Futu Securities, Hong Kong’s most significant online brokerage with over 3.5 million clients, has actually launched retail Bitcoin trading on its platform. As per South China Morning Post, users can now straight purchase and offer Bitcoin and ether utilizing Hong Kong or United States dollars.
SIMPLY IN: 🇭🇰 Hong Kong’s largest online broker Futu has actually launched #Bitcoin and crypto trading. pic.twitter.com/sGDxbx83is
— Bitcoin Magazine (@BitcoinMagazine) August 1, 2024
Futu is the very first online broker in Hong Kong to provide direct Bitcoin access to retail financiers. Last month, the business got approval from the city’s Securities and Futures Commission (SFC) to offer virtual possession dealing services.
The relocation comes as Hong Kong authorized a Bitcoin and Ethereum exchange-traded fund previously this year. With a brand-new licensing routine for exchanges and other policy efforts, Hong Kong intends to place itself as a Bitcoin and crypto center.
By enabling retail Bitcoin trading on its primary app, Futu is leapfrogging competitors. It has also requested a complete Bitcoin and crypto exchange license for its PantherTrade platform, among 11 “deemed licensed” interim exchanges in Hong Kong waiting for SFC approval.
To draw in brand-new Bitcoin and crypto users, Futu is providing rewards like Alibaba and Nvidia stock as benefits. Customers who transfer HK$10,000 for 60 days get HK$600 of Bitcoin or coupons and shares. Bigger depositors can make more benefits.
Futu is also waiving Bitcoin trading commissions in the meantime to acquire market share. It is partnering with certified exchange HashKey to allow trading under SFC guidelines.
By leveraging its big customer base, Futu can distinctively drive substantial retail volume for Bitcoin trading in Hong Kong. Its trademark name offers its Bitcoin platform immediate trustworthiness and trust.
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