UnionPay Brokers 2025
UnionPay International (UPI), or China UnionPay (CUP), is a payment provider popular with online brokers and traders. You may have spotted the tricolored logo on your brokerage’s website or at your local ATM, though it may not feel as familiar as Visa debit and credit cards.
The payment service offers multiple trading rewards and online shopping benefits, as well as QR code payments, which we will cover in this review. Learn more about trading with UnionPay and find out the advantages of adding a UPI card to your wallet. We also list the best brokers that accept UnionPay deposits in 2025.
Best UnionPay Brokers
Following our evaluations, these are the top 6 brokers with UnionPay:
This is why we think these brokers are the best in this category in 2025:
- xChief - xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
- IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
- Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
- Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
- BlackBull - BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 26,000 instruments. After undergoing a rebrand in 2023, it now sports a modern look and feel complete with professional-grade trading tools and ultra-fast execution speeds averaging 20ms.
- easyMarkets - Established in 2001, easyMarkets has made for a name for itself as a trusted, fixed spread broker. Improvements to its tools over the years, from adding the MetaTrader suite and TradingView to enhancing its exclusive risk management tools like dealCancellation, mark it out from the competition.
Compare The Best UnionPay Brokers
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
| xChief | $10 | CFDs, Forex, Metals, Commodities, Stocks, Indices | MT4, MT5 | 1:1000 |
| IC Markets | $200 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Pepperstone | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade, Quantower | 1:30 (Retail), 1:500 (Pro) |
| Eightcap | $100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView | 1:500 |
| BlackBull | $0 | CFDs, Stocks, Indices, Commodities, Futures, Crypto | BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist | 1:500 |
| easyMarkets | $25 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | easyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral | 1:2000 |
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Regulator | ASIC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- Traders can access a copy trading solution via the MetaQuotes Signals service
- The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
- The low minimum deposit of $10 will appeal to beginners, as well as the beginners’ guides in the Library
Cons
- The broker trails competitors when it comes to research tools and educational resources
- The total range of 150+ assets is much lower than most competitors who typically offer hundreds
- xChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
Christian Harris, Reviewer
IC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
Cons
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Pepperstone Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Pepperstone has greatly improved the deposit and withdrawal experience in recent years, adding Apple Pay and Google Pay in 2025, as well as PIX and SPEI for clients in Brazil and Mexico in 2024.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Eightcap Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, FCA, CySEC, SCB |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
BlackBull
"After improving its trading infrastructure with Equinix servers in New York, London, and Tokyo, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing."
BlackBull Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Stocks, Indices, Commodities, Futures, Crypto |
| Regulator | FMA, FSA |
| Platforms | BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD |
Pros
- BlackBull offers every ingredient for day traders; fast execution speeds of <100ms, leverage up to 1:500, and tight spreads from 0.0 pips.
- With three ECN-powered accounts (Standard, Prime, and Institutional), BlackBull accommodates beginners, experienced traders, and professionals, offering flexibility based on trading needs and capital.
- After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, BlackBull offers one of the most comprehensive copy trading experiences we've seen.
Cons
- BlackBull lacks a proprietary platform, relying on MetaTrader, cTrader and TradingView. While these are excellent, other brokers' exclusive platforms, notably eToro’s, often have unique features for beginner traders.
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
- Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
easyMarkets
"easyMarkets provides fixed spreads starting at 0.7 pips, making it an excellent choice for beginners seeking predictable trading costs. After adding a Bitcoin-based account, it’s also a stand-out option for crypto-focused traders who want to deposit, trade, and withdraw in digital currencies."
easyMarkets Quick Facts
| Bonus Offer | 50% Deposit Bonus Or Up To A $2000 Tradable Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | CySEC, ASIC, FSCA, FSC, FSA |
| Platforms | easyMarkets App, Web Platform, MT4, MT5, TradingView, TradingCentral |
| Minimum Deposit | $25 |
| Minimum Trade | 0.01 lots |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, TRY, SEK, NOK, CHF, HKD, SGD, PLN, CZK, MXN, CNY |
Pros
- Unlike variable spreads offered by 90%+ of brokers we've tested, easyMarkets provides fixed spreads from 0.7 pips. This makes trading costs predictable, a significant advantage for beginners and those trading in volatile markets.
