Best Alipay Brokers 2024
Alipay is the most popular e-wallet service and online payment method in China, followed by PayPal and WeChat Pay. Its primary product is the Alipay wallet app, which can be used for global and domestic payments. There is also the unique Tour Pass for foreigners and international bank account holders. Before you login to your trading account, learn more about Alipay in this review as we uncover the sign-up process, as well as its pros and cons. We also list the best brokers that accept Alipay deposits and withdrawals in 2024.
Best Alipay Brokers
Following our analysis, these are the 7 highest-rated brokers with Alipay:
Alipay Brokers Comparison
Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs | R StocksTrader, MT4, MT5 | 1:2000 | Visit |
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$0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, AutoChartist, DupliTrade | 1:400 | Visit |
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$200 | CFDs, Forex, Commodities, Stocks, Indices | MT4, MT5, TradingView, TradingCentral | 1:500 | Visit |
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$100 | CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex | MT4, MT5, TradingView, TradingCentral | 1:500 | Visit |
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$0 | ETFs, Cryptos, Futures | Own | - | Visit |
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$10 | CFD, Forex, Crypto, Stocks, Digital Options | Own | 1:500 | Visit |
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$50 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, MT5 | 1:500 (Crypto 1:50) | Visit |
#1 - RoboForex
Why We Chose RoboForex
RoboForex is a global broker launched in 2009 and regulated by the Belize FSC. The firm offers more than 12,000 instruments spanning 9 asset classes with trades from 0.01 lots and spreads from 0 pips. The broker's advanced copy trading tool is also home to thousands of active day traders.
"RoboForex is a good pick for traders looking for a vast range of day trading markets with ECN accounts, powerful charting platforms and loyalty promotions. Real stocks traders will also appreciate the R Stocks Trader terminal, with automated trading capabilities."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs
- Regulator: FSC
- Platforms: R StocksTrader, MT4, MT5
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- There's a VPS server for experienced investors looking for 24/7 uninterrupted trading
- The proprietary R Stocks Trader terminal rivals leading platforms like MT4, with netting and hedging capabilities, comprehensive backtesting, and Level II pricing
- ECN and Prime accounts are available for active day traders looking for low fees and market execution
Cons
- The broker's offering varies between accounts, especially in regard to market access, leverage and additional perks
- The demo account expires after only 90 days, which is more restricting than some competitors - OANDA's demo, for example, does not have a time limit
- The broker's range of 40+ currency pairs is mediocre - one of our top award-winners, Pepperstone, offers 90+
#2 - Axi
Why We Chose Axi
Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.
"Axi maintains its position as a top forex and CFD broker for seasoned traders, with more than 70 currency pairs, raw spreads and additional benefits for high-volume trading. Beginners will also appreciate the user-friendly copy trading service and free forex eBooks."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, shares, commodities, cryptocurrencies
- Regulator: FCA, ASIC, DFSA, FMA
- Platforms: MT4, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:400
Pros
- The $0 minimum deposit, zero-commission pricing structure, and user-friendly copy trading service will appeal to beginners
- Axi is a well-regulated and established broker, with a strong track record since 2007
- The broker’s free trading resources are geared towards short-term traders, including various market calendars and dividend forecast schedules
Cons
- The Axi Select program requires a $500 minimum deposit to enter the first Seed stage
- The tightest round-trip commission fees of $3.50 are only available to those who can deposit $25,000
- The demo account expires after only 30 days - many alternative brokers that we test allow you to practice for 60 days or more
#3 - VT Markets
Why We Chose VT Markets
Founded in 2015, VT Markets maintains its position as a top Australian multi-asset CFD broker. With 1000+ tradeable instruments and support for the MetaTrader 4 and MetaTrader 5 platforms, this broker delivers a wide range of day trading opportunities to over 200,000 clients worldwide. VT Markets is regulated by the ASIC, FSCA, and SVGFSA.
"VT Markets is a great choice for regular traders who are looking for very tight spreads and powerful charting software. The broker's share CFD offering is particularly strong, with hundreds of commission-free assets spanning multiple global markets."
- DayTrading Review Team
- Instruments: CFDs, Forex, Commodities, Stocks, Indices
- Regulator: ASIC, FSCA, SVGFSA
- Platforms: MT4, MT5, TradingView, TradingCentral
- Minimum Deposit: $200
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- A proprietary copy trading service, VTrade, is available on two platforms, with access to 100+ providers
- Market-leading MetaTrader 4 and MetaTrader 5 charting platforms are offered, with advanced technical capabilities and access to Expert Advisors (EAs)
- You can open an account in less than 5 minutes with just a $100 starting deposit
Cons
- Unlike similar brands like Fusion Markets, VT Markets does not offer crypto trading
- The broker’s bonus schemes have stringent terms and conditions, including restrictions on minimum deposits and payment methods used
#4 - TMGM
Why We Chose TMGM
TMGM is an ASIC-regulated forex and CFD broker with a vast range of tradeable assets covering forex, stock, index, crypto and commodity markets. The account types on offer provide a flexible choice between no commission or zero spreads, with competitive pricing all-round.
