China UnionPay, and its international subsidiary UnionPay International, recently became the largest issuers of credit/debit cards, surpassing Visa and Mastercard. Its popularity among active traders resulted in a notable increase in Forex brokers accepting China UnionPay, and we have conducted a review to help traders find the most competitive options. We also explain what China UnionPay is, how to deposit with it, and cover the pros and cons of China UnionPay. Are China UnionPay Forex brokers right for you?
- FP Markets, ECN trading with leverage up to 1:500.
- Pepperstone, Great ECN execution on MT4 platform.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- HFM, Industry-leading security via €5 million insurance.
- eToro, Best broker for social traders and crypto traders : 74% of retail CFD accounts lose money.
Best China Union Brokers Comparison
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Regulators | ASIC, CySEC, FSCA | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | CMA, CySEC, FCA, FSC Mauritius, FSCA | CMA, CySEC, DFSA, FCA, FSA, FSC Mauritius, FSCA | ASIC, CySEC, FCA, FSA |
Year Established | 2005 | 2010 | 2011 | 2010 | 2007 |
Execution Type(s) | ECN/STP | No Dealing Desk, NDD | ECN/STP, Market Maker | ECN/STP, Market Maker | Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.1 pips | 1.1 pips | 0.1 pips | 1.3 pips | 1.0 pips |
Average Trading Cost GBP/USD | 1.4 pips | 1.6 pips | 0.2 pips | 1.9 pips | 2.2 pips |
Average Trading Cost Gold | $0.21 | $0.20 | $0.18 | $0.27 | $0.45 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | Proprietary platform |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website | Get Started Visit Website74% of retail CFD accounts lose money |
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets makes our list of China UnionPay Forex brokers with an upgraded MT4/MT5 environment as it presents a 12-plugin upgrade package plus services by Trading Central and Autochartist. FP Markets also features cTrader and the geographically-restricted Iress trading platform. Copy traders can diversify their portfolios with embedded MT4, MT5, and cTrader services. Alternatively, they can explore the proprietary FP Markets alternative, opt for the well-known Myfxbook Autotrade, or use fee-based Signal Start.
VPS hosting supports algorithmic traders requiring low-latency 24/5 market access. At the same time, MAM/PAMM modules for licensed account managers provide traditional account management service with a well-balanced asset selection.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Pepperstone
In Summary Great ECN execution on MT4 platformPepperstone is ranked within our China UnionPay Forex brokers list because of its cutting-edge trading environment supportive of beginners and advanced strategies. MT4/MT5 traders get a 28-plugin upgrade plus Autochartist, the most comprehensive MT4/MT5 enhancement industry-wide. Capitalise AI enables algorithmic trading in a code-free environment. In contrast, VPS hosting and API trading meet the most demanding algorithmic trading requirements. Traders may also use cTrader, and Pepperstone connects social traders to TradingView.
The Premium client service includes a volume-based rebate program, and beginners get quality education and daily research. Copy traders may use Myfxbook Autotrade and DupliTrade, alongside MT4, MT5, and cTrader services.
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
- Leverage of up to 1:30 and superb trade execution
- Demo accounts have 30-day time limits
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM ranks among China UnionPay Forex brokers with the lowest fees. For a minimum deposit of only $500, traders get a commission-based pricing environment with raw spreads from 0.0 pips for a commission between $0.80 and $4.00 per 1.0 standard round lot. It offers its Pivot Point Strategy MT4 plugin, and traders may also use MT5 or the proprietary mobile app FXTM Trader.
Beginners benefit from actionable trading signals and can start their education via numerous videos on the FXTM website.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
HFM
In Summary Industry-leading security via €5 million insuranceHFM is a great choice among China UnionPay Forex brokers for beginners due to its low minimum deposit requirement of $5, micro account, and upgraded MT4/MT5 trading platforms via its Premium Trader Tools package, which consists of twelve plugins developed by FX Blue Labs plus Autochartist. Quality education and daily market insights complement the high-quality trading environment for beginners.
More advanced traders enjoy low-cost, commission-free costs with minimum spreads of 0.5 pips for a deposit of $100. Some instruments remain swap-free, further enhancing their cheap trading costs. HFM rewards active traders with generous bonuses and a loyalty program, including cash rebates.
Pros & Cons
- High leverage, bonuses, and loyalty program ideal for active traders
- Quality educational tools and in-house research for beginner traders
- A competitive pricing environment in its commission-based account
- Upgraded MT4/MT5 trading platforms and cutting-edge trading tools
- Certain products & services may or may not be available to all clients depending on which HF Group entity their trading account(s) adheres to.
eToro
In Summary Best broker for social traders and crypto traders : 74% of retail CFD accounts lose moneyCopy traders at eToro can benefit from one of the largest trading communities with 30M+ traders. The proprietary CopyTrader forms the backbone of the copy trading infrastructure, and traders may engage by commenting on each other’s trades or via their respective profiles, as eToro encourages community engagement and communication. Long-term investors can consider Smart Portfolios, the in-house managed thematic investment portfolios available from a minimum deposit of $500.
