Key Points
- Tiger Brokers Hong Kong launches crypto trading platform, Tiger Trade, for professional investors.
- The platform supports the trading of Bitcoin (BTC) and Ethereum (ETH) along with 16 other cryptocurrencies.
Tiger Brokers, a significant fintech company in China, has introduced its cryptocurrency trading services. These services are provided through its Hong Kong subsidiary and are targeted at professional investors.
Tiger Brokers (HK) recently announced the launch of Tiger Trade. This is a single platform that allows users to trade and manage both traditional securities and virtual assets. This platform supports the trading of digital assets like Bitcoin (BTC) and Ethereum (ETH), as well as 16 other cryptocurrencies.
Multiple Asset Trading on Tiger Trade
Tiger Trade is designed to let users buy and sell traditional stocks, options, futures, US Treasury bonds, funds, and various global assets, all in one place.
The new crypto offering is described as a “flagship investment app”. It provides users in Hong Kong easy access to digital assets without the need to manage multiple brokerage accounts.
The company claims to be the first to offer such services to customers in the region. However, to comply with regulations and protect investors’ interests, the offering is currently limited to professional investors in Hong Kong.
Eligible users, including residents with investment portfolios over NT$8 million or corporations with assets exceeding NT$40 million, can use these services after completing required investor studies and agreements.
Future Expansion and Fee Waivers
Tiger Brokers (HK) plans to extend its services to retail investors in the future, subject to regulatory approval.
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%.
Tiger has also abolished custody fees for professional investors using the newly introduced platform.
Zeng Qingfei, the chief financial officer of Tiger International, spoke about the launch of Tiger Trade. He emphasized that this new product offering is a strategic effort by the company to provide investors with a wide range of investment opportunities. This move is designed to help investors effectively navigate the dynamic market conditions in Hong Kong.
The company, which is licensed by Hong Kong’s Securities and Futures Commission (SFC), is planning to expand its product offering in the future. It is also considering introducing virtual asset spot deposits and withdrawal services to broaden its offerings.
Crypto ETFs in Hong Kong
The launch of the crypto trading platform in Hong Kong coincides with 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 did not meet expectations on the first day of trading, recording only $11 million.
Analysts had expected 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.
