Top 5 Crypto Exchanges to Trade BTC & ETH Options

Crypto options have become one of the more structured ways to trade Bitcoin and Ethereum in India. While several crypto exchanges now list options, the trading experience varies big time across platforms.

Platforms like Delta Exchange, Binance, CoinDCX, CoinSwitch, and Pi42 are popular among traders looking for derivatives exposure, though what works best tends to vary by experience level and crypto trading goals.

If you are evaluating the best crypto exchange in India for BTC and ETH options, here’s how these five platforms compare. But before diving into the platforms, it helps to know what to evaluate.

What To Look For In A Crypto Options Exchange

Not all crypto trading platforms are built the same. Before you deposit, run through these four questions:

1. Is it INR settled? For Indian traders, INR settlement removes the friction of USDT conversions and simplifies tax accounting. If a crypto exchange only settles in stablecoins, factor that into your cost of trading.
2. Is it FIU registered? FIU registration under PMLA is the baseline compliance requirement for crypto trading platforms operating in India. It does not eliminate market risk, but it tells you the platform is operating within a legal framework.
3. How deep is the order book? Liquidity determines your actual execution price, not the quoted one. For multi-leg options strategies, thin order books lead to wider spreads and greater slippage. Check open interest and volume across expiries, not just the front month.
4. Does it give you the tools you need? At a minimum, look for Greeks, implied volatility data, and payoff visualisation. If you are running structured strategies, these are not optional extras; they are part of the trading infrastructure.

With those filters in mind, here is how five crypto exchanges currently stack up.

Which Crypto Exchanges Should You Consider for BTC & ETH Options?

1. Delta Exchange

Delta Exchange is one of India’s leading crypto trading platforms, best known for being an early mover in BTC and ETH options within the domestic market. It is FIU-registered and offers INR settlement, making it a compliant choice for Indian traders focused on structured products.

• Supports call and put options on BTC and ETH across multiple expiries
• Built-in tools: payoff charts, basket orders, and a live-mirroring demo account
• Algo trading support for automated strategies
• Derivatives-first interface with a dedicated spot trading offering alongside options tools

For market updates and platform news, follow Delta Exchange on X and Instagram.

2. Binance

Binance is the largest crypto exchange in the world by trading volume and offers deep liquidity on BTC and ETH options that are hard to match elsewhere. It caters to a range of traders through two interface modes, a simplified view for directional trades and a classic view for more structured setups.

• BTC and ETH options with multiple expiry types
• Two interface modes: beginner-friendly and advanced classic view
• Unmatched liquidity, especially for Bitcoin options
• Best suited for traders comfortable navigating a global, non-INR platform

3. CoinDCX

CoinDCX has expanded from a spot-first exchange into a regulated crypto trading platform that now includes BTC and ETH options with INR settlement. Its onboarding flow and interface are designed to ease the transition for traders moving from spot to derivatives.

• BTC and ETH options settled in INR
• Low-friction onboarding process
• An interface structured for traders new to derivatives
• Regulated access without a complex derivatives-first setup

4. CoinSwitch

CoinSwitch serves a large retail base and has grown into a multi-product platform covering spot, SIPs, and derivatives. BTC and ETH options are available in both INR and USDT, giving traders flexibility in how they settle trades.

• Options available in INR and USDT formats
• CoinSwitch Pro for advanced order management
• Unified ecosystem: manage spot, SIPs, and options in one place
• Suited for traders who prefer consolidating their portfolio on a single platform

5. Pi42

Pi42 is an INR-native crypto exchange that launched BTC and ETH options in 2025. It targets accessibility through low minimum contract sizes and a transparent options chain, making it a viable option for traders who want detailed data without switching to a global platform.

• INR-native with a compliance-first positioning
• The options chain includes implied volatility, Greeks, and open interest
• Multiple expiry types available
• Low minimum contract sizes lower the barrier to entry

Final Thoughts

Crypto options in India are no longer a niche product. The platforms covering them have matured, and so have the tools available to traders.

That said, no single exchange is the right fit for everyone. A trader running algo strategies on Delta Exchange has different requirements from someone using CoinSwitch to manage a broader portfolio. The exchange matters less than whether it supports how you actually trade.

If those three align with your crypto trading approach, the best crypto exchange in India for your needs will become clear.

Disclaimer: This article is for informational and educational purposes. This does not constitute financial or investment advice. Please conduct your own research and consult a financial advisor before making any trading decisions.

FAQs

1. Are crypto options legal in India?

Yes. Crypto options trading is permitted in India through platforms registered with the Financial Intelligence Unit under PMLA. Traders should verify a platform’s FIU registration before depositing funds.

2. How are crypto options different from futures?

With futures, both parties are obligated to execute the trade at the agreed price on expiry. With options, only the seller carries that obligation. The buyer has the right to act, but not the requirement. This makes options a defined-risk instrument for buyers, where the maximum loss is limited to the premium paid.

3. What are the risks in options trading?

Options trading involves time decay, volatility risk, liquidity gaps, and leverage exposure. Contracts can lose value quickly as expiry approaches, even if price moves are directionally correct.