This comprehensive guide will provide you with a step-by-step process to buy crypto with Alipay account. We will cover everything you need to know, from selecting a secure cryptocurrency exchange that accepts Alipay deposits, completing identity verification, transferring funds, and executing crypto trades.
Summary
Directly purchasing cryptocurrencies through Alipay is currently not offered as part of their services. Therefore, to buy crypto with Alipay, you need to use a third-party cryptocurrency exchange platform that facilitates Alipay payments.
This guide focuses on OKX as the best exchange option based on market research of platforms compatible with Alipay and their features, fees, security, and range of supported crypto assets. We simplify the process so you can seamlessly link your Alipay account to deposit CNY and trade top cryptocurrencies.
Buy Crypto with Alipay in 5 Easy Steps
Step 1: Create an OKX Account
Visit okx.com and click “Register” to create your account. Enter your email and password to set up secure login credentials.
Step 2: Complete Identity Verification
To comply with Know Your Customer (KYC) regulations, complete OKX’s identification process. This involves submitting details like your full name, date of birth, address, and scanned IDs. Verification usually takes 1-2 days.
Step 3: Connect Your Alipay Wallet
In the top menu, hover over “Assets” and click on “P2P”. Next, choose to post a “Buy” advertisement. Select “Alipay” as the payment method and enter your desired purchase amount in Chinese Yuan (CNY).
Step 4: Transfer Funds from Alipay
Follow the payment instructions shown after creating the P2P buy order to securely transfer CNY funds from your linked Alipay wallet to OKX. Transfers are usually instant.
Step 5: Buy Cryptocurrencies
Once your deposit arrives in your CNY OKX wallet, go to “Trade”, select “Spot” trading, choose a crypto trading pair such as BTC/CNYT, enter your order details, and click “Buy BTC” to purchase your chosen cryptocurrency amount.
What is Alipay’s Stance on Crypto?
While Alipay does not directly offer crypto trading, they take a neutral approach that enables customers to transfer funds to regulated cryptocurrency exchanges like OKX. This open ecosystem gives users access to crypto safely.
Does Alipay Allow Crypto Purchases?
Yes, Alipay users can buy cryptocurrencies by first funding a compatible crypto exchange that accepts Alipay payments, such as OKX. However, you cannot directly trade or hold crypto within Alipay itself.
What do I do if Alipay is not crypto friendly?
Since Alipay has not embraced direct cryptocurrency integration, users need to take additional steps before following our guide to buying crypto assets. Here are two potential solutions:
Open an Intermediary Chinese Bank Account
Consider opening a separate Chinese bank account at a financial institution that allows transfers to cryptocurrency exchanges. Fund this account from your Alipay wallet, then use it to complete CNY deposits to the exchange to trade crypto. Once ready, you can pick up at step 3 of our guide.
Use a Cross-Border Money Transfer Service
Alternatively, leverage a cross-border transfer platform like Wise that links to your home bank account outside China. Connect it to your Alipay, fund Wise transfers in CNY, then convert and send funds from Wise to the exchange of your choice that supports CNY. Afterwards, resume the crypto buying process from step 1.
Both options enable accessing crypto investments indirectly despite Alipay’s current barriers. The choice depends on your local banking availability and personal preferences.
Conclusion
With knowledge of the necessary intermediary platforms like OKX that bridge the gap in Alipay’s lack of native crypto features, buying digital currencies is straightforward. Take the opportunity to diversify your portfolio by following our simplified 5-step walkthrough for linking Alipay and navigating your first crypto transaction.
FAQs
How do I deposit CNY into OKX from Alipay?
On OKX, select “P2P Trading”, post a buy order indicating Alipay payment, and follow the instructions to transfer CNY funds from Alipay to OKX instantly.
What fees does OKX charge for buying crypto?
OKX has competitive fees starting from 0.1% for spot trading. The maximum is 0.2% for “taker” trades.
Which cryptocurrencies can I buy on OKX with Alipay?
OKX supports over 300 cryptocurrencies, including top coins like Bitcoin, Ethereum, USDT, and Ripple.
