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Cashu Brokers 2021 - Which Brokers Accept Cashu?
Cashu is the leading online payment provider in the Middle East and North Africa (MENA). Traders can fund forex trading accounts with Cashu. Our review covers the deposit and withdrawal process, associated fees, security, and other considerations for traders.
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 online payment service in the area with offices in Dubai, Egypt, and Jordan. Cashu has 75,000 vendors and 7,000 online merchants across Levant countries such as Libya, Lebanon, and Iraq. Customers can top up their account via vendors, online payments, or gift cards.
Pros Of Trading With Cashu
Cashu is accepted in countries such as Dubai, Egypt, Libya, Lebanon, Iraq, Qatar, Jordan, and others in the Levant region. However, the payment service is not accepted in many major jurisdictions.
Supported By Financial Services Companies
Cashu accepts both Mastercard and Visa cards for funding accounts online. The company also partnered with Mastercard to offer the prepaid virtual credit card and a Cashu Majd joy card which is connected to the Cashu e-wallet.
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 app 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 other leading brands from League of Legends to Skype. Details of all merchants accepting Cashu can be found on the company’s website.
Cons Of Trading With Cashu
Limited Support Options
Cashu 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, such as Trade12 and iFOREX. This will be real drawback for many traders.
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 delay. In general though, deposits are processed the same day.
Cashu 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.
Deposits & Withdrawals
Consumers can deposit funds into their Cashu wallet 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 fund accounts with the payment provider’s gift card or voucher which are available online.
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: these fees relate to Cashu only and additional fees may be charged by brokers. Traders should check the broker’s charges before making payment.
Is Cashu A Good Choice For Traders?
Cashu’s prominence in the MENA online payment sector and its commitment to anti-fraud and money laundering make it a strong option for traders. The payment provider is accepted by major brands in other sectors but currently, there are a limited number of brokers that accept Cashu. This lack of integration and support is worth bearing in mind before making deposits.
How does Cashu work?
Cashu is a legitimate digital wallet that is used to make online purchases from online merchants, including forex trading brokers.
What cards does Cashu accept online?
Cashu accepts Mastercard and Visa for online payments and deposits. This adds an extra layer of security and trust.
Are my funds safe with Cashu?
Yes – Cashu uses secure encryption technology to protect transfers and client data.
What level of customer support to Cashu offer?
Customer service offered by Cashu is limited to an FAQ page and a ticket querying system. There is no telephone contact number or live chat service.
Are there any hidden fees associated with Cashu?
No, Cashu is transparent about the fees they charge. However, this isn’t always the case with brokers so be sure to consult the broker’s fee policy before signing up.