How To Buy Bitcoin With UnionPay

UnionPay is one of the largest payment systems, along with Visa and MasterCard. The company was originally operating only in China, but over time it has spread around the world, and now it is available in more than 180 countries.

UnionPay offers different types of bank cards, such as debit and credit ones, which can be managed online through the service's app. Therefore, they are actively used for online payments, including cryptocurrency purchases. In this article, we delve into the topic and tell you how to buy Bitcoin and other crypto with UnionPay.

A Guide On How To Buy Crypto With UnionPay

UnionPay does not support transactions with Bitcoin and other crypto directly, but you can buy them using a third party, such as a cryptocurrency exchange. In this case, it will be necessary to link your UnionPay account to the exchange’s one to make payments.

Let's look at a step-by-step algorithm on how to buy Bitcoin and other crypto using UnionPay.

Step 1: Choose A Crypto Exchange

When you choose a platform, consider that it has to accept UnionPay as a payment method. Among such exchanges are Binance, CEX.IO, Cryptomus and others. Then evaluate the interface convenience: a good exchange should have an intuitive page structure, and there has to be technical support. Also, make sure that the platform is reliable: study its security policy, read other users’ reviews, and learn the recommendations from experts.

Buying cryptocurrency is better on P2P platforms, as they're the most profitable options due to their low commissions. For example, Cryptomus P2P charges only 0.1% for the purchase. Moreover, all transactions on the platform are protected by encryption technology, so you can buy crypto with peace of mind there.

Step 2: Create An Account On The Platform

At the next stage, you have to register on the crypto exchange you have chosen. It is quite a quick process that usually takes no more than 15 minutes. You will be required to enter your name, email address, phone number and region of residence. Then you should come up with a strong password and confirm your identity; the exchange will send you an email with a special code to complete the process.

Some platforms require verification or passing the KYC procedures as an additional measure to protect your data and funds. If the exchange does, prepare your passport or driver's license, which can be needed for it.

Step 3: Add Your UnionPay Account To The Exchange

You need to link your UnionPay account as a payment method on the exchange. To do it, go to the “Finance” or “Payment Methods” section, and select UnionPay. Enter your account or card details and confirm the action, and you can start trading!

Take care to fund your UnionPay account in advance to save your time then. Consider the fees that will be charged for the transaction.

Step 4: Explore Bitcoin Selling Offers

When your profile is set to trade, you can move on to the P2P platform. Here, you can explore Bitcoin offers from different sellers and choose the best one for you.

When you choose an offer, pay attention to the fact that the seller accepts payment with UnionPay. Also, make sure that he is trustworthy: on some exchanges, it is marked with special signs near the profile. For example, on Cryptomus P2P, you can see a checkmark next to the user name that confirms his verification. Read other users’ reviews about this seller, additionally, and study his successful transaction history.

Step 5: Buy Bitcoin

When you have selected the seller, contact him to discuss the deal details. You can do it in the exchange's chat room. Ask the seller for his UnionPay account information, where you will send the payment, and also give him your Bitcoin wallet address.

Then transfer the payment for the crypto and wait for a confirmation of the fund receipt. After that, he will send you the Bitcoins to your crypto wallet, and you will also have to confirm the assets have been credited. If everything is successful, the transaction will be considered completed. If you liked working with the seller, you can write a review. Your opinion will help other users make a decision about possible cooperation with him. Do not forget that you also get feedback from your trading partners, so follow all the rules while working on the exchange.

Tips For Successfully Buying Bitcoin With UnionPay

As you can see, buying Bitcoin with UnionPay is a simple process if you adhere to the instructions. And in order to make the purchase profitable and safe, follow the recommendations we have prepared for you:

• Monitor the market. Bitcoin is the most volatile cryptocurrency, so its exchange rate changes frequently. Watch the market dynamics and read expert forecasts to choose the best time to purchase.

• Invest a little. Send as much money for the crypto as you are willing to lose; that is due to the market volatility again, resulting in the likelihood of sharp price falls. When you get used to the market dynamics, you can take bigger risks.

• Choose a reliable platform. Buy Bitcoin on an exchange with low fees and high security measures. Research its working base to make sure it is really trustworthy.

• Protect your data and funds. Use a strong password on a UnionPay account and exchange’s one and update it periodically. Also, enable two-factor authentication as an additional protection measure against scammers.

• Use a secure connection. When you buy Bitcoin, work from a personal computer and use a wired connection if possible. Using public Wi-Fi can be unsafe due to the risk of hacking.

How To Withdraw Crypto With UnionPay?

When you’ve already had cryptocurrency, you may need to withdraw it to your UnionPay account. Some crypto exchanges offer this option directly within the platform, but more often you will have to use an indirect withdrawal method.

So, in order to withdraw Bitcoin and other crypto with UnionPay, you have to register on a P2P exchange as a seller. Then create an ad for selling your crypto, specify UnionPay as a payment method, and wait for responses. You can also find a buyer yourself to speed up the process. When a buyer is found, share your UnionPay account details, and he will give you his crypto wallet address in turn. Next, the buyer will send money equal to the cost of the cryptocurrency to your UnionPay account. You will only have to send the Bitcoins to the seller's crypto wallet, and the withdrawal will be considered complete.

If you need to withdraw cryptocurrency to another bank account, the procedure will be the same. The only difference is that you will need to link the bank account you plan to withdraw to as the payment acceptance method while creating an ad.

Buying Bitcoin and cryptocurrency in general with UnionPay is a simple and convenient process if you follow the right algorithm. Always keep in mind the security of your transactions, and protect your accounts additionally on both the payment service and cryptocurrency exchange. We hope that our guide has helped you understand how you can do it as efficiently as possible.