Best UnionPay Brokers 2024

UnionPay International (UPI), or China UnionPay (CUP), is a payment provider popular with online brokers and traders. You may have spotted the tricolored logo on your brokerage’s website or at your local ATM, though it may not feel as familiar as Visa debit and credit cards.

The payment service offers multiple trading rewards and online shopping benefits, as well as QR code payments, which we will cover in this review. Learn more about trading with UnionPay and find out the advantages of adding a UPI card to your wallet. We also list the best brokers that accept UnionPay deposits in 2024.

Best UnionPay Brokers

Following our evaluations, these are the top 1 brokers with UnionPay:

UnionPay Brokers Comparison

UnionPay Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
ForexChief logo
$10 CFDs, Forex, Metals, Commodities, Stocks, Indices MT4, MT5 1:1000 Visit

#1 - ForexChief

Why We Chose ForexChief

ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

"ForexChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Metals, Commodities, Stocks, Indices
  • Regulator: VFSC
  • Platforms: MT4, MT5
  • Min. Deposit: $10
  • Min. Trade: 0.01 Lots
  • Leverage: 1:1000


  • The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
  • The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
  • Traders can access a copy trading solution via the MetaQuotes Signals service


  • ForexChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
  • The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
  • The broker trails competitors when it comes to research tools and educational resources

About UnionPay

Founded in 2002, UnionPay International is a subsidiary of China UnionPay, a financial services corporation headquartered in Shanghai. The company offers cross-border bank card schemes, merchant services, as well as convenient online services to cardholders. It is also a popular deposit and withdrawal option at day trading brokers worldwide.

By 2022, 180 million cards had been issued overseas with innovative products and services available in 95 countries and regions.

The payment provider operates under the People’s Bank of China and is the only Chinese interbank network that connects all bank ATMs in the country. With both credit and debit cards combined, it is also the largest card payment system globally, outperforming Visa and Mastercard.

union pay

Pros Of Trading With UnionPay

Easy To Sign Up

You can register for a UnionPay card through one of the approved banks listed on its website in minutes. Once signed up, it is quick and easy to start making deposits and withdrawals at your trading broker.

Several foreign payment service providers offer UnionPay prepaid cards in areas beyond the Asia-Pacific region. For example, the company rolled out virtual prepaid cards in the UK to corporates and consumers. HSBC bank also offers a dual currency card for those who work or travel frequently in China. In the US, owners of ECARDs are allowed to apply for prepaid UnionPay cards online, as well as UPI Gift Cards.

Accepted Everywhere

UnionPay facilitates card acceptance at brokers in 180 countries, such as in Zimbabwe, the UK, Australia, New Zealand, Romania, Nigeria, Nepal, Malaysia, Canada, Portugal, Turkey, the United States (including New York), and the UAE. For cash payments, you can find accepted terminals by searching in the ATM locator on the payment provider’s website.

The organization also has alliances with over 2,500 institutions and banks around the world, including Discover in the USA, JCB in Japan, UOB, OCBC and DBS in Singapore, Hang Seng in Hong Kong, KTC and KBank in Thailand, Khan Bank in Mongolia, HSBC in the UK, BDO in the Philippines, BCA in Indonesia, HBL in Pakistan and many more.

When comparing UnionPay vs PayPak, the former has particularly impressive global coverage.


UnionPay supports broker deposits and withdrawals in almost all currencies and also works with all mobile devices and computer browsers, making it more accessible than other contenders such as AliPay or WeChat Pay.

CUP is also offered as a convenient mobile app and supports QR code payments, as well as Google Pay and Apple Pay in some countries, such as Hong Kong.

Foreign Transactions

The firm partnered with MoneyExpress, a cross-border remittance service that operates in 45 countries and regions. MoneyExpress settles the exchange rate in advance and deposits the remittance back to the customer’s UnionPay account in RMB. This makes it a cost-effective way to fund your online trading account from abroad.


If you already use Visa or Mastercard to deposit funds into your trading account, it could be worth signing up for a UnionPay card to reap the various promotions and local perks. Rewards have included:

Brokers that accept UnionPay deposits

Cons Of Trading With UnionPay

The most notable downside is the limited number of brokers and banks at which you can apply for and trade with a UnionPay card.

It is also surprising that CUP is not yet accepted at one of China’s largest ecommerce services, AliExpress. In addition, since the 1st of December 2020, the E-Wallet in NETSpay (a popular Singaporean payment app) is no longer available. However, consumers can use the UnionPay QR code in Singapore and globally utilizing the Bank of China mobile app.

Finally, whilst the payment network has extended to many countries in Asia, Europe and beyond, some areas do not yet present the UPI logo on broker’s websites and ATMs. In such cases, cardholders will need to inquire whether UnionPay cards are accepted.


Transactions are generally instant when you pay online using UnionPay but note that if you are using a prepaid card, it can take several days to transfer money beforehand. It is also worth noting that while most brokers process CUP deposits instantly, withdrawals can take longer. Some traders may may have to wait several days before receiving returns.


As with other major payment processors such as Visa or Skrill, broker transactions via UnionPay are safe and secure. The company employs numerous security protocols including the UnionPay 3D Secure (3DS) online payment authentication solution. CUP QR code payments are also fully encrypted.

How To Deposit Using UnionPay

For the various forex and stock brokers that do accept UnionPay, funding is fast and easy. Make sure to check in advance with your broker what the minimum deposit amount is, especially if you’re using a prepaid card.

If you have deposited using UnionPay, withdrawals may need to be issued via the same account. Always make sure that the name and address on your ID documents are the same as your UPI registration details. It is also worth flagging that there may be overseas withdrawal limits with some brokers; you can check this by contacting customer support when you open an account and login.

Fees & Costs

Fortunately, many trading brokers offer fee-free payments via UnionPay, including IC Markets and Pepperstone.

For overseas spending, cross-border transaction fees may apply, as well as ATM commission charges. Note that international debit card commissions are usually lower. Conversion fees may also apply depending on the exchange rate used. This tends to be between 1% and 2% higher than the value of your purchases abroad.

In any case, it is best to check with your vendor or bank beforehand, as these fees vary from country to country.

Is UnionPay Good For Day Trading?

If you are a trader based in Asia, Russia or the US, you may already own a UnionPay card for your day-to-day spending, so it could be convenient to also utilize it for online trading. Using your UPI card to make deposits and withdraw revenue from your trading platform also comes with additional benefits, such as instant processing and secure payments.

However, given that UnionPay is still not widely accessible to consumers beyond the Asia-Pacific region, the payment service will not be offered by as many brokers as Visa, Mastercard or PayPal, for example.


How Do I Use UnionPay At My Broker?

You can pay for goods or deposit into your trading account using your debit or credit card number and details. Look out for the UnionPay icon at your chosen vendor or broker.

Is UnionPay Accepted In Europe?

Yes, UnionPay cards are generally accepted in many European countries, including the UK, France, Germany, Spain and Italy. With that said, traders will need to check if their chosen broker accepts UnionPay deposits and withdrawals.

Where Is UnionPay Accepted?

UnionPay is accepted at online brokers in 180 countries including across Europe, Asia, Africa, the United States and the Middle East. Alternatively, see our list of brokers that accept UnionPay deposits.

Is UnionPay Safe To Trade With?

Yes, UnionPay uses various security systems to ensure customer transactions are safeguarded, both online and on mobile applications. This includes 3D Secure protocols as well as encrypted QR codes.