Traders and investors love how the wheel option strategy offers you a road to long-term passive income. Find out how to execute it with our simplified guide.

The wheel strategy (a.k.a "options wheel strategy") is a two-step "Buy Low-Sell High" income strategy used by stock options traders who sell cash-secured puts and covered calls in order to receive stock at a discount, and then sell at an above-market price. With just a few small adjustments, crypto traders can also benefit from this strategy.

An investor continually sells (writes) Out-of-The-Money (OTM) cash-secured puts to collect option premium.

If at the predetermined expiration date the option expires worthless, the writer keeps all the premium — repeating the process until a put eventually expires In-The-Money (ITM).

A put option expiring in-the-money (ITM) exercises automatically.

Unlike traditional equity options where a physical transfer of ownership takes place when exercising an option contract — Bybit's USDC crypto options are "cash-settled". Here, no position transfer takes place. Instead, the option seller's account is credited or debited to the associated cash (

The option contract expires at a settlement price of $19,000 and the seller's account receives a credit of +$1,000 USDC (

Strike Price - Settlement Price + Premium Received

At this point, the option seller enters the market and purchases one BTC, before moving to step 2 of the wheel strategy.

Now holding the underlying crypto asset, the investor sells out-of-the-money (covered) calls to generate a consistent income.

When a call option eventually expires in-the-money — there are two available options:

Sell the underlying crypto asset and return to Step 1 selling cash secured puts.

Keep the underlying asset and continue selling covered calls to generate income.

The most important factor when using the wheel strategy is ensuring your trading account has enough capital to cover the difference between the strike price and the settlement price if the option expires in-the-money. Here, the account balance guarantees the short put is "cash-secured".

Selling a put option is a high-risk strategy with limited upside (collected premium) and significant potential downside — the difference between the strike price and the settlement price, minus the premium received.

For this reason, the chosen strike price should represent a level you are happy to open a long-term position in the underlying asset.

When deciding which put option to sell, there are two main considerations:

If the goal is for the option to expire worthless (collect premium), selling a put with a strike price way below the current market price works better - the lower the strike price, the less chance the option will expire in-the-money. The trade-off is that option premiums decrease the further out-of-the money you go.

If the aim is acquiring the underlying crypto asset, choose a higher strike price you believe will expire in-the-money — ideally not by too much as to offset the amount of premium received.

Before deciding which maturity (expiration date) to sell, consider how the option premium changes over time. All options lose value (time decay) as the expiration date draws near. We can measure exactly how much value an option will lose by using Theta.

Theta is an options Greek measuring the rate an option premium declines over time - as an option moves closer to expiry, time decay speeds up — at expiration the option has zero time value.

A handy way to visualize theta is to imagine a snowball rolling down a mountain. At the top of the mountain, the snowball is small and moving slowly. As it rolls further down the mountain, it speeds up, growing larger along the way, until it reaches the bottom (expiration).

An option with a theta of -0.50 will lose $0.50 each day whereas an option with a theta of -2.00 will lose $2.00 per day. Theta is always represented as negative as it always has a negative effect on an option's price.

Theta is highest for At-The-Money (ATM) options (the strike price is equal to the current price of the underlying asset) decreasing when a strike price moves further into-the-money or out-of-the-money.

For best results, selling near-dated puts with between 30-40 (DTE) offers a good way to maximize time decay whilst not being tied to a less flexible longer-term contract.

In the same way the account balance "secures" the short put, the underlying asset provides the "cover" for the short call. For this reason, you must hold the underlying crypto asset while the short call contract is active.

When choosing which strike price to sell, consider the same factors used to determine which put to sell:

Similar to the put, selling a near-dated call option with between 30-40 DTE offers a good mix of value and flexibility.

Another useful metric to help decide which strike prices will work best when using the wheel options strategy is Delta.

Delta is the amount an option premium changes for every $1.0o change in the underlying asset. Call options have a positive delta ranging between 0 and 1 - whereas put options carry a negative delta ranging between -1 and 0.

For call options, the delta tells us how much the price will rise when the underlying asset ticks higher by $1.00 and how much the price will drop when the underlying asset drops by $1.00. This works in reverse for put options, which lose value when the underlying asset rises, and gain when the underlying assets fall.

Typically, an at-the-money call option will have a delta of - or close to 0.50, meaning the premium will +/- $0.50 for every $1.00 move in the underlying price.

