Best WeChat Pay Brokers 2024
WeChat Pay is a Chinese payment method that is integrated into the WeChat communications app and facilitates secure CNY transactions for traders. In this guide, we reveal the best brokers that accept WeChat Pay deposits.
Best WeChat Pay Brokers
Following our hands-on tests, we recommend these 2 brokers that accept WeChat Pay deposits:
WeChat Pay Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
|
$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 | Visit |
|
$0 | ETFs, Cryptos, Futures | Own | - | Visit |
#1 - RoboForex
Why We Chose RoboForex
RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
- Regulator: IFSC
- Platforms: R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
- RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
- The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
Cons
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
- Despite 15+ years in the industry and registering with the Financial Commission, RoboForex is authorized by one ‘Red-Tier’ regulator – the IFSC in Belize, lowering the level of regulatory protections for traders.
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
#2 - Kucoin
Why We Chose Kucoin
Kucoin is a crypto exchange that offers trading on 1000+ tokens as well as leveraged trading opportunities via futures and perpetual swaps. This exchange has a slick trading platform that supports robots, allowing traders to implement automated strategies. Other attractive features include a demo account, flexible funding methods and DeFi features like staking and mining.
"Users who want to make automated crypto trades on a wide range of digital currencies should Kucoin. The brand is also good for crypto staking and mining."
- DayTrading Review Team
- Instruments: ETFs, Cryptos, Futures
- Platforms: Own
- Minimum Deposit: $0
- Minimum Trade: 0.0001 Lots
Pros
- Well-known and reputable in the crypto world
- Good range of DeFi products as well as Web3 features including an NFT marketplace
- Wide list of tokens with 1000+ cryptos including many low-market-cap tokens
Cons
- Crypto exchanges are often riskier than trading through a crypto broker
- Fiat withdrawals are not possible
- Limited educational resources
Comparing WeChat Pay Brokers
After a comprehensive review of WeChat Pay brokers, we’ve found that the best options are trusted with low fees including free deposits, a good range of tradable markets, reliable support should you encounter deposit or withdrawal issues, plus tools and features that make for a great trading experience.
Trust
WeChat Pay is a secure payment service, but a trader’s money is only secure if they sign up with a trustworthy broker.
We review each broker’s regulatory status and check that all licences are up to date, but we also evaluate historical news stories and factor in our experience during the review process to uncover unscrupulous behaviour.
- That’s why we are confident in recommending top picks like RoboForex, which despite weak regulatory oversight, has over a decade of experience in the trading industry and an excellent line-up of trading tools, especially for forex traders.
Fees
Traders who use WeChat Pay often have the advantage of fee-free transfers, and it’s best to leverage this by choosing a broker that has low non-trading fees to provide an affordable overall package.
We evaluate each broker’s pricing, including the spreads and any commissions they charge, but we also review non-trading fees including deposit/withdrawal charges.
- RoboForex stands out as a low-cost option, with no fees for deposits and promotions waiving withdrawal fees. It also has tight spreads and low or no commissions, earning it our approval as a low-cost broker.
Markets
The choice of tradable assets is often high on any trader’s list when choosing a broker, so year-on-year we look for WeChat Pay brokers that provide good market access with a range of stocks, forex, commodities, and indices for example.
We also rate WeChat Pay brokers that specialize in a specific asset class like forex or crypto to help advanced traders find the best match for their sophisticated needs.
- KuCoin continues to excel as clients can use WeChat Pay to fund their accounts and trade or stake 1000+ crypto tokens on one of the industry’s most reputable platforms.
Customer Service
Reliable customer service is important because it will help you to quickly solve any issues that arises with your WeChat Pay deposits or any other aspect of trading.
For example, I’ve had issues in the past navigating the account opening procedure and using the cashier portal at online brokers.
That’s why we test each broker’s customer service channels multiple times to give an accurate rating on speed, convenience and professionalism.
