Buy bitcoin & other crypto with Alipay (2023)
Bitcoin is very popular in China! You can buy crypto using your credit with Alipay. Follow the steps in this article to buy Bitcoin & other crypto directly with your account at Alipay.
How to buy crypto with Alipay?
Step 1: open an account with a crypto exchange
Alipay does not yet sell crypto itself. You therefore need an account with a reliable crypto exchange. The overview below immediately shows which providers you can turn to:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Alipay after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
With some exchanges, you can test the features for free with a demo. This is actually always recommended, as it allows you to improve your strategy.
Step 2: verify account & deposit money
Before you can buy crypto, you need to verify your account. You verify your account by uploading a copy of your passport and proof of address. You also have to click on an activation link in your e-mail. After your account is verified, you can immediately buy crypto using your bank account with Alipay.
Step 3: buy crypto with Alipay
Select the crypto you want to invest in within the crypto platform. Most users choose to invest in Bitcoin, but there are more options.
Within the order screen, you can enter the following details:
- Amount: how much do you want to invest in crypto with your Ali Pay credit
- Take profit: with a take profit, you automatically close the position at a certain profit.
- Stop loss: with a stop loss, you automatically close the position at a certain loss.
- Limit order: with a limit order, you open the position only at a certain price.
Once you are satisfied with the order, you can send it directly to the crypto exchange. It may then take a few seconds for the order to be processed.
What is Alipay’s stance on crypto?
Alipay, like many other Chinese companies, isn’t allowed to offer crypto services. The Chinese government has banned crypto transactions, preventing Alipay users from buying Bitcoin within the platform.
Due to this blockade, peer 2 peer transactions & foreign crypto exchanges have become increasingly popular. Be careful, though; as crypto is technically illegal in China, the government may try to block transactions.
Why crypto might be a good investment
- Protection against inflation: some investors buy crypto to protect themselves against inflation. This works especially well in countries where inflation is very high.
- Decentralized: crypto is completely decentralized, allowing governments to exert little influence over the currency.
- Fast & inexpensive: transactions on the blockchain can be carried out quickly and inexpensively, even to foreign countries.
Alipay overtook PayPal as the most widely used digital payment platform back in 2013. Today, 1.3 billion users and 80 million businesses use Alipay’s payment processing features.
Alipay is also increasingly used abroad. Currently, 300 international parties use Alipay and 18 currencies are supported.
Over 50 million Chinese live abroad: this allows financial services like Alipay to make a lot of sales there too. However, the Chinese government indicated in 2021 that they saw the application as a systematic financial risk. The application’s functionalities will therefore be split up in the future.
Can you buy Bitcoin from Alipay?
Yes, you can definitely buy crypto with your credit at Alipay. However, Alipay itself does not offer Bitcoin: you therefore need an account with a reliable crypto exchange. In this article, you can read in detail how to do this. Scroll straight up to see the list of the best crypto exchanges. But whatever you do; remember that crypto investments are always risky!