Delta decreases as a call option moves further out-of-the-money (higher than the current market price), and increases when a call option moves deeper into-the-money (lower) — the opposite is true for put options.

Delta is simply the options markets' way of telling us the odds of a strike price expiring in-the-money.

All things equal, an at-the-money option has a 50% chance of expiring in-the-money, and thus is a 50/50 bet - whereas a 0.20/-0.20 delta has a 20% chance of expiring in-the-money.

Higher Delta = Higher chance of expiring ITM.

Lower Delta= Lower chance of expiring ITM.

The wheel option strategy is suitable for investors with a good working knowledge of options trading.

Because crypto options are cash-settled, traders must always remember to acquire the underlying asset when a short put expires in-the-money and sell (if that's the aim) when a short call expires in-the-money. For this reason, the wheel option strategy is best suited to more experienced options traders.

Sideways trending markets with wide trading ranges and clearly defined support and resistance levels (round numbers are often best) works great for the wheel strategy, giving you several ways to yield positive returns:

The below chart shows how you can profit from the wheel strategy:

The breakeven point is the price at which an options strategy is neither making nor losing money. Because the wheel strategy has lots of moving parts, we can't pinpoint a specific breakeven point - instead, we must look at each individual component to work out their respective breakeven points.

The breakeven point when selling a cash-secured put is when it expires in-the-money (below the strike price) equal to the amount of premium received.

Here, the breakeven for the put writer is $18,000. If the put expires at $18,000 their account is debited -$2,000 (

Because the wheel strategy involves acquiring an underlying asset and then selling calls against it, we must also factor in the price of acquiring the underlying asset into our calculation.

Typically, the option seller buys the underlying crypto asset when the put option expires. Choosing not to can impact profitability in three ways:

The writer purchases the underlying asset at the same level as the settlement price:

Settlement Price of $18,000 - Purchase Price of $18,000 - no change

The option writer purchases the underlying asset below the settlement price:

Settlement price of $18,000 - Purchase price $16,000 — a saving of $2,000.

The writer purchases the underlying asset above the settlement price:

Settlement Price of $18,000 - Purchase Price of $20,000 — a loss of $2,000.

Note: To reduce risk you should purchase the underlying asset immediately if the short put option expires ITM.

We can work out the breakeven point for a covered call by calculating at which point the premium no longer offsets a drop in the underlying asset when the option expires.

Assuming an investor acquires one BTC at $20,000, then sells an out-of-the money call option, collecting a $2,000 premium, the breakeven point is $18,000. Here, the $2,000 premium offsets the $2000 drop in the underlying asset.

The sweet spot of an options strategy refers to the optimal price at the expiration date. Just as a wheel options strategy has more than one breakeven point, it also has several sweet spots:

When selling a cash-secured put, the ideal settlement price is when the underlying is equal to the strike price. Here, the option expires worthless and the seller keeps the premium.

Similar to the cash-secured put, the sweet spot for a short covered call is when the option expires at-the-money (expires worthless). The seller keeps the premium, and assuming the call was out-of-the-money when sold, the value of the underlying asset will be higher.

One of the main advantages of trading options is their flexibility. Unlike trading spot or perpetual futures where the only choice is whether to keep the position open or close it, options traders have several ways to adjust their position during adverse market conditions.

Let's assume BTC is trading at $22,000 and an investor sells one BTC $20,000 put option with 40 days-to-expiry and receives a $2,000 premium, believing the price will be close to $20,000 at expiry.

Half way through the contract, now with 20 days-to-expiry, the investor becomes more bearish, believing BTC may trade down to $18,000 before the option's expiration date.

The underlying price has dropped $500 to $21,500 and the option premium is still $2,000 (the time-decay has offset the negative price movement of the underlying).

Here are some ways they can adjust the position to reflect their new, more bearish outlook:

Because the wheel strategy is multi-faceted, in theory, there are several ways for it to play out at maximum profitably:

To understand the potential losses when trading the wheel strategy, we need to break it down into two parts:

We can avoid the maximum potential loss by closing the position if either the premium or the underlying asset crosses a predetermined price threshold.

Intermediate

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Wheel Strategy: A Long-Term Strategy For Consistent Income

With our collar option strategy guide, find out how you can effortlessly hedge your bullish long positions by selling a call and buying a protective put.

