10 Best Crypto Exchanges in Hong Kong For 2025

We selected some of the top cryptocurrency exchanges that offer financial services in Hong Kong. We consider factors such as licensing, compliance with financial laws, services offered, and availability. In no exact order, here are the 10 best exchanges for trading crypto assets in Hong Kong;

Hong Kong’s native virtual asset exchange – HKVAX was launched in 2019 and has since this time channeled efforts into building a functional trading platform for digital assets. October 02, 2024, it was licensed under the Security and Futures Ordinance (SFO) and Anti Money Laundry and Counter-terrorist Financing Ordinance (AMLO) to provide financial services to investors in the Hong Kong region. HKVAX has raised funds through several fundraisers and partnered with other reputable firms in the region to provide user-friendly services to its users. It hopes to offer trading services for Bitcoin, Ethereum, and other top crypto assets and stablecoins by 2025. HKVAX will also offer other financial services like ETF trading, RWA tokenization, STOs, and OTC brokerage.

On December 15, 2020, OSL Exchange was licensed under the Security and Futures Ordinance (SFO) and Anti Money Laundry and Counter-terrorist Financing Ordinance (AMLO) to provide financial services to investors in the Hong Kong region. OSL connects investors in the region to traditional banking and crypto investments. Thanks to its tradfi-crypto services, investors can purchase crypto assets using the Hong Kong dollar (HKD) deposited directly from their bank. In addition to regular crypto trading, OSL Exchange offers enterprise financial solutions like OTC trading, asset custody, and an RWA tokenization platform. The OSL Omnibus assists enterprises in providing crypto financial services to their clients. OSL Exchange also offers zero-fee trading for Hong Kong crypto investors. According to the exchange, users’ funds are protected via a military-grade security infrastructure and a $1 Billion insurance policy.

The Hong Kong arm of the HashKey exchange was licensed under the Security and Futures Ordinance (SFO) and Anti Money Laundry and Counter-terrorist Financing Ordinance (AMLO) on November 9, 2022, to provide financial services to investors in the Hong Kong region. Hashkey is a top cryptocurrency exchange with support for several crypto assets including Bitcoin, Avalanche, Solana, Ethereum, and US-pegged stablecoins. Hashkey offers spot and derivatives crypto trading to Hong Kong investors.

Thanks to its relationship with traditional banking institutions in the region, it also enables investors to purchase crypto via their banking facilities. Users are however required to complete a compulsory verification procedure to trade on the platform. Fees for trading on the platform vary according to the user’s tier but could be up to 0.23% for retail traders.

Crypto.com applied for operational licensing in the Hong Kong region on February 9, 2024. While the exchange’s license is still yet to be confirmed, investors in Hong Kong can trade cryptocurrencies on the platform. The exchange was established in Hong Kong but has since spread across several other regions. Crypto.com is available in over 100 countries worldwide. It allows users to trade over 200 crypto assets including Bitcoin, Ethereum, over 20 Fiat currencies, and stablecoins. Spot and derivatives trading services are available for supported assets. Crypto.com allows Hong Kong investors to purchase crypto through on-ramp trading. Fees for trading on the platform can be as high as 0.075% of the traded volume.

Bixin is a web3 service provider founded in 2014. It specializes in developing web3 tools like self-custody applications and mining facilities. Bixin filed for regulatory licensing for its virtual asset exchange in Hong Kong on January 24, 2024. The virtual asset exchange platform will offer spot trading services for selected crypto assets to investors in the Hong Kong region. Bixin currently supports only three crypto assets – BTC, ETH, and USDC and has shared its plans to expand its offering. It has also partnered with traditional banking institutions in the region to enable users to purchase crypto using their banking facilities.

WhaleFin allows investors in the Hong Kong region to trade over 50 crypto assets including Bitcoin, Ethereum, and stablecoins. The exchange applied for regulatory licensing in the region on February 21, 2024. While the platform is yet to be licensed, investors in the region can create an account and trade the supported assets. Users are, however, required to complete their KYC verification before they can use the platform. In addition to spot trading, Whalefin offers crypto lending services and passive income programs as well. The trading fee on the platform is 0.05% of the traded volume for makers and takers.

Huobi HK, the Hong Kong arm of cryptocurrency exchange – Huobi applied for licensing in the Hong Kong region on February 26, 2024, but withdrew their application just three months later. Regardless, the platform is still accessible to investors in the region. Houbi Exchange offers spot and derivatives services for over 200 cryptocurrencies including memecoins and fiat currencies. Trading fees on the platform depend on the user’s tier but could be as high as 0.2% of the traded volume.

