3 Best Crypto Exchange Platforms in Hong Kong in 2023
Published November 1, 2022.
Cryptocurrency exchange platforms offer investors an easy and secure way to buy, sell, and trade crypto. However, many new traders get carried away by a well-designed website or the hype made by famous crypto influencers. Unfortunately, not all platforms are worth your time and money. Even among reputable exchanges, their offerings and services may differ slightly, with some being better suited to your trading needs than others.
So which crypto exchange is best for Hong Kong investors? You must consider various key factors, including individual trading goals, Hong Kong regulations compliance, track record, fees, security, supported coins, and payment methods.
To help you, we conducted an in-depth analysis while considering all these factors. Below are the top 3 crypto exchange platforms in Hong Kong for 2023 from our research.
Cex.io is one of the best crypto exchange platforms for Hong Kong traders and investors, with a good track record dating back to 2013. This London-based exchange began as a cloud mining provider but then refocused on becoming a global cryptocurrency exchange in 2016.
On this platform, users can buy or sell crypto via fiat currencies, trade over 100 cryptos and tokens, earn rewards by staking cryptos, and borrow crypto-collateralized loans. Moreover, Cex.io has a reputable history of taking regulations seriously in multiple jurisdictions. So, it’s safe to assume that it will quickly comply with any future crypto trading regulations imposed by Hong Kong's Securities and Futures Commission (SFC).
Like other crypto exchanges, your trading fees will be based on your 30-day trading volume. New and low-volume traders should expect a 0.25% taker fee and a 0.15% maker fee, while more seasoned ones can expect lower fees. There are also daily deposit limits and commissions that vary by payment method, though they’re on the lower end.
Pros and Cons
One of the conveniences of trading with Cex.io in Hong Kong is that it accepts payments through Hong Kong's Faster Payment System (FPS). Other accepted payment methods include debit and credit cards and wire transfers. Regarding its security, Cex.io has had zero security breaches so far. The platform's notable security features include an internal KYC policy, two-factor authentication, cold storage for user crypto funds, and data encryption.
Finally, Cex.io also features a dedicated trading experience, with spot trading and margin trading. However, absolute beginners may be overwhelmed by this abundance of features, so we suggest they take it slow or use another platform.
BitMEX (Bitcoin Mercantile Exchange) was launched in the island country of Seychelles in 2014, giving it a relatively long history in the fast-growing crypto industry.
BitMEX isn't your typical Hong Kong crypto exchange platform for buying, selling, and trading cryptocurrency. Instead, it focuses on crypto derivatives trading, which includes futures and perpetual swap contracts on various cryptocurrencies. As a result, BitMEX is ideal for experienced and professional traders looking for professional-grade derivatives.
You can capitalize on low trading fees and zero withdrawal and deposit fees on BitMex.
Pros and Cons
Some benefits of trading on BitMEX include high liquidity for crypto derivatives, the low fees just mentioned above, no ID verification requirements, and leverage of up to 100x on Bitcoin and Ethereum.
However, the downsides of BitMEX include a lack of fiat currency deposit options, a lack of regulatory compliance, complex features for inexperienced traders, and a restriction on crypto-to-crypto-only trading.
Crypto.com was launched in 2016 in Hong Kong to serve as a one-stop shop for all crypto features. Currently, the platform supports well over 250 currencies and constantly offers 50% off newly-listed tokens, making it ideal for those looking to acquire altcoins.
Beyond buying and selling crypto, the exchange offers other quite solid features. These include spot and margin trading for 200+ pairs with up to 10x leverage, 40+ quarterly futures and perpetual contracts, deposit bonuses, high daily rewards for staked coins (up to 14.5% APY), a stand-alone crypto wallet, a cashback card, and even an NFT marketplace. The exchange also provides trading fee discounts to investors with large CRO balances (Crypto.com native cryptocurrency).
The average trading fee is 0.4% for new or low-volume traders, which is definitely on the higher end. However, high-volume traders can benefit from trading fees of as low as 0.04% as a maker or 0.1% as a taker.
Pros and Cons
Crypto.com offers a wide range of functionalities, making it an attractive platform for traders.
However, Crypto.com isn’t perfect. Cons include a lower trading volume, which might result in higher trading fees unless you hold and use CRO.
We can summarize that some of the best crypto exchange platforms suited for Hong Kong traders are Cex.io, BitMEX, and Crypto.com. Still, remember that your trading goals ultimately determine the best platform for you. Do you want to buy some cryptocurrency and hold it in the long term? Or is your goal trading actively and earning on the go? Depending on your requirements, the answer for the best crypto exchange for you will vary. Therefore, we recommend doing your own research to find the best platform for you.
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