FasaPay

FasaPay is a globally recognised online payment gateway. The service has been integrated by a growing list of merchants, including online trading brokers. This review will cover how to register for an account, trading deposits and withdrawals, plus fees and security measures. Find out how to start swing trading with FasaPay.

The best FasaPay brokers include AvaTrade, Deriv and IC Markets.

How FasaPay Works

History

Fasa Centra Solutions Ltd was established in 2011. The brand operates as a non-banking organisation, offering money transfer and payment gateway services. The digital solution is supported in 221 countries across the world, operating from its headquarters location in Kuala Lumpur, Malaysia.

Today, more than 500 merchants have integrated the payment solution into their products and services. Various companies, including online trading brokers, offer the transfer solution as a deposit and withdrawal option via API integration. The number of FasaPay members is over 500,000.

What Is It?

FasaPay is a reliable, low-cost payment method. Traders can open a free account to facilitate fund transfers, wallet top-ups and deposits to external merchants. Importantly, funds can be transferred to the e-wallet via a bank wire transfer only. See our list of supported brokers above to start trading.

Transaction Times

Payments to swing trading accounts using the solution are fast. With that said, you must open a FasaPay account before you can transfer funds. Also, the KYC verification process can take up to three working days and requires customers to submit a billing statement or proof of residency, such as a passport.

Pending account sign-up and the relevant verification checks, a FasaPay wallet top-up can take up to 60 minutes. Once available, funds can be used to deposit to your forex trading account. Note, brokers may also have their own timelines which can cause a delay in funds being available. At AvaTrade, for example, e-payment deposits generally take up to 24 hours.

Withdrawals via FasaPay are typically slower, often taking up to five working days. Remember, funds will also need to be removed from your FasaPay wallet too. This can take between two and ten working days following receipt of money from the merchant.

Pricing Review

It is free to open, deposit and withdraw using a FasaPay account. However, a 0.5% charge applies to transfers between FP accounts ($0.10 to $25,000 limit for verified users).

Minimum deposit requirements also apply, with traders needing to deposit at least $1,000 to the e-wallet. This is fairly high, particularly for beginners with limited capital outlay. Your broker may also have its own minimum funding limits.

Importantly, AvaTrade and XM do not charge any fees for deposits made via FasaPay. RoboForex, on the other hand, charges a 0.5% withdrawal fee. It’s always worth checking for any charges on the broker’s payment portal before opening an account.

Security

FasaPay is a safe and reliable payment method. Transactions are screened using SSL technology and AES high-grade encryptions. KYC checks also help protect against fraud.

In addition, swing traders are given the option to add additional login and profile security features. This includes a six-digit master code to enable account changes or PIN number verification for transactions. We recommend securing your account with all available functions.

Pros of FasaPay for Traders

Benefits of trading with FasaPay include:

• Referral Rewards – Commission can be earned via a referral programme. Financial rewards are offered for each transaction made by a referred customer
• Customer Service – The payment provider offers several customer contact options. These include live chat, email and access to an FAQ page. Topics include how to deposit to a forex trading broker, account error codes and implementing the PIN ID for logins
• Mobile App – The FasaPay mobile app is available to download to Android (APK) devices. Importantly, users can make payments directly through the application and can track their transaction history. Note, the app is not currently compatible with iOS devices
• Availability – FasaPay is a global service, operating in over 220 countries. The solution is accepted by many forex and binary options brokers including AvaTrade, IQ Option, IC Markets and RoboForex. Supported countries also include Kenya, Aman, Australia and France.
• Security – The service offers several payment protection services such as PIN verification and master code account ID

Cons of FasaPay for Traders

Downsides to trading with FasaPay include:

• Transaction Fees – Charges apply to fund transfers between FasaPay accounts (FP to FP) or master exchanger transactions (IDR to USD or USD to IDR). These are 0.5% of the transaction value
• Payment Limits – There are high minimum and maximum deposit and withdrawal limits. The minimum deposit requirement and withdrawal amount is $1,000, which may deter new traders
• No Payment Card – Swing traders do not have the flexibility of using a virtual or physical payment/prepaid card. This is a convenient option available at top e-wallet providers, allowing cash withdrawals and instant broker account transfers
• Limited Payment Methods – Deposits and withdrawals to a FasaPay account can be made via bank wire transfer only. Credit/debit card funding is not accepted. Unfortunately, this is limited vs Neteller and Skrill which offer 40+ payment methods
• Slow Processing Times – Investors must register for a FasaPay account before they can make a deposit to their trading account. And unfortunately, account verification can take up to three working days. Withdrawals from a FasaPay account are also subject to a processing period that can take up to 10 days
• Restricted Countries & Currencies – Although FasaPay is available in over 220 countries, it only supports account denominations in USD and IDR. This means that costly exchange rate fees may apply when transferring funds in other currencies. The payment solution also does not accept residents from the United States (USA) or Canada

How to Make FasaPay Deposits & Withdrawals

The first step is to open a FasaPay account via the official website. Customers can open an account in USD or IDR only. There are three account statuses; registered, active or verified. All offer access to the mobile app, free registration and transaction invoice services. Note, a minimum deposit requirement of $1,000 applies. The verified account provides access to the best features including bank wire transfer deposits and withdrawals, plus the ability to transfer between FP accounts.

Pending account approval, you can log in with your registered account ID and load funds. You can then visit your swing trading broker and select FasaPay in the cashier portal. Redirection to the payment partner’s interface is automatic. Next, simply sign in and follow the on-screen directions to confirm the payment.

Verdict

FasaPay is a reliable payment method that can be used to fund trading accounts. It is accepted by several top brokers including AvaTrade and Deriv. However, there is a lengthy account verification process, high FP to FP transfer fees, plus a substantial minimum deposit requirement. As a result, we would recommend alternative payment solutions such as PayPal.

FAQ