Futu Securities, Hong Kong's biggest online brokerage with over 3.5 million customers, has launched retail Bitcoin trading on its platform. As per South China Morning Post, users can now directly buy and sell Bitcoin and ether using Hong Kong or US dollars.
JUST IN: ðŸ‡ðŸ‡° Hong Kong’s largest online broker Futu has launched #Bitcoin and crypto trading. pic.twitter.com/sGDxbx83is
— Bitcoin Magazine (@BitcoinMagazine) August 1, 2024
Futu is the first online broker in Hong Kong to offer direct Bitcoin access to retail investors. Last month, the company received approval from the city's Securities and Futures Commission (SFC) to provide virtual asset dealing services.
The move comes as Hong Kong approved a Bitcoin and Ethereum exchange-traded fund earlier this year. With a new licensing regime for exchanges and other policy initiatives, Hong Kong aims to position itself as a Bitcoin and crypto hub.
By allowing retail Bitcoin trading on its main app, Futu is leapfrogging rivals. It has also applied for a full Bitcoin and crypto exchange license for its PantherTrade platform, one of 11 "deemed licensed" interim exchanges in Hong Kong awaiting SFC approval.
To attract new Bitcoin and crypto users, Futu is offering incentives like Alibaba and Nvidia stock as rewards. Customers who deposit HK$10,000 for 60 days get HK$600 of Bitcoin or vouchers and shares. Bigger depositors can earn more rewards.
Futu is also waiving Bitcoin trading commissions for now to gain market share. It is partnering with licensed exchange HashKey to enable trading under SFC rules.
By leveraging its large client base, Futu can uniquely drive significant retail volume for Bitcoin trading in Hong Kong. Its brand name gives its Bitcoin platform instant credibility and trust.
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Vivek Sen
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