HashKey Exchange Review: SFC Licence, Trading Fees, Account Opening and the HK$840 Invitation Reward

HashKey Exchange is operated by Hash Blockchain Limited, which appears on the SFC's list of licensed virtual asset trading platforms under CE number BPL992. According to the SFC public register, the company has been licensed for Type 1 (dealing in securities) and Type 7 (providing automated trading services) regulated activities since 9 November 2022, and has held a licence to operate a virtual asset trading platform under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance since 30 May 2024. As at October 2026, the list contains 13 licensed platforms.

The parent company, HashKey Holdings, listed on the Main Board of HKEX on 17 December 2025 (stock code 3887). The platform does not serve users in Mainland China, the United States or certain other jurisdictions. Since 30 June 2026, a single app has covered the Hong Kong, Singapore, MENA and Global sites, and users see only the services available in their own region; the newly added Web3 wallet is operated separately by HashKey Hub Limited and is not part of the exchange's licensed services.

The SFC's guidelines for virtual asset trading platform operators require platforms to hold at least 98% of client virtual assets in cold storage and to maintain an SFC-approved compensation arrangement covering potential losses of 50% of assets in cold storage and 100% of assets in hot storage. In August 2025, HashKey announced an insurance programme provided by OneInfinity and supported by reinsurers including Arch Insurance International, covering at least 50% of assets in custody for a term of 18 months.

These arrangements address theft of assets or failure of the platform; they offer no protection against falling prices. Under SFC rules, virtual asset transactions are not covered by the Investor Compensation Fund, and Hong Kong dollars held on the platform are not bank deposits and are therefore not protected by the Deposit Protection Scheme.

The spot market offers more than 40 trading pairs, including BTC/HKD, ETH/HKD, BTC/USD and ETH/USD, together with US dollar pairs for SOL, XRP, LINK, AVAX and others. The platform token, HSK, may be traded only by professional investors. Spot grid trading is also available, placing orders automatically within a price range set by the client.

Ether staking has been open to retail clients since March 2026, but the minimum commitment is 32 ETH and HashKey charges 20% of staking rewards as a service fee, which puts it beyond the reach of most investors. The investment channel also offers tokenised money market funds, which require the corresponding risk assessment before subscription.

Under the fee schedule in force since 1 August 2026, ordinary clients (VIP 0) pay 0.29% as both maker and taker on spot trades. Trading volume of US$50,000 lifts a client to VIP 1, where the maker fee falls to 0.25% while the taker fee remains 0.29%; VIP 3, at US$1,000,000 of volume, pays 0.15% and 0.2%. Paying fees in HSK brings a further 5% reduction, but since HSK may be traded only by professional investors, retail clients can rarely benefit.

Each fully executed order is also subject to a minimum fee of US$1.99 (about HK$15.5); partially executed orders and orders at a zero fee rate are exempt. At 0.29%, any order below roughly HK$5,350 pays the minimum fee: a HK$1,000 purchase of bitcoin carries an effective rate of about 1.55%. By comparison, OSL, which is also licensed, charges retail clients 0% as maker and 0.05% as taker on Pro Trade. It is advisable to consolidate purchases into larger orders and avoid frequent small trades.

The platform accepts deposits in Hong Kong dollars, US dollars, euros, offshore renminbi, Singapore dollars and Japanese yen, with no fee on fiat deposits. Hong Kong dollars may be deposited by eDDA or FPS, and funds must come from a bank account in the same name as the HashKey account; cash, e-wallets and transfers from third-party accounts are not accepted.

Hong Kong dollar withdrawals cost HK$5 each, with a minimum withdrawal of HK$400; US dollar withdrawals cost US$10 each, with a minimum of US$50, and charges levied by intermediary and receiving banks are additional. Virtual asset deposits are free, and withdrawal fees are adjusted according to network conditions: on 24 October 2026, bitcoin cost 0.00003 BTC (minimum withdrawal 0.005 BTC), ether 0.0002 ETH and USDT 1 USDT. There is no custody fee. External wallet addresses must be whitelisted before assets can be transferred in or out.

