AliPay is widely considered by people as being the stand-in for PayPal in the People’s Republic of China. It was started up in the year 2004 by the Alibaba Group, one of the largest in the world. It has one of the biggest market shares in China, with over 300 million users.
A lot of Chinese traders in the current market struggle to find alternatives to work with due to regulations, but AliPay seeks to solve this by working with brokers to make it easier for residents of China to make their transactions. There aren’t many reputable binary options brokers out there who work with the AliPay payment platform, unfortunately, but it is hoped that this number will increase soon.
Best Binary Options Brokers That Accept AliPay
Finpari – Started in 2014, Finpari is one of the few binary options brokers in the world that actually accept deposits and withdrawals using the AliPay platform. It operates out of the UK, and is one of the most highly rated platforms for binary trading in the modern day. This broker makes use of the legendary Spot Option trading platform, which is rated as being one of the most interactive and user friendly platforms out there.
There are exciting welcome bonuses for new users, and a relatively low required minimum deposit. Four different currencies are supported by this mobile-friendly broker, and it is open to all countries, even to traders from the US. Withdrawals conducted through Finpari, even the AliPay withdrawals, are processed in a matter of hours. There are weekly contests for traders as well. In addition to AliPay, the broker also supports PayPal, wire transfers, Skrill, Neteller and Credit cards.
How AliPay Works for Clients
AliPay works with over 65 different financial companies including famous credit card issuers Visa and Mastercard. They provide payment services for a host of online and physical businesses including over 460,000 Chinese businesses. It supports transactions in 14 different foreign currencies, and uses a whole host of different payment methods to withdraw and deposit money into the account, such as Webmoney, QIWI, Mastercard and Visa.
AliPay vs. PayPal
Here is a list with the best paypal binary options brokers. There are a lot of people who compare the two services, and go so far as to say that AliPay is nothing but the Chinese variant of the famous PayPal payment system. However, there are some key differences between the two systems. For one, PayPal is a company that is very focused on its key business ideal – processing payments. There isn’t much else that the platform can do. AliPay, on the other hand, expands from its core values in order to focus on several related areas as well.
PayPal is a company that has been around for a long time. It has built up a base of customers in different parts of the world, with the main focus being on the US, Europe and Asia. It helps that PayPal was once a part of what is probably the biggest online marketplace in the world. On the other hand, AliPay has not been around for a long time. Its focus is on mainland China, instead of the entire world. It is hard to maintain an AliPay account outside of the mainland, such as in Hong Kong.
However, in the countries where it is supported, the system is a lot more integrated into the lives of the people who use it. It is a more hands-on approach to dealing with customers, and is there for support throughout the transaction. PayPal is only present when the final payment is being done, meaning it is less involved.
Overall, they are both hugely successful companies. AliPay pursues a bigger picture than PayPal, and has a lot more value if you’re looking for a more complete customer experience. When it comes to brokers for binary options, any experienced trader knows that this is essential. There are bound to be delays and a lot of hassle with getting payments in some situations. Having a payment system that offers a more immersive experience is necessary to take away the stress that you are likely to experience.
If you happen to live in a country where seamless AliPay integration is an option, it is recommended that you take it. There aren’t many instances where it won’t come in handy. Look for brokers like Finpari that offer this system as a payment option.