ASIC Australian Forex Brokers accepting UnionPay

As the only commonly used payment card in Mainland China, many Australian ASIC-regulated forex brokers have chosen to accept UnionPay in an effort to attract more Chinese traders to trade with them. By accepting deposits made with UnionPay, trading with an Australia-based forex broker becomes a convenient option for any Chinese trader.

UnionPay works in pretty much the same way as internationally recognized cards like Visa and MasterCard, but are made to be fully compliant with all Chinese regulations. The company behind the payment card is based out of Shanghai, and is overseen by the Chinese central bank, known as the People’s Bank of China (PBoC).