The largest online broker in Hong Kong, Futu Securities, has now introduced zero-commission Bitcoin and crypto trading on its platform. According to a recent report, over 3 million users can now buy BTC and ETH directly on the platform using either the Hong Kong Dollar (HKD) or the United States dollar (USD).
This comes as a welcome development to the crypto community as Bitcoin continues to lead the way for global crypto adoption. Notably, the launch comes at a time when the price of Bitcoin is suffering heavy volatility as a result of the mounting selling pressure in the market. Interestingly, Futu initiates crypto trading with a mouthwatering offer that will attract investors.
Futu to Reward Traders With Alibaba and Nvidia Shares
According to a report by a local news outlet South China Morning Post, Futu Securities International, a subsidiary of the Futu Group, has embraced web3 with its latest initiative, offering shares from Alibaba and Nvidia as a means to draw investors.
According to the report, Futu previously received a securities license upgrade in July which allows the firm to offer digital assets trading services to both retail and institutional investors in Hong Kong. Consequently, Futu now positions itself as the first online broker in the city to offer direct crypto trading access to investors.
While users can now trade cryptocurrency on its brokerage platform, Futu is working on getting a crypto exchange license for its new trading platform PantherTrade. The new platform is currently one of the 11 waiting in line to be licensed by the SFC to allow them to operate in the city.
Over the years, Hong Kong has strived to become a hub for virtual asset businesses. Since 2022, the city’s government has endorsed several crypto policy initiatives to attract global crypto giants. This includes a mandatory licensing regime for crypto exchanges, and most recently, the approval of both Bitcoin and Ethereum spot ETFs.
Futu Dangles Incentives For Potential Investors
Meanwhile, the crypto landscape in Hong Kong has recently been met with several challenges. Some of the notable problems include the exit of big global crypto firms from the city and very low trading activities for the recently approved BTC and ETH crypto-exchange funds.
To overcome the low trading activities, Futu has resulted in offering attractive incentives to potential investors. Investors who create an account in August and deposit a minimum of HK$10,000 (equivalent to $1,280) for the next two months can receive incentives like HK$600 worth of BTC, a supermarket voucher worth HK$400, or single shares of Alibaba.
Additionally, investors who hold US$80,000 for the same period of two months can get HK$1,000 in Bitcoin or shares from US multinational corporation and tech company Nvidia. Lastly, Futu is also offering a zero-commission trading fee starting from August 1 until further notice.
Futu’s debut into the crypto trading scene positions it as one of the driving forces for Bitcoin in the city. The potential effect of this update on the price of Bitcoin is yet to be seen, however, investors are closely watching the market and observing its dynamics.
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