Futu Securities International Launches Cryptocurrency Trading in Hong Kong
Futu Securities International, a prominent online stock broker based in Hong Kong, has recently expanded its offerings by introducing trading for two major cryptocurrencies: bitcoin (BTC) and ether (ETH). This strategic move is aimed at attracting a broader clientele and enhancing the trading experience for existing users. In addition to the crypto trading services, Futu is also incentivizing new clients by offering shares of notable companies such as Alibaba Group (BABA) and Nvidia (NVDA) as rewards for opening accounts and making specific deposits.
According to a report by the South China Morning Post, Futu claims to be Hong Kong’s largest tech broker and is actively working on expanding its cryptocurrency offerings in the near future. Currently, the company has waived commission fees for trading, making it an appealing option for both new and seasoned investors looking to explore the crypto market without incurring additional costs.
As of March 31, Futu reported having 22.5 million registered users on its platform, with approximately 1.9 million of those being paying clients. This significant user base indicates a robust interest in digital trading services, further bolstering the company’s decision to delve into cryptocurrency.
Incentives for New Investors
Futu is offering enticing rewards for Hong Kong investors who open accounts during the month of August. Those who deposit HK$10,000 (approximately $1,280) within 60 days can choose from several rewards: they can receive either bitcoin worth HK$600, a HK$400 supermarket voucher, or a single share of Alibaba. For investors who deposit a more substantial amount of HK$80,000 (around $10,250), the reward options expand to either HK$1,000 in bitcoin or a share of Nvidia, a leading AI chipmaker.
- Deposit Amount: HK$10,000
- Reward Options:
- Bitcoin worth HK$600
- HK$400 supermarket voucher
- One share of Alibaba Group (BABA)
- Deposit Amount: HK$80,000
- Reward Options:
- HK$1,000 in bitcoin
- One share of Nvidia (NVDA)
Partnership with HashKey Exchange
Futu is providing its cryptocurrency trading services through a partnership with HashKey Exchange, which is one of only two licensed cryptocurrency exchanges operating in Hong Kong. This collaboration allows Futu to leverage HashKey’s infrastructure and regulatory standing, ensuring that clients can trade securely and with confidence.
Moreover, Futu is actively seeking a license to extend these services through its subsidiary, Panthertrade. Currently, Panthertrade is recognized as “deemed-to-be-licensed” by Hong Kong’s Securities and Futures Commission (SFC). This status enables Panthertrade to offer cryptocurrency services while awaiting full regulatory approval, which is a crucial step in compliance with Hong Kong’s evolving financial regulations.
Hong Kong’s Vision for Crypto
This initiative comes at a time when Hong Kong is demonstrating its commitment to becoming a global hub for cryptocurrencies. The region has been implementing various measures to support the crypto industry, including the recent introduction of spot crypto exchange-traded products (ETPs). These developments reflect a broader strategy to attract cryptocurrency businesses and investors, positioning Hong Kong as a competitive player in the global digital asset market.
As the landscape of cryptocurrency trading continues to evolve, Futu Securities International’s entrance into this space signifies a pivotal moment for both the company and the Hong Kong financial market. By combining traditional stock trading with innovative cryptocurrency options, Futu is not only enhancing its service offerings but also contributing to the growing acceptance and integration of digital assets in mainstream finance.