WeChatPay is one of the major payment methods in China, with almost a billion users. Do you wonder which crypto exchanges allow WeChatPay to buy Bitcoin, Ethereum or other cryptocurrencies? Then you came to the right site!
But let’s start with some background. Tencent created WeChat Pay as a digital wallet and mobile payment tool that provides hassle-free deposits and funding.
It has an instant electronic wallet that facilitates QR code payment through a mobile phone. It is accessible both online and offline, where users can receive and send money within and outside of the app. Additionally, users enjoy payment products such as Quick Pay, mini-program payment, official account payment, and web payment. All these exciting features motivate several people to deposit with WeChat Pay.
Top 4 sites for buying, selling and trading crypto with WeChat Pay
This is the toplist with the best sites to buy, sell or trade cryptocurrencies through WeChat Pay. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button. We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.
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- 1 Top 4 sites for buying, selling and trading crypto with WeChat Pay
- 1.1 Summary
- 1.2 Advantages
- 1.3 Disadvantages
- 1.4 What is WeChat Pay?
- 1.5 WeChat Pay Costs
- 1.6 Transaction speed for WeChat Pay
- 1.7 WeChat Pay Deposits
- 1.8 Which are the main countries where WeChat Pay is used?
- 1.9 Can you buy Bitcoin with WeChat Pay?
- 1.10 Can you purchase Ethereum with WeChat Pay?
- 1.11 Which other cryptocurrencies can be bought?
- 1.12 Can you withdraw with WeChat Pay?
- 1.13 Reputation of WeChat Pay
- 1.14 FAQ
Here are the best crypto exchanges, platforms and brokers offering funding with WeChat Pay.
Mobile cash payments are the norm in China with the use of credit cards and physical cash in decline. WeChat Pay is the leading mobile payment and digital wallet platform with its super app maintaining its popularity. The platform has amassed a huge following due to facilitating peer to peer transfers and its QR code payment system. The government of China provided regulations in cryptocurrency that lead to several crypto exchanges shutting down. It prompted the use of overseas exchanges to trade crypto. However, there are only a few crypto sites that accept WeChat Pay. It led to the popularity of P2P marketplaces through WeChat.
+It requires the verification of an account to avoid any fraudulent activity.
+It supports major currencies worldwide including the USD, Euro, and British Pound.
+Lower fees to use the service with no deposit and withdrawal cost.
+QR code payment solutions provide fast convenient processing time when depositing funding.
+It monitors suspicious activity of deposits and withdrwals including payment limits.
-It’s slow in setting up an account due to the verification process.
-WeChat Pay is created mainly for Chinese citizens or accounts with Chinese currency.
-Rather few crypto exchange sites that support WeChat Pay for deposits.
-There are a rather few peer to peer crypto platforms supporting WeChat Pay.
What is WeChat Pay?
It is a mobile payment feature and digital wallet from the messaging app, WeChat. It is common with Chinese citizens and those with bank accounts with Chinese currency. It has a significant contribution to transactions and as a deposit method. It links various businesses to clients while providing an avenue for customers to access services globally. It facilitates peer to peer transfers as a deposit method to sellers. The peer to peer platforms offers escrow services that retain your deposit until the transaction is complete. It offers a fast, secure and affordable deposit method.
WeChat Pay Costs
Its popularity is down to its free-to-use features. All of the essential features are free of charge. However, merchants incur a commission fee. It ranges from 0.1% to 1%, depending on the industry of the merchant. Merchant SMEs incur a lower commission fee as well. In addition, it charges a 0.1 % fee on overseas transactions including cross-border commerce. It generally offers low fees that give it an edge over its competitors.
Transaction speed for WeChat Pay
Its transaction speed is instant considering the various payment solutions. The transaction speed is also influenced by the amount of time taken by the receiver to accept it. WeChat provides for 24 hours to accept the transfer otherwise it cancels the transaction. Quick Pay and QR code payment makes the platform popular due to its rapid transfer speed. When one uses the platform as a deposit method, the transaction speed is reliant on the exchange or broker. It may not be an instant deposit method.
WeChat Pay Deposits
1. Select WeChat Pay from the list of deposit options.
2. Scan the QR code or webpage QR code
3. Confirm the deposit amount to be input
4. Finalise the transaction using a PIN code on your mobile device as verification.
Which are the main countries where WeChat Pay is used?
It is dominant in China with users having it as a mobile payment solution. It is also supported in over 20 countries outside China such as the United Arab Emirates(UAE), Singapore, United States of America(USA), Malaysia, France, Germany, UK, Thailand, Kenya, Nigeria, and the Philippines. It is essential to note that it is not as inclusive in these other countries due to the need to have Chinese bank accounts to use WeChat Pay. However, India banned using WeChat amongst several other Chinese apps due to a border dispute with China.
Can you buy Bitcoin with WeChat Pay?
Yes, lots of people use method WeChat Pay as their preferred deposit method when buying Bitcoin. You can too. However, it’s also possible to buy Solana and BNB among other cryptocurrencies with this or other deposit method.
Can you purchase Ethereum with WeChat Pay?
Yes, Ethereum is one of the preferred cryptocurrencies to purchase through WeChat Pay. In less than 30 seconds, you can purchase Ethereum with one of China’s favourite communication and deposit methods – WeChat Pay.
Which other cryptocurrencies can be bought?
Can you withdraw with WeChat Pay?
Yes, you can withdraw funding from crypto using the platform. Peer to peer platforms such as Paxful, LocalBitcoin, and Binance P2P enables users to withdraw using various payment methods. Amongst them is WeChat Pay as an online wallet.
Reputation of WeChat Pay
It is a fast, convenient mobile payment platform. It is only available amongst Chinese citizens and those with Chinese Bank accounts. It is the dominant mobile payment platform in China together with its competitor, Alipay. Online forums highlight this limitation that makes the platform not expand globally. The platform is significantly successful in China with all smartphone users having it as a merchant or customer. It has also contributed to cross-border transactions with the support of over 25 currencies. This has assisted several businesses around the globe.
Below are the most frequently asked questions about WeChat Pay. In case you got any additional question, feel free to send us a message here.
Is it safe to use WeChat Pay for crypto deposits?
Yes, it has several security features to enhance its use for crypto. It has transaction insurance and web phishing protection. In addition, it also has fraud monitoring.
How do I set up WeChat Pay?
The following are steps on setting it up:-
1. Download the WeChat app and select the “Me” tab to access your wallet
2. Add your Chinese Card or International card. These include VISA and Mastercard.
3. Verify your identity as per the prompts depending on whether you use a Chinese card or an Overseas account.
4. Secure your account by setting your password
5. Enable QR code to let you enjoy convenient payment solutions
Is WeChat Pay instant?
It is a fast and convenient payment solution, especially with Quick Pay and QR code payment. Transactions are instant.
When was it founded?
Tencent, the creator of WeChat Pay, was founded it in August 2013.
Where is the mother company based?
Tencent is the mother company of WeChat is based in China.
Does WeChat Pay only work on mobiles with WeChat installed?
Yes, the digital wallet is an in-app of the WeChat app.
Can you make QR code payments with WeChat Pay?
Yes, it has a QR code payment as a feature that allows you to scan the code, confirm the amount, and pay.