According to the announcement, users can now trade ETH and XRP options exclusively on the Binance mobile app.
“Binance Options offers a lower entry barrier and provides flexibility to option traders,” notes Binance. “Traders are now allowed to take advantage of the price movement within different time frames and enjoy unlimited profit upsides with limited risks. Binance Options are intuitively designed to enhance traders’ trading experience, unlike traditional options products.”
ETH and XRP join Bitcoin (BTC) as the only digital assets with options available on Binance. Each contract is based on the Tether (USDT) strike price, and the maximum contract sizes are fairly small to reduce the initial risk of the product offerings for Binance.
If Binance Futures is any indication, the exchange will likely continue to add new altcoin options if ETH and XRP are popular with users.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.