- Binary Brokers with FasaPay
- How FasaPay Works
- Transaction Times
- Pricing Review
- Pros & Cons Of FasaPay For Binary Options Traders
- How To Make FasaPay Deposits & Withdrawals
- Verdict On FasaPay Binary Options Brokers
- What Is FasaPay?
- Is FasaPay Safe?
- Is FasaPay Free?
- How Do I Deposit Into FasaPay?
- How Do I Use FasaPay?
FasaPay is an online payment system that allows users across most of the world to deposit and withdraw money without using a card. Importantly, FasaPay is a reliable company which offers quick and easy USD transactions online, so many traders in supported countries use their FasaPay account or mobile app to make purchases from partner merchants or to send deposits to their binary options brokers.
This guide will provide all the information you need to sign up for a new FasaPay account, as well as a review of the fees, advantages, disadvantages and everything you need to know about using FasaPay to fund your binary options account. Use our list of binary options brokers that accept FasaPay deposits to start trading.
Binary Brokers with FasaPay
How FasaPay Works
The Malaysia-based FasaPay has been providing users with a convenient online payment system since its establishment in 2011, and in many countries it is a popular alternative to services like PayPal, Skrill and Neteller.
Account holders use FasaPay as a typical online wallet, depositing funds in either of the two supported currencies – US dollars (USD) and Indonesian rupiahs (IDR) – and using these to pay merchants on the company’s list of partners.
A FasaPay account can be funded without a credit or debit card using a direct bank transfer, and Android mobile users can download an app to make this payment method even more convenient.
Bear in mind that some bank transfers to top up FasaPay accounts can only be made by verified users, and the minimum amount you can deposit or withdraw is $1,000.
There is a limit of $5,000 for deposits by active users, rising to $75,000 for verified users. Meanwhile, the $5,000 withdrawal limit for active users rises to $25,000 once an account is verified.
FasaPay also provides Perfect Money account holders with a quick and easy way to purchase Bitcoin (BTC) through an exchanger partner. In addition, it is a popular and widely used method of funding binary options trading accounts, as is evident from the large number of brokers that accept FasaPay deposits.
While the brand is particularly popular in Indonesia and nearby countries of Southeast Asia, it also has users in Australia, France, Nigeria and other countries across the world.
However, the company does not accept registrations from the United States and Canada, the only two restricted countries on its official list.
Transactions between a FasaPay account and a verified merchant or another user should go through “without delay”, according to the official website, and you should expect deposits you make using this service to a binary options broker to go through almost instantaneously.
However, before you can send money using this payment method, you will need to make a deposit to your FasaPay account. Users top up their accounts through bank transfers, and each time you make a deposit you will need to fill out an order form.
The order forms are processed during FasaPay’s office hours – Monday to Friday, 09:00–22:00 GMT+8 – and should take no more than 60 minutes to process once received.
Withdrawals from FasaPay are processed during the same hours in the order they enter the queue of transactions, and these should be completed in 2–10 business days.
It’s also worth noting that your binary options broker may have their own due diligence and identity checks that need to be completed before they can approve a withdrawal.
FasaPay is an inexpensive service, and many users favour this payment method for its low fees and freedom from charges. The company does not charge any fee for deposits and withdrawals, though users may be subject to administration charges from their bank.
Making transfers between FasaPay accounts costs a transfer fee of just 0.5%, with a minimum charge of $0.01.
Account holders may still need to pay a deposit or withdrawal fee charged by their binary options broker, and if they need to make a currency exchange via FasaPay’s Master Changer service they will be subject to additional charges and an exchange rate spread.
Nevertheless, with its low transfer fee, FasaPay is one of the less expensive options for online payments.
Many binary options traders need to make frequent transfers of large amounts of cash, so security is a paramount concern. Fortunately, FasaPay is an established name with a large user base, and it has proven itself as a reliable and secure payment method.
Users are provided with a six-digit master code when they register a new account, and this code will be required if any changes are made to the customer’s account details. A PIN code is also provided, and users can set security on their account to require the PIN on login, each time they top up, and for each withdrawal.
Additionally, the company provides API security services, which can be set to recognise the user’s IP address and blacklist logins from different IPs. Finally, FasaPay requires users to go through a verification process to use the service’s full set of features.
If users have any questions or concerns regarding security, they can contact FasaPay using the website’s live chat feature, send them an email, or get in touch using Skype.
Pros & Cons Of FasaPay For Binary Options Traders
FasaPay is an established, widely accepted payment method with affordable fees and a lot of advantages for traders, but there are also drawbacks. This section will explore both the pros and cons of using this payment method to deposit and withdraw at binary options brokers.