"TMGM is a great all-round choice thanks to its huge range of assets, diverse account types and platform choices, plus competitive pricing."
- DayTrading Review Team
- Instruments: CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex
- Regulator: ASIC, FMA, VFSC
- Platforms: MT4, MT5, TradingView, TradingCentral
- Minimum Deposit: $100
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- Huge range of assets including 10,000 global stocks
- Excellent platform support with MetaTrader 4, MetaTrader 5 and IRESS
- Free VPS for automated trading
Cons
- $30 fee levied monthly on accounts which are inactive for 6 months or have a balance below $500
- Shares are only available on the IRESS account, and not tradeable via MT4 and MT5
#5 - Kucoin
Why We Chose Kucoin
Kucoin is a crypto exchange that offers trading on 1000+ tokens as well as leveraged trading opportunities via futures and perpetual swaps. This exchange has a slick trading platform that supports robots, allowing traders to implement automated strategies. Other attractive features include a demo account, flexible funding methods and DeFi features like staking and mining.
"Users who want to make automated crypto trades on a wide range of digital currencies should Kucoin. The brand is also good for crypto staking and mining."
- DayTrading Review Team
- Instruments: ETFs, Cryptos, Futures
- Platforms: Own
- Minimum Deposit: $0
- Minimum Trade: 0.0001 Lots
Pros
- Well-known and reputable in the crypto world
- Leverage available via crypto derivatives
- Good range of DeFi products as well as Web3 features including an NFT marketplace
Cons
- Like many crypto firms, Kucoin is unregulated
- The proprietary platform can feel complex compared to better-known terminals
- Fiat withdrawals are not possible
#6 - IQ Option
Why We Chose IQ Option
IQ Option is a trusted broker with multi-asset trading on its user-friendly proprietary platform. The broker provides trading on forex, stocks, cryptos, indices, commodities and ETFs with competitive fees and a good suite of extra features and educational content. You can also open an account with just $10.
"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."
- DayTrading Review Team
- Instruments: CFD, Forex, Crypto, Stocks, Digital Options
- Platforms: Own
- Minimum Deposit: $10
- Minimum Trade: 0.001 Lots
- Leverage: 1:500
Pros
- Reliable 24/7 multilingual support
- Excellent range of payment methods
- Access to IQ Option community
Cons
- No MetaTrader 4 integration
- €10 inactivity fee after 90 days
#7 - LiteFinance
Why We Chose LiteFinance
LiteFinance is an offshore-regulated broker with 55 forex pairs and a range of international stocks as well as a smaller list of indices, commodities and cryptocurrencies. With support for the MetaTrader 4 and MetaTrader 5 platforms as well as a proprietary mobile app, there is a good selection of tools available. The broker offers a Classic commission-free account as well as an ECN account with spreads starting from zero and a commission per lot.
"LiteFinance will suit traders seeking high leverage on forex, stocks, commodities, indices and cryptocurrencies. The social trading system will also suit newer investors looking to learn from seasoned traders."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, shares, commodities, cryptocurrencies
- Regulator: CySEC
- Platforms: MT4, MT5
- Minimum Deposit: $50
- Minimum Trade: 0.01 Lots
- Leverage: 1:500 (Crypto 1:50)
Pros
- Automated trading via APIs
- Good range of forex pairs
- Decent suite of extra tools and features including a VPS
Cons
- Does not accept US traders
- Wide spreads on the Classic account
- Some complaints online about difficulties withdrawing funds
About Alipay
Alipay was established in Hangzhou, China in 2004 by the Alibaba Group. The payment brand is currently under Jack Ma’s ownership. The company’s head office is located in Shanghai and the firm is a subsidiary of Ant Group, a Chinese tech giant. The corporation has expanded globally, establishing other subsidiaries including Alipay Financial Services Hong Kong Limited, Alipay Singapore E-Commerce Private Limited, and Alipay (UK) Limited.
In 2022, Alipay had an estimated 82.2% market share of the third-party payments market in China, with over 680 million daily transactions and the number of users reaching 1.3 billion. Ant Group’s net worth is estimated at $315 billion. The company’s net profit also reached $3 billion as it cashed in revenues of $10.5 billion in just 6 months, meaning a profit margin of 30%.
According to recent news, the firm is also expected to launch as a stock IPO (Initial Public Offering) in 2022, due to its strong history of growth and valuation. The exact date is unclear due to regulations in China, but when it launches, Alipay will become a publicly-traded company with listings on the Shanghai and Hong Kong exchanges.
Pros Of Trading With Alipay
Mobile App
The mobile app is a convenient tool for investors who want to manage their trading deposits and account transactions whilst on the go. You can download the English app or the original Chinese version from the Apple App Store or Google Play store.
