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Options
Binance Options
How to Trade Options on Mobile Applications
Binance
2020-04-03 10:02
You can now trade Binance Options on-the-go with the Binance App:
Download for Android
1. Log in to your Binance account and click [Futures] - [Options]. Please note that you can only trade on Binance Options if you have a Binance Futures account.
2. Click [Transfer] icon on the top right corner and enter the amount of funds (USDT, BUSD, or BNB) you wish to transfer. Click [Confirm Transfer] and the funds will be transferred from your Spot Wallet to your Futures Wallet.
3. Binance Options offers three types of orders, “Buy Call”, “Buy Put”, and “Buy Vol”. If you are bullish on the market, you can “Buy Call”, if you are bearish on the market, you can “Buy Put”. If you want to catch the market’s move regardless of direction, you can “Buy Vol”. For more detail about the Vol options, please visit our FAQ on Vol Option.
You can then choose the expiration date, ranging from 5 minutes, 10 minutes, 30 minutes, 1 hour, 4 hours, 8 hours, 12 hours and 1 day.
Next, choose the order type and enter the quantity you wish to order. Click [Confirm] to place your order.
*Target Price
You can choose to set a target price for your contract. Toggle the button and enter the upper target price. You can see the estimated PNL immediately after you enter the price.
You can also adjust the Target Price under [Positions] after placing the order.
4. Once you have placed the order, you can view your position, including unrealized profit and loss, time to expiration, and breakeven price under [Positions]. Your options will be shown on the chart too.
5. Since Binance Option is American-style options, you can settle the options at the strike price any time before the expiration date. Go to [Positions], click [Settle] to realize the profit and loss of your options, then click [Confirm] to settle. If you do not settle the options before the expiration date, it will be automatically settled or exercised upon the expiration date.
*Extend your options ( Available on Mobile Apps version: iOS 2.21.0, Android 1.32.0)
You can choose to extend the expiry time of a position that has not reached its expiration date to increase the potential profit opportunities. You can enjoy a discounted premium compared to buying a new option of the same price with the same expiration date.
To extend your options, click [Extend] to select the preferred time, and you can see the premium you need to pay for the extension. Click [Pay to Extend] to confirm. You can then see the updated Premium and Time to Expiration under [Positions] or[Extension History].
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