Major cryptocurrency exchange Binance has officially launched Bitcoin (BTC) options on its Binance futures trading platform.
The feature is currently available on Binance’s mobile app for Android and iOS. However, the press release highlighted that it will soon integrate into its web platform.
#Binance Launches Options Trading on Mobile Apphttps://t.co/AfytLykN4y pic.twitter.com/UCdY0G0NIL — Binance (@binance) April 13, 2020
The exchange stated that users would be allowed to purchase BTC call and put options with an expiry between ten minutes to one day at market prices.
Options contracts offer traders the chance to purchase either a right to buy (a call option) or sell (a put option) on a given asset at a specified “strike price.”
The exchange is offering an American style derivative trading as opposed to the European where traders can now settle the contract at the chosen strike price, i.e, any time before or on the expiry date itself.
Meanwhile, Malta-based cryptocurrency exchange OKEx has already launched Bitcoin options trading for a selected group of traders in December 2019, ahead of their public launch.
Chicago Mercantile Exchange Group too announced plans to launch an options product for Bitcoin futures back in September.
Official Source and Image Credit: Binance