Best FasaPay Brokers 2023
FasaPay is an online payment method offered by a wide range of forex brokers. With low fees, traders can deposit or top-up their FasaPay account via bank transfer, either through the website or mobile app. In this review, we 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. To start trading with brokers that accept FasaPay deposits, see the list directly below.
FasaPay Brokers
These are the 2 best brokers that accept FasaPay deposits and withdrawals:
#1 - Pocket Option
Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.
"We recommend Pocket Option for aspiring binary options traders looking for copy trading services and a low minimum investment."
- DayTrading Review Team
- Instruments: Binary Options, Currencies, Commodities, Stocks, Indices
- Regulator: IFMRRC
- Platforms: MT5
- Min. Deposit: $50
- Min. Trade: $1
Pros
- Copy trading
- Live signals
- MT5 iOS & Android app
Cons
- Only one account type is available
- IFMRRC is not a reputable regulator
- No MT4 trading platform
#2 - ForexChief
ForexChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
"ForexChief will prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The large welcome bonus and low starting deposit will also appeal to new traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Metals, Commodities, Stocks, Indices
- Regulator: VFSC
- Platforms: MT4, MT5
- Min. Deposit: $10
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- Copy trading solution with signals
- Full range of investments including popular cryptos
- STP/ECN execution with low spreads from 0.0 pips
Cons
- Weak regulatory oversight
- Limited market research
- Withdrawal fees on several payment methods
FasaPay Overview
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 recognized and trusted payment method, used by 500,000+ members and over 390 merchants across 222 countries. This includes online trading brokers and aspiring investors.
The system 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 via bank transfer. Accounts are issued in USD and IDR and the brand uses a list of partner exchanger platforms such as EPay.
Pros Of Trading With FasaPay
Mobile Trading Review
The payment system 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
FasaPay is offered by many well-known forex and binary options brokers, particularly those who cater to the Asian market, including Alpari, FP Markets, and Olymp Trade.
You can also send and receive money automatically by using the XML API. This is useful for tech-savvy investors who want to set up a fully automated trading system.
Supported Countries
Apart from the USA and Canada, deposits and withdrawals are accepted in 222 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 for prompt support with a payment error or assistance managing your funds. Traders can also try the FAQ section or get in contact via telephone (+60 3 2726 2770) or email (support@fasapay.com). Alternatively, the support team of your respective broker may be able to help with deposit and withdrawal issues.
Buyer Protection
The firm offers buyer protection for consumers, which provides support and guidance in the case of any disputes with merchants. 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
You must have a topped-up account before it can be used, meaning it’s not as convenient as direct payment methods that allow bank-to-bank transactions.
Limited Currencies
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.
Restricted Countries
Despite accepting USD and IDR bank accounts in 222 countries, the provider does not accept customers or traders from the United States or Canada.
No Card
The company 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 mobile app is only available on Android phones, which will be disappointing for the large portion of traders who use iOS devices.
Speed
It is quick and easy to sign up for FasaPay, 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 FasaPay to your bank account can take 2 – 10 days after the payment company has received the withdrawal.
Security
The brand 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 platform.
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 the 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 up to 4% in withdrawal fees. 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.
FAQ
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, you will need to select FasaPay in the funding section of your trading platform and sign in to your FasaPay account when it redirects you. You will then need to confirm the transaction within the portal to complete the payment.
How Do I Close My FasaPay Account?
You can close or delete an account by contacting the customer support team via email, telephone or live chat on the official website.
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 that uses 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, including Nigeria.