- Trading available 24/7 through ZA Bank with a minimum transaction amount of $70; initial commission-free period offered.
- Platform fees set at 0.8%, higher than competitors; scheduled to increase to 1.5% post-promotion period.
ZA Bank in Hong Kong has initiated a novel cryptocurrency trading service that enables all retail investors within the city to engage in direct transactions of Bitcoin and Ethereum. This initiative is a collaboration with HashKey, a trading platform licensed by the Securities and Futures Commission (SFC).
Starting immediately, ZA Bank’s retail customers can execute Bitcoin and Ethereum trades at any time, with transaction thresholds set at a minimum of US$70. This move aligns with Bitcoin’s recent approach to the US$100,000 mark, influenced by market dynamics post the U.S. presidential election.
ZA Bank has strategically waived commission fees until June of the following year, though a platform fee of 0.8 percent will be charged on the transaction turnover.
This rate is substantially higher compared to other online brokers, reflecting the premium service offered by the bank. Post-June, the platform fees will escalate to 1.5 percent per transaction with a fixed commission rate.
This service is not exclusive to permanent residents of Hong Kong, broadening access across the city’s diverse population. The collaboration is anticipated to boost the financial infrastructure and promote the broader adoption of cryptocurrencies within the region.
Jeffrey Ding from HashKey predicts a bullish future for Bitcoin, especially in the wake of political changes in the U.S. and favorable regulatory developments. However, he also cautions about potential market volatility triggered by economic inflation in the U.S., which could indirectly influence Bitcoin’s performance.
ZA Bank’s venture into cryptocurrency trading is part of Hong Kong’s ambition to establish itself as a hub for virtual asset trading.
This ambition is supported by a regulatory environment that allows only a select few platforms to operate with full licenses, ensuring a controlled and secure trading landscape.
The service’s accessibility to all residents aims to democratize the financial market and integrate crypto currencies into everyday financial activities.
As the service evolves, ZA Bank plans to expand its offerings to include more cryptocurrencies, aiming to leverage the growing crypto economy to accelerate its path to financial sustainability.
Bitcoin (BTC) is currently trading at $97,522 USD, experiencing a minor decline of 0.49% over the last 24 hours. Over the past week, BTC has gained 8.54%, while its monthly performance shows an impressive growth of 46.51%. Year-to-date, Bitcoin has surged by 130.82%, highlighting its bullish momentum and continued dominance in the cryptocurrency market.