- With 20+ years in the industry, multiple awards, and authorization from two ‘green tier’ regulators, easyMarkets continues to earn its reputation as a secure broker for active traders.
- easyMarkets takes risk management seriously, with negative balance protection plus guaranteed stop losses and its dealCancellation (enhanced in 2024 to include periods of 1, 3, or 6 hours) in the Web Trader.
Cons
- While easyMarkets provides solid educational resources for beginners, they fall short for advanced traders. The Academy offers well-structured courses and engaging gamification, but the overall content lacks depth.
- easyMarkets does not offer a zero-spread account like Pepperstone, which can be a drawback for day traders and high-frequency traders who require minimal transaction costs.
- easyMarkets is falling behind by not providing the copy trading features you get at category leader eToro, which are popular among beginners looking to follow the strategies of experienced traders.
How Did We Choose The Best UnionPay Brokers?
To list the top UnionPay brokers, we:
- Determined which firms out of the 500 online platforms in our database offer UnionPay
- Confirmed that they accept UnionPay deposits and withdrawals for online trading
- Ordered them by their total rating, using hard data and our own testing observations
About UnionPay
Founded in 2002, UnionPay International is a subsidiary of China UnionPay, a financial services corporation headquartered in Shanghai. The company offers cross-border bank card schemes, merchant services, as well as convenient online services to cardholders. It is also a popular deposit and withdrawal option at day trading brokers worldwide.
Today, over 240 million cards have been issued overseas, accepted in 183 countries and regions.
The payment provider operates under the People’s Bank of China and is the only Chinese interbank network that connects all bank ATMs in the country. With both credit and debit cards combined, it is also the largest card payment system globally, outperforming Visa and Mastercard.
Pros Of Trading With UnionPay
Easy To Sign Up
You can register for a UnionPay card through one of the approved banks listed on its website in minutes. Once signed up, it is quick and easy to start making deposits and withdrawals at your trading broker.
Several foreign payment service providers offer UnionPay prepaid cards in areas beyond the Asia-Pacific region. For example, the company rolled out virtual prepaid cards in the UK to corporates and consumers. HSBC bank also offers a dual currency card for those who work or travel frequently in China. In the US, owners of ECARDs are allowed to apply for prepaid UnionPay cards online, as well as UPI Gift Cards.
Accepted Everywhere
UnionPay facilitates card acceptance at brokers in 183 countries, such as in Zimbabwe, the UK, Australia, New Zealand, Romania, Nigeria, Nepal, Malaysia, Canada, Portugal, Turkey, the United States (including New York), and the UAE. For cash payments, you can find accepted terminals by searching in the ATM locator on the payment provider’s website.
The organization also has alliances with over 2,600 institutions and banks around the world, including Discover in the USA, JCB in Japan, UOB, OCBC and DBS in Singapore, Hang Seng in Hong Kong, KTC and KBank in Thailand, Khan Bank in Mongolia, HSBC in the UK, BDO in the Philippines, BCA in Indonesia, HBL in Pakistan and many more.
When comparing UnionPay vs PayPak, the former has particularly impressive global coverage.
Convenience
UnionPay supports broker deposits and withdrawals in almost all currencies and also works with all mobile devices and computer browsers, making it more accessible than other contenders such as AliPay or WeChat Pay.
CUP is also offered as a convenient mobile app and supports QR code payments, as well as Google Pay and Apple Pay in some countries, such as Hong Kong.
Foreign Transactions
The firm partnered with MoneyExpress, a cross-border remittance service that operates in 57 countries and regions. MoneyExpress settles the exchange rate in advance and deposits the remittance back to the customer’s UnionPay account in RMB. This makes it a cost-effective way to fund your online trading account from abroad.
