- Binary Brokers with Alipay
- How Alipay Works
- Region Expansion Via App
- Transaction Times
- Alipay Security
- Pros Of Alipay For Binary Options Traders
- Cons Of Alipay For Binary Options Traders
- How To Make Binary Options Deposits & Withdrawals With Alipay
- Verdict On Alipay Binary Options Brokers
- Is Alipay A Secure Payment Method For Funding Binary Options Accounts?
- How Do Traders Make Deposits To Alipay Binary Options Brokers?
- Is Alipay The Best Payment Method For Binary Options Deposits?
- Is Alipay A Secure Deposit Method For Binary Options Traders?
- Do Binary Options Brokers Accept Alipay Deposits?
Alipay is a third-party mobile and internet payment platform set up by Chinese multinational tech company, Alibaba. As China’s largest online payment gateway with more than 1 billion users, there is a growing list of binary options brokers that accept Alipay deposits.
This guide will give traders the lowdown on Alipay binary brokers, with details on the payment firm’s history, how it works, plus its advantages and disadvantages for funding online investing activities. We have also compiled a list of the best binary options brokers that accept Alipay deposits and withdrawals.
Binary Brokers with Alipay
Besides being an e-wallet that can be used to make deposits to binary options trading accounts, Alipay can also be used for a range of other functions such as ride-hailing, and its flexible functionality as a super-app has given it the edge over competitors such as PayPal or Wechat Pay in China.
The Citcon payment app estimates that some 62% of business-related transactions in China go through Alipay, with a huge number of merchants integrating the digital solution into their online businesses with payment APIs.
It has also become a popular payment option outside China in neighbouring territories including Malaysia, Singapore, Vietnam and Hong Kong, with offices dotting the region. The Alipay app is even used further afield in countries including Pakistan and Nigeria.
This is partly because, as a digital wallet and payment system, Alipay can be used for global remittance as well as retail purposes. And, since the transfer solution supports various payment methods and is widely supported, there are a number of top-rated Alipay binary options brokers.
How Alipay Works
Since its founding in Hangzhou, China in 2004, Alipay has led the pack in the digital payments sector as the country’s traditional cash-based economy began to adopt card and digital payments.
Today, from its headquarters in Shanghai, the firm has expanded across the world to establish a list of subsidiary companies including Alipay Financial Services Hong Kong Limited, Alipay Singapore E-Commerce Private Limited, and Alipay (UK) Limited.
Moreover, Alipay’s owner, the Ant Group, was poised to launch an international public offering (IPO) in 2021 which observers believed would have smashed records if it had gone through due to a valuation of close to $300 billion.
Alipay commands a massive 82% share of the Chinese online payment market, and also boasts a large number of international users. Put simply, it is a digital payment giant with more than 1.2 billion registered users, and it is no wonder that many binary options traders favour Alipay as a payment method.
So although the list of binary options brokers that accept Alipay deposits is not yet extensive, you will see Alipay’s logo on some high-profile platforms, including Pocket Option.
Region Expansion Via App
Importantly, Alipay adoption is still quite limited outside China for several reasons. One is that it is difficult for foreigners to sign up to the most widely used version of Alipay due to the requirement for a Chinese bank account.
This can be avoided by using an international version of the Alipay app and a function called the “Tour Pass”, which allows users to create and top up a prepaid debit card. The virtual card can be used to make purchases online using a QR code or by inputting the virtual card’s details on the vendor’s website.
This is useful for foreigners in China who want to shop with Chinese online merchants but don’t have a card to do so. However, since the Tour Pass is only valid for 90 days, and requires a debit or credit card to fund, you may be better off using your existing card to send money to your binary options broker.
At the same time, it will be much easier to make a deposit with Visa or Mastercard most of the time than to find binary options brokers that accept Alipay deposits and withdrawals.
Users should also bear in mind that, while Alipay has some English-language support, this is fairly limited and most of the information you will find on the app and website is written in Mandarin. If you don’t speak this language, you should research this payment method carefully before you register and use it to fund your binary options trading account.
This is a fast payment method, and if your binary options broker has registered a default bank account with Alipay, then the transfer should go through within 15 minutes, even if it is a cross-border transaction. However, in some cases, it can take longer for the money to reach its recipient, especially if verification checks are required.
Alipay binary options brokers usually support fast payments, but each brokerage has its own system for making deposits and withdrawals. While most binary brokers support quick deposits, many will require extra verification checks for withdrawals, and this can take several days.
Alipay’s pricing structure focuses mainly on merchants, who are charged an average fee of 0.55% per purchase. The company also charges companies for each transaction made on its QR code generator payment system at a comparable rate to debit or credit card transactions. Binary options brokers that accept Alipay deposits may pass some or all of these charges onto the trader, but often they will cover the costs on their end.
