– Binance announced the launch of a mobile application for Bitcoin-based option trading.
– Other than Binance, Malta-based cryptocurrency exchange Okex, Chicago Mercantile Exchange Group have also worked on Option Trading options.
– The Exchanges have identified the high demand in the option trading and hence all the exchanges are trying to work on the same.
Binance, the global cryptocurrency exchange has now launched a Bitcoin Options Trading on the mobile application.
The exchange left subtle hints earlier this month that the company would officially announce new Bitcoin options. Binance is now offering the US like Bitcoin options contracts. Binance is now offering the traders the chance to purchase either “right to buy” or “right to sell” on an asset called the “strike price”. To make this contract, the trader has to transfer their USDT holding from their spot wallet to their future ones and set an expiry date for the wallet. The timeframe expires in ten minutes to a whole twenty-four hours.
The exchange has further cautioned that “There is no guarantee that your options purchase will execute at a profit after the premium has been deducted. Most options purchases will not be profitable, but a minority will be very profitable. Please use at your own discretion.”
Cryptocurrency exchanges have been gaining popularity and the people utilising the offers offered by these exchanges is getting increasing exponentially. Exchanges are now trying to offer new contracts that are beneficial for the traders. Option Contracts are getting popular among the exchanges and many of the exchanges are trying to incorporate option trading for their traders. Options contracts have also been offered by the Malta-based cryptocurrency exchange OKEx and it did launch at the end of the last year other than Binance. Also, the Chicago Mercantile Exchange Group has also announced its plan indicating the high demand in options trading.