- Futu Securities Launches Commission-Free Bitcoin and Ethereum Trading in Hong Kong
- New users can receive incentives such as Bitcoin, Alibaba, or Nvidia stock.
- Futu has applied for a cryptocurrency exchange license for PantherTrade amid Hong Kong’s cryptocurrency woes.
Hong Kong’s largest online broker, Futu Securities International, has taken a major step forward in the financial services sector by launching retail cryptocurrency trading in the city.
Known for its extensive reach and innovative offerings, the brokerage now allows residents to trade Bitcoin and Ethereum on its platform. The initiative comes after a partnership with HashKey Exchange, one of the only two licensed cryptocurrency exchanges in Hong Kong.
Bonuses and exempted cryptocurrency trading fees
The launch comes with an attractive bonus. New account holders who deposit HK$10,000 (approximately $1,280) within 60 days will receive HK$600 worth of Bitcoin, HK$400 worth of supermarket vouchers or Alibaba shares.
Anyone who deposits HK$80,000 will receive HK$1,000 worth of Bitcoin or Nvidia shares, which have soared about 130% this year.
In addition, Futu has added to the appeal of its new service by waiving cryptocurrency transaction fees starting August 1.
Futu is seeking a cryptocurrency exchange license
Futu is also pursuing a cryptocurrency trading license for its new platform, PantherTrade, which is currently operating under a ‘deemed licensed’ status.
PantherTrade is one of 11 platforms awaiting formal approval from the Hong Kong Securities and Futures Commission (SFC).
Challenges for Hong Kong’s Cryptocurrency Industry
Despite these developments, Hong Kong’s aspirations to become a global crypto hub have faced obstacles. The city has experienced the withdrawal of major global trading platforms and low trading volumes for crypto ETFs.
The situation has become more complicated recently with the increase in fraudulent activities, including cases involving counterfeit money.
Accordingly, Hong Kong authorities are strengthening regulatory measures and law enforcement capabilities to address these issues and enhance investor confidence.
As Futu Securities strengthens its presence in the cryptocurrency market, the success of this initiative depends on balancing innovation with rigorous oversight to ensure a safe trading environment.