Best Alipay Brokers 2023

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 2023.

Alipay Brokers

These are the 8 best brokers that accept Alipay deposits and withdrawals:

#1 - RoboForex

RoboForex is a global broker launched in 2009. 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
  • Min. Deposit: $10
  • Min. Trade: 0.01 Lots
  • Leverage: 1:2000 (Retail)


  • You can access commission-free trading on thousands of US stocks
  • Automated trading is permitted in all platforms, with user-friendly robot builders
  • The low $10 minimum deposit is ideal for beginners and those on a budget


  • The demo account expires after only 90 days, which is a smaller time limit than some competitors
  • The broker's range of 40+ currency pairs is mediocre
  • Based on tests, instruments and fees vary between platforms

#2 - VT Markets

VT Markets is an Australian multi-asset CFD broker regulated by the ASIC, FSCA, and SVGFSA. With 1000+ tradeable instruments, support for the MetaTrader 4 and MetaTrader 5 platforms, plus powerful charts from TradingView, this broker provides traders with an intuitive way to access diverse markets. Spreads start from 0.0 on the ECN account with very competitive commissions on some instruments, and the commission-free account also has fairly tight spreads starting from 1.2 pips on the EUR/USD pair.

"VT Markets is a great choice for regular traders who are looking for very tight spreads and powerful trading platform and charting options."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Commodities, Stocks, Indices
  • Regulator: ASIC, FSCA, SVGFSA
  • Platforms: MT4, MT5, TradingView, TradingCentral
  • Min. Deposit: $200
  • Min. Trade: 0.01 Lots
  • Leverage: 1:500


  • Copy trading platform with social investing opportunities
  • Competitive spreads and commissions
  • Free demo account


  • Bonus schemes have stringent terms and conditions
  • No cryptocurrency trading
  • Not overseen by any UK, EU or US regulators

#3 - JustMarkets

JustMarkets is a multi-asset broker with both CySEC-regulated and offshore branches. Offering ultra-low spreads, copy-trading services, 170+ tradeable instruments and MetaTrader support, JustMarkets has a lot to offer both beginner and experienced traders.

"With some of the most affordable pricing in the game and access to the powerful MT4 and MT5 platforms, JustMarkets is a good choice for any investor."

- DayTrading Review Team
  • Instruments: Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures
  • Regulator: CySEC, FSA, VFSC
  • Platforms: MT4, MT5
  • Min. Deposit: $1
  • Min. Trade: 0.01 Lots
  • Leverage: 1:3000


  • 170+ trading instruments
  • Trustworthy and regulated by CySEC
  • MetaTrader 4 integration


  • Non-forex asset list is light with just 65 stocks plus a handful of indices and commodities
  • Limited availability with clients not accepted from the US, UK, Japan, Germany and other countries

#4 - 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
  • Min. Deposit: $100
  • Min. Trade: 0.01 Lots
  • Leverage: 1:500


  • Well-regulated and reputable brand with a solid client base
  • Huge range of assets including 10,000 global stocks
  • Free VPS for automated trading


  • Shares are only available on the IRESS account, and not tradeable via MT4 and MT5
  • $30 fee levied monthly on accounts which are inactive for 6 months or have a balance below $500

#5 - 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: Crypto, Futures
  • Platforms: Own
  • Min. Deposit: $0
  • Min. Trade: 0.0001 Lots


  • Low trading fees
  • Possibility to earn interest on crypto by staking
  • Wide list of tokens with 1000+ cryptos including many low-market-cap tokens


  • Crypto exchanges are often riskier than trading through a crypto broker
  • Like many crypto firms, Kucoin is unregulated
  • Limited educational resources

#6 - FXOpen

FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK's FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.

"FXOpen is a good, reliable all-round broker with competitive pricing that will especially suit high-volume traders who can benefit from fee discounts."

- DayTrading Review Team
  • Instruments: Forex, CFDs, Indices, Commodities, Cryptocurrencies, ETFs, Shares
  • Regulator: FCA, CySEC, ASIC
  • Platforms: MT4, MT5, TradingView
  • Min. Deposit: $1
  • Min. Trade: 0.01 Lots
  • Leverage: 1:30 (EU), 1:500 (Global)


  • MT4, MT5, TradingView & TickTrader platforms
  • Bonuses and trading contests
  • Unlimited demo account


  • Withdrawal fees apply for some methods
  • Inactivity fee
  • No access to all instruments on some accounts

#7 - 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
  • Min. Deposit: $10
  • Min. Trade: 0.001 Lots
  • Leverage: 1:500


  • iOS & Android compatible app
  • Reliable 24/7 multilingual support
  • User-friendly platform for beginners


  • No MetaTrader 4 integration
  • €10 inactivity fee after 90 days

#8 - 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
  • Min. Deposit: $50
  • Min. Trade: 0.01 Lots
  • Leverage: 1:500 (Crypto 1:50)


  • Good range of forex pairs
  • Social trading service
  • Decent suite of extra tools and features including a VPS


  • Some complaints online about difficulties withdrawing funds
  • Does not accept US traders
  • Not overseen by any top-tier regulator

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.

alipay logo

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.


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.


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.


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.

Which brokers accept Alipay deposits?

Deposits & Withdrawals

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.


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 A Good Choice For Traders?

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.


What Is Alipay And How Does It Work?

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.

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. This includes funding trading accounts.

Is Alipay Available In The UK?

Alipay members are able to pay with Alipay at some UK shops, due to a partnership with Barclaycard, the credit card brand of Barclays bank. Some brokers who offer their services to UK clients also accept Alipay.

Is Alipay A Credit Card?

No – Alipay is a digital wallet and payment service which allows you to securely make purchases online. Alipay does not issue plastic cards, although the company offers Tour Pass for users with international bank accounts.

How Do I Get In Contact With Alipay?

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.