Foreign exchange futures business is to participate in the trading of foreign exchange futures products in futures exchanges. Advantages: good liquidity, transparent market information, no counterparty default risk, and basically lock in costs or benefits. Disadvantages: standardized trading products may not fully meet their own needs, and may lose the gains (or losses, of course) that may be brought about by the future exchange rate rise or fall.
Foreign exchange option business is the right, but not the obligation, for the option buyer to pay a certain option fee now in order to obtain the delivery of the specified amount and exchange rate in the future. Advantages are convenience, relatively flexible transaction amount, locking in costs or benefits, and keeping the possibility that the exchange rate may rise or fall in the future. The disadvantage is insufficient liquidity, counterparty default risk and cost need to be paid at the beginning, which may not be compensated at maturity.
It is really uncertain to trade all futures options without foreign exchange now. If yes, it is mainly to improve liquidity and reduce the default risk of counterparties.