Hong Kong’s Futu Securities Launches Crypto Trading with Enticing Rewards

Hong Kong’s largest online brokerage, Futu Securities International, has expanded its services to include cryptocurrency trading, marking a significant move in the city’s push to become a global crypto hub. The company announced on August 1, 2024, that it now allows Hong Kong residents to trade Bitcoin and Ethereum directly on its platform using Hong Kong or US dollars.

This expansion comes after Futu received a securities license upgrade from the Hong Kong Securities and Futures Commission (SFC), permitting the brokerage to offer virtual asset dealing services to both professional and retail customers. The move aligns with Hong Kong’s recent efforts to boost its attractiveness as a virtual asset business center.

To incentivize new investors, Futu has launched a promotional campaign for August, offering tiered rewards based on deposit amounts. New clients who open accounts and deposit HK$10,000 (approximately US$1,280) for 60 days can choose between Bitcoin worth HK$600, a HK$400 supermarket voucher, or a single share of Alibaba Group. For larger deposits of HK$80,000, the rewards increase to either HK$1,000 in Bitcoin or a share of Nvidia.

Futu is currently offering these crypto trading services through a partnership with HashKey Exchange, one of only two SFC-licensed cryptocurrency exchanges in Hong Kong. The company is also pursuing a cryptocurrency exchange license for its new platform, PantherTrade, which is currently operating under a “deemed to be licensed” status.

In a bid to attract more users, Futu is waiving commission fees for crypto trading until further notice.

This development comes as Hong Kong continues to show support for the crypto industry, recently approving spot crypto exchange-traded products for trading. However, the city’s progress in becoming a crypto hub has faced challenges, including the exit of large global platforms and relatively low trading activity for locally offered crypto ETFs.