I. Document preparation
· Second-generation ID card from mainland China
· Debit card with the same name opened in mainland China [Note: The above bank card is only for real-name identity verification purposes]
· Email [for receiving account-related notifications and information in the future]
· Proof of overseas address [any utility bill, bank statement, or securities company statement dated within the last three months]
· Hong Kong bank account with the same name [for fund transactions after account opening]
Tips:
1. The overseas address must be a residential address outside mainland China that can be found on Google Maps.
2. You need to apply for a Hong Kong bank card with the same name in advance.
II. Opening an account with Victory Securities
Let me briefly introduce Victory Securities:
Victory Securities, rooted in Hong Kong for over 50 years (stock code: 8540.HK), is a comprehensive licensed securities firm providing full financial services. It holds licenses for regulated activities including Type 1 (securities trading), Type 2 (futures contract trading), Type 4 (advising on securities), Type 6 (advising on institutional financing), and Type 9 (asset management). Over the past 50 years, it has received numerous awards and important business qualifications in the Asia-Pacific region, including being one of the first participants in the China Connect stock exchange and settlement system. It officially launched the “Shanghai-Hong Kong Stock Connect” and “Shenzhen-Hong Kong Stock Connect” services in 2014 and 2016, respectively. In 2020, it was approved as a qualified investor for Bond Connect and became the first local broker approved by the China Securities Regulatory Commission to be a qualified foreign institutional investor (QFII) in Hong Kong. In 2023, Victory Securities became the first licensed corporation in Hong Kong to be granted licenses for virtual asset trading, consulting, and asset management by the Securities and Futures Commission. The first batch of virtual asset spot ETFs in Hong Kong is trading today (April 30), including the Ether ETF, which is one of the first in the world. Victory Securities is also the only participating broker for spot delivery of virtual assets under the three fund companies: Harvest, Huaxia, and Bosera, assisting the three ETF issuers in providing physical subscriptions, redemptions, and trading for Bitcoin and Ether spot ETFs, ushering in a new chapter in the development of Hong Kong's virtual asset market.
Online opening of Hong Kong and US stock trading accounts and virtual asset trading accounts:
For detailed steps on opening an account, please refer to this article
https://mirror.xyz/52web3.eth/VvBqCW4fQ30o_qDmqsYEjm0XodgI9RRmhDt3F1Q1JY8
III. Withdrawal process
1. Deposit virtual currency from an on-chain wallet to the Victory Securities virtual asset trading account
You can only deposit from a fixed on-chain wallet (such as MetaMask, cold wallet, etc.), and cannot withdraw from centralized exchanges (such as Binance, etc.).
Only those qualified as professional investors can deposit and trade USDT/USDC; ordinary investors can only deposit and trade BTC and ETH, but this has little effect on withdrawals.
The first recharge from a new address will require a small amount for verification.
2. Sell the deposited virtual currency
The trading pairs needed for withdrawals are: BTC/USD, BTC/HKD, ETH/USD, ETH/HKD. After selling, the funds will go directly to your virtual asset account in either US dollars or Hong Kong dollars.
3. Withdraw Hong Kong dollars or US dollars to your Hong Kong bank card
IV. Other questions
1. About virtual asset trading fees
The transaction amount within 300,000 US dollars per day can be sold directly through trading software, with a fee of around 0.3%.
For transaction amounts greater than 300,000 US dollars per day and less than 20 million US dollars per day, you can directly find market makers for trades. The total cost will be around 0.5%, meaning that if you deposit 1 US dollar, you will receive 0.995 US dollars in your Hong Kong bank account.
2. Regarding the withdrawal fee to a Hong Kong bank card
If the withdrawal is in Hong Kong dollars, a fee of 50 HKD will be charged for amounts below 30,000 HKD, and it is free for amounts above 30,000 HKD.
If the withdrawal is in US dollars, a certain fee will be charged, so it is recommended to prioritize withdrawals in Hong Kong dollars and then exchange them for US dollars at the bank.
3. About the fund settlement time for virtual currency trading accounts
16:00 is a key point every day: sales made before 16:00 can show the final assets in the account that night, and withdrawals can be made on T+1 day; sales made after 16:00 are treated as T+1 transactions, and withdrawals can only be made on T+2 day.
4. About the Hong Kong and US stock trading accounts
Submit the account opening application at once, and open trading accounts for Hong Kong stocks, US stocks, and virtual assets simultaneously. The funds in each account can be transferred to each other for free. Therefore, if there are restrictions on US dollars or Hong Kong dollars in the account, you can directly purchase money market funds, which offer a risk-free annualized return of 5%.
Disclaimer: All the above content is based on personal understanding and summary, and cannot be taken as investment or action advice. Please judge and bear all risks yourself!!!
If you have any other questions, feel free to leave a message in the comments section.
Original tweet:
https://twitter.com/52web3/status/1811780341298004322