A collar option strategy is used to limit the returns of an underlying long position to a specific range. Typically investors use the option collar to hedge an underlying long position against downside volatility, and at the same time guarantee an exit if the market goes higher.

This is achieved by buying a protective put option and simultaneously selling a 

One way to think of the collar options strategy is it works the same way as placing both a stop-loss and a take-profit order against the underlying asset. By using the strategy, investors limit both the potential upside and potential downside associated with holding the underlying asset.

The first step in the collar option strategy is selecting which strike prices align with your market view.

Let's assume an investor holds 1.0 BTC, which is currently trading at $20,000 and wants to hedge against a drop below $18,000 in the next two months. They may do something like this:

Buy 1.0 BTC $18,000 put option with 60 days-to-expiration (DTE) — the buyer pays a premium of $1,000.

To offset the cost of the put, the investor then sells a covered call option. The call option is usually, although not always, for the same amount of underlying, and with the same expiration date.

The investor sells 1.0 BTC $22,000 call option with 60 DTE — receiving a premium of $1,000.

Here, the cost of the trade is zero ($1,000 premium paid -$1000 premium received). Depending on market conditions and the selected strikes, a collar option may be traded at zero cost (zero cost collar), a net credit (premium received > premium paid), or a net debit (premium received < premium paid).

The cost of the strategy varies depending on the distance of the strike prices to the underlying asset. Typically, a collar position involves strikes of equal distance to the underlying asset. Here, the premiums should hold equal, or close to equal value (delta-neutral).

Delta is the calculation used to determine how much an option premium changes in value for each $1.00 move in the underlying asset. Call options have a positive delta, ranging from 0 to 1, and puts have a negative delta ranging from -1 to 0.

At-the-money options typically have deltas of 0.5/-05, reflecting the equal odds of expiring either in or out-of-the-money.

Call delta increases as the market moves higher, and put delta increases as the price moves lower.

Understanding delta helps to explain the mechanics of the options collar.

If the underlying asset falls, the value of the long put increases at an ever-faster rate, helping to offset the loss in the underlying. If at expiration, the underlying asset is below the strike price, the put delta is -1.0, meaning the value of the put increases at the same rate the underlying falls. Here, the put perfectly hedges the difference between the strike price and the option settlement price.

By contrast, if the underlying moves higher towards the call option's strike price, the premium of the short call increases. Similarly, if at expiry, the underlying asset is above the strike price, the option delta is 1.0. Here, the losses incurred from the short put will offset the underlying’s gains 1:1 above the strike price.

The key difference is that for the short out-of-the-money call to expire in-the-money the underlying will be higher than when the trade was initiated.

The collar option strategy combines the protective put and the covered call strategy. As such, it can be used as an alternative to both.

Combining the two strategies has benefits and limitations. To understand the potential payout and risk of a particular options strategy, option traders use 

The below payoff diagram represents a long position in an underlying asset, like a stock or BTC. The black line is the price moving higher (left to right), and the blue line shows the profit and loss as the market moves away from the purchase price (A).

The main advantage of using the options collar as opposed to a covered call strategy, is the collar's protective put hedges against a drop in the underlying.

The below payoff diagram shows that when used in isolation, the covered call has limited potential profit, and a significant downside (premium received - the difference between the underlying asset price and $0).

Whereas, the collar strategy limits the maximum potential loss.

Adding the covered call to the protective put helps cover the cost of the out option. However, it also caps the upside profit potential if the short call expires in-the-money (ITM).

 if the underlying price is above the strike price (calls), or below the strike price (puts). Here, there is an immediate benefit in exercising the options.

Any strike price in an unprofitable position relative to the underlying is referred to as Out-of-The-Money (OTM). For puts, this is a strike price below the current market price. For calls, it's any strike price above the current market price. Lastly, a strike price equal to the underlying asset price is called At-The-Money (ATM).

The long put, when used alone, protects against potential downside without limiting the potential profit— the maximum loss is limited to the purchase price of the option.

The collar is a simple option strategy with limited risk, and thus suitable for investors of all knowledge levels. However, to get the best from this play, it's advisable to select the strike prices that match your investment objectives.

As the name suggests, the reverse collar option involves doing the opposite of the traditional collar strategy.

The reverse collar is used to limit an underlying short position to a specific trading range. Instead of writing covered calls and buying puts, an investor with a short position sells covered puts and buys protective calls.

