Naked warrants are bonds that are issued without an accompanying link, and like traditional orders, but also listed on the stock exchange. Usually banks and securities they issue. These also concern that covered warrants, and these orders are settled in cash, for example, that it is not the company which issued the shares underlying the warrant.

In most markets around the world, covered warrants are more popular compared to traditional orders Naked Warrants described above. Financially, they are also identical to the call options, but generally, rather than investment funds or banks, which are bought by investors who prefer options with more intensity, with prices that tend to trade in a different market. Normally, covered warrants are sold together with stocks, so this makes it easy for retail investors to buy and sell.