. It also includes options data for volatility, interest rate, volume, and exercise history.

Assets Available: BTC, ETH, and many altcoins
Fees: an entry-level commission of 0.03%. 0.1% spot-trading fee and 4.5% for debit card purchases. Users who make payments with Binance’s BNB tokens are eligible for discounts.
Security: advanced risk controls including Secure Asset Fund for Users (SAFU), two-factor authentication, Federal Deposit Insurance Corporation (FDIC), device management, and cold storage facilities.
User Experience: Easy onboarding making it a go-to for beginners. Provinces resources for educational purposes.
Fiat Currency Support: Allows a seamless trading experience by allowing fiat currency transactions in USD, EUR, RUB, PEN, HKD, NOK, and many more with minimal fees.
Additional Features: One of the cheapest platforms with over 600 cryptocurrencies. Offers webinars, tutorials, and chart insights in their Academy section.
How to invest?: Accepts cash payments along with credit and debit card payments.
Cons: No in-built digital wallet, regulatory restrictions in some regions.

OKX

It is the best choice for first-time users as it avoids complicated option chains and allows users to switch between options, spot trading, and derivatives. It is a rapidly growing platform offering an extensive range of assets.

Assets Available: BTC, ETH, USDT, and more
Fees: known for low fees, with maker fees starting at 0.02% and taker fees of 0,03% of the underlying asset value. Excluding daily options, they may charge an option exercise fee of 0.02%.
Security: prioritizes security with its multi-layered security services like cold storage and multi-signature wallets.
User experience: Offers an extensible selection of assets, allowing an easy switch between spot trading, options, and derivatives. Designed for both beginners and experienced traders.
Fiat Currency Support: allows instant conversion of cryptocurrencies to any fiat. It also allows users to convert currencies like USD and HKD to required crypto assets.
Additional Feature: includes charts and analysis tools for better analysis. Offers easy access to staking and lending.
How to invest?: Accepts both credit card and debit card payments.

BIT Crypto Exchange

Specifically developed for advanced professionals and beginners with real-time standardized pricing. It focuses on trading options and futures with low transaction fees, a wide strike range, and several assets.

Assets available: BTC, ETH, FIL, NEAR, TON, BCH, and more
Fees: A starting Marker fee of 0.025% and taker fees of 0.05% of the underlying assets. 0.015% can be charged for all options other than those with daily expiration dates. Option fees are capped at 12.5% of the option value
Security: It safeguards user privacy by protecting assets across multiple levels with 24/7 risk control strategies. Additionally, it involves blacklisting suspicious accounts and restricting withdrawal frequency. With its off-exchange settlements and Multi-signature storage facilities, it leverages user-security.
User Experience: it has advanced charts and tools with a clean user interface.
Fiat currency support: supports multiple global currencies such as USD, making it easy for users to fund through bank transfers.
Additional Feature: helps to settle profitable options and credits with 10x leverage options traders who look to increase their positions.
How to invest?: It requires KYC verification, funds can be deposited through credit and debit card transactions.

Stryke

With a keen focus on user experience, options exchange focuses on options trading for major digital assets with a simple interface and unique features for crypto. The Stryke exchange maintains options with expiration dates of 1, 2, 12, and 24 hours.

Assets Available: WBTC, WETH, GMX, CRV, CVX, MATIC, BOOP, ARB, and more.
Fees: requires 30% of the option premium with no minimum order size.
Security: Prioritizes security with 2FA, encrypted transactions, and cold storage for funds.
user experience: easy to navigate, with real-time data and advanced charting tools, making it ideal for both beginners and advanced users.

FTX Options 2.0

FTX, despite its rebranding, remains popular among crypto traders. The new iteration offers a more refined options trading experience.

Assets available: BTC, ETH, and other major cryptocurrencies.
Fees: 0.1% for markers and 0.2% for takers.
Security: It supports proof of reserves and industry-standard protocols.
User experience: clean and improved user experience with customer support post-launch.

dYdX

Built on Ethereum, it is a decentralized platform that offers self-custodial options trading to crypto. As it doesn’t rely on a centralized entity, it offers a unique way for its users to trade.

Assets Available: BTC, ETH, and a selection of DeFi tokens.
Fees: Requires market maker rebates and taker fees around 0.015
Security: Decentralized protocol with high transparency and user control over assets.
User Experience: It has a simple user interface with basic educational resources. Anyhow the app is geared towards advanced users familiar with decentralized trading.
Cons: Lower asset availability and transaction times due to blockchain constraints.

Here is a table summarizing the fees and assets available for options trading on each platform:

Platform	Maker Fee	Taker Fee	Assets Available
ByBit	0.03	0.03	BTC, ETH, and altcoins
Deribit	0.03	0.03	BTC, ETH, SOL, XRP, etc
Binance	0.015	0.04	BTC, ETH, and altcoins
OKX	0.02%	0.05	BTC, ETH, USDT, etc
BIT	0.025%	0.05	BTC, ETH, FIL, NEAR, TON, BCH, etc
Stryke	0.20%	0.25	WBTC, WETH, GMX, CRV, CVX, MATIC, etc
FTX 2.0	0.1%	0.2	BTC, ETH, SOL
dYdX	0.05%	0.015	BTC, ETH, and DeFi Tokens

What are the key features of Top Crypto Options Platforms?

While evaluating crypto options platforms, traders may consider some features that contribute to overall platform quality and suitability for various types of traders.