Here, the long call hedges the short position, and the short put limits the maximum profit potential.

The reverse collar is widely used in commodity markets, where its referred to as a "producer hedge". Commodity producers use the strategy to lock in both the best-case and worst-case price levels to exit their underlying short position (future production).

Because the covered call works against the underlying asset in a rising market, the collar option is best deployed when an investor is worried about near-term weakness.

The advantage of using a collar option as opposed to placing a stop and limit order against the underlying is its versatility.

With the collar strategy, the underlying asset could trade below the long put strike price whilst the contract is active but turns higher before the expiration date. Here, the protective put works perfectly, allowing the investor to weather near-term volatility but crucially keep their long-term long underlying position. 

Assuming the cost of entering the trade is zero (premium paid = premium received), the breakeven point at expiration is the same price as when the trade was entered.

Because the corresponding premiums offset each other, the underlying price determines the breakeven point. If the cost of the strategy is a net debit, the underlying asset must rise equal to that amount to offset the cost. Whereas for a net credit, the breakeven point is the price at which the underlying falls equal to the received credit.

The sweet spot for the collar option is when the underlying asset settles equal to the short call strike. Here, the short call is at-the-money and expires worthless and the investor keeps the gains generated from the underlying asset's price appreciation.

Because options are flexible, investors can adjust their position to reflect a changing view of the market. However, doing so can impact the max profit and loss potential.

Because the option collar offers downside protection, investors are unlikely to make adjustments in bearish markets. Instead, let's examine ways to adjust for bullish price action:

The maximum take profit potential is the same as the sweet spot. If the underlying asset is equal to the short call strike price at expiry, the call option expires worthless, and the investor profits from the underlying's appreciation.

The maximum incurred loss potential when using the collar strategy is if the underlying asset is below the long put strike price at the expiration date. Here, the maximum loss is the difference between the price of the underlying asset at the time of trade and the strike price of the put option (+/- the net cost of the trade).

The below example shows how an investor holding an underlying long stock position in Amazon (NYSE: AMZN) totaling 100 shares could use a collar option to protect against potential price volatility in the underlying security surrounding an approaching earnings call:

The investor purchases 1 contract (100 shares) of the Amazon $125.00 put option — paying a premium of $12.00 per share ($1,200)

The investor then sells 1 contract (100 shares) of the Amazon $145.00 call option with the same expiration month — receiving a premium of $11.50 ($1,150)

The cost of the trade is a net debit of $50.00 (premium received - premium paid x option multiplier of 100 shares).

Here, the investor's downside risk is protected if the underlying stock price falls below $125.00, with a guaranteed sale price of $145.00 if the short call option expires in-the-money.

With just a few simple steps, crypto traders can use Bybit's USDC-settled options to deploy the collar strategy to protect the underlying crypto holdings.

Log into your Bybit trading account and under 

Select the desired expiration date, or view all the available expiration dates at the same time.

Select the strike price you wish to trade. Call options are shown on the left-hand side of the option chain and puts on the right.

With the strike now selected, an order placement ticket appears. Here you will find the Greek calculations, the recent trades, and the market depth.

By scrolling down, you can view the payoff diagram for the selected option.

The margin requirement is calculated and displayed at the bottom of the order ticket once you have chosen your order size and direction (buy or sell).

Repeat the process for the remaining strike (either put or call) to complete the options collar strategy.

Accounts with minimum net equity of 1,000 USDC can take advantage of lower margin requirements and higher leverage by signing up for Portfolio Margin mode.

The portfolio margin mode uses a risk-based margin policy designed to reduce margin requirements for hedged portfolios. It does this by offsetting the exposure of long and short options positions against each other.

Because the underlying asset in the collar option hedges the option strikes, Portfolio Margin mode reduces the margin requirements for this strategy significantly.

Advanced

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Collar Option Strategy: Limiting Your Risk While Staying Bullish

Interested to start trading options, but don't know where to start? Learn how to hedge with crypto options and more with the only guide you'll ever need.

Looking to expand your investment portfolio, or keen to start a rainy day fund? Right this way! In this article, you'll learn how to use Options to maximize your profits in uncertain markets. From basic to advanced strategies, there’s something here for everyone. But before we dive in, here are two things about Options we’ll bet you didn’t know:

Options trading as we know it today can be traced back to the philosopher Aristotle, who detailed the first-ever call Option (against an olive oil harvest) in the 6th century B.C.

