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FasaPay Brokers 2020 - Which Brokers Accept FasaPay?
FasaPay is an online payment method offered by a wide range of forex brokers. With no fees, traders can deposit or top-up their FasaPay account via bank transfer, either through the website or mobile app. In this review, we’ll explain how to register for an account and login via your trading platform. Also find out how the payment system compares to electronic card wallets such as PayPal or Neteller.
Wire Transfer Brokers
FasaPay is a trading name of Fasa Centra Solutions Ltd, an electronic payment company based in Kuala Lumpur, Malaysia. Founded in 2011, the company is a globally-recognised and trusted payment method, used by 500,000+ members and over 500 merchants across 230 countries.
FasaPay allows users to make instant money transfers online without the need to process the payment manually. Once users have registered, they are free to top-up their accounts via bank transfer. Accounts are issued in USD and IDR and the brand uses a list of partner exchangers such as EPay.
Pros Of Trading With FasaPay
Mobile Trading Review
FasaPay is available as a convenient mobile app, which means mobile traders can keep track of their account balance and transaction history easily. The app is available for download from the Google Play Store for Android (APK) devices only.
Popular Among Brokers
Apart from the USA and Canada, FasaPay deposits and withdrawals are accepted in 230 countries where USD or IDR bank accounts are supported, including the Philippines, Indonesia, Pakistan, Kenya, Bangladesh, Zambia, Zimbabwe, Aman, Sri Lanka, Uganda, Nigeria, Australia, India, and France.
Good Customer Support
The company offers a live chat service in case you need quick support with a payment error or assistance managing your account. Traders can also try the FAQ section or get in contact via telephone or email.
FasaPay offers buyer protection for consumers, which provides support and guidance in the case of any disputes with the merchant. Traders should note that this process can be lengthy, so make sure you are depositing with a trusted and reliable broker.
Cons Of Trading With FasaPay
Account Profile Required
FasaPay requires a topped up account before it can be used, meaning it’s not as convenient as direct payment methods that allow direct bank-to-bank transactions.
The payment system currently only supports USD or IDR, so it’s not the most accessible if you compare it to the likes of Skrill. Bitcoin (BTC) is also not accepted.
Despite accepting USD and IDR bank accounts in 230 countries, the provider does not accept accounts from the United States or Canada.
FasaPay does not issue its own Visa card, Mastercard, or prepaid cards. The method is therefore not as competitive as other more versatile electronic wallet systems.
Bank Transfer Only
Deposits and withdrawals are only available via one of the three bank transfer options, depending on your account currency: the payment gateway (IDR), the Master Changer (IDR), or via bank transfer (USD). Funding via credit or debit cards is not available.
Android Mobile App
The FasaPay mobile app is only available on Android phones, which will be disappointing for the large portion of traders who use iOS devices.
It’s quick and easy to sign up for a FasaPay account, but you will need to pass the verification process before you can top up or withdraw funds. The verification process takes 1 – 3 business days, whilst top-ups can take up to 60 minutes to show in your account.
Once verified, payments are processed instantly. With that said, brokers may have their own processing time frames, especially for withdrawals which can range from one minute to several days.
Withdrawals from your FasaPay account to your bank account can take 2 – 10 days after the payment company has received the withdrawal.
FasaPay uses AES-256 high-grade SSL encryption protocols, as well as backups via Raid Hardware technology. It’s also important to ensure that your broker follows standard security procedures within the trading account.
Deposits & Withdrawals
New users will need to open an IDR or USD account through the FasaPay website and then top up using one of the deposit methods.
To deposit or withdraw into your trading account, select FasaPay in the funding section and enter the amount. Your broker will then redirect you to the payment provider’s portal where you will need to sign in to the member’s area and confirm the transaction.
Note that FasaPay has account limits depending on your membership status (Registered, Active or Verified). These limits are quite high, with minimum deposit and withdrawal amounts set at $1,000 for both Active and Verified members. Your broker may also have its own funding limit, so make sure to check this beforehand.
Fees & Rates
FasaPay charges a 0.5% (minimum $0.01) transfer fee for Active and Verified members. There are no costs for deposits or withdrawals but your broker may charge their own processing fees. For example, RoboForex charges a 0.5% withdrawal fee. Other brokers may cover all costs, including XM and IQ Option.
Is FasaPay A Good Choice For Traders?
Once past the verification process, traders with USD or IDR bank accounts will benefit from a simple online payment method with no fees for deposits or withdrawals. FasaPay also follows industry-standard security procedures. However, the limited accepted currencies and lack of e-wallet card storage will rule out a lot of traders who may prefer more flexible options, such as PayPal or Perfect Money.
Who owns FasaPay?
FasaPay is owned by Fasa Centra Solutions Ltd, an electronic payment company headquartered in Kuala Lumpur, Malaysia.
How do I open a FasaPay account?
To open a FasaPay wallet, you will need to fill out a short online registration form and verify your email using a code. You will then receive an email containing your FasaPay account number and member login ID. Note that you will not be able to withdraw or deposit until you have verified your identity via the KYC process.
How do I use FasaPay in my trading account?
To deposit or withdraw using FasaPay, you will need to select FasaPay in the funding section of your trading account and sign in to your account when it redirects you. You will then need to confirm the payment within the portal to complete the payment.
How do I close my FasaPay account?
You can close or delete a FasaPay account by contacting the customer support team via email, telephone or live chat.
Is FasaPay legit and safe?
Fasa Centra Solutions Ltd is a legitimate company based in Malaysia that’s been in operation since 2011. FasaPay is a safe payment method using AES-256 encryptions.
Does FasaPay work in Nigeria?
Except for the United States and Canada, you can use FasaPay in any country as long as you have a USD or IDR bank account.