UnionPay is quickly becoming one of the most popular payment systems around. It started in China and has around 680 million active users. Nowadays, UnionPay is accepted across the world and has become critical for Chinese and Asian traders to be able to deposit and withdraw funds using this payment service.
Let's see which are the best Forex brokers that accept UnionPay.
A quick comparison table of top brokers accepting UnionPay
XM
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Visit broker 8.4 8.34 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.03% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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RoboForex
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Visit broker 7 6.56 Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Tickmill
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Visit broker 7.6 6.29 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.
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IC Markets
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Visit broker 7.6 7.49 Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.27% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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| Fees on deposits | $0 | $0 | $0 | $0 |
| Fees on withdrawals | $0 | From 0.5% | $0 | $0 |
| Minimum deposit | 5 USD | 10 USD | 100 USD | 200 USD |
| Maximum leverage | 1:1000 | 1:2000 | 1:500 | 1:500 |
| Inactivity fee | 5 USD/m | 0 USD | 0 USD | 0 USD |
| Regulations | Australia, Belize, Cyprus, UAE, UK | Belize | Cyprus, Labuan, Seychelles, South Africa, UK | Australia, Bahamas, Cyprus, Seychelles |
| Spreads on EUR/USD | From 1 pip | From 1.4 pips | From 1.6 pips | From 0.6 pips |
| Account currency | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | EUR, USD, CNY, GOLD | USD, EUR, GBP, PLN | AUD, USD, EUR, GBP, CHF, NZD, JPY, SGD, CAD, HKD |
The lowest minimum deposit is $5 which comes from XM and the highest leverage of 1:2000 is offered by RoboForex; while IC Markets offers the lowest spreads of just 0.6 pips on standard accounts. All brokers have zero commissions when trading with standard account types.
Mini-reviews
XM
As one of the most reliable and well-known brokers in the world, XM is no newcomer to the Forex scene. XM was established in 2009 and has managed to attract over 5 million clients from 190 different countries.
Among the multitude of its regulators, there are some top-tier ones such as the FCA of the UK and Australia’s ASIC, making XM one of the most legit brokers out there. The broker offers multiple deposit and withdrawal options including UnionPay and comes with zero fees for deposits and withdrawals. With a minimum deposit of just $5 and maximum leverage of 1:1000, it is possible to start trading on a small budget. Minimum spreads for standard accounts starts from 1 pip and there are no commissions. There is also a zero-spread account with low commissions for scalpers, and the trading platforms offered include MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
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8.4
8.34
RoboForex
Established in 2009, RoboForex has more than 12,000 assets available for trading, including Forex pairs, indices (CFD), commodities (CFD), metals (CFD), energy commodities (CFD), stocks (CFD), ETFs, and cryptocurrencies (CFD).
RoboForex has more than a million clients from 169 countries worldwide and is only regulated in Belize, which is a bit of a downside when it comes to the broker's safety rating.
The leverage on offer is exceptionally high, at 1:2000, which means that traders can have 2,000 times the buying power of their account size. Because of this high leverage, RoboForex implements negative balance protection to prevent users from getting into a negative balance. Another slight disadvantage is the withdrawal fee of 0.5% of the amount being withdrawn.
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7
6.56
Tickmill
Tickmill has accumulated 270,000 clients from across the world since its launch back in 2014. The broker is regulated by the FCA, CySEC, FSA, Labuan FSA, and the FSCA. Additionally, Tickmill is overseen by different financial commissions in Germany, Italy, France, and Spain, making the broker one of the most reliable and safe Forex brokers out there today.
The minimum deposit required is $100 and there are no deposit fees required. For withdrawals, the minimum amount is $25 with zero commissions charged. Tickmill has zero-spread account types with commissions together with low-spread and zero-commission standard accounts to appeal to traders of every type. UnionPay is an available option for deposits and withdrawals, and there are no fees for these transactions, which usually have very fast processing times.
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7.6
6.29
IC Markets
IC Markets was founded in 2007 and has several interesting features associated with it. The trades executed daily on the broker’s platforms total around 500,000, 60% of which are done by algorithms.
Since this broker is regulated by multiple trusted authorities from Australia, The Bahamas, Cyprus, and Seychelles, the broker is reliable and legit. They offer MT4, MT5, and cTrader as the main trading platforms and the total assets available for trading are more than 2,000.
IC Markets has a negative balance protection in place. Additionally, the broker has low commissions and no fees related to UnionPay transactions. Islamic accounts are also available.
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7.6
7.49
Best UnionPay broker per category
When picking the best UnionPay broker, there are a number of things to consider. Below, we compared trading fees and the number of offered instruments per asset class to see which broker shines in which category.
Lowest spread UnionPay brokers
| XM | RoboForex | Tickmill | IC Markets | |
|---|---|---|---|---|
| Spreads on EUR/USD | From 1 pip | From 1.4 pips | From 1.6 pips | From 0.6 pips |
| Commissions | 0 USD | 0 USD | 0 USD | 0 USD |
All four brokers have zero fees for the standard account types and the best spreads are offered by IC Markets, starting from 0.6 pips.
Multi-asset UnionPay Forex brokers
| XM | RoboForex | Tickmill | IC Markets | |
|---|---|---|---|---|
| Forex pairs | 57 | 35 | 62 | 61 |
| Shares CFDs | 1,261 | 8,400 | 0 | 1,800 |
| Cryptos | 31 | 33 | 8 | 18 |
| Commodities | 8 | 9 | 7 | 22 |
| Indices | 14 | 6 | 25 | 23 |
RoboForex is the winner in the available asset section, with most of the other brokers offering a fairly decent number of trading instruments.
All UnionPay accepted Forex broker reviews
In addition to the four brokers that we have discussed, there are lots of other good brokers to consider that are regulated by multiple reputable authorities and accept UnionPay. On our website, there are many transparent and high-quality reviews traders can read, with a focus on safety and security. We also cover newcomer brokers that have the potential to become well-established service providers in the future, so check out these reviews if you are shopping for a new place to trade.
