- Futu Securities launches Bitcoin and Ethereum trading in Hong Kong with zero fees.
- New users can receive incentives like Bitcoin or shares of Alibaba and Nvidia.
- Futu seeks a crypto exchange license for PantherTrade amid Hong Kong’s crypto hurdles.
Futu Securities International, Hong Kong’s largest online broker, has introduced retail cryptocurrency trading in the city, marking a significant advancement in its financial services.
The brokerage firm, known for its extensive reach and innovative offerings, now allows residents to trade Bitcoin and Ethereum on its platform. This initiative comes after a partnership with HashKey Exchange, one of only two licensed cryptocurrency exchanges in Hong Kong.
Bonuses and waived crypto trading fees
The launch comes with enticing 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.
Those who deposit HK$80,000 are eligible for HK$1,000 in Bitcoin or a share of Nvidia, whose stock has surged by about 130% this year.
Additionally, Futu has waived commission fees for crypto trading starting August 1st, enhancing the appeal of their new service.
Futu looking for a crypto exchange license
Futu is also pursuing a cryptocurrency exchange license for its new platform, PantherTrade, which currently operates under a ‘deemed to be licensed’ status.
PantherTrade is among 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Commission (SFC).
Hong Kong crypto industry challenges
Despite these advancements, Hong Kong’s aspiration to become a global crypto hub faces hurdles. The city has experienced the exit of major global trading platforms and low trading volumes for crypto ETFs.
Increased fraudulent activities, such as a recent scam involving counterfeit currency, have further complicated the situation.
In response, Hong Kong authorities are enhancing their regulatory measures and law enforcement capabilities to address these issues and boost investor confidence.
As Futu Securities deepens its presence in the cryptocurrency market, the success of its initiative will depend on balancing innovation with stringent oversight to ensure a secure trading environment.