Main TakeawaysCovered Call lets you receive an option premium in exchange for accepting an obligation to sell shares you already hold at the strike price. Cash-Secured Put lets you receive an option premium in exchange for accepting an obligation to buy shares at the strike price.Both strategies trade from the same Binance account and Funding Wallet you already use for Stock Options, with physical settlement in real shares.On September 1, 2026, we launched our flagship Stock Options product, paving the way for millions of users to buy calls or puts on over 1,000 U.S.-listed stocks and ETFs with physical settlement. Today, we’re opening the other side of the trade, which is something many of our Options traders have been asking for. Covered Call and Cash-Secured Put let you sell (write) options contracts, collecting a premium upfront while your shares or USDC stay set aside as collateral until the position closes, expires, or is assigned. Below, we walk through how each strategy works, an example of each, and how to place your first order.Covered Calls: Earn Premium on Shares You Already HoldIf you hold shares and don’t expect the price to rise much past where you’d be happy selling, a Covered Call lets those shares earn income from premium payments.You sell a call option backed by the required number of underlying shares.You receive the option premium when the order is filled, less applicable fees.If the option expires without assignment, you keep the shares and the premium.If the option is assigned, you must sell the shares at the strike price, even if their market price is higher.Here’s what that looks like in practice. Let’s say you own a stock at $100. You sell a call option with a $110 strike price and collect a $3 premium. If the stock stays below $110, the option expires worthless and you keep both the shares and the $3 premium. If the stock rises to $110 or above, the buyer exercises the option and your shares are sold at $110. That $110 is the most you can get – along with the $3 premium – no matter how high the stock actually goes. If it goes up to $150, you still only sell at $110 and miss the extra $40. In short, you’re trading away unlimited upside for guaranteed income, especially if you’re not expecting the stock to rally much past $110 anyway.Cash-Secured Put: Earn Premium While You Wait for Your Entry PriceA Cash-Secured Put suits a stock you would be happy to own at a lower price. It lets you collect premium income while you wait for the stock to reach that price, rather than placing a limit order and waiting with nothing to show for it either way.You sell a put option and provide enough USDC to meet the full purchase obligation. You receive the option premium when the order is filled, less applicable fees.If the option expires without assignment, the collateral is released and you keep the premium.If the option is assigned, you buy the required shares at the strike price.Here’s what that looks like in practice. Let’s say a stock trades at $100 and you want to buy it at $90. You sell a put option with a $90 strike price and collect a $3 premium.If the stock stays above $90, the option expires worthless, you keep the $3 premium, and you never buy. If it drops to $90 or below, you’re obligated to buy at $90, no matter how far the price has fallen. The $3 premium brings your effective cost down to $87 a share.This works out well if the stock settles close to $90. But the premium is a fixed $3 cushion, not a safety net: if the stock crashes to $70, that $3 barely dents the $17-a-share gap between what you paid and what it’s now worth.In short, you’re getting paid to wait for the price you wanted: if the stock is still at or below $90 when the option expires, you end up buying at the same price a limit order would have gotten you, plus the $3 premium on top.How to Place Your First Covered Call or Cash-Secured PutEnable options access. Make sure your account is enabled for Stock Options. If not, complete the Options Suitability Quiz and sign the disclaimer.Prepare your collateral. For a Covered Call, hold the underlying shares; for a Cash-Secured Put, hold enough USDC in your Funding Wallet.Open Options. Go to the stock’s k-line page and select the [Options] tab, then pick an expiration date and strike price from the options chain.Switch to Sell. Toggle the order form to [Sell]. Max Sell shows the largest number of contracts you can sell based on your shares or USDC, and the Collateral field shows what will be frozen.Confirm and place order. Tap [Preview]. If this is your first time, a Covered Call or Cash-Secured Put Risk Notice will appear. Make sure to read it carefully before placing your order.Final ThoughtsCovered Call and Cash-Secured Put extend Stock Options from a long-only product into one where you can also generate income and target your entry prices. Instead of just holding and sitting still, you can now put your shares or your USDC to work, whether that means earning on positions you already hold or getting paid until the price you want comes along.It’s another step forward in our vision of having all finance on Binance. It all runs through the same account and Funding Wallet you already use, giving you more ways to express a view on stocks, not just buy and hold them.Further ReadingStock Options are Now Live on Binance: Buy Calls and Puts on 1,000+ U.S. Stocks & ETFsUnderstand Stocks with Binance Academy: From Shares to MarketsOne Account, Every Market: How Binance is Building a Multi-Asset Super AppDisclaimer: Nest Trading Limited acts as your introducing broker and routes your orders for Stock Options to its clearing broker partner, Alpaca Securities LLC, for execution, clearing, settlement and custody. Binance does not handle or custody your Securities. Stock Options are contracts that give you the right, but not the obligation, to buy or sell the underlying Securities at a specified price on or before a specified expiration date. You pay a Premium to acquire this right. Stock Options do not represent ownership of the underlying Securities. Stock Options can be exercised at any time before the cut-off time on the relevant expiration date. You are solely responsible for monitoring your open Stock Option positions and determining whether to exercise them. To exercise a Stock Option, you must submit an exercise instruction through the Binance Platform. If you do not submit an exercise instruction before the cut-off, your Stock Option will be subject to auto-liquidation, meaning that your position will be sold on a best-efforts basis before the close of trading. Your Stock Option may expire without value and you may lose the entire Premium paid. Even if your Stock Option is in-the-money at expiration, it will not be automatically exercised unless you have submitted an exercise instruction.Stock Options are subject to high market and liquidity risk and price volatility. The value of your investment may go down or up and you may not get back the amount invested. Stock Options are only available for trading during regular market hours. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits.  You should not trade Stock Options unless you understand the nature of the product, including how options are exercised, the risks of auto-liquidation and the consequences of failing to act before the relevant cut-off time.  Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. Binance may receive payment for order flow remuneration for directing your orders. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use, Stock Options Product Terms, Securities Trading Product Terms and Risk Warning.