Stock Options have become so popular that they’re expected to overtake stock trading in volume by 2023.

First and foremost: Options contracts are derivatives. Essentially, this means they're tied to an underlying asset such as a stock, a commodity or a cryptocurrency.

Options always have an agreed-upon price (known as the strike price) at which the buyer will gain long or short exposure to the underlying asset. They also have a predetermined date at which they expire (expiration date).

There are two types of Options: Call Options (calls) and Put Options (puts).

As they’re highly versatile, you can use puts and calls on their own or combine them to create complex Options strategies. Ultimately, the end goal for all strategies is the same — to profit from market conditions.

The Option buyer (sometimes called the holder) always pays a fee (Option premium) to the seller (or writer). This amount indicates the maximum amount of money the buyer can lose, and the most the seller can profit, from the particular trade.

When trading Options, there are three ways to describe a strike price:

Although they may sound complicated, Options are one of the most common investment strategies for traders to hedge their existing positions and bet on the market’s movement for returns. A crypto Option is a contract that gives you the right to buy or sell an asset at a specific price within a given time frame or a particular expiration date, depending on the chosen type of contract.

“Crypto Options trading” is a term used to describe Options contracts designed specifically for cryptocurrencies. Like stock Options, crypto Options are booming, as more retail traders turn to Options as a hedging instrument amidst the 

. Fundamentally, crypto Options share the same characteristics as stock Options, but they come with many more advantages.

Unlike stock Options, crypto Options don’t require you to buy or sell the underlying asset if an Option expires ITM. Instead, your trading account will receive a credit or debit equal to the cash difference between the strike price and the Option's settlement price.

By removing the hassle of physical ownership, you can focus on what's truly important — making money.

Why Do Futures Traders Diversify Their Portfolios With Options to Amplify Returns?

 after numerous Option wins made headlines across the globe.

GME and AMC stock prices surged, and several Wall Street hedge funds opened sizable short positions in GME and AMC in anticipation of a drop in share prices. 

Retail traders rightly guessed that if stocks moved higher, institutions would be forced to buy back shares, pushing prices even higher. 

To take advantage of this, they bought far OTM call Options and paid small up-front premiums. Using leverage, retail traders multiplied their buying power to gain access to a much larger volume of stock than if they’d bought it outright. As predicted, stocks roared higher, with call Options increasing in value exponentially and generating huge profits for retail traders.

With this knowledge, futures traders now consider Options a key component of their investment portfolios. 

Can Crypto Options Really Help to Maximize Gains?

Once you’ve learned to use them to your advantage, crypto Options really can help you maximize gains. Here are three ways to profit from Options:

Options are ideal for protecting an underlying portfolio against market risks and uncertainties. 

If you hold the underlying asset, a long put or a put spread are effective ways to hedge against a sell-off. If you're short of the underlying, a long call or call spread offers the same protection on the upside.

The great thing about Options is that you can choose an expiration date to protect your portfolio for one day, or weeks — or even months in the future. 

With Options, all you need is a little capital to potentially gain significant profits.

When you buy an Option, you can gain access to a large amount of the underlying asset for a small initial deposit. By using leverage, you can multiply the buying power of your capital several times over.

Every trader dreams of their first “10-bagger” (+1,000% ROI). Options are the perfect way to achieve it.

All long Options have limited risk and significant (sometimes unlimited) profit potential. To illustrate this point, think back to the first crypto bull run of 2021. Some coins/tokens recorded growth of 10–20x, with a small number skyrocketing to over 100 times their original value within just a few months. 

Now, just imagine leveraging on Options to take advantage of this price action, knowing the most you could lose is the premium … and the sky’s the limit when it comes to profit. Sounds good? That’s the beauty of Options for you.

Find out how bull markets can affect you:

Although crypto Options behave like other Options, they’re more user-friendly. What do we mean by this? Hold your horses — we’ll explain.

As Bybit’s crypto Options are cash settled, you realize your profits as soon as the Option expires, allowing you to move on to the next opportunity without hesitation. This makes crypto Options the perfect choice for speculating and hedging.

Another benefit is that they don’t have a fixed contract size, so you can risk as much or as little as you want.

