Hong Kong’s largest online broker Futu Securities has launched Bitcoin and Ethereum trading
Futu Securities Launches Bitcoin and Ethereum Trading in Hong Kong with Zero Fees New users can earn incentives like Bitcoin or shares of Alibaba and Nvidia. Futu seeks license for PantherTrade crypto exchange amid Hong Kong crypto hurdles.
Futu Securities International, Hong Kong's largest online brokerage, has introduced retail cryptocurrency trading in the city, marking a major boost to its financial services.
Known for its wide reach and innovative offerings, the brokerage now allows its residents to trade Bitcoin and Ethereum on its platform. The initiative comes after a partnership with Hashkey Exchange, one of the two licensed cryptocurrency exchanges in Hong Kong.
Bonuses and canceled crypto trading fees
The launch comes with exciting bonuses. New account holders who deposit HK$10,000 (approximately $1,280) for 60 days can receive either HK$600 worth of Bitcoin, a HK$400 supermarket voucher or a share of Alibaba.
People who put in HK$80,000 get HK$1,000 in Bitcoin or Nvidia shares are up about 130% this year.
In addition, Futu has increased the appeal of their new service by waiving commission fees for crypto trading as of August 1.
Futu is looking for a crypto exchange license.
Futu is currently pursuing a license for its new platform, PantherTrade, a cryptocurrency exchange that operates on a ‘deemed license' basis.
PantherTrade is one of 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Commission (SFC).
Challenges of the Hong Kong crypto industry
Despite these developments, Hong Kong's ambitions to become a global crypto hub have faced setbacks. The city has experienced the withdrawal of major international trading platforms and low trading volume for crypto ETFs.
The rise in fraudulent activities, such as the recent counterfeiting, has further complicated the situation.
In response, Hong Kong authorities are stepping up their regulatory measures and law enforcement capabilities to address these issues and boost investor confidence.
As Futu Securities continues to strengthen its presence in the cryptocurrency market, its success will depend on balancing innovation with strong regulation to ensure a safe trading environment.
