Interactive Brokers enables its professional investor clients in Hong Kong to trade Bitcoin and Ethereum with the launch of its new cryptocurrency trading service.
American brokerage firm Interactive Brokers has included cryptocurrency as a tradeable asset class for investors using its Hong Kong platform.
With this, eligible clients, including individuals with over HKD$8million in investable assets or institutions with assets greater than HKD$40million who are residents of Hong Kong, can now trade Bitcoin and Ethereum alongside other asset classes available on the Interactive Brokers platform.
The trading service is being powered by BC Technology Group subsidiary OSL Digital Securities, which Interactive Brokers designated as its exclusive virtual asset dealer for Hong Kong in June 2022.
The Securities and Futures Commission (SFC) has licensed OSL Digital Securities as the industry’s first type one and seven digital asset brokerage and trading platform for professional investors.
Furthermore, Interactive Brokers will collect between 0.2 and 0.3 per cent commission on all trade value, depending n monthly volume. Minimum orders start at $2.25 with no added spreads or markups.
A pivotal moment for Hong Kong’s digital asset landscape
The launch of these services comes at a pivotal moment in the evolution of the regulated digital asset landscape in Hong Kong. Above all, the main driving force behind this collaboration’s potentially significant impact on the Hong Kong digital asset market is investors’ growing interest in digital assets.
“Investor demand for digital assets continues to grow in Hong Kong and around the world, and we are pleased to introduce cryptocurrency to address the trading objectives of clients in this important market,” explains David Friedland, head of Asia-Pacific (APAC) at Interactive Brokers.
“Eligible clients will benefit from our low costs and the ability to trade crypto alongside many other global products from a single unified platform.”
Previously, investors had to use multiple platforms from different brokers and exchanges to trade in cryptocurrency and other asset classes in Hong Kong. This unification of trading services now overcomes this market barrier.
For this reason, the new cryptocurrency trading service included in the Interactive Broker platform affords investors a way to transact and view balances through a unified view of a single platform.
Supporting centralised cash management, the platform offers stocks, options, futures, bonds, event contracts, mutual funds and exchange-traded funds (ETFs) as tradable assets in addition to its new cryptocurrency capabilities.
“We are excited to bring our expertise in the digital asset space to the market through these initiatives. The launch of regulated digital asset trading services marks the inception of a transformative process in the digital asset market,” comments Hugh Madden, CEO at BC Group and OSL.
“We eagerly anticipate the emergence of additional market alliances that will drive growth and increase market share.”