Right now, Binance and Bybit are at the front of the pack as the go-to platforms for trading crypto options. What sets Deribit apart are its strong security protocols and wealth of educational materials. These platforms offer diverse features and crypto options, catering to both seasoned traders and newcomers alike.

Deribit distinguishes itself by prioritizing security. The platform has so far lived up to its reputation of being a fort Knox, with not a serious breach. It uses the highest security standards, like two-factor authentication and storing the majority of user funds in cold storage.

For those new to options trading, Deribit provides a valuable resource: a free options course. The platform’s demo space lets users trial different trading strategies without the risk of losing real money. KYC will not be required in order to use this feature!

Traders are generally lured in by Binance’s low fee structure. The platform has a 0.03% trading fee on options and a 0.015% fee for exercising options. Binance provides options trading for several different cryptocurrencies. You can invest in trading pairs with other popular coins including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, BNB and DOGE.

Bybit offers an extensive range of options, from American standalone options, European option spreads and Over-The-Counter (OTC) options. At present, Bybit offers options on Bitcoin (BTC) and Ethereum (ETH). Because of regulatory limitations, Bybit’s services are not available to those in the U.S.

OKX is the world’s best options trading platform and has a truly global footprint. The new platform is currently open for use to any U.S. users.

Deribit currently provides options on BTC, ETH, SOL, MATIC, XRP, and PAXG. European-style options on Deribit settle in USDT.

Stryke supports both European and American-style options. Delta Exchange specializes in European-style options and up to 100x leverage.

Additionally, the U.S. market severely lacks crypto options trading due to strict regulatory hurdles. As a result, platforms like Bybit are closed off to U.S. traders.