Bybit applied for AMLO and SFO licenses in the Asian region but withdrew their application four months later. The platform is still accessible to investors in Hong Kong and offers spot and derivatives trading services for over 200 crypto assets including fiat currencies. Bybit enables users to purchase crypto assets directly from their banks using on-ramp trading services. Bybit also offers additional financial services like self-custody services, enterprise-grade solutions, and passive income programs.

Gate.io is popular for its wide coverage of crypto assets, the exchange supports over 2000, cryptocurrencies including fiat currencies and stablecoins. Gate.io applied for licensing in Hong Kong in February 2024 but withdrew its application three months later. The platform is still accessible to investors in the region and offers spot and derivatives trading and additional services like passive income programs. fees for trading on the platform is as high as 0.1% of the traded volume.

OKX withdrew its application for a license to operate in Hong Kong on May 25, 2024. However, the platform continues to be available to traders in the region. OKX offers spot and derivatives crypto trading for investors in the Asian region, however, note that some of these services may be limited, OKX also offers self-custody facilities like a web3 wallet and marketplace.

Before creating an account or trading a crypto asset as an investor in the Hong Kong region, here are some important factors to consider.

Licensing And Compliance With Existing Financial Laws

The regulatory landscape in Hong Kong is strict. To prevent financial crimes related to cryptocurrency, exchanges in Hong Kong are required to obtain proper licenses and operate according to the legal stipulations. As an investor, it is advised that you operate within the legal premises as well by using only approved financial service providers. Research licensed exchanges in the region and exchanges that are known to comply with the laws of the region before choosing a platform for your crypto investments.

Platform’s Reputation And User Experience Facilities

Before creating a trading account on an exchange, ensure that the platform is trustworthy. Review independent opinions about the platform and evaluate factors such as security of funds, customer support, and community-building efforts before selecting an exchange.

Availability Of Desired Financial Services

As a cryptocurrency investor, there are diverse ways of getting involved with digital assets. Exchanges offer services such as spot and derivatives trading, market-making, and P2P trading. Before choosing an exchange, ascertain the available services and ensure that the platform covers your desired services.

Liquidity And Ease Of Trading

Sufficient liquidity makes for a better experience. Low liquidity could lead to significant losses due to slippage. Before choosing a crypto exchange for your trading activities, it is important to review their viability. Factors like daily trading volume, orderbook density, and spread between each order level. Ensure that the exchange has sufficient liquidity for your trading.

Additional Financial Services

Alongside primary services like spot and derivatives crypto trading, exchanges also offer secondary services like crypto lending, passive income programs, enterprise financial solutions, and more. It is also important to consider the available additional services provided by the exchange you wish to use for crypto trading. Additional services could significantly increase your profitability and overall user experience on the platform.

Hashkey is the best crypto exchange for investors in Hong Kong. It supports several top crypto assets and has sufficient liquidity for small—to medium-volume traders. It is also in compliance with the region’s legal stipulations. OSL exchange is also a solid choice. Other top global exchanges, like Crypto.com, which has applied for a license in the region, are also good options.

Financial service providers who wish to operate in Hong Kong are required to obtain two licenses – the AMLO (Anti-money Laundering and Counter-terrorist Financing Ordinance) and the Security and Futures Ordinance (SFO). These licenses verify the exchange’s available facilities and specify recommended operation procedures to which the exchange must abide. The regulation also covers users’ welfare and fund security. After the initial licensing, exchanges in Hong Kong are regularly monitored for continued compliance with these regulations. Users on these platforms are required to complete at least basic verification levels as part of the compliance process. See details of licensing in Hong Kong here.

How Are Crypto Profits Taxed In Hong Kong?

In Hong Kong, Capital Gain taxes do not apply to cryptocurrency investments, therefore, profits made from crypto investments are not taxed. However, cryptocurrency transactions as regular financial activities are taxed according to the region’s financial laws. That is, when using crypto as part of daily business (like routine buys and sells), users are required to pay a percentage tax.

While Hong Kong is a crypto-friendly region and recognizes cryptocurrencies as viable financial instruments, it has clearly mapped out regulations for crypto asset investors and financial institutions that offer crypto services. In this article, we reviewed exchanges that operate in this region, their key features, and the pros and cons of using such platforms. We give insight into the state of crypto in the Asian region. Due to the regulatory atmosphere, the best practice is to run every crypto-related operation through approved service providers. Also, consider each exchange for features that might apply individually to your trading and investments and ensure security-friendly practices by your exchange of choice.