Futura effectsHong Kong’s largest online brokerage with over 3.5 million customers has launched retail Bitcoin trading on its platform. According to South China Morning Postusers can now directly buy and sell Bitcoin and Ether with Hong Kong or US dollars.
JUST IN: đź‡đź‡° Hong Kong’s largest online broker, Futu, has launched #Bitcoin and crypto trading. photo.twitter.com/sGDxbx83is
— Bitcoin Magazine (@BitcoinMagazine) August 1, 2024
Futu is the first online broker in Hong-Kong to provide 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 trading 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 is aiming to position itself as a Bitcoin and crypto hub.
By allowing retail Bitcoin trading on its main app, Futu is leapfrogging its 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 offers incentives such as Alibaba and Nvidia shares as rewards. Customers who deposit HK$10,000 for 60 days will receive HK$600 worth of Bitcoin or vouchers and shares. Larger depositors can earn more rewards.
Futu is also waiving Bitcoin trading fees for the time being to gain market share. It is partnering with licensed exchange HashKey to enable trading under SFC regulations.
By leveraging its large customer base, Futu is uniquely able to generate significant retail volume for Bitcoin trading in Hong Kong. The brand name gives the Bitcoin platform instant credibility and trust.