In addition to crypto trading, Futu is also licensed to offer Bitcoin and Ethereum exchange-traded funds (ETFs) to certified institutions.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
2 mins read
Futu Securities, one of China’s leading online brokerage firms, has officially rolled out Bitcoin (BTC) and Ethereum (ETH) trading in Hong Kong through its local subsidiary.
Starting today, August 1, crypto traders in the region will be able to buy and sell the two major digital assets using either the US dollar or the local currency, the Hong Kong dollar (HKD). For now, the company will only allow the trading of BTC and Ether, although it plans to add support for other cryptocurrencies in the future.
The online brokerage firm initially expressed its interest in offering crypto trading services to customers outside mainland China in May 2021. At that time, Futu announced it was in the process of applying for licenses to expand its services to Hong Kong, Singapore, and the United States, where digital assets are accepted for investment opportunities—unlike China, which has imposed a blanket ban on the emerging market.
According to a report published by South China Morning Post, the company stated that it has successfully obtained an operational license from the Hong Kong Securities and Futures Commission (SFC). This license enables Futu to enter the Hong Kong market.
The license makes the company the first online securities brokerage firm to directly offer crypto trading services through its dedicated platform, the Futu Niu Niu app. The app was developed in compliance with local regulations in Hong Kong.
The company noted that the service is available for both institutional investors and retail traders, who can now purchase as little as $10 worth of BTC and Ether, or HKD 80.
In addition to crypto trading, Futu is also licensed to offer Bitcoin and Ethereum exchange-traded funds (ETFs) to certified institutions. These institutions can trade both Bitcoin and Ethereum, as well as their futures ETFs and related securities, all in one place with zero commission.
To attract users in Hong Kong’s competitive market, Futu has launched an incentive program for early adopters. The online brokerage firm is rewarding early participants with tech stocks from popular companies such as Alibaba Group Holding and Nvidia.
Additionally, Futu has added Bitcoin to the reward basket, making the offer even more enticing for traders. Qualified users can claim up to HKD 800 worth of BTC.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
