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Cryptocurrency is a digital currency secured by cryptography which makes it almost impossible to counterfeit.
They are decentralized networks based on blockchain technology which is a distributed ledger enforced by a separate network of computers.
What sets cryptocurrency apart from the traditional currency is that it is virtual and that it is not issued by any government authority.
Of course, we have heard that this is a decentralized currency in terms of its issuance, but trading of crypto is still traditionally done so on exchanges just like Forex or stock market exchanges.
Top Hong Kong Crypto Exchanges
What are crypto exchanges?
A crypto exchange is a virtual marketplace where cryptocurrency can be bought or sold.
This online platform functions as an intermediary for cryptocurrency buyers and sellers.
Here, you can deposit money via bank transfer, wire, or any other authorized means of deposit.
However, this service has a price attached to it and you will often have to pay for it.
Bitmex is a peer-to-peer cryptocurrency trading platform created in 2014 that is registered in Seychelles but operates in Hong Kong and the US.
Bitmex is particularly focused on cryptocurrency derivatives trading which includes margin and futures trading.
Due to this focus, Bitmex is better suited for experienced traders instead of beginners who wish to trade with lower volumes of cryptocurrency
Some of the benefits of trading with Bitmex are its increased security levels and reduced red tape with no identity documents requested.
The trading fee is also quite low along with there being no deposit or withdrawal fee either.
Coinmama is an online crypto exchange based in Slovakia.
Since launching in 2013, Coinmama has amassed a total of 2,300,000 users across 197 countries.
Payments can be made on Coinmama through Apple Pay, SEPA, SWIFT, Fedwire, and Faster Payments.
The different cryptocurrencies supported on this platform include Bitcoin, Cardano, EOS, Bitcoin Cash, Etherum, Ethereum Classic, Qtum, Tezos, and Litecoin.
What makes Coinmama unique is that it has one of the highest daily spending limits compared to all other crypto exchanges.
Other attractive features include instant cryptocurrency delivery upon payment, multiple payment options, and its rewarding affiliate program.
CEX.IO first began as a cloud mining services provider and has now expanded into a multi-functional cryptocurrency exchange platform.
Through CEX.IO, you can also buy and sell cryptocurrencies on a web trading portal or a mobile application.
What makes CEX.IO unique is that you can hold several different account types enabling traders to choose which cryptocurrency best matches them.
The platform is available for use in more than 220 countries.
However, due to certain regulations, traders based in the US are not accepted onto the platform.
Currently, CEX.IO supports DASH, Bitcoin Gold, Bitcoin Cash, ETH, ZEC, and BTC along with a number of fiat currencies.
The platform has a number of security features that protect users and eliminates any fear of hacking and theft.
These measures include two-factor authentication, encrypted data, cold storage for cryptocurrency funds, and internal AML/KYC policy and procedures.
Paybis is a multi-cryptocurrency exchange that provides multiple services which include the buying and selling of cryptocurrencies and also providing liquidity services within the fintech sector.
Currently, Paybis supports 47 different fiat currencies and 10 different cryptocurrencies that include Binance Coin, Ethereum, Litecoin, Ripple’s XRP, Stellar, Tron, Bitcoin, Bitcoin Cash, and USD Tether.
Due to its significant global reach and international customer base, the platform is also available in 9 languages, making it extremely accessible and easy to use.
The benefits of using Paybis are that it has excellent customer ratings as it is KYC and AML compliant and is regulated by financial authorities in the UK, EU, and the U.S.
Additionally, Paybis is known to have a transparent fee structure with no hidden fees, extremely responsive customer support services, and a simple registration process.
BTCC is a UK-based platform that was established in 2011.
BTCC offers multiple services which include fiat/crypto exchange, bitcoin mining services, and bitcoin wallet provision.
You can also access the services BTCC offers through a web-based platform and a mobile trading platform which gives you the choice to decide what to use depending on your preference, usage, and technological familiarity.
Moreover, to make the platform secure, there is two-factor authentication due to the unlimited crypto deposits offered without KYC.
