Best Cashu Brokers 2024
Cashu is one of the leading online payment providers in the Middle East and North Africa (MENA). Investors can fund forex and CFD trading accounts with Cashu. Our review covers the deposit and withdrawal process, associated fees, security, and other considerations for traders. We also list the best brokers that accept Cashu payments in 2024.
Best Cashu Brokers
Our evaluations have shown that these are the top 4 brokers accepting Cashu deposits:
Cashu Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
|
$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 | Visit |
|
$10 | Forex, CFD indices, commodities | MyAxiory App, MT4, MT5, cTrader, AutoChartist | 1:1000 | Visit |
|
$50 | CFDs, Stocks, Indices, Forex, Metals, Energies, Cryptos | MT4, MT5 | 1:500 | Visit |
|
$10 | Fixed Time Trades | Own | - | Visit |
#1 - RoboForex
Why We Chose RoboForex
RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
- Regulator: IFSC
- Platforms: R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
- The broker offers leverage up to 1:2000 for certain account types, which is among the highest in the industry. This high leverage allows day traders to maximize their trading potential, albeit with a corresponding increase in risk.
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
Cons
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
#2 - Axiory
Why We Chose Axiory
Founded in 2011, Axiory is a regulated forex and CFD broker offering tight spreads and highly leveraged trading on industry-leading platforms: MT4, MT5 and cTrader. The broker has won multiple global awards and is regulated by the FSC in Belize and the FSC in Mauritius.
"Axiory remains a top choice for beginners with its low deposit, unlimited demo account and high-quality education. Experienced day traders will also appreciate the advanced capabilities of the cTrader platform, although the range of 150+ instruments may be too restricting."
- DayTrading Review Team
- Instruments: Forex, CFD indices, commodities
- Regulator: IFSC Belize
- Platforms: MyAxiory App, MT4, MT5, cTrader, AutoChartist
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- The broker continues to improve its market coverage by introducing real stocks alongside stock CFDs
- Spreads are decent based on tests, coming in at 0.3 pips for EUR/USD, which is in line with some of the best low-cost forex brokers
- The broker offers best-in-class charting platforms for both novices and serious day traders, including cTrader with over 50 technical indicators
Cons
- It’s a shame that copy trading services are not offered for beginners or strategy providers
- Although regulated in Belize and South Africa, Axiory doesn’t hold any top-tier licenses in Europe, the US or the Asia-Pacific region
- Only USD and EUR are accepted as account base currencies, so many clients may have to pay conversion fees
#3 - Errante
Why We Chose Errante
Errante is a Cyprus-based and regulated forex and CFD broker with leveraged trading on multiple assets, tiered accounts including a zero-spread option, and copy trading support. The broker offers leveraged trading up to 1:30 under its CySEC-regulated branch and 1:500 from an offshore branch, and supports the MetaTrader 4 and MetaTrader 5 platforms. Errante's asset list is relatively limited but it does offer fast execution and low latency, and it is a trustworthy brand.
"We recommend Errante for users seeking multi-asset trading on the MT4 and MT5 platforms. The copy trading platform and straightforward sign-up process will also suit newer traders."
- DayTrading Review Team
- Instruments: CFDs, Stocks, Indices, Forex, Metals, Energies, Cryptos
- Regulator: CySEC, FSA
- Platforms: MT4, MT5
- Minimum Deposit: $50
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- Reputable and trustworthy multi-asset broker
- Good range of cryptocurrencies including Bitcoin
- Low starting deposit
Cons
- High deposits to unlock advanced account tiers with more favorable trading terms
- MT4 not available to EU traders
- Small selection of shares
#4 - Binomo
Why We Chose Binomo
Binomo is a beginner-friendly binary options broker that offers trading on forex, stocks and indices via high/low binary options on a simple web-based platform with payouts up to 90% and reliable service. The firm was launched in 2012 and is based offshore.
"Traders who enjoy straightforward, fast-paced trading on forex and stocks should check out Binomo's short-term binary options. The intuitive platform and joining requirements make the brand particularly attractive for newer traders."
- DayTrading Review Team
- Instruments: Fixed Time Trades
- Platforms: Own
- Minimum Deposit: $10
- Minimum Trade: $1
Pros
- Demo account available to all with no restrictions
- Custom-designed platform that works quickly on mobile devices
- Thousands of daily traders
Cons
- Limited extra features with no copy trading
- Contract expiry times of 1 minute to 1 hour are very short term for many traders
- Weak regulatory oversight
Cashu Overview
Cashu was established by Maktoob.com in 2002 and was the first online payment service in the MENA region. Since then, it has grown to become the largest payments provider in the area with offices in Dubai, Egypt, and Jordan. The firm has 75,000 vendors and 7,000 online merchants across Levant countries such as Libya, Lebanon, and Iraq. Customers can top up their accounts via vendors, online payments, or gift cards.
