CASHU is one of the oldest payment solutions Forex traders can benefit from as it appeared back in 2002. The payment service has gathered much momentum since this time as currently, it is one of the most sought-after online payment methods within the boundaries of the MENA region.
A primary reason why the payment method has become increasingly popular is its unmatched availability as one can obtain a prepaid voucher from over 75,000 vendors within that region.
The purpose of this service is to provide users from these territories with a user-friendly and accessible payment option that can help them make purchases online, or deposit funds into different websites. CASHU’s services are mostly used by e-commerce buyers and online gamers, but it is also very popular when it comes to Forex Trading, VoIP, IT services, or purchasing products.
How to Fund a Forex Account with CASHU
It is true to say that reliable and secure brokers would only accept payments through banking solutions that maintain high security levels. CASHU is positively one such payment method as it will allow you to make payments in a smooth and hassle-free manner.
CASHU is so preferred by Forex traders mainly because of its straightforwardness and user-friendliness. Before you get down to funding your Forex account, you need to head to the official website of the company and establish an account. Then, you need to verify your account and load it with cash using the prepaid card you need to purchase in advance.
If this is the first time you are opting for the payment method, you can make use of the search tool that is available on the website of the company. The places where you can obtain a prepaid card will be revealed to you as soon as you have picked your country of residence and the city you live in. Currently, the prepaid cards are available in several denominations including $10, $20, $30, $50,$100, and $300.
When you have already obtained a prepaid card, you simply need to provide its unique 18-digit code. Forex traders can also have the option to top up their CASHU account using their Mastercard or Visa-branded credit card. Depending on the country you live in, you might be given other payment methods to pick from as well.
If you already have sufficient funds in your CASHU account, you are ready to get down to funding your account at the preferred Forex trading platform. So as to do this, you will need the account number of your CASHU wallet that can be found on the left-hand side of your screen. Please keep in mind that instead of providing the 16-digit code of your account, you can also provide the email address or the phone number you have used when signing up for a CASHU account.
So as to go about loading your Forex account with cash, you need to enter the amount you would like to upload. Then, you will be redirected to another page where you will be prompted to input the number of your CASHU account and your password. Once you have confirmed the payment, the preferred amount will be added to your balance within a couple of hours, thus allowing you to start trading without any delays. Please keep in mind that some Forex trading platforms might also apply a commission to your deposits.
How to Withdraw from a Forex Account to CASHU
Despite the fact that CASHU poses as a great way to funnel funds into your Forex trading account, it will not be available when cashouts are concerned. That is the reason why your only alternative is to check out the rest of the supported banking solutions that are available for withdrawals.
Thankfully, the better part of the Forex brokers accept payments via numerous other swift and convenient payment methods, thus allowing you to retrieve your money from the platform in a stress-free fashion.
Benefits of Using CASHU for Forex Trading
It is true to say that using CASHU for Forex Trading has several advantages that are worth giving your attention to, especially if you cannot decide if the payment method will work well for you.
First and foremost, CASHU poses as an exceptionally user-friendly payment method. Even if you are new to Forex trading, you will figure out that deposits through the payment solution are carried out in a hassle-free manner. All you need to do in order to wrap up the deposit is to decide on the amount you wish to upload, to log into your CASHU account using your account number and password, and authorize the payment.
Establishing a CASHU account is exceptionally easy and Forex traders are not even required to have a bank account in order to take advantage of the payment gateway, which might often be the case with some of the other payment methods.
CASHU’s availability is yet another of its strong points. The banking solution will be at the disposal of Forex traders from most countries within the MENA region or countries in North Africa and the Middle East. Moreover, users of the banking method can obtain a prepaid voucher from over 75,000 vendors, which certainly makes it exceptionally easy to top up your CASHU account.
It is unlikely to end up disappointed by the banking service also if the safety of your personal and banking details are of utmost importance to you. The company utilizes advanced security technology in order to guarantee that your funds will be in safe hands all the time. What is more, when handling your payments via CASHU, none of your banking details will be exposed, which further reduces the chances for fraud to a minimum.
The availability of dedicated apps for devices running on Android and iOS is yet another thing some of you might consider a major benefit. Thanks to these apps, Forex traders will be allowed to handle their transactions via CASHU wherever they go.
