Could you elaborate on the steps involved in trading crypto options? As a beginner in this field, I'm curious about the fundamental principles and practices to adopt. Could you begin by explaining what crypto options are and how they differ from traditional options? Additionally, I'd like to know about the platforms or exchanges that offer crypto options trading and how to choose the right one for my needs. Furthermore, could you provide insights on how to analyze the market and make informed decisions while trading crypto options? Finally, are there any specific risks or challenges that I should be aware of while engaging in this type of trading?