Best Alipay Brokers 2024

With over 1.3 billion users and more than 80 million merchants, Alipay is one of the most popular digital payment services in China and, since 2013 when it overtook PayPal, the largest payment platform in the world. Alongside its runaway success at home, Alipay has also pushed into markets outside China with integration in many countries, including Britain’s Barclaycard. As a result, an increasing number of UK traders are making deposits to Alipay brokers.

This guide will explain how British traders can use Alipay to fund their online trading accounts, with a review of the pros and cons of this payment method and a list of the top brokers that accept Alipay deposits.

About Alipay

Alipay was founded in 2004 in Hangzhou, China, by billionaire businessman Jack Ma’s Alibaba Group. The firm quickly filled the demand in China for an online payment service and today it commands an estimated 54% of the market share in this sector, followed by WeChat Pay and Union Pay.

Alipay’s push to expand outside China has seen the company add 300 worldwide merchants to its roster, allowing these to sell directly to customers, including online traders. The payment service currently supports 14 international currencies besides Chinese yuan (RMB), including British pounds sterling (GBP), US dollars (USD), Hong Kong dollars (HKD), and Singapore dollars (SGD).

In 2020, Alipay’s parent company Ant Group was poised for a $37 billion stock IPO – a massive offering that was set to be the world’s largest, until Chinese regulators slammed the brakes on the deal. Plans for a new IPO have not yet been announced, but the huge sums involved in the first are a sign of the importance of this payment system.

Its global success is also why traders can find a growing list of brokers that accept Alipay deposits and withdrawals in 2024.

How Alipay Works

Alipay is a more comprehensive experience than PayPal, with traders able to benefit from useful features that allow them to use the app in a range of everyday scenarios in a concept known as a ‘payment ecosystem’.

Alipay’s latest app iteration can generate QR codes to split bills at restaurants; pay utility bills; instantly transfer money to other users; check the balance of a connected bank account, and more. This makes this payment gateway a convenient option for Chinese traders to use in their day-to-day lives, as well as for other purposes like global remittances or funding accounts with brokers that accept Alipay deposits.

Traders have a choice of payment methods that they can use through Alipay, including an e-wallet that works similarly to PayPal, wire transfers through linked bank accounts, credit and debit cards, and prepaid cards.

Alipay For Foreigners

UK traders should bear in mind that Alipay is directed at the Chinese consumer market and to create a full account you will need a Chinese bank account. Foreigners who want to use Alipay without a Chinese bank membership can set up a ‘tour pass’ which allows them to use their Visa or Mastercard to buy prepaid Alipay vouchers for 90 days.

This is handy for foreigners travelling in China, but there are no obvious benefits of using Alipay in this way to fund a brokerage account. This limits the usefulness of Alipay for UK traders who do not have a strong link to China.

How To Make Alipay Deposits & Withdrawals

Transactions with Alipay brokers are streamlined and only involve a few simple steps:

• Log into your account with trading brokers that accept Alipay deposits
• Navigate to the broker’s ‘payments’ or ‘cashier’ area
• Enter the deposit amount and proceed to the broker’s checkout page
• Choose Alipay as your payment method
• Scan the QR code to pay
• Confirm the transaction

Withdrawals will be made using a similar process to deposits, with the trader selecting Alipay as their withdrawal method and confirming the transaction using a QR code. Users can then check their account balance in the online dashboard.

Transaction Times

The transaction times depend on the specific payment method you use through the platform, but generally, e-wallet payments will go through quickly and most Alipay brokers accept near-instant deposits, including VT Markets (30 to 60 minutes).

However, bank transfer times will depend on the bank you use, and some Alipay brokers process transactions more slowly than others.

It is also common for brokers that accept Alipay to require processing time for withdrawals, which usually runs no longer than a couple of days. This is to comply with KYC and AML requirements.

Fees

Alipay’s pricing structure is levelled at merchants, such as brokers, who pay an average of 0.55% per transaction. This means traders will not be liable for any fees if they use a UK broker that accepts Alipay and offers fee-free deposits and withdrawals, such as TMGM.

Alipay has a transaction limit of 30,000 Chinese yuan (£3,550) per transfer, with two transfers allowed per day. Chinese citizens are permitted a yearly limit of $50,000 (around £40,000) in overseas transactions.

Pros Of Alipay For UK Traders

• Leading Chinese Payment Service – Alipay is the front-running online payment service in China and it has many more uses than simply making payments. UK traders who have strong links to China will find that the app is convenient in their daily lives, with much wider uses than simply funding their Alipay broker accounts.
• Secure – With advanced safety measures including 3D secure, facial and voice recognition and encrypted transactions, Alipay traders are well protected. If something does go wrong, they also have the chance to raise a claim for a chargeback.
• Versatile – Alipay works with a range of different payment methods, including bank transfers, e-wallet payments and prepaid cards. This makes it easy to fund online trading accounts with a convenient solution.

Cons Of Alipay For UK Traders

• Focus On Chinese Markets – The main hurdle for UK traders that want to use Alipay in the long term is that they will need a Chinese bank account. This discounts many UK-based traders, though there will be a significant number of dual nationals or British citizens who have business or personal interests in China who can still sign up for this payment gateway.
• Limited Number Of Alipay Brokers – There are not that many UK brokers that accept Alipay deposits. You will find a few – RoboForex and Kucoin, for example – but the choice is limited compared to more popular UK payment methods, such as PayPal.
• Limited Support – If you are making frequent transactions with a payment method, it is useful to have a responsive customer support service that operates in your time zone. Since Alipay’s global office is based in Singapore and there is no live chat option on its website, this isn’t ideal for UK traders.
• No Cryptocurrencies – The Chinese government has banned cryptocurrencies, so you will not be able to buy or transfer Bitcoins or any other tokens using Alipay. This is a drawback for active crypto investors that want to manage and trade in popular digital currencies.

Security

Alipay is a safe payment service that uses 3D-secure, advanced encryption and other up-to-date security measures. The firm also protects customers through a straightforward dispute process that allows them to claim a refund if they can prove a transaction was made fraudulently or a specific good or service was not delivered.

Despite this, it is still worth signing up with trustworthy and recommended Alipay brokers. This will reduce the risk of scams when trading online.

Customer Service

Alipay offers customer service through its global website, with its international office located in Singapore and an enquiries hotline at +65 68307260 open between 09:00 am and 06:00 pm (GMT+8) on weekdays. On the downside, the brand does not have a UK-based support office.

Note, the best brokers that accept Alipay deposits can also advise on deposit or withdrawal issues, including delays and unexpected payment fees.

Should Traders Deposit With Alipay?

Alipay is China’s most popular payment service and for good reason – a huge number of users benefit from Alipay every day with all types of payments and transfers available through a single app.

The usage for UK traders is slightly more limited – those without a strong link to China may not be able to sign up, and even those who have an account may find it difficult to find a broker that accepts Alipay deposits. For most UK-based traders, other payments will be easier than finding a way to open an account with Alipay and then locating a supporting brokerage.

But for those who already use Alipay regularly, this is a fast, secure and convenient payment option. Start trading with our list of the best Alipay brokers.

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