UnionPay is a Chinese payment card company that operates the only nationwide ATM and payment terminal network in Mainland China. Most Chinese traders therefore depend on UnionPay in order to deposit money with a regulated forex broker overseas. As a result, many regulated forex brokers accept UnionPay payments as a funding method.
Due to strict regulations in China, most Chinese forex traders trade with forex brokers that are based outside of the country. Although UnionPay allows international transactions, certain limits are placed on the amount that can be transferred out of China every year. Chinese traders must abide by these limits, or find an alternative way to fund their overseas forex trading account.