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WeChat Pay Brokers 2021 - Which Brokers Accept WeChat Pay?
WeChat Pay is a Chinese payment method that can be used for trading account deposits and withdrawals. The payment system is directly linked to the WeChat communications application and supports secure CHY transactions for locals, tourists and businesses.
This review will explore what WeChat Pay is, how to use it, the account setup process and its many features, including online access, safety, verification, transaction fees and geographical restrictions. We also list the best brokers that accept WeChat Pay deposits.
WeChat Pay Brokers
What Is WeChat Pay?
WeChat Pay is a payment feature of the WeChat app. Available to all with a Chinese bank card, its ease of use has generated impressive popularity and growth, with 90% of phones in China now coming with the application already installed. The system works similarly to PayPal, where a payment made through the WeChat app comes straight out of your bank account. It can be used online and offline and allows all its users to receive money and pay for things both inside and outside of the app with a simple QR code.
WeChat Pay is widely used amongst Chinese traders to fund and empty trading accounts but is also used for transferring money between friends, paying for bills and purchasing train tickets, for example.
How To Create A WeChat Pay Account
Setting up an official account so you can use WeChat Pay to deposit funds into a trading account is a simple process. Start by downloading the WeChat app from either the Apple App Store or Google Play Store and setting up an account on the platform. From there, head to the WeChat Wallet and add a debit or credit card (including Visa and Mastercard), at which point you can set a PIN code and begin using the payment method.
WeChat Wallet may not allow you to set up a bank card without a Chinese mobile number associated with the social media account. If this happens, you can contact customer service to resolve the issue.
WeChat Pay is a low-cost payment option, with users charged a rate of 0.1% to use the service, better than their closest competitor, AliPay at 0.55%. As WeChat acts as a conduit for bank card payments, and as such no account needs funding, the service has no deposit or withdrawal fees. This is particularly good for traders where lots of little fees can add up.
WeChat Pay’s transaction processing is almost instantaneous and can work over a 3G or WIFI connection. This is great for traders on the go who might want to fund or empty a trading account from their mobile phones.
Some brokers will have their own processing times to consider, so WeChat Pay may not always be an instantaneous deposit method for traders.
WeChat Pay is a reputable company that delivers full 24/7 transaction insurance to all its users, including those who use it to trade. On top of this, its security features, like data encryption, payment limits and suspicious activity monitoring help its customers feel safe when making deposits or withdrawals. WeChat Pay users must verify their identity when they open an account, which helps to reduce the risk of fraudulent activity.
The Hong Kong branch of HSBC has even jumped on the WeChat Pay bandwagon, demonstrating its legitimacy as a safe and secure payment method.
How To Make Deposits & Withdrawals
The WeChat app has two different platforms for payment; WeChat Wallet and WeChat Pay. The WeChat Wallet requires money to be transferred to it from a Chinese bank account to increase its balance, whereas the WeChat Pay option connects straight to your debit card and requires no deposit or withdrawals in-app.
Pros Of Using WeChat Pay For Traders
- Rapid processing times with no lead times
- Account identity verification
- Strong security
- Low fees
Cons Of Using WeChat Pay For Traders
- Account setup can take a long time
- Availability is limited to Chinese citizens or those with Chinese currency in their bank accounts
If the payment system is not working, you need help setting up an account, making transactions or would simply like to open a query, WeChat Pay’s customer service is available 09:00-18:00 GMT +8, Monday-Friday. Contact can be made via telephone at the number below.
- Telephone: +86 571 95017
Final Word On WeChat Pay
WeChat Pay is a popular and convenient payment method used throughout China, with more than 90% of clients using it as their preferred transaction system. The service is fast, secure and cheap, with fees of only 0.1%, although it is limited to Chinese citizens and customers with CHY in their bank accounts. That being said, the service is used by many brokers throughout China, facilitating rapid funding and withdrawals from trading accounts for many investors.
What Is WeChat Pay?
WeChat Pay is a payment feature of the ‘WeChat’ app that is widely used throughout China and supports payments with just a scan of a QR code. It’s also a popular deposit option among active traders.
Is WeChat Pay Available In Other Countries?
WeChat Pay can be used by anyone with either Chinese citizenship or a bank account funded with Chinese Yuan (CHY). This includes clients outside China if they have the correct bank account. Supported countries include, but are not restricted to, Pakistan, The Philippines, Malaysia, Kenya, Japan, Nigeria, Macau, Nepal, Vietnam, UAE, Singapore, South Africa, USA, Indonesia, Europe, France, Australia, Canada, Hong Kong, Thailand, Indonesia, Ghana, Germany, Namibia, New Zealand, Zambia and Cambodia.
Is WeChat Pay Safe?
WeChat Pay is a reputable company that has a range of security features in place, including encryption and fraud monitoring. The company is also so confident in its products that all of its users automatically receive 24/7 transaction insurance.
How Do I Get A WeChat Pay Account?
Getting started with WeChat Pay is as simple as downloading the app, filling out the registration form and connecting a bank card to the integrated digital wallet. Head to the respective app store to download the app and deposit funds into your trading account today.
Why Is We Chat Pay So Successful?
WeChat Pay is a convenient payment method used not just for trading account transactions, but also online and offline transfers. The system is easy to use and offers rapid, secure payments for local and global traders.