In a bid to attract more investors, Futu Securities International, the largest online broker in Hong Kong, has recently introduced retail cryptocurrency trading in the city-state. This strategic move has piqued the interest of residents in Hong Kong who can now trade in popular cryptocurrencies such as bitcoin and ether on the brokerage platform using either Hong Kong or US Dollars.
Partnership with HashKey Exchange
To facilitate the trading of cryptocurrencies, Futu has joined forces with HashKey Exchange, one of the two licensed cryptocurrency exchanges in Hong Kong. This partnership allows users to access crypto trading services seamlessly while ensuring a safe and regulated environment for their investments.
As an added incentive, investors in Hong Kong opening accounts with Futu Securities International and depositing a minimum of HK$10,000 for 60 days are eligible to receive rewards such as HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba Group Holding. For those depositing $80,000 for the same period, the rewards increase to HK$1,000 in Bitcoin or a share of Nvidia, the US AI chip firm that has seen a significant surge in share prices this year.
In a move to encourage more participation in cryptocurrency trading, Futu Securities International has waived all commission fees for crypto trading from 1st August onwards. This bold step aims to make crypto trading more accessible and cost-effective for users, especially in a market as dynamic as Hong Kong.
Apart from its primary brokerage app, Futu is also eyeing a cryptocurrency exchange license for its new platform, PantherTrade, in Hong Kong. This initiative aligns with Hong Kong’s growing reputation as a crypto hub, with 11 platforms currently operating under a “deemed to be licensed” status for crypto trading. This move could potentially open up new avenues for cryptocurrency enthusiasts in the city.
Despite the promising prospects, Hong Kong has had to grapple with challenges in the crypto space, including fraudulent activities. Recent incidents involving the arrest of individuals for defrauding businessmen and the issuance of a red notice by Interpol to a crypto promoter underscore the need for enhanced regulatory measures. The authorities have stepped up efforts to combat fraudulent activities and money laundering, with the SFC issuing warnings to unlicensed trading platforms to ensure investor protection and market integrity.
The entry of Futu Securities International into the cryptocurrency trading arena in Hong Kong marks a significant milestone in the city’s financial landscape. With partnerships, incentives, and regulatory measures in place, the future looks promising for cryptocurrency enthusiasts in Hong Kong.