Applicants must be aged from 18 to 80. A Hong Kong permanent identity card may be used on its own for identity verification; a non-permanent identity card must be submitted together with a Mainland passport or identity card, and the HKSAR passport is not accepted, although passports from other supported countries may be used. Applicants must also provide proof of address issued within the past three months, such as a utility or telecommunications bill or a bank statement (bank statements are accepted only as original PDF files).

Identity verification has three steps: uploading the identity document and proof of address; completing the investment experience questionnaire and the virtual asset knowledge assessment; and transferring, from a bank account in one's own name, at least HK$10,000 or the US dollar equivalent (about US$1,400) net of bank charges to HashKey's account with Standard Chartered Bank (Hong Kong). Supported bank locations include Hong Kong, the United Kingdom, the United States, Australia, Singapore and Japan, among others. Those who prefer not to make the transfer may open an account in person at HashKey's Hong Kong office, bringing their identity document and proof of address.

On registering with invite code fgIxIl, the Invite Friends page shows that the invited client receives a HK$640 welcome bonus and a HK$200 invitation reward, HK$840 in total. HashKey's public referral page does not list amounts; the actual amounts and conditions are those shown on the Reward Center task cards, and HashKey may adjust them according to market conditions without separate notice.

The invitation relationship requires two conditions: registration with the invite code or invitation link, and completion of identity verification within 180 days of registration, meaning the investment risk assessment questionnaire, the bank transfer (or offline verification) and successful account opening. The invitation relationship cannot be added or changed after registration, and the invitation reward lapses if identity verification is still incomplete 365 days after registration. The programme applies only to individual clients; omnibus accounts, sub-accounts, authorised traders and similar account types are excluded.

Once the tasks are complete, the reward can be viewed and claimed in the Reward Center under the User Center; HashKey states that rewards are issued within 30 minutes of a task being completed. HashKey also runs separately registered new-client campaigns, such as the Keeta new user bundle running until 31 October 2026, whose terms state that they cannot be combined with other new-user rewards; registering for such a campaign may forfeit the reward shown on the invitation page. Disclosure: fgIxIl is this site's own invite code, and once you complete identity verification, HashKey pays us an invitation reward according to its task cards.

Assume the Reward Center task cards carry no further trading or holding requirements. A client transfers HK$10,000 to open the account, claims HK$840 and then withdraws the HK$10,000 to the bank, paying only the HK$5 withdrawal fee, for a net gain of about HK$835. If the same funds are used to buy bitcoin and then sold in full, the 0.29% fee costs HK$29 on each side, HK$58 in total, leaving a net gain of about HK$777 before any price movement in the meantime.

In other words, the main cost is the time and paperwork involved in opening the account, rather than money. If the task cards attach conditions such as a first trade or holding assets, the amount required and the fees should be calculated before deciding whether to complete them. The reward cannot offset the losses that virtual assets may incur, and it does not justify borrowing or using emergency funds.

As at 24 October 2026, the HashKey Exchange app is rated 3.5 on the App Store (Hong Kong) from 263 ratings and 3.0 on Google Play from 1,365 ratings, markedly lower than typical banking and brokerage apps.

The more common complaints concern proof of address being rejected repeatedly so that identity verification cannot be completed; deposits being easy while withdrawals are cumbersome; the app failing to load; limited features, such as the absence of a profit and loss view, and some stablecoin transfers being restricted to professional investors; and customer service failing to resolve problems. Positive reviews mostly mention the clean interface, fast Hong Kong dollar deposits and the absence of a custody fee.

It suits holders of a Hong Kong identity card who wish to buy bitcoin or ether in Hong Kong dollars on a licensed platform and intend to hold for the long term with few trades, as well as investors who attach importance to the platform's licence and the listed status of its parent company.

It does not suit those who trade small amounts frequently and are sensitive to the 0.29% fee and the US$1.99 minimum; those who wish to trade a wide range of small tokens or derivatives; those unable to provide a bank account in their own name or proof of address; or anyone who cannot tolerate large swings in the value of virtual assets.