UnionPay

UnionPay, also known as CUP or UPI, was founded in 2002. If you’re wondering which crypto exchanges accept UnionPay to buy Bitcoin or other cryptocurrencies, you’re in the right place!

The UnionPay network operates with the approval of the People’s Bank of China (PBOC) and is state-owned. Over the years, it has grown significantly and now surpasses both Visa and MasterCard in size.

This payment method has become one of the most convenient options for individuals in China, Russia, and Ukraine. If you’re looking to buy Bitcoin or other cryptocurrencies online, consider signing up for Hodl Hodl to make smooth deposits from Ukraine, Russia, or other regions. Below, you’ll find the top crypto sites that accept UnionPay.

Currently, there are 6 crypto trading platforms supporting UnionPay, along with 14 crypto casinos accepting UnionPay as a deposit method, as shown in the toplists below.

Summary

UnionPay is used in over 180 countries globally, but it remains primarily popular among Chinese people, both within China and internationally. Although it is commonly used for online payments, UnionPay is mainly used in physical stores and other brick-and-mortar establishments.

UnionPay is known for being highly secure and fast. It has also become widely adopted across the globe, making it very convenient for users. Below are some of the key advantages and disadvantages of UnionPay, along with instructions on how to get started and the potential costs involved.

What is UnionPay?

UnionPay functions like a standard debit or credit card and is affiliated with international card networks like MasterCard and American Express. The card is linked to your bank account, drawing funds directly from your balance. You can also obtain UnionPay credit cards, allowing you to spend beyond your available balance.

UnionPay Costs

When using UnionPay to purchase Bitcoin or other cryptocurrencies, a transaction fee of $2.50 USD applies. You may also incur a forex fee of 1.50% and a cross-border fee of 1%. Additionally, your chosen crypto exchange may have charges, so it’s important to review their terms and conditions before proceeding.

Transaction Speed for UnionPay

Transactions using UnionPay are almost always reflected immediately in your crypto exchange account. The system has been thoroughly tested and is widely used globally. Historically, UnionPay has been highly reliable, making it an excellent choice for those focused on fast payment processing.

UnionPay Deposits – How Does It Work?

Many crypto exchanges accept UnionPay due to its position as one of the largest payment systems worldwide. While the payment process may vary slightly across exchanges, the general steps to make a deposit are as follows:

• Log into your crypto exchange account.
• Go to the payment section and select ‘Deposit’.
• Choose UnionPay from the available payment options.
• Enter the amount you wish to deposit and complete the verification process.

Which Are the Main Countries Where UnionPay is Used?

UnionPay is most widely used in China, accounting for over 95.5% of its usage. The company has expanded to over 180 countries, with a significant number of international Chinese shoppers using it for online purchases. UnionPay is also gaining popularity in Russia.

How to Buy Bitcoin with UnionPay?

Buying Bitcoin with UnionPay is simple. Follow these steps:

• Log into or create an account with your preferred crypto exchange, such as eToro, Paxful, or KuCoin.
• Select UnionPay as your deposit method.
• Enter the amount you wish to purchase, typically starting from 50 USD or EUR, up to a maximum of 1000 USD or EUR.

Can You Buy Bitcoin with UnionPay?

Yes, UnionPay is widely used as a preferred deposit method for purchasing Bitcoin. In addition to Bitcoin, you can also use UnionPay to buy other cryptocurrencies, such as Solana and BNB. If you have a UnionPay card, you can buy BTC quickly with just a few clicks. Check out the top sites to purchase BTC with UnionPay on this platform.

Can You Purchase Ethereum with UnionPay?

Yes, Ethereum is one of the most popular cryptocurrencies to purchase through UnionPay. It is typically a smooth process, and transactions are completed in less than 30 seconds. However, if you encounter issues, you can always try other top deposit methods.

Can You Withdraw with UnionPay?

Crypto exchanges that accept UnionPay for deposits typically allow withdrawals to the same payment method. If UnionPay is not available for withdrawals, the exchange may prompt you to transfer the funds back to your bank account.

Reputation of UnionPay

UnionPay stands out because it is primarily used by individuals in China. Since almost all businesses in China accept UnionPay, it has gained a strong reputation among users. Over the years, UnionPay has increasingly replaced Visa and MasterCard for Chinese residents. For those living outside China, alternatives such as Visa and Apple mobile payments may be worth considering.

FAQ

Here are some frequently asked questions about UnionPay:

• Is it safe to use UnionPay for cryptocurrencies? Yes, UnionPay offers secure transactions, with UnionPay 3-D Secure technology to safeguard payments.
• Does UnionPay offer prepaid cards? Yes, UnionPay International provides both prepaid and regular cards, available with or without KYC, in various countries. In 2022, UnionPay partnered with PayBy to create a cashless ecosystem in the UAE with virtual cards.
• How do I set up UnionPay? To use UnionPay, obtain a card through a participating bank or fintech company. You will typically need to provide a photo ID and proof of address.
• Is UnionPay instant? Yes, UnionPay transactions are typically processed in real time, with funds transferred almost immediately.
• When was UnionPay founded? UnionPay was founded in 2002, although the groundwork for its creation began in the 1990s.
• Where is UnionPay headquartered? The parent company of UnionPay is based in Shanghai, China, with offices in several countries.
• Does UnionPay only work in China and Russia? While UnionPay is most commonly used in China, it is expanding rapidly, with acceptance across the world, especially in Russia.
• Does UnionPay offer credit cards? Yes, UnionPay offers prepaid cards, debit cards, and credit cards.
• Which are the best UnionPay cards? The UnionPay Diamond card is the most prestigious, followed by the Platinum card. Eligibility for these cards is based on income requirements.