Finally, CASHU is most likely to tick all your boxes if you are on the lookout for an affordable payment method. Interestingly enough, this is one of the lowest-commission banking methods Forex traders can benefit from, which is yet another reason why it can turn out to be a viable option for you.
Disadvantages of Using CASHU for Forex Trading
One of the biggest downsides of handling your payments through CASHU is that it is unavailable for withdrawals. What might pose as a small issue is that Forex traders will find themselves compelled to pick another way of payment to cash out their money.
Some of you might be uncomfortable with the fact that first, they need to upload funds into their CASHU account so that they could go on with their deposits at the preferred Forex trading platform. On the positive side of things, this will not take that much time as one might expect, thus allowing them to go about speculating on Forex without any ado.
Finally, what some of you might consider a setback is that CASHU is accessible exclusively in the Middle East and Africa, which renders it available to a slightly limited range of users. That being said, the positives of opting for CASHU exceed in quantity the disadvantages, which makes the payment method worth considering.
Fees and Limits When Using CASHU to Trade Forex
As mentioned above, one of the main causes of the popularity of the payment method is its affordability. First off, Forex traders will see that setting up a CASHU account is costless. The annual maintenance fee is not overwhelming as well as users of the service need to pay $1.
In the event that you have not used your CASHU account for 120 days, a fee of $1 will be deducted from your balance every 30 days. As we explained above, Forex traders will be given the opportunity to fund their CASHU account using their credit card. What you should be mindful of is the fee of 3.5% that will be applied. Moreover, bear in mind that the foreign exchange rate of your bank will also be added to it. As long as you are opting for a local money transfer, this will cost you $1,50 while cross-border transactions will cost you $1.
What Forex traders should be mindful of is that the amount they will be allowed to pay per single transaction via CASHU depends on the type of their account. Thus, if they have a basic account, which means that they are yet to verify their identity, they will not be allowed to spend more than $250 per month. If you are a premium account holder, however, the amount you can spend per transaction is set at $5,000 and $50,000 per month.
Traders should bear in mind that the limits they need to abide by differ greatly from one Forex trading platform to another. Most of the time, they will not be able to upload less than $100. That being said, you can still encounter platforms where the least amount you can upload is smaller.
CASHU Chargeback on a Forex Account
While picking a platform to trade Forex, you need to be extremely careful and to ascertain that the broker has a valid license from at least one regulator. The reason why you should be satisfied with the legitimacy of the broker is that if you have become a victim of a rocket Forex trading platform, you will have certain means to cope with the problem.
The first thing you can do to get out of this sticky wicket is to get in touch with the license issuer. On some occasions, traders might succeed in getting an insurance, given that they manage to prove that they have made the transaction. Still, an issue might arise when the platform has obtained a license from a regulator that is based overseas due to the fact that it might turn out to be much harder for you to get your money back.
In the event that you wish to deal with the problem without the involvement of the institutions, you should consider opting for a chargeback. Whether this option will be available to you at all depends exclusively on the banking solution you have picked. When CASHU is concerned, traders will not be able to benefit from this option. As it seems, you can opt only for a merchant refund, which is of no use to traders.
Security When Trading Forex with CASHU
CASHU is a secure and safe banking solution that can be used not only when purchasing goods over the Internet but also when Forex trading is concerned. The risk that might arise when making a payment through the banking solution is nearly non-existent due to the fact that it is built upon contemporary security systems.
This payment method combines straightforwardness, convenience, and reliability, which undoubtedly renders it a great option for traders. What makes the payment method so preferred is that traders should not necessarily have a bank account, credit or debit card in order to utilize it. Even if you have such, you will not be required to link it to your CASHU account or expose your banking details nether when setting up a CASHU account, nor when handling your transactions.
Overall, CASHU can measure up to the expectations of traders who are looking high and low for a payment method that is reliable and at the same time, user-friendly. Moreover, it is also affordable, which many traders might also appreciate. If you do not have access to a credit/debit card, and you are a resident of the Middle East or North Africa, then CASHU is positively one of the best choices you have when you feel like participating in Forex trading.