Top Trading Platforms in Hong Kong
In identifying the top crypto platforms in Hong Kong, we analyzed over 15 exchanges. We prioritized compliance with key local regulations including holding a VASP licence, and Type 1 & 7 licences. Additionally, we considered asset variety, user experience, deposit options, and fees. Based on our analysis, we've curated a list of the top five exchanges for Hong Kong crypto enthusiasts.
1. OKX
Positioned as a leading choice for investors in Hong Kong, OKX sets itself apart as one of the rare platforms licensed under VASP to operate within the territory. The exchange provides a smooth and cost-efficient gateway for Hong Kong Dollar (HKD) deposits, enabling users to trade a wide array of crypto assets through spot, derivatives, and options contracts. Furthermore, OKX enhances its user experience with a plethora of features, including lending, borrowing, crypto staking, and an innovative NFT marketplace.
- Fees: Free HKD deposits and 0.08% spot trading fee
- Supported Cryptos: 300+ cryptocurrencies, stablecoins and more
- Regulation & Licensing: OKX holds a VASP license under the new SFC regulatory regime.
- Customer Support Options: 24/7 support is available via live chat, email, and social media platforms like Twitter, Discord, & Telegram.
- HKD Deposit Methods: Bank Transfer, FPS, Credit Card, Debit Card and more.
2. Bybit
Bybit is the best crypto derivatives exchange available in Hong Kong, offering both perpetual futures and options contracts for 400+ coins with up to 100X leverage. They also offer one of the lowest fees in the industry with 0% maker and 0.025% taker fees. Bybit is the perfect platform for investors looking to trade crypto futures contracts without having to worry about counter-party risk as it is fully audited and licensed in the British Virgin Islands (BVI).
- Fees: 0% maker fees, 0.06% taker fees and variable spreads.
- Supported Cryptos: 400+ Cryptocurrencies
- Regulation & Licensing: Unregulated in HK hence no KYC requirements, but does provide proof of reserves.
- Customer Support Options: 24/7 support via live chat, email and social media including Twitter, Telegram & Discord.
- HKD Deposit Methods: Bank Transfer, Debit Card, Credit Card, Alipay, Wechat Pay, Bank Wire and more.
3. Binance
Binance is another exchange that is on the approved list of crypto asset trading platforms for residents in the Hong Kong by the SFC. Binance is the world's largest cryptocurrency exchange and offers more than 400 coins for trading with deep liquidity, low fees and 24/7 customer support. It also allows has its own blockchain called BNB Chain that allows users to easily get access to high yielding DeFi products in a more user friendly way than Ethereum & alternative networks.
- Fees: 0.1% flat fee for instant buy/swap & 0.02% Maker - 0.07% Taker fees.
- Supported Cryptos: 350+ Cryptocurrencies
- Regulation & Licensing: Approved but not licensed in Hong Kong by the SFC.
- Customer Support Options: 24/7 support via live chat, email, and social media including Twitter, Telegram & Discord.
- HKD Deposit Methods: Bank Transfer, Debit Card, Credit Card, Alipay, Wechat Pay & Paypal.
4. KuCoin
KuCoin is a Hong Kong-based Cryptocurrency exchange that is widely used to trade altcoins. The exchange offers a wide range of features which includes multiple trade types (options, futures, spot, margin trading and leveraged tokens), five staking options, lending services (Crypto loans), an NFT marketplace, a P2P marketplace and much more. It also does not require KYC (identity verification) making it a popular option.
- Fees: Free deposits and withdrawals and a 0.2% fee on spot trading.
- Supported Cryptos: 600+ Cryptocurrencies.
- Regulation & Licensing: Unregulated in HK hence no KYC requirements.
- Customer Support Options: 24/7 customer support via live chat, email, and social media including Twitter, Telegram & Facebook.
- HKD Deposit Methods: Apple Pay & Credit/Debit Card.
5. Gate.io
Gate.io is a crypto exchange that offers access to over 1,400 altcoins for trading with competitive fees and deep liquidity. They also offer margin and derivatives trading with up to 100X leverage, advanced order types and charting features. Gate.io is a popular choice among traders in Hong Kong as it has one of the most comprehensive selection of coins available for trading.
- Fees: 0.1% Maker Fee and 0.2% Taker Fee for Spot Markets, 0.04% - 0.06% for Perpetual Contracts & Options Trading.
- Supported Cryptos: 1400+ Cryptocurrencies
- Regulation & Licensing: Not licensed in Hong Kong by the SFC.
- Customer Support Options: 24/7 support via live chat, email, Twitter, Discord & Telegram.
- HKD Deposit Methods: Bank Transfer, Debit Card, Credit Card & Crypto Deposits.
Is Crypto Investing Legal in Hong Kong?
In Hong Kong, crypto investing is legal, but the regulatory environment is still evolving. The Securities and Futures Commission (SFC) has issued guidance stating that some Crypto assets may be considered securities, and therefore subject to securities laws. The SFC also requires Cryptocurrency exchanges operating in Hong Kong to be licensed and to comply with anti-money laundering and counter-terrorist financing regulations.
How is Crypto Taxed?
Hong Kong's government provides guidelines on how cryptocurrency transactions are taxed. These taxes vary based on the transaction nature. For instance, profits from selling crypto held as a long-term investment could be subject to profit tax. Accepting crypto as payment could subject the received asset's value to sales tax. For a detailed understanding of Hong Kong's crypto tax laws, it's advisable to consult a tax professional or financial advisor.
How to Buy Crypto in Hong Kong
If you're eager to dive into Hong Kong's crypto market, follow these succinct steps to get started safely:
- Select a regulated exchange: Opt for platforms complying with Hong Kong regulatory norms.
- Create and verify your account: Register with your email, set a secure password, and complete the Know Your Customer (KYC) process by submitting required identification and proof of residence.
- Fund your account with HKD: Deposit into your account via bank transfers, FPS, or debit/credit cards.
- Buy cryptocurrency: Pick the specific digital currency and volume in HKD or crypto, then confirm the transaction.
- Secure your investments: Transfer your digital assets to a private wallet for enhanced security.
By adhering to these instructions and choosing a reliable, regulated exchange, you can securely and legally buy cryptocurrencies in Hong Kong.
Bottom Line
Hong Kong's crypto scene offers various trading platforms for investors. Top exchanges like OKX, Bybit, Binance, KuCoin, and Gate.io provide diverse crypto options, strong security, and intuitive interfaces. These have been selected considering regulatory compliance, deposit methods, user experience, and asset variety. Nevertheless, understanding local crypto laws and tax systems is critical due to Hong Kong's changing regulations. With this guide and a regulated exchange, residents can confidently invest in cryptocurrencies.
