By
Svetlana Soroka
May 18th, 2024
The launch of the crypto trading platform in Hong Kong comes a few days after the introduction of Bitcoin and Ethereum spot ETFs in the market.
Tiger Brokers, a major fintech player in China, has launched its crypto trading services through its Hong Kong subsidiary for professional investors. In a recent announcement, Tiger Brokers (HK) unveiled Tiger Trade, a single platform enabling users to trade and manage both traditional securities and virtual assets. The platform facilitates the trading of digital assets like Bitcoin (BTC) and Ethereum (ETH) alongside 16 other cryptocurrencies.
Tiger Brokers Unveils All-in-One Trading Platform
The platform also allows users to buy and sell traditional stocks, options, futures, US Treasury bonds, funds, and various global assets, all in one place.
Tiger Brokers (HK) described the new crypto offering as a “flagship investment app”, making it convenient for users in Hong Kong to access digital assets without juggling multiple brokerage accounts.
The company claimed to be the first to offer such services to customers in the region. However, to ensure compliance with regulations and uphold investors’ interests, the offering is currently restricted to professional investors in Hong Kong.
As per the announcement, eligible users, including residents with investment portfolios surpassing NT$8 million or corporations with assets exceeding NT$40 million, can utilize these services after completing required investor studies and agreements.
The company also plans to expand its services to retail investors in the future. However, the move is subject to regulatory approval.
Tiger Brokers Waivers Custody Fee
Through Tiger Trade, qualified users can purchase BTC, ETH, and any of the traditional stocks available on the platform at a low fee of just 0.2%.
Additionally, Tiger said it has eliminated custody fees for professional investors using the newly introduced platform.
Zeng Qingfei, chief financial officer of Tiger International, commented on the launch of Tiger Trade, emphasizing that the introduction of the product offering signifies the company’s strategic effort to empower investors with a wide range of investment opportunities. According to him, the move aims to help investors effectively navigate through the dynamic market conditions in Hong Kong.
Tiger plans to expand its product offering in the future. The company, licensed by Hong Kong’s Securities and Futures Commission (SFC), is also exploring the potential introduction of virtual asset spot deposits and withdrawal services to expand its offerings.
Hong Kong Rolls Out Crypto ETFs
Meanwhile, the launch of the crypto trading platform in Hong Kong comes a few days after the introduction of Bitcoin and Ethereum spot exchange-traded funds (ETFs) in the market.
Last month, the country’s financial regulator approved the first crypto-related funds for trading in Hong Kong. However, the products fell short of expectations on the first day of trading, recording only $11 million.
Analysts had anticipated the crypto ETFs to generate around $100 million on the first day. Out of the $11 million, Bitcoin ETFs contributed $8.5 million, with ether ETFs making up the rest.