The eToro Academy presents beginners with quality and well-structured education. eToro Plus and Digest & Invest supplement the beginner-focused value-added service, making it a leader among China UnionPay Forex brokers for beginners.
Pros & Cons
- Active investment community ideal for social trading
- Dedicated tools for social trading
- Broad cryptocurrency selection
- Expanding educational offering for beginner traders
- Internal withdrawal fees
What is China UnionPay?
China Union Pay is a Chinese state-owned financial services firm headquartered in Shanghai. It is available in 181 countries with support for mobile app payments in 99 countries via its UnionPay International unit. It counts millions of global brands to its business client list. China UnionPay became the largest credit/debit card issuer globally, surpassing US-based competitors Visa and Mastercard. It is also the only service linking all Chinese ATMs, and its expanding range of services made it the go-to payment processor in China, with a fast-growing global footprint, particularly across Asia. It operates under the approval of the People’s Bank of China, the country’s central bank.
The statistics and services provided by China UnionPay are remarkable. Still, less than 1% of all transaction volumes occur outside China. This explains the relatively small number of Forex brokers accepting China UnionPay compared to the better-established Forex payment processor Skrill. However, China UnionPay enjoys a faster broker and trader adoption versus Google Pay, Apple Pay, Klarna, or Rapid Transfer.
How Does Trading with China UnionPay Work?
Before traders can deposit with their China UnionPay Forex brokers, they must verify their trading accounts, a mandatory step among regulated brokers. It ensures compliance with global AML/KYC rules, enforced by regulators industry-wide. A government-issued ID and one proof of residency document issued within three to six months generally satisfy account verification.
Traders also require a China UnionPay credit/debit card, offered in 181 countries, while mobile app transactions are available in 99 countries. Most China UnionPay Forex brokers have integrated the credit/debit card system. Still, some include the mobile app, which functions similarly to Skrill and other competing digital wallets.
Verified clients can fund their Forex trading accounts at China UnionPay Forex brokers by following the below steps:
1. Log into the secure dashboard of your China UnionPay Forex brokers or access the mobile app.
2. Locate the funding tab, which most China UnionPay Forex brokers include in the top menu bar or sidebar.
3. Select China UnionPay as your payment processor (choose your trading account if you have more than one).
4. Enter the desired deposit amount and confirm the deposit. The deposit screen of China UnionPay Forex brokers will redirect to the China UnionPay payment portal, where traders must confirm the deposit.
5. Following the confirmation, traders will receive a confirmation. Processing times are instant, and traders can start using their Forex accounts.
Why Use China UnionPay as Your Deposit/Withdrawal Method?
China UnionPay Forex brokers can ensure traders have an integrated solution, as most support deposits and withdrawals similar to industry leader Skrill, unlike other solutions like Google Pay, Apple Pay, Klarna, and Rapid Transfer. Depositing times are instant, and China UnionPay Forex brokers process withdrawals equally swiftly.
Other notable advantages include a reward program and China UnionPay partnerships with retailers, allowing traders to receive benefits and discounts for follow-on transactions. The China UnionPay credit/debit cards are widely accepted, especially across Asia, allowing traders to spend their Forex withdrawals hassle-free and without delay. Therefore, China UnionPay is the most significant Skrill competitor and challenger, with a very competitive product and service portfolio.
Pros & Cons of Using China UnionPay When Trading
Traders should consider the pros and cons of China UnionPay Forex brokers before making China UnionPay their preferred Forex payment processor.
Pros:
- Instant deposits
- User-friendly interface
- Reward program and discounts for follow-on deposits
- Available in 181 countries
Cons:
- Broker adoption remains slow but continues to expand.
How to Pick a Decent Broker Offering China UnionPay
Traders should demand the same competitive conditions from China UnionPay Forex brokers as from other brokers.
Here is a checklist of what competitive China UnionPay Forex brokers should offer:
1. Low trading fees: Traders should seek major currency pairs with costs below $8.00 per 1.0 round lot (also evaluate swap rates), as they directly impact profitability.
2. Regulation and operational history: Traders should look for a clean track record, ideally exceeding ten years.
3. Algorithmic trading platform: 80%+ of Forex volumes are algorithmic, making MT4, MT5, cTrader, or alternative algorithmic trading platforms essential.
4. Deep liquidity pools and excellent order execution: Necessary for tight spreads with transactions at the desired price (or better with price improvement technology).
5. Asset selection: China UnionPay Forex brokers must offer the assets traders require.
Bottom Line
China UnionPay Forex brokers offer an integrated payment solution with secure, instant transactions via the digital wallet or credit/debit cards. Available in 181 countries with 2,500+ partner institutions and millions of business clients, China UnionPay has emerged as the dominant competitor to Skrill, the leading Forex payment processor.
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