Futu’s venture into consumer Bitcoin trading
Source: bitcoinmagazine.com
Futu is temporarily eliminating Bitcoin trading fees to capture more market share. It is collaborating with the licensed exchange HashKey to facilitate trading under SFC regulations.
This development follows Hong Kong’s earlier approval of an exchange-traded fund for Bitcoin and Ethereum this year. With new regulations for exchanges and various policy changes, Hong Kong seeks to establish itself as a key center for Bitcoin and cryptocurrencies.
To entice new Bitcoin and cryptocurrency users, Futu is providing incentives such as stock rewards from Alibaba and Nvidia. Clients who deposit HK,000 for 60 days are eligible for HK0 worth of Bitcoin or vouchers and shares. Larger depositors can receive even greater rewards.
By incorporating retail Bitcoin trading into its primary app, Futu is outpacing its competitors. Additionally, it has applied for a complete Bitcoin and crypto exchange license for its PantherTrade platform, which is among the 11 “deemed licensed” interim exchanges in Hong Kong waiting for SFC endorsement.
Rewards and collaborations to engage users
Utilizing its extensive customer base, Futu is well-positioned to drive substantial retail trading volume for Bitcoin within Hong Kong. Its strong brand reputation lends immediate credibility and trust to its Bitcoin platform.
Futu stands out as the first online broker in Hong Kong to provide direct access to Bitcoin for retail investors. Just last month, the company acquired permission from the city’s Securities and Futures Commission (SFC) to offer virtual asset trading services.
BREAKING: 🇭🇰 Hong Kong’s top online broker Futu has unveiled #Bitcoin and cryptocurrency trading.
Futu Securities, the largest online brokerage in Hong Kong with more than 3.5 million users, has initiated retail Bitcoin trading on its platform. Customers can now easily buy and sell Bitcoin and ether using either Hong Kong or US dollars.