Pros Of Trading With Cashu
Internationally Accepted
The payment system is accepted in multiple countries, including Dubai, Egypt, Libya, Lebanon, Iraq, Qatar, Jordan, and others in the Levant region. With that said, the payment service is not accepted in several major trading jurisdictions, including the UK.
Supported By Financial Services Companies
The company accepts both Mastercard and Visa cards for funding accounts online. The company also partnered with Mastercard to offer a prepaid virtual credit card and a Cashu Majd Joy Card which is connected to the Cashu e-wallet.
Instant Payments
Because it essentially operates as a digital wallet, most trading brokers process transactions from Cashu within minutes. This offers investors the advantage of faster deposits and withdrawals compared to cheques or bank wire transfers, which can take a few days to process.
Mobile App
The e-wallet app is available to download for iOS and Android. Users can make payments and view transactions while on the go. The company’s gift cards can also be purchased via a separate app.
For mobile traders, the application allows clients to manage their funds and trading portfolio from portable devices.
Available With Other Businesses
Customers can use funds from the e-wallet to shop with a range of leading brands, including Amazon, eBay, Netflix, League of Legends, Skype, and many others. Details of all merchants accepting Cashu can be found on the company’s website.
Cryptocurrency Accepted
The Crypto Service within the mobile app gives investors the possibility to buy, hold and trade crypto. The spot rates for buying assets are set by the well-known exchange, Huobi.
Cons Of Trading With Cashu
Limited Support Options
The company does not offer a live chat service or a contact number for recharge queries, for example. However, consumers can contact customer service agents by clicking on the ‘New Ticket’ logo on the support page. The company also provides a comprehensive FAQ section. Still, support is limited compared to the likes of Skrill or Neteller.
Limited Broker Acceptance
Despite Cashu’s presence in most MENA countries, this has not transferred to the global broker market and the payment method is only accepted by select providers. This will be a real drawback for many investors.
Speed
Online payments with Mastercard and Visa are processed instantly. Payments via Cashu vendors are subject to individual processing times. Additionally, brokers may have their own processing times which can cause further delays. In general though, trading deposits are processed on the same day.
Security
The firm considers fraud and money laundering prevention essential to its business. This has resulted in heavy investment in risk and compliance technology to give its customers assurance of safety. Furthermore, the company’s partnership with Mastercard provides additional financial security. Clients may also need to submit an identification video for an extra layer of security.
How To Deposit Using Cashu
Consumers can deposit funds into their wallets by using local vendors in-store or topping up with a Mastercard or Visa card online. To deposit with vendors, the Cashu virtual credit card must be purchased. Alternatively, deposits can be made from most counties, excluding Jordan and Egypt via the login page.
Note the company charges 3.5% + foreign exchange bank rate for credit card funding. Customers can also top-up accounts with the payment provider’s gift cards or vouchers that are available online.
Fees
Cashu is transparent with the consumer fees that apply. These include a $1 wallet maintenance fee, a $1.50 local transfer fee, plus 3% in crypto buying/selling fees. Further details can be found on the company’s payments page.
Note that these fees relate to Cashu only and additional fees may be charged by brokers. Traders should check the broker’s charges before making a payment.
Is Cashu Good For Day Trading?
Cashu’s prominence in the MENA online payment sector and its commitment to anti-fraud and money laundering make it a strong option for local traders. The payment provider is accepted by major brands in other sectors but currently, there are a limited number of trading brokers that accept Cashu. This lack of integration and support is worth bearing in mind before making deposits.
FAQ
How Does Cashu Work With My Trading Account?
Cashu is a legitimate digital wallet that is used to make deposits to trading brokers. The company accepts Mastercard and Visa for online payments and deposits, which adds an extra layer of security and trust.
Are My Trading Funds Safe With Cashu?
The payment system uses secure encryption technology to protect transfers and client data. With that said, there is always a risk when trading online, so make sure you open an account with a trusted trading platform.
Are There Any Hidden Fees When Depositing Via Cashu?
No, the firm is transparent about the fees it charges. However, this isn’t always the case with trading platforms so be sure to consult the broker’s fee policy before signing up.