There is also a mining pool for traders to mine their own coins for a rental fee.
OkCoin is one of the biggest crypto exchanges in the world by volume.
The platform is based in Beijing and was founded in 2013.
While the platform accepts traders from all over the world, OkCoin is primarily suited for users in China and the rest of the Asian market.
Despite not being regulated by a financial regulatory authority, the platform has built a strong reputation amongst users by gaining their confidence and trust.
OkCoin is embedded with the latest security and encryption protocols to ensure every trade is safe and secure.
Moreover, the fees are low compared to other platforms and users can also trade on margin and in futures markets.
While fiat currency deposits and withdrawals can be made, verification is required and only a limited number of cryptocurrencies are available to trade with.
Huobi is a self-proclaimed digital asset exchange as opposed to a crypto exchange.
Originally based in Beijing, Huobi had to move to Singapore as fiat to cryptocurrency trading was banned in China.
Huobi also has offices in Hong Kong, the USA, and South Korea.
The platform is popular due to it being extremely technologically advanced with its price feeds, charting, cryptocurrency profiles, and in-depth market data.
Users have described the platform as a perfect balance between functionality for experienced traders and accessibility for new traders.
Huobi also has over 100 cryptocurrencies on its main exchange.
What makes Huobi unique from other exchange platforms is its ‘Smartchain’ research and analysis feature which provides insight into different blockchain assets.
The only negative side is that as of now, the registration process for users outside of China, Hong Kong, and Singapore is slightly more complicated.
Wirex is an innovative app that allows digital and traditional currencies to be easily sent, received, and exchanged.
You can make payments through the Wirex App, their payment card, and e-wallet which transactions for digital and traditional currencies.
Currently, Wirex supports 16 fiat currencies and 9 different cryptocurrencies which include Bitcoin, Dai, Ethereum, Nano, Stellar’s Lumen, Waves, Litecoin, and Wirex Token.
The benefits of using Wirex as a crypto exchange are that the registration and verification process is extremely quick and easy and can be done in just a couple of minutes.
Unlike some crypto exchanges, Wirex supports both cryptocurrency and fiat money which is a huge bonus for people who use both who want to make their transactions all in one place.
Lastly, it is an easy-to-use platform that is regulated and licensed with a global reach of 130 countries.
Crypto.com is a crypto exchange that supports the buying and selling of over 70 cryptocurrencies.
Launched in 2016 and based in Hong Kong, the platform provides users access to the most popular cryptos in the industry which include Bitcoin, Cardano, Ethereum Bitcoin Cash, Ripple, Stellar, Litecoin, Tether, and USD Coin.
Moreover, you can also trade in lesser-known cryptocurrencies such as COSMOS, Enjin Coin, and VeChain if you are looking to invest.
The platform is extremely user-friendly and is insured for $350m which protects customers from physical damage or any third-party theft.
Moreover, the platform places huge importance on security and ensuring that all trades are carried out safely.
Binance is known as one of the fastest platforms to trade cryptocurrencies in the market and is also one of the largest crypto exchanges in terms of the trading volume.
The platform is quite popular both for investors and traders as access is provided to over 30 cryptocurrencies.
Not only does this give investors flexibility but it makes it easier to enter the market.
All investors and traders can make payments through bank deposits, credit or debit cards, bank transfers, or third-party payments via Banxa and Simplex.
There is also 24/7 customer support available along with a Learn Centre for new traders.
A popular aspect of Binance is their Affiliate Program where for every new user referred to the platform, the referrer will earn a commission anytime the new user trades on Binance.
Cryptocurrency and digital assets are becoming extremely popular which are why you need to stay ahead of the game and understand which crypto exchange is the best for you!
Are you looking to get your business involved with cryptocurrencies in Hong Kong?
It’s important to be aware of all the licensing and registration requirements that you need to deal in crypto as a business in Hong Kong.
To make sure you can navigate these MSO licenses you need, it’s important to make sure you have a company secretary who can walk you through them.
Register your business or change your company secretary to Air Corporate, and we’ll help you get all the licensing and registration you need to deal with crypto at your business.
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