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UnionPay is a Chinese financial services provider, it provides bank card services and is a major company in mainland China. The company was founded in 2002, UnionPay operates under the regulations of the People’s Bank of China, and it has managed to become the largest card payment organization in the world. The company also offers mobile and online payments to its users.
UnionPay is also very actively used in the field of Forex. If you are looking for the best Forex brokers accepting UnionPay, you have come to the right place! In today’s guide, we will be discussing everything about this payment method.
What are the best UnionPay Forex brokers?
In most cases, Forex brokers that accept this payment method are operated in China. There are a number of them as of today, you can take a look at some of the best ones below!
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
Why do so many people use UnionPay?
There are a number of reasons for the huge popularity of the company. However, these are some of the most important reasons:
- One of the biggest advantages is that there is a zero percent foreign currency transaction fee at UnionPay
- UnionPay offers dual currency credit cards which can be very useful
- The company is available in about 176 countries and regions around the world
Although there are many benefits of using UnionPay, there are some things that you should know about before you start using UnionPay for Forex trading. It was reported by many around the world that the fact that this payment method relies on a magnetic strip and the security pin makes UnionPay less safe and secure than other means of payment.
What are the fees applied to the payments?
The fees that are applied to the payments made with UnionPay are very similar to the credit card fees. Generally, the fee is charged to sellers and not the buyers, the fees include 0,7%, which is the bank’s portion, and UnionPay commission, 0,1%. However, there are no fees applied to foreign currency transactions, which makes it a very popular payment solution for many.
While looking for the best FX broker, it is very important to choose the one that has lower fees. In most cases, this depends on the payment method that you are using. However, the FX broker can also have some type of influence on the fees that you are paying. Below, you can see some of the best FX brokers when it comes to fees and commissions.
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
FundedBull
Min. Depo
49 USD
Licences
N/A
Leverage
N/A
Platforms
MT4, MT5, cTrader
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
Where is UnionPay available?
According to the official information, UnionPay is China’s largest internationally accepted payment method. As of now, there are 176 countries and regions where you can use this payment method. The payment method is available across Asia and Europe, also in the US and Australia.
Because of such availability, there are a number of Forex brokers who accept deposits via UnionPay.
Is UnionPay a safe payment method?
Generally, UnionPay is regarded to be a safe payment method. However, recently, there have been reports in China about the problems while making transactions using one of UnionPay cards. As many have said, because of the lack of security measures, the safety of their funds is under a question.