- Widely accepted – FasaPay is accepted by a wide range of binary options trading brokers, including big names like Alpari and Pocket Option.
- Low fees – The brand is an inexpensive payment method, since it does not charge users a deposit or withdrawal fee, and it only charges a 0.5% transaction fee to make a transfer.
- Widely available – Binary options traders in countries all over the world can sign up to FasaPay, with only the USA and Canada restricted.
- Reliable and secure – Having been around for more than a decade, the company is a proven and reliable payment method with standard security measures.
- Limited currencies – FasaPay only operates with USD and IDR, and it may prove costly and complicated to use this payment method at a binary options broker that requires deposits in a different base currency.
- High minimum deposit and withdrawals – The firm requires a minimum deposit of $1,000 USD, and you can only withdraw cash to your bank account if you have $1,000 USD or more in your e-wallet.
- Long processing time – It can take up to 10 days to receive your withdrawal, and any transfer will only begin during office hours. As outlined above, binary options brokers may also have their own processing timelines which can cause further delays.
How To Make FasaPay Deposits & Withdrawals
Making FasaPay deposits and withdrawals with a binary options broker is usually a simple process that follows the same steps as most other transactions.
It will usually require the user to log into their trading account, then click the “cashier” or “deposit/withdrawal” button. Once you enter the amount you wish to deposit or withdraw and select FasaPay as your payment option, you will usually be redirected to a payment page prompted to enter your FasaPay account number and password.
If you have any issues entering this information, your broker should be able to provide customer support to guide you through it.
Verdict On FasaPay Binary Options Brokers
FasaPay is an established and reliable payment method serving many users in Indonesia and other countries around the world. It is widely accepted by binary options brokers, and it offers low-cost transactions to investors everywhere except the USA and Canada.
However, the long withdrawal times and high minimum deposit and withdrawal limit may put some traders off this service.
See our list of the top binary options brokers that accept FasaPay deposits to get started.
What Is FasaPay?
FasaPay is a service which acts as an online payment gateway for users around the world. Users can top up their accounts with US dollars or Indonesian rupiahs, and then use these funds to make payments to approved merchants.
Many people use FasaPay to purchase Bitcoin or other cryptocurrencies, and it is also a popular way to fund binary options trading accounts.
FasaPay is especially popular in Indonesia and south or southeast Asian countries including the Philippines, Bangladesh, Sri Lanka, India and Pakistan, but it also has users in African countries like Uganda, Nigeria, Uganda, Zambia and Zimbabwe.
Is FasaPay Safe?
FasaPay has become an established name over the decade since it was founded, and it is accepted by many binary options brokers and other merchants. Accounts are protected by passwords, PIN numbers and other standard security features.
They also have more specialized features including a master code, which is required to change account settings, and an API service which can be used to create a whitelist of approved IP addresses or to blacklist specific IP addresses.
Altogether, FasaPay is at least as secure as many other similar services, and users can always contact the company through live chat, email or Skype to discuss any concerns.
Is FasaPay Free?
FasaPay is a business, and it makes its money by charging users transaction fees. However, it is a low-cost service with relatively low fees.
Users will not be charged anything on FasaPay’s end to make deposits and withdrawals, and they will only need to pay a 0.5% transaction fee when they use the service to make transfers.
However, they may still be charged by their binary options broker when they make the deposit or withdrawal, or by their bank when they transfer money to FasaPay.
How Do I Deposit Into FasaPay?
Making a deposit to a FasaPay account is relatively easy. Users must fill out an order form and make a bank transfer. Once the order form has been submitted, it will take up to 60 minutes for the FasaPay admin to approve it. Bear in mind that transactions will only be processed during office hours, between 09:00 and 22:00 in the GMT+8 time zone.
How Do I Use FasaPay?
Account holders can use this payment method to make purchases with online merchants, buy Bitcoin and other cryptocurrencies, or to fund their binary options trading accounts.
The first step is to register for an account and provide the firm with the necessary verification details. Then, users fund their account by filling out an order form and making a bank transfer.
Deposits can be made without using a card, but the minimum deposit amount is quite steep at $1,000. The same minimum amount applies to withdrawals.
Once you have cash in your account, simply log in to a binary options broker which supports this payment method, then follow their guidelines to make a deposit. You can withdraw your earnings to your FasaPay account.
Verified users can withdraw any amount between $1,000 and $25,000 from their wallets to their bank accounts.