HONG KONG, June 17, 2024 /PRNewswire/ -- Tiger Brokers (HK) ("Tiger Brokers (HK)" or "Tiger Brokers") has announced that following the recent introduction of virtual asset trading services for professional investors, it has now received approval from the Securities and Futures Commission of Hong Kong (SFC) to upgrade its license, allowing it to extend these services to retail investors in Hong Kong. Retail investors can now trade Bitcoin (BTC) and Ethereum (ETH), through Tiger Trade, Tiger Brokers' flagship investing platform, at competitive rates. This platform also supports seamless trading and management of various global assets, including stocks, options, futures, US Treasury bonds, and funds, alongside virtual assets.
John Fei Zeng, Chief Financial Officer and Director of Tiger Brokers stated: "We have seen a growing interest among investors in virtual asset investments. Many investors not only hold virtual assets but also stocks and other assets in their portfolios. Tiger Brokers aims to provide a secure, convenient, and cost-effective platform for all Hong Kong investors, allowing them to trade both traditional financial securities and virtual assets within a single app. This eliminates the need to open multiple accounts on different platforms and enhances capital efficiency. For example, when a major event occurs in the stock market, investors can sell their virtual assets and immediately buy securities at Tiger Trade to quickly seize the opportunity."
He added, "Since the SFC released new regulations last year allowing licensed trading platforms to serve retail investors, and with Hong Kong becoming the first market in Asia to launch spot Bitcoin and Ethereum ETFs this April, these developments highlight Hong Kong's support for compliant and innovative growth of various asset types as a leading global financial center. As the virtual asset trading industry gradually integrates into Hong Kong's mainstream finance, it is expected to attract more international capital and investors. As a licensed broker in Hong Kong, Tiger Brokers will strictly adhere to regulatory compliance standards to protect investors' interests and contribute to the healthy development of the industry."
In January, Tiger Brokers received an upgrade to its Type 1 license conditions from the SFC, making it one of the first mainstream online brokerage firms in Hong Kong to receive approval for such a license upgrade. In early May, Tiger Brokers launched virtual asset trading services for Hong Kong investors, becoming one of the first online fintech brokers in Hong Kong to offer a single platform that allows trading and managing both traditional securities and virtual assets. In a month's time, it has expanded its business scope to include retail investors in Hong Kong, demonstrating its rapid progress in the virtual asset sector. The fees for retail investors are the same as professional investors, with a commission rate of 0.2% of the transaction amount and no custody fees, making it highly cost-effective within the industry. In addition, virtual asset trades are settled instantly, and trading hours are available 24/7.
source: Tiger Brokers (HK) Global Limited
