More Hong Kong Brokerages Are Providing Crypto Trading Services

Blockonomics
Brokers in Hong Kong now offering crypto trading services.
Blockonomics

The company, named Victory Securities, has become highly competitive in the field of virtual assets with its newly acquired cryptocurrency (crypto) services. To be specific, a new Securities Times’ report à la Hong Kong Brokerages besides the Victory Securities, Tiger Securities, and Interactive Brokers, the latter in particular, has brought out the offer of being able to trade Bitcoin and other virtual assets directly through their platforms to the customers of such brokerages.

Victory Securities introduces Hong Kong stablecoin deposit

The announcement was made by Victory Securities on 12th June that the brokerage would include the services of deposit and withdrawal in stablecoins for professional investors on their platform which includes Apart from that, they also provide the USDT and the USDC functions which are tethered and USD Circle their clients, respectively. These new VictoryX App features are now available to all investors.

Victory Securities board member said it was the first step for the company to provide its customers with other financial instruments as well. Moreover, the company integrated trading features, such as buying Bitcoin and Ethereum, with the mobile-based platform for retail investors. The company has been admitted as a licensed broker with the Hong Kong Securities and Futures Commission (SFC) in November 2023.

The company succeeded to be the first in getting the additional licenses for virtual asset operations that include Type 1 for Virtual Asset Trading, Type 4 for Virtual Asset Advisory Services, and Type 9 for Virtual Asset Management Services. These were all obtained by the company.

“You can now experience the uniqueness of our trading systems by connecting different exchanges to victory securities’ platform, and the possibilities are more with the newly introduced stablecoin deposit and withdrawal services, we will be able to get investors with better choices in investment,” says Victory Securities Executive Director Kennix Chan.

Moreover, real money trading and an entire toolkit that allows advanced investors to easily transfer between their own fund accounts and trade with minimal fees are also under process.

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On the other hand, Tiger Brokers kick started their digital asset trading program officially on 6th of May that gives a plethora of options to investors out of which 18 cryptos are introduced such as bitcoin and Ethereum.

Tiger Brokers integrated crypto trading services into Tiger Trade, its flagship platform, with stocks, bonds, futures, and options, as well as traditional financial services, becoming the first online brokerage in Hong Kong that provides trading in both stocks and crypto.

The report also revealed that brokerages in Hong Kong make a significant amount of their revenues from crypto services, and it is usually from a quarter to one third. The cryptocurrency service is the first to be capitalized on by them having unveiled the potential for and advantages of investments.

This news means the increase in such convoys that is seen now, that shall be bringing along brilliant prospects and the road ahead shall seem to be the one of diversification to the virtual asset customers.

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