User Interface & Experience (UI/UX)
Liquidity levels
Security Protocols
Trading Fees
Regulatory compliance
availability of assets
educational resources

What is Options Trading?

Options Trading is a buying and selling system of options contracts where investors speculate on the future movements of the price of an asset without actually buying or selling the asset. In traditional trading, options are generally used for speculating on stocks, commodities, and indices. In options trading, the buyer pays a premium to buy or sell commodities and securities without any obligations. Crypto options trading has adopted this into the cryptocurrency market, allowing traders to manage the market volatility, and profit and implement risk management strategies.

The options have two contracts “put”, and “call”.

Call options

The call option gives the buyer the right to buy an asset if they expect the price is going to increase. When the price of commodities rises, buyers can make a profit by buying at the agreed price and reselling at a higher price. Generally, they buy them at a pre-agreed price before a set expiry date.

Put Options

Buying the put option gives you the right to sell someone a specific security at a certain price, sometime in the future. In case of a fall in security price, buyers can make a profit by buying it on the open market at a lower price and using a put option at higher strike price. Investors generally buy put options when they expect a decrease in the asset’s price.

Benefits of Crypto Options Trading

Risk Management: Options trading can be used by traders to hedge against price movements and minimize their risks.
Leverage and Control: Traders can leverage their portfolio positions without actually owning the full value of the underlying asset.
Profit: Buyers generally get profit in all market conditions. Be it a bull, bear, or sideways market.
Income Generation: selling options can be a source of passive income, as they can generate a premium on all transactions.

How to Choose the Best Crypto Options Trading Platform ?

Given the range of crypto options trading platforms available, it is important to understand and find out the best platform that meets your requirements such as trading style, risk tolerance, portfolio size, and much more. Here are some essential criteria that you may consider before choosing a platform for your investment journey.

Assess your trading experience

Beginners may find platforms like Binance and OKX easier and learn with its extensive educational resources and simple charts for analysis. On the other hand, Professional traders might prefer platforms like Deribit or BIT for their advanced trading tools, leverages, and liquidity.

Evaluate Security Protocols

Users should prioritize choosing highly secured platforms with measures like two-factor or multi-factor authentication, cold storage, and proof of reserves. Opting for decentralized platforms provides additional control for users, who prefer more self-custody.

Check Asset Availability

If you plan to trade options on a broad range of assets, you should consider platforms that offer a wide range of options on the cryptocurrencies you intend to trade. Platforms like Binance or OKX, which offer various altcoins along with BTC and ETH offer options for users who like to do diversified options trading.

Understand the fee structure

Choose platforms with lower fees, especially for high-frequency traders. Platforms like Binance offer discounts for their native tokens while dYdX provides rebates on maker charges.

Check Liquidity levels

Platforms like Deribit offer high liquidity as it allow easy entry and exit options in the market. It also minimizes the risk of slippage between the trades.

Customer support

For new traders, platforms with educational resources like tutorials, trading strategies, webinars, and analyzing charts are essential, especially for beginners. Guides and real-time news updates can be helpful for both beginners and professionals.

Understand Regulatory Compliance

In an increase in regulatory requirements, selecting a platform that complies with local regulations ensures smooth transactions with fewer risks associated.

Future of Crypto Options Trading

With the continuous growth of the crypto market, options trading has also witnessed significant developments in 2024, and beyond. If the trend goes as expected, this ongoing evolution of DeFi can expect the following trends:

Improvements in regulatory oversight

As the regulatory framework is tightening globally, there is a stringent rise in the crypto trading guidelines. Platforms like Binance are likely to gain a competitive edge with these.

DeFi and Decentralized Options Platforms

With the emergence of Decentralized options trading, users can now maintain complete control over their assets without relying on intermediaries. As the Defi expands more protocols are likely to emerge, providing users with advanced safety and security.

Broader Asset Category

Currently, most of the platforms focus on BTC and ETH but we may see an expansion into more altcoins, native coins, and new products in the cryptocurrency sector. The options on stablecoins or other assets are likely to gain traction.

Improvement in User experience

As more players enter the options market, the platforms may improve the user interface, making options trading more accessible to beginners. Additionally, there is an increase in the number of platforms investing in education such as tutorials, webinars, real-time news updates, and other resources. This may help users tackle the complexities of options trading shortly.

Integration with traditional Financial markets

Integration of traditional financial markets with crypto could result in more sophisticated financial products which may attract institutional investors to the crypto options market.

Conclusion

The future of options trading is dynamic with the rise of numerous platforms catering to different types of traders. Platforms like Deribit offer robust options to institutional investors and professional traders while Binance and OKX offer an accessible and beginner-friendly interface that provides them a space to learn. The rise of decentralized platforms will prioritize self-custody. Not having intermediaries will significantly reduce the risk of trustlessness and can ensure trust and advanced safety protocols. Before choosing a trading platform, it is essential to consider your trading experience, trading goals, asset options, and fees along with developing a proper strategy.

As the crypto market evolves with its features and functions, traders expect these platforms to cater to their new needs and demands. Incorporation of educational resources and efficient support, there has been a steep rise in the number of new traders using these platforms. Whether you are a beginner looking for a simple start or a seasoned trader who wishes to experiment with advanced tools, 2024 offers a range of trading platforms for your specific needs. As always, a solid understanding and due diligence of the fundamentals of options trading leverage your success rate in the rapidly growing market.