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Binance Options Block Trade is a convenient way to buy or sell sizeable amounts of cryptocurrency. Market Makers are responsible for initiating the Block Trade, inputting trade details and exchanging the Settlement Key with Takers. Takers can accept the trade by pasting the Settlement Key.
In order to better facilitate Options Block Trade and provide access to Options Block Trade settlements 24/7, we have created a Block Trade UI which can be accessed by whitelisted UIDs. These UIDs are whitelisted per subaccount so please do check and ensure both you and your counterparty are using the correct UID which has been whitelisted for trade booking. For whitelisting requests, please contact us on your respective Telegram chats.
Please note the Options Block Trade UI is currently only available via web browser, there is no app version available.
How it works
- Only Makers can initiate Block Trade settlement. Takers can only accept
- Ensure that both Maker and Taker are logged into the intended whitelisted UIDs to initiate/accept the trade booking
- All Block Trade fees are fixed at 0/0.02% (0bp Maker, 0.02% Taker)
- Each block trade acceptance default time validity is 30 min (Maker has ability to extend validity period)
Key points to note
- Only symbols and strikes listed on our orderbook can be booked
- Ensure that minimum tick size and trade size are fulfilled as per contract specifications
- Error messages are intended to be generic to protect users’ confidentiality
- Please refer to this Block Trade EAPI doc for more information
How to use Options Block Trade on the Binance website?
1. Log into your Binance account and go to [Futures] - [Options], then from the top menu bar [Options] - [BLOCK].
Initiate the Block Trade by submitting the trade details at [Create Block Trade] - [Buy/Sell]. Click [Create Block Trade] to generate a settlement code.
2. You will receive the settlement code under [Trade Records] - [Block Order Request]. Copy the settlement code by clicking the [Copy] icon next to it.
By default, each settlement code is only valid for 30 minutes. Makers can click [Extend] to extend the validity time window.
Makers can now share the settlement code with Takers to use to accept the trade. Please ensure that this settlement code is ONLY provided to the intended Taker.
3. Takers can paste the settlement code provided by the Maker at [Accept Block Trade] - [Paste Block Trade Code] and click [Confirm] to generate the Trade Details.
Once trade details are verified, Takers can click [Execute Block Trade] to complete the settlement.
Trade Status can be found under [Trade Records] - [Block Order Request] - [Status] or [Block Trade History] - [Status].
Troubleshooting for Options Block Trade
If a trade is unsuccessful, the request status will appear as ‘Rejected’ under [Block Order Request] and [Block Trade History]. For the protection of our users, we are unable to provide specific reasons why a trade may fail, especially if it is related to trading sensitive information such as margin or position limits.
For assistance, please contact @VIPTechSupportBot on Telegram, available 24/7.