Rewards
If you already use Visa or Mastercard to deposit funds into your trading account, it could be worth signing up for a UnionPay card to reap the various promotions and local perks. Rewards have included:
- QuickPass (Asia, Russia, Australia) – Contactless mobile payments with rewards at various retail stores such as Watsons and KFC (including a KFC deal in Pakistan)
- Union Pay Prestige card – Cinema privileges including discounts on movies as well as a buy one get one free movie offer
- KTC Promotion (Thailand) – Discounts when you spend with a KTC Union Pay card at Big C supermarkets
- Union Pay UPlan – Cross-border discounts and downloadable e-coupons at various shopping outlets
- Union Pay HK Your Way (Hong Kong) – Cash coupons when you spend at participating stores
- Japan promotions – UnionPay users receive a variety of discounts and offers at selected retailers
- Union Pay Grab (Thailand) – Discounts when using GrabFood or GrabCar services
Cons Of Trading With UnionPay
The most notable downside is the limited number of brokers and banks at which you can apply for and trade with a UnionPay card.
It is also surprising that CUP is not yet accepted at one of China’s largest ecommerce services, AliExpress.
Additionally, whilst the payment network has extended to many countries in Asia, Europe and beyond, some areas do not yet present the UPI logo on broker’s websites and ATMs. In such cases, cardholders will need to inquire whether UnionPay cards are accepted.
Speed
Transactions are generally instant when you pay online using UnionPay but note that if you are using a prepaid card, it can take several days to transfer money beforehand. It is also worth noting that while most brokers process CUP deposits instantly, withdrawals can take longer. Some traders may may have to wait several days before receiving returns.
Security
As with other major payment processors such as Visa or Skrill, broker transactions via UnionPay are safe and secure. The company employs numerous security protocols including the UnionPay 3D Secure (3DS) online payment authentication solution. CUP QR code payments are also fully encrypted.
How To Deposit Using UnionPay
For the various forex and stock brokers that do accept UnionPay, such as Eightcap, funding is fast and easy. Make sure to check in advance with your broker what the minimum deposit amount is, especially if you’re using a prepaid card.
If you have deposited using UnionPay, withdrawals may need to be issued via the same account. Always make sure that the name and address on your ID documents are the same as your UPI registration details. It is also worth flagging that there may be overseas withdrawal limits with some brokers; you can check this by contacting customer support when you open an account and login.
Fees & Costs
Fortunately, many trading brokers offer fee-free payments via UnionPay, including IC Markets and Pepperstone.
For overseas spending, cross-border transaction fees may apply, as well as ATM commission charges. Note that international debit card commissions are usually lower. Conversion fees may also apply depending on the exchange rate used. This tends to be between 1% and 2% higher than the value of your purchases abroad.
In any case, it is best to check with your vendor or bank beforehand, as these fees vary from country to country.
Is UnionPay Good For Day Trading?
If you are a trader based in Asia, Russia or the US, you may already own a UnionPay card for your day-to-day spending, so it could be convenient to also utilize it for online trading. Using your UPI card to make deposits and withdraw revenue from your trading platform also comes with additional benefits, such as instant processing and secure payments.
However, given that UnionPay is still not widely accessible to consumers beyond the Asia-Pacific region, the payment service will not be offered by as many brokers as Visa, Mastercard or PayPal, for example.
FAQ
How Do I Use UnionPay At My Broker?
You can pay for goods or deposit into your trading account using your debit or credit card number and details. Look out for the UnionPay icon at your chosen vendor or broker.
Is UnionPay Accepted In Europe?
Yes, UnionPay cards are generally accepted in many European countries, including the UK, France, Germany, Spain and Italy. With that said, traders will need to check if their chosen broker accepts UnionPay deposits and withdrawals.
Where Is UnionPay Accepted?
UnionPay is accepted at online brokers in 183 countries including across Europe, Asia, Africa, the United States and the Middle East. Alternatively, see our list of brokers that accept UnionPay deposits.
Is UnionPay Safe To Trade With?
Yes, UnionPay uses various security systems to ensure customer transactions are safeguarded, both online and on mobile applications. This includes 3D Secure protocols as well as encrypted QR codes.