Best GlobePay Brokers 2024

GlobePay is a payment solutions company that aims to connect UK businesses including trading brokers with Chinese customers who typically use transfer gateways such as Alipay, WeChat Pay and Union Pay.

This guide will give the lowdown on GlobePay’s app and how traders can use it to fund their brokerage account in the UK, as well as listing the pros and cons of this payment method for traders. To get started, use our ranking of the best GlobePay brokers in 2024.

About GlobePay

More than 1 billion consumers use popular payment apps Alipay, WeChat Pay and Union Pay to purchase goods and make other transactions each day – in fact, this type of payment app is so popular that many believe we are quickly becoming a cashless society.

The aim of GlobePay is to open this 1.4-billion-person market to UK businesses, including trading brokers, allowing them to conduct seamless and secure cross-border transactions with Chinese customers who use these popular payment apps.

Since its establishment in 2018, GlobePay has focussed mainly on providing a service that allows Chinese customers to make quick and easy transactions using their favoured payment app while visiting the UK. This is a valuable service both for tourists and for those who have come to the UK for business purposes. There are also a few prominent trading brokers that accept GlobePay deposits, including FXTM and Pocket Option.

Note that an Indian company, Globe Pay, shares a very similar name to this payment solution, but the two are not affiliated.

How GlobePay Works

To trade with GlobePay in the UK, you will need to have an account with Alipay, WeChat Pay or Union Pay.

Unfortunately, this is not that simple if you don’t have a Chinese ID number or bank account, and it is probably out of the question if you do not have any link to China.

If you do have an account with one of the Chinese payment solutions, you won’t need to create a specific GlobePay account to make a payment to GlobePay brokers – just select it as your payment method and follow the instructions on your brokerage’s payment screen.

Fees

GlobePay markets itself as a cost-effective way for global merchants, including trading brokers, to do business with Chinese customers, and its pricing structure is directed at merchants who sign up to use its service.

There are no specific charges for traders who use the gateway to purchase goods or services, and you should be able to make deposits to brokers that accept GlobePay free of charge. FXTM, for example, offers fee-free deposits with the payment solution in GBP. However, bear in mind that while deposits are usually free, some GlobePay brokers charge a withdrawal fee.

The transaction limit will be determined by the payment method you use through GlobePay; WeChat Pay has a limit of $10,000 per single payment, while Alipay’s limits are set individually.

GlobePay trading deposits involving currency exchange will also need to pay the spot exchange rate determined by Alipay or WeChat Pay at the time of the transaction.

How To Make GlobePay Deposits & Withdrawals

A broker that accepts GlobePay deposits and withdrawals will list the GlobePay icon on their payments page. Simply enter the amount you want to deposit or withdraw and any other relevant information, and then select GlobePay as your payment method. You may need to enter your wallet address and login credentials in a pop-up screen.

Since the firm works as a bridge allowing UK and European brokers to accept Chinese payment apps, you will usually require an account with Alipay, WeChat Pay or Union Pay to proceed.

Usually, these payment methods work with a QR code, so it is likely that the payment process will be as simple as scanning this and confirming the deposit.

Pros Of GlobePay For UK Traders

• Connects UK Brokers With Chinese Market – Chinese traders who regularly use payment apps in their home country can use the solution to make seamless transactions with a range of UK businesses, including GlobePay brokers.
• Low-Cost – The best brokers that accept GlobePay deposits, including FXTM and Pocket Option, offer commission-free payments with the firm.
• Secure, Fast Transactions – Trading transactions should be just as fast and secure as the payment method they mediate.

Cons Of GlobePay For UK Traders

• Requires Chinese Verification – Since traders will need to open an account with Alipay or another popular Chinese payment app to use GlobePay, they will need a Chinese bank account or ID number to use this service. This rules GlobePay out for many UK traders.
• No Cryptocurrency Support – Cryptocurrencies are banned in China, so there is no support for this type of transaction on any of the apps partnered with GlobePay and they are not likely to feature digital currencies any time soon.
• Limited Broker Support – With the exception of a couple of big names, there are not very many UK brokers that accept GlobePay as a payment option. In contrast, payment methods like PayPal are more widely accepted.

Security

GlobePay’s headquarters are in London and the company is regulated by the UK’s Financial Conduct Authority. Moreover, it is a partner of some of the world’s largest payment services in Alipay, WeChat Pay and Union Pay.

There is limited publicly available information about GlobePay’s security protocols, but these partners and FCA regulation are a good sign that this payment gateway works securely.

It is also worth registering with FCA-regulated brokers that accept GlobePay deposits for further peace of mind.

Customer Service

Our traders were disappointed to find that the official website lacked any dedicated webpage, hotline number or live chat feature for customer support.

If traders have an issue with GlobePay they will need to get in touch using an online contact form. However, it is likely that if they do have any issues with a trading transaction, it will be more useful to contact the relevant payment service (Alipay, WeChat Pay or Union Pay) directly.

Alternatively, the top GlobePay brokers can advise on deposit or withdrawal delays via their in-house support teams.

Should Traders Deposit With GlobePay?

GlobePay is a useful app for many Chinese traders in the UK for business, study or tourism reasons. It allows Chinese investors to make seamless transactions using the same payment apps they would use back home, opening up a large market for UK businesses, including trading brokers. However, this is not a viable way to make trading deposits unless you have a Chinese ID or bank account.

To start trading, see our list of the top brokers that accept GlobePay deposits.

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