Key Points
- Futu Securities International, Hong Kong’s largest online broker, initiates crypto trading services for retail investors.
- The broker is offering shares in Alibaba and Nvidia as incentives to attract traders.
Futu Securities International, a leading online broker in Hong Kong, has started offering cryptocurrency trading services. The company is targeting retail investors and is incentivizing them with attractive rewards.
Futu’s Crypto Trading Initiative
Futu is the first online brokerage in Hong Kong to extend cryptocurrency trading services to retail investors. This move solidifies Hong Kong’s aim to establish itself as a global cryptocurrency hub.
As per a report by the South China Morning Post, Futu now enables its clients to trade Bitcoin (BTC) and Ethereum (ETH) directly on its platform. Clients can use either Hong Kong or U.S. dollars for trading. This development comes after Futu’s recent securities license upgrade from the Securities and Futures Commission, allowing it to offer crypto-related services to both professional and retail clients.
Intensifying Crypto Competition in Hong Kong
Futu is using a promotional strategy to attract retail investors. It is offering shares in Alibaba or Nvidia to customers who engage in crypto trading on its platform. Furthermore, the company is waiving commission fees on crypto transactions, making the offer even more enticing for potential users.
While Futu is not the pioneer in launching crypto trading in Hong Kong, it distinguishes itself by focusing on retail investors. Its competitor, Tiger Brokers, also started offering crypto trading services in May, but these services were limited to professional clients only.
