CASHU

CASHU is a digital wallet that can be used to transfer money and complete online transactions. Founded in 2002, the service was the first of its kind in the Middle East and North Africa and is often used in these regions to fund trading accounts. This 2024 CASHU review will focus on its use as a payment method for brokers, exploring deposit fees, withdrawal speeds, security and more.

The best CASHU brokers include XM, RoboForex and NordFX.

How CASHU Works

The payments provider was established in 2002 and the brand and logo are owned by Jabbar Internet Group. The company is headquartered in the British Virgin Islands and has offices in Amman, Jordan and Cairo, Egypt. The transfer solution is one of the oldest FinTech companies in the MENA area and serves nearly 3 million customers there.

The payment method is accepted by over 7,000 online merchants including popular trading brokers and exchanges. CASHU can also be used to buy cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and EOS (EOS).

To register, traders need to download the CASHU application. This is available through the Apple App Store and the Google Play Store. To sign up, you need to create an account and have it verified. You will then be able to fund the account using a prepaid card and credit card, amongst other methods.

The mobile app can help you locate stores that sell CASHU vouchers which are available in denominations between $10 and $300. The voucher will contain an 18-digit code which you can enter on the app to top up your account. You can also send gift cards to friends and family by purchasing a voucher and sending it by email.

Signing up will give you access to the CASHU e-wallet, available for adults and juniors with different limitations. The firm also issues a virtual and physical Mastercard, known as the CASHU Majd Joy Card. This is linked to your e-wallet balance and can be used in-store or online wherever Mastercard is accepted. It can also be used to withdraw cash at ATMs.

If your broker does not accept CASHU payments directly, you may be able to use the Mastercard to fund your trading account with your e-wallet balance.

Transaction Times

CASHU is a convenient method for trading deposits. Using just your account number and password, you can recharge your trading account in a matter of minutes. Using the Mastercard is equally quick.

Unfortunately, withdrawals to a CASHU account are not possible. This could be a serious disadvantage for some investors who will need to set up another method to receive their profits.

Pricing Review

The firm charges low fees making it an attractive choice for depositing cash. There is no account creation fee and annual maintenance is only $1. Credit card top-ups are charged 3.5% whereas local banks and foreign banks are charged $1.50 and $1, respectively. Basic accounts have a transaction limit of $250, which may be restrictive for some trading strategies. You can also apply for a premium account that has a transaction limit between $5,00 and $50,000, depending on your jurisdiction.

Brokers usually charge low fees for deposits made with digital wallets such as CASHU. However, due to the system not accepting withdrawals, your options may be limited. Also be sure to compare the pricing structure of each broker before investing capital.

Security

CASHU is a reliable payment method used by millions of customers around the world. The firm requires all merchants, vendors and consumers, to comply with full KYC (know your customer) regulations. Users are required to complete full identity verification that may include a video check. The firm also follows global and local compliance laws in each country that it operates in, which may mean some services are restricted in certain jurisdictions.

When using CASHU to deposit funds to a trading account, ensure your broker is also compliant with local financial regulations. This will help you avoid scams and difficulties if the firm becomes insolvent.

Support

If you require help and support, the official website contains an extensive FAQ section. You can also get in touch by sending an email to support@cashu.com or by creating a ticket on the website. There is no contact number but email support is available in English and Arabic.

Pros of CASHU for Traders

Benefits of trading with CASHU include:

• Easy setup: The solution can be downloaded and topped up in a matter of minutes. You then only need a username and password to deposit funds to your trading account.
• Low-cost: Fees for account maintenance and transactions are affordable. This makes it a good choice for traders using various strategies.
• Prepaid: The prepaid system opens up the possibility of trading to those without bank accounts. A CASHU balance can be topped up in cash at a physical vendor.
• Secure: The company has operated for over 20 years with secure fraud prevention. You can trust this payment method to keep your personal and banking details safe, including via secure 2FA logins.

Cons of CASHU for Traders

Drawbacks of trading with CASHU include:

• No withdrawals: It is not possible to withdraw from your trading account to CASHU. And unfortunately, certain brokers require the method of withdrawal to be the same as the deposit solution which may lead to difficulties.
• Only available in certain regions: The solution is available in several countries worldwide with a particular focus on the MENA region. It is a popular and reliable option for traders in this area. However, if you carry out trading activities outside of this region, you may need to find another payment provider.

How To Make CASHU Deposits & Withdrawals

Below is a quick guide to help you get started trading with CASHU:

1. Ensure you have funds in your CASHU account. As mentioned earlier, you can do this by purchasing a prepaid voucher code, using a credit/debit card, or via other common payment solutions.
2. Fund your trading account. Log in to your brokerage account and select CASHU as your method of deposit. You will need your wallet account number, email address or phone number.
3. Enter your chosen amount. There may be limits on the amount you can withdraw depending on your account type.
4. Your account should be funded within minutes. Once complete, you should be able to make a trade.

Note, as withdrawals to CASHU accounts are not possible, you will need to ensure you have a suitable withdrawal option.

Verdict

CASHU is a fast, affordable and secure payment method that has been used for over 20 years. The company focuses its services on the Middle East and North Africa, so if you are based in this region, you may find it a useful solution. Fees vary between brokers and withdrawals are not possible, so check broker-specific limitations before investing capital.

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