Currently, access to Binance Options trading is initially provided to mobile applications users only (Android version 1.21.0 and IOS version 2.10.0 above).
Step 1: Click “Trade” after logging into your account. Select “Options”. Please be noted that you could only trade on Binance Options with a Binance Futures account.
Step 2: Click the “Transfer” icon on the right corner. Next, enter the amount of USDT you wish to transfer. Once you have confirmed the amount, click ‘Transfer’. The fund will be transferred from Spot Wallet to Futures Wallet.
Step 3: Choose the expiry date. The expiry dates are ranging from 10 minutes, 30 minutes, 1 hour, 8 hours and a day. There are two types of orders, namely “Buy Call” and “Buy Put”. “Buy Call” if you have a bullish expectation whereas “Buy Put” for a bearish seller.
Next, choose the order type and enter the quantity you wish to order. Then click “Confirm” to place your order.
Step 4: Once you have placed the order, you shall be able to view your position, including unrealized profit and loss, time to expiration and breakeven price. And also, your option will be shown on the chart.
Step 5. Since Binance Option is American Style option, you could settle the option at strike price any time before the expiry date. Under “Positions” tab, click “Settle” to realize the Profit and Loss of your option. Click “Confirm” to settle your option. If you do not settle the option before the expiry date, it will be automatically settled or exercised when it comes to expiry date.