Photo for securitiesHong Kong’s largest online brokerage firm with over 3.5 million clients has launched retail Bitcoin trading on its platform. According to South China Morning PostUsers can now buy and sell Bitcoin and Ethereum directly using Hong Kong Dollars or US Dollars.
NEW: 🇭🇰 Hong Kong’s largest online broker Futu has launched #Bitcoin And trading in cryptocurrencies. pic.twitter.com/sGDxbx83is
— Bitcoin Magazine (@BitcoinMagazine) August 1, 2024
Futo is the first online brokerage in Hong Kong to offer direct access to bitcoin to retail investors. Last month, the company received approval from the city’s Securities and Futures Commission to offer virtual asset trading services.
The move comes as Hong Kong approved the creation of a Bitcoin and Ethereum exchange-traded fund earlier this year. Through a new exchange licensing regime and other policy initiatives, Hong Kong aims to position itself as a hub for Bitcoin and cryptocurrencies.
By allowing retail bitcoin trading on its main app, Futu is ahead of its competitors. It has also applied for a full bitcoin and cryptocurrency trading license for its PantherTrade platform, one of 11 “provisional” exchanges in Hong Kong awaiting approval from the Securities and Exchange Commission.
To attract new Bitcoin and crypto users, Futu offers incentives such as Alibaba and Nvidia stocks as rewards. Customers who deposit HK$10,000 for 60 days get HK$600 in Bitcoin or vouchers and stocks. Larger depositors can earn more rewards.
Futu is also waiving its Bitcoin trading fees for now to gain market share. It is partnering with licensed exchange HashKey to enable trading under SEC rules.
With its huge customer base, Futu is uniquely able to drive a significant volume of retail Bitcoin trading in Hong Kong. Its brand name gives its Bitcoin platform instant credibility and trust.