Nearly 80 percent of Hongkongers believe the trading fees of virtual assets in digital banks could be optimized, a survey by Hong Kong digital lender ZA Bank showed.
From late March to early April, ZA Bank surveyed 300 retail customers on their behaviors and views on trading cryptocurrencies via banks.
The survey found that nearly 70 percent of respondents believe the increasing regulatory clarity in the cryptocurrency market will help attract more participants and expand the overall investor base and liquidity pool.
Sixty percent of them also agreed that regulation enhances market transparency, reduces illicit activity and lowers trading risks. In addition, nearly 70 percent of respondents believe digital banks offer greater convenience.
Currently, ZA Bank has introduced a promotion for cryptocurrency trading – offering zero commission for the first three months after activating the service – which will run until the end of June.
During this period, customers will also benefit from a platform usage fee of 0.8 percent of trade value, with a minimum of US$1.99 or HK$15 per transaction.
After the promotion period, US$1.99 or HK$15 will be charged per deal, as well as a platform usage fee of 1.5 percent of the trade amount. The same minimum is set.
Futu Securities offers zero commission on trades but applies a platform usage fee of 0.08 percent of the trade amount, with a minimum fee of US$1.99 or HK$15 per order.
When it comes to Hong Kong stocks, no commission is charged on top of its HK$15 platform usage fee.
Tiger Brokers stands out by charging zero commission and platform fees.
However, it applies a handling fee of 0.05 percent of the trade value, with a minimum trade amount of US$10.
Similar to Futu, Tiger Brokers also does not charge any commission or platform fees for Hong Kong stocks.
CICI CAO
Nearly 70 percent of respondents in ZA Bank survey believe the increasing regulatory clarity in the cryptocurrency market will help attract more participants. Photo by REUTERS
