Below you find a list of the best binary options brokers that allow deposits and withdrawals by UnionPay:
Binary Brokers with UnionPay
About UnionPay
Founded in 2002, China UnionPay, headquartered in Shanghai, is a state-owned payment processing firm. Its subsidiary, UnionPay International, has made a significant mark, becoming the world’s leading card payment organization in 2015. Although its major customer base remains in China, the company’s associations extend globally. Partnerships and associations include banks such as KTC, BCA, BDO, UOB, and more. Notably, UnionPay has collaborated with OCBC Bank in 2008 and explored cooperation possibilities with competitors like JCB, Alipay, and WeChat Pay.
UnionPay’s Global Reach
UnionPay’s acceptance has grown internationally due to its widespread reach. The card is accepted in 181 countries, including the USA, Japan, Singapore, Australia, and various European and African nations. Businesses globally, like binary options brokers, have recognized its potential for tapping into the Chinese market.
Transaction Insights
For binary options traders, quick transaction times are crucial. Deposits through UnionPay are usually immediate or processed within hours. However, withdrawals may vary depending on the broker. Additionally, charges associated with UnionPay are mainly levied on sellers, typically around 0.8%, with 0.1% being UnionPay’s commission. Currency conversion charges, however, are context-specific.
Security Features
China UnionPay provides secure payment solutions, incorporating 3D Secure for added safety during online transactions. Though there are isolated incidents of lost funds, such risks are common across card platforms. Payments made via QR codes are encrypted, ensuring enhanced security.
Rewards and Promotions
UnionPay offers various perks for its users, ranging from discounts at major brands to exclusive deals. The UnionPay app also provides access to a plethora of offers. For binary options traders, several brokers offer enticing welcome bonuses.
Pros and Cons
Pros for Binary Options Traders:
- Instantaneous transaction times with brokers.
- No currency conversion fees for Chinese traders.
- International acceptance.
- Various promotional offers across countries.
Cons for Binary Options Traders:
- Limited access to the UnionPay card outside the Asia-Pacific.
- Dominance of other payment modes like Visa, Mastercard, PayPal, and Skrill in some sectors.
Using UnionPay: A Step-by-step Guide
- Acquire a UnionPay Card: Begin by selecting an affiliated bank, such as HSBC China. The availability is higher in the Asia-Pacific region.
- Card Details or Load Prepaid Card: Post-registration, load funds onto a prepaid card or use your credit/debit card details for transactions.
- Specify Amount & Currency: When transacting, be aware of currency conversion charges and other potential fees.
Conclusion
Despite the dominance of Visa and Mastercard in some sectors, UnionPay’s expanding global presence makes it a strong alternative. With an increasing number of businesses and binary options brokers integrating UnionPay as a trusted payment solution, it offers both convenience and a range of benefits.