- RoboForex scores highly on all of these points, with responses coming in less than 10 minutes during testing from friendly and knowledgeable assistants.
Extra Features
You should choose a WeChat Pay broker that offers a user-friendly platform with the features you need. For example, day traders will likely want an excellent charting package for technical analysis.
As part of our testing process, we try brokers’ platforms and apps where possible, assessing their usability and range of features. We also look for tools that add value like copy trading which can support beginners in finding opportunities.
Our highest-rated WeChat Pay brokers offer a selection of extra services so you can get the best value for your trading deposits.
- RoboForex continues to excel by offering an intuitive copy trading solution and automated trading features on all accounts.
What Is WeChat Pay?
WeChat Pay is a payment feature of the WeChat app. Available to all with a Chinese bank card, it has quickly become one of the country’s most popular payment methods with around 90% of phones in China now coming with the application already installed.
WeChat users link their bank accounts so that payments through the app come seamlessly from their bank accounts.
WeChat Pay can be used online or offline and allows users to receive money and fund their brokerage accounts or make transfers for many other reasons with a simple QR code.
How To Deposit Using WeChat Pay
Setting up WeChat Pay so you can use it to deposit funds into a trading account is a simple process for Chinese nationals and residents, and in fact, many others can access the service if they have a bank account with Chinese Yuan.
I started 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, I headed to the WeChat Wallet and added a debit or credit card (including Visa and Mastercard), at which point after setting a PIN code I could 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.
To make a payment to a broker that accepts WeChat Pay deposits, simply select the method in the firm’s cashier portal and scan the QR code or press on it. Then follow the on-screen instructions to complete the transfer.
Pros & Cons of Funding Your Trading Account With WeChat Pay
Pros
- WeChat Pay is a low-cost payment option, with users often charged a rate of 0.1% to use the service, better than their closest competitor, AliPay at upwards of 0.55%. As WeChat acts as a conduit for bank card payments, and no account needs funding, the good news is the service typically has no deposit or withdrawal fees with supporting brokers often covering commissions.
- WeChat Pay’s transaction processing is almost instantaneous if you’re connected to the internet. We consider it a great method to use to withdraw funds from trading accounts while on the move.
- WeChat Pay is a reputable company that delivers full 24/7 transaction insurance to all its users, including traders. We like its security features including data encryption, payment limits and suspicious activity monitoring.
Cons
- Setting up a WeChat Pay account is time-consuming. We’ve found it can take between 1 and 2 weeks, meaning it’s not great for traders who want to get started quickly. That said, if you’re already set up on WeChat Pay you can deposit and start trading quickly.
- A major drawback is that its availability is primarily limited to Chinese citizens or those with Chinese currency in their bank accounts, which means traders may need to pay a conversion fee if their brokerage account is based in USD, for example. Tip: check if this is the case before opening a trading account and making a deposit.
Is WeChat Pay Good For Day Trading?
For Chinese traders, WeChat Pay is a popular and convenient payment method that’s fast, secure and cheap, with fees of only 0.1%. To make a deposit and start trading, choose from our list of top WeChat Pay brokers.
FAQ
Is WeChat Pay Available To Traders Outside Of China?
WeChat Pay can be used by anyone with either Chinese citizenship or a bank account funded with Chinese Yuan (CHY). This includes traders 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 For Traders?
WeChat Pay is a reputable company that has a range of security features in place, including encryption and fraud monitoring. The company is so confident in its products that all users automatically receive 24/7 transaction insurance.
However, a safe payment method might not be of much use to a trader if they are registered with an unscrupulous broker, so we urge traders to do their due diligence and register with a reputable and regulated firm.
Is It Easy To Fund A Trading Account With WeChat Pay?
WeChat Pay is a convenient payment method for funding a trading account because you can simply scan a QR code and trigger a seamless, fee-free transfer from your bank account.
If you want to make a payment from a mobile device, press and hold the QR code to open the payment page and complete the form manually.