In addition, Bybit’s crypto Options are settled in USDC for security and flexibility. In the examples below, you’ll see how this works in practice.

A bull call spread is an effective way to profit in a bull market without breaking the bank.

The setup for the strategy involves buying a call Option (usually OTM) and selling a call at a higher strike price with the same expiration date.

Since you're buying the strike closest to the underlying, the trade costs a net debit, which is the most you can lose.

Here's an example of the bull call spread in action:

The trade costs a net debit of $450 (Premium paid of $600 − Premium received of $150)

The breakeven point is $31,450 (Lower strike + Net debit). The maximum potential profit of $1,550 occurs if the $33,000 call expires ITM ($33,000 − $31,000 − $450).

The worst-case scenario is when the settlement price is at or below $31,000. Here, both calls expire worthless, and you lose the $450 net premium paid.

The bear put spread is the mirror image of the bull call spread, offering a low-risk play for bear market profits.

To set up the bear put spread, you buy a put Option (usually OTM) and sell a put at a lower strike with the same expiration date.

Like the bull call spread, you're buying the strike closest to the underlying, so the trade costs a net debit. 

The cost is a net debit of $450 (Premium paid of $600 − Premium received of $150), which is also your maximum potential loss.

The breakeven point is $28,550 (Higher strike − $450 Net debit). The max profit of $1,550 occurs if both strikes expire ITM ($29,000 -$27,000 − $450).

The maximum potential loss occurs when both strikes expire OTM with zero value. Here, you lose your $450 investment.

Call Options are contracts that confer upon their owner the right (but not the obligation) to buy a specific amount of an underlying asset at a preset price, on or before a certain date (known as the expiration date).

Put Options are contracts that confer upon the Options buyer the right (but not the obligation) to sell a specific amount of an underlying asset at a preset price within a particular time frame.

A stock or crypto European put and call Option is a contract that gives investors a right to buy or sell an asset at a specific price on the day the contract expires. 

A stock or crypto American put and call Option gives investors the right to exercise the contract to buy or sell an asset at any time within a given time frame before the contract expires.

How Do Crypto Options Differ From Stock Options?

Though they have similar characteristics, Bybit’s crypto Options are different from traditional Options in several ways.

How Is Hedging Futures Different From Hedging Options? 

There are a few ways in which hedging with Options — as opposed to futures — can deliver better results.

With futures, you benefit only from a single-directional (up or down) move. But with Options, you can profit when the market moves up, down, sideways, up then down, down then up, a little or a lot … you get the point. In short, Options are much more versatile than futures.

With futures, you take on the same risk level whether you buy or sell. However, you can never lose more than your initial investment when you purchase an Option. Additionally, depending on the strategy, a long Option could have unlimited upside potential.

Another advantage of using Options over futures is that the risk of liquidation is minimal for long Options. Because you pay an up-front premium, the maximum potential loss is known, making it easier for you to manage your capital.

Beginner

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How to Hedge with Crypto Options to Maximize Gains During BTC Uncertainty

Options are a great way to hedge your crypto portfolio so you profit regardless of market volatility. From Bybit to L

Choosing the best crypto options exchange is a lot harder than it sounds. With new platforms being founded every day, the choices can be a bit overwhelming. Whether you’re a new or advanced trader, use this guide to learn where to trade crypto options, and explore some of the best crypto options exchanges available.

What Is a Crypto Options Trading Platform?

A crypto options trading platform enables users to buy or sell crypto options contracts. Crypto options trading platforms give traders the ability to buy and sell call and put contracts that offer cryptocurrencies as the underlying asset. Much like their traditional finance counterpart, crypto options from these trading platforms are popularly used as hedging and leveraging instruments.

How to Choose the Best Crypto Options Trading Platform

Crypto options trading is a popular investment method that involves buying and selling contracts. Each contract grants the holder the right to buy or sell an asset at a specific price on a specific day. While there are multiple crypto trading strategies that involve options, many traders make multiple transactions per day. Choosing the right platform for crypto options trading is critical to saving money and properly executing your trades.

The best crypto options trading platforms will start by having you create an account on their website or app. To start trading, you’ll need to deposit funds. While each platform is different, most crypto options trading platforms will require a deposit in U.S. dollars. Once your funds are cleared, you’ll be able to browse available contracts for cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). Each crypto options trading platform will have a slightly different buying and selling process.

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