Well, the guy didn't give me his resume so I don't know who he is, when he is trading, what his trading style is, etc. I was simply answering a very basic question, yes you can trade currency options and they are pretty liquid. If he wants to fill in some more details, I can expand on his options (no pun intended). FWIW you can trade options on futures around the clock 24/7.
I think you should try 24options as they have many tools and ways of trading according to nature and need of different types of traders.
Are there benefits of that over just trading the PHLX or ISE currency options, or is it just six of one half dozen of the other? I actually prefer the cash settled of the currency options, but that of course only impacts you if you plan to hold to expiration.
OTC FX options means you are playing against the provider, Why would you do that? when there are options on FX futures on Regulated exchanges! and in any case although there are lots of OTC FX spot products, very few provide options on FX spot! so you are even further disadvantaged!
There are numerous reasons to pick OTC vs exchange listed. First of all, if you are trying to pick specific event dates, dealers would provide you with custom expirations. Also, there is a wide variety of exotic options that you can trade in OTC. If we are talking about proper OTC options (via an ISDA), the fact that you are trading against a dealer is not that big of a deal. First of all, you would quote multiple dealers on the way in and, at the unwind time, probably first quote your provider and if his level does not look good, you could novate to other dealers. What do you mean?
Please educate us, could you please provide few names of retail OTC FX options "providers" and where they are regulated? I only know Saxo and perhaps cantor ( retail level) Also when you say "you are trading against a dealer is not that big of a deal... how? If I have an OTC option struck with 1 provider way in, how can I Novate to other dealer? Again I am talking about Retail Forget using diff "providers" way in and way out within it's own platform with saxo they wont cross margin a spot and Option on it! Where as with an Exchange traded underlying Futures + Option on that futures you can get margin relief and do things like covered all writing or married put
Oh, did not realize - there used to be a fair number of guys here who had access to proper OTC via their aggregators such as prop-firms. In your case I'd imagine your best bet is to stick to futures options and options on FX ETFs. Indeed. You also get much better price discovery, at the cost of losing flexibility.