Chinese trading apps want to compete with Robinhood in the crypto space
Trading applications are based on the continuous crypto boom. (Photo: shutterstock)

In China, cryptocurrency trading is under increasing pressure – but the interest of users around the world has risen sharply. There are now two Chinese trading apps competing for US clients.

It appears that Chinese trading apps Futu and Tiger Brokers have applied for licenses to trade cryptocurrency in the US and Singapore. With this said, Robinhood’s competitors want to become more attractive to international users. On the other hand, in their home country China, which is increasingly difficult for service providers in the crypto sector, the Chinese government is taking increasing measures against cryptocurrency trading and bitcoin mining.

Traders: Increased interest in cryptocurrency

Interest in and trading with cryptocurrencies has skyrocketed due to prices that have exploded since last fall and into the current recession. CNBC For example, trading platform Robinhood, which has been trading Bitcoin and Ethereum in the US since 2018, has won 3 million new users per month for its crypto sector.

Of course, this has not escaped Chinese competition, Futu CFO Arthur Chen told CNBC. Chen hopes his company will be able to offer cryptocurrency products by the end of the year. Tiger Brokers CEO Tianhua Wu says the same thing. In particular, Wu said, Coinbase’s initial public offering in April attracted new users. However, the general interest in trading new shares of companies after the initial public offering declined compared to the previous year.

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Increasing the number of users of trading applications

Both Futu and Tiger Brokers have grown significantly in terms of user numbers in the past few months. Foto, for example, had nearly 790,000 customers at the end of March — driven by activities in the United States and Singapore. This corresponds to three times more than the previous year. At Tiger Brokers, the number of clients doubled to 380,000 in the first quarter compared to the same period in the previous year.

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Both business apps are increasingly focusing not only on international markets but also some type of social networking in their app. There, users should be able to share their trading ideas and learn more about investing in video courses.

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