Multiple Payment Channels Supported
Alipay is a third-party eWallet service and therefore supports multiple payment methods. Traders can deposit or withdraw an Alipay account balance with stored credit or debit cards or epay solutions, such as MasterCard or Visa, plus with other methods like the GCash wallet and Klarna.
Secure
Alipay is a secure payment method that uses world-class processes including QR code payment scanning and 3D secure technology. Deposits should be safe via Alipay, but traders should also check the security of their chosen broker.
Multiple Countries & Currencies
The company’s ecosystem supports payments in multiple regions around the world, including Asia – primarily Hong Kong, Japan, Vietnam, and Singapore, as well as Europe, including the UK, Italy, and Norway, plus North America, Canada, Russia, Pakistan, Malaysia, Nepal, Ghana, Kenya, and Nigeria. It also supports transactions in 18 major foreign currencies, including USD, EUR, GBP, JPY, CAD, AUG, and SGD.
If you are an international trader and wish to transact in CNY, when exchanging one currency for another you must keep in mind the rate for today, which can be found online.
Payment Protection
The firm offers buyer payment protection up to 90 days for members, which fully reimburses unauthorized transactions. Traders can get in touch with customer service if they notice anything suspicious.
Customers can also get a full refund on undelivered items when shopping on AliExpress. Details of the refund process are provided on the website.
Cons Of Trading With Alipay
Registration Restrictions
The company’s business model primarily only allows Chinese bank accounts to register, however, traders who do not have a Chinese bank account can use the Tour Pass. This is a service provided by the Bank of Shanghai, which allows visitors to top up a prepaid card within the app, using a foreign card. Note, however, that the service is only available for 90 days, which may be unsuitable for some traders.
Settlement Times
Investors should note that the settlement of funds will depend on the payment method chosen within the Alipay wallet, so you will need to check with the individual payment provider beforehand. Brokers will also have their own processing times, though the top platforms process deposits instantly and withdrawals within five working days.
Verification Needed
To create and set up your account, you will need to go through a KYC verification process by submitting your ID and possibly a copy of your Visa if you are a visitor in China. As a result, Alipay is not as convenient as instant payment methods which don’t require account registration.
No Crypto
Because of Chinese regulations, blockchain transactions are not allowed on Alipay. Hence you won’t be able to purchase Bitcoin (BTC) or Ripple (XRP) in China. This may deter budding cryptocurrency traders and investors.
Speed
Deposits and withdrawals via Alipay are processed in real-time, with no need to fill out lengthy payment forms and personal details for each deposit. Note that the domestic and global remittance times will depend both on your chosen payment method and the broker you are joining.
Security
Alipay is safe and secure to use online, as it has encryption protocols to protect customer transaction data, as well as 3D secure technology within the app to verify payments. 3D secure protects your transactions by sending you a one-time 6-digit password by SMS. The app also uses a QR code generator which makes contactless payments easier and safer.
How To Deposit Using Alipay
To fund your trading account using Alipay, look out for the blue API logo on your platform and follow the instructions to login. Your broker will redirect you to the Alipay payment gateway, where you can select your method and confirm the transfer.
Depending on your circumstances, there may be a daily, monthly, and yearly limit at Alipay, as well as a subsequent deposit or withdrawal limit set by your broker.
Fees
The firm doesn’t charge transaction fees except for large withdrawals over 20,000 RMB which will include a 0.1% fee. If you’ve loaded your foreign prepaid card with another currency, there may also be exchange rate fees.
Due to take rate merchant fees, your broker may also have their own pricing for deposits and withdrawals. For example, Key To Markets charges a 2.5% commission on deposits. You can usually find funding fees on the broker’s website or our reviews.
Is Alipay Good For Day Trading?
Alipay is a good option for traders based in China, or for foreigners with an appropriate visitor’s visa who are eligible for the Tour Pass. The method is also safe and offers flexible account management via the app.
However, the accessibility of the payment method for those outside China and without a Chinese bank account is limited and therefore investors may need to look at other competitors, such as PayPal or WeChat Pay.
FAQ
What Is Alipay And How Does It Work For Day Trading?
Alipay is a payment processor and is a part of the Alibaba Group. The company offers convenient third-party payment integration for business and e-wallet services for customers. Traders will need to create an account using the app, which comes in Chinese and English. Once registered, you can load money into your account using a credit or debit card, before using it to make deposits into your live trading account.
Is Alipay The Same As PayPal?
Alipay is similar to PayPal in that it provides an e-wallet service, meaning users can make domestic and international transfers as well as payments online. Traders will be able to use Alipay in the same way as PayPal for funding trading accounts.
How Do I Get In Contact With Alipay For Any Deposit Problems?
For queries on how to delete an account or for any issues with your wallet, you can contact the customer service hotline at +65 68307260. For global business and merchant account holders, there is a support email address and phone number on the brand’s website.