Alipay has a transfer limit of 30,000 Chinese Yuan (CNY), or around 4,300 US Dollars (USD), per transfer, with two of these transfers allowed per day. Chinese citizens have a yearly limit of $50,000 in overseas transactions.
The company charges a 0.1 percent fee for bank transfers made through its e-wallet, so if you use this method to pay Alipay binary brokers, you will have to take this cost into account. However, since Alipay is free for customers and takes most of its fees from merchants, this is generally a very affordable payment method for binary options traders.
Investors can also rest assured that Alipay is a secure payment method, thanks to digital encryption and other security measures for consumers and protections in place for merchants.
With multiple transactions as well as fingerprint, voice and facial recognition systems, it is nearly impossible to hack into an Alipay account. Users are also protected by a policy which allows customers to claim a refund if an unauthorized transaction takes place.
Despite the above, it’s important to sign up with reputable and reliable Alipay binary brokers. Avoid trading platforms with negative user reviews and ratings.
Pros Of Alipay For Binary Options Traders
- Widespread adoption by merchants in China and a growing list of Alipay binary brokers
- Access to several ways to pay, including bank transfers and virtual cards
- Fast, low-cost deposits and withdrawals to binary options trading accounts
- Klarna integration allows buyers to pay in interest-free instalments
- Established, reliable company with strong fundamentals
- Secure deposits and a fair policy on refunds
Cons Of Alipay For Binary Options Traders
- Limited use outside China
- Difficult to use without a Chinese bank account
- Tour pass for foreign traders only valid for 90 days
- Relatively few Alipay binary options brokers today
How To Make Binary Options Deposits & Withdrawals With Alipay
If you find binary options brokers that accept Alipay as a deposit method, then making payments should be a relatively simple process. Transactions are usually made through a “cashier” or “finance” tab on binary brokers’ websites, which will prompt you to enter the amount you would like to deposit as well as any voucher codes or bonuses you have access to.
When you select “Alipay” as your payment method, you should be able to complete the payment by using facial recognition or scanning a QR code provided by Alipay binary options brokers. The process for making withdrawals should be similar.
Since Alipay also offers bank transfers and virtual pre-paid debit cards as payment options, it may be possible to fund a binary options brokerage account using one of these methods.
However, you should bear in mind that Alipay is not a bank, so it may be complicated or even impossible to use this method to receive funds. This would present a major difficulty to traders whose binary options broker requires deposits and withdrawals to be made using the same method.
Verdict On Alipay Binary Options Brokers
The Alipay payment gateway has been a runaway success story in its native China, and is doubtless a leading payment method as a result. However, the platform has not yet made a drive to expand globally, and there are not too many binary options brokers that accept Alipay deposits or have integrated its payment API.
The transfer solution may be a good payment option for traders in China who can unlock the app’s full functionality, and are likely to find more uses for the system than just paying Alipay binary brokers. However, for most traders in other countries, there may be better deposit and withdrawal options to choose from.
Check out our list of the best binary options brokers that accept Alipay deposits to start trading.
Is Alipay A Secure Payment Method For Funding Binary Options Accounts?
The company has both advanced security technology and buyer protections, so it is one of the safer online payment methods, as long as you can find reliable Alipay binary options brokers. It is also worth checking whether you can implement two-factor authentication on your trading platform for added protection.
How Do Traders Make Deposits To Alipay Binary Options Brokers?
Traders with access to Alipay can use this payment app for a wide range of functions, including making deposits and withdrawals to supported binary brokers. This should be a simple process at binary options brokers that accept Alipay as a payment method, especially if they have integrated the payment API. In this case, you can use facial recognition or scan a QR code to deposit funds and withdraw profits. However, the number of Alipay binary brokers is still relatively limited vs trading platforms that support wire transfers and e-wallets such as PayPal.
Is Alipay The Best Payment Method For Binary Options Deposits?
Alipay is a great payment method for investors living in China, but it is not ideal for binary options traders outside the country. This is because the app only has limited functionality for international users who do not go through the full verification process, and this involves having a bank account in China.
Additionally, though the Alipay app does have limited support in English and other languages, it is geared toward Chinese speakers. If you don’t speak the language, it may be difficult to access customer service options or to find out important information about the app.
Is Alipay A Secure Deposit Method For Binary Options Traders?
Alipay has implemented several good security features on its app, including multiple passwords, facial recognition, fingerprint recognition, and digital encryption. These features make an Alipay account extremely secure. Also, since the firm has a fair and transparent refund process, binary options traders can expect to have better protection than with some other payment methods.
Do Binary Options Brokers Accept Alipay Deposits?
Alipay is not the most widely supported payment method among binary brokers, since its main customer base is found in China and the app has limited functionality in the wider world. As a result, the payment app is not widely used by binary options brokers, though Pocket Option is one well-known brokerage that does accept the payment method.