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Fasapay – Online payment getway review

Fasapay is one of the many online e-wallet payment systems. Traders can use Fasapay to deposit or withdraw funds from their forex brokers. The acceptance of Fasapay as a forex deposit and withdrawal method has been growing in popularity.

This is partly because Fasapay enables an easy to use interface, making it quite popular by trader’s demand.

Although Fasapay is relatively new to the forex broker field, in terms of handling online deposits and withdrawals, it is a well established company.


About Fasapay

Fasapay is an online e-wallet company. It is a non-banking company that specializes only in online money transfer and acts as a payment gateway. This enables customers of a forex broker to easily deposit and withdraw funds using FasaPay.

The website FasaPay is operated by the company Fasa Centra Solutions Ltd. This company is registered in Malaysia. It was established in 2011 and made its foray into retail forex trading as a payment gateway.

Fasapay was initially focusing on gaining the market share in the south east Asian markets before moving into other parts of the world. At the time of writing, Fasapay boasts of over 500,000 members that use it as a payment gateway. The company also has an established presence in over 200 countries.

What makes Fasapay so popular is its low transaction fees. Comparing to many other established online payment gateways, Fasapay charges just 0.5% on the transfers that are done using its payment platform.

A verified user on Fasapay gets a lot more benefits including ability to withdraw funds to their bank accounts and fast and free transfers between other Fasapay accounts or users. There is also a dedicated mobile app that allows you to manage your funds easily.


Fasapay Features

Firstly, the biggest unique selling point for Fasapay is the fact that it is free to open an account. There are no minimum deposit requirements. This means that you can easily open your account at Fasapay and choose to deposit funds at a later stage.

Funds can be transferred initially from a bank account to the Fasapay platform. With the exception of bank fees, there are no additional charges. Thus, depositing funds to Fasapay is free of cost.

Likewise, withdrawing funds from Fasapay is also free of cost, excluding any bank wire transfer fees that one may be charged. This can vary from one bank to another.

To begin using the Fasapay features, the minimum deposit amount is about $1000 (US Dollars). You can of course, deposit a maximum of up to $25,000 (for verified users). But in order to do this, customers need to verify their accounts by providing proof of identification.

Customers at Fasapay can also transfer funds between their additional Fasapay accounts or to other users. The minimum transfer that you can do between Fasapay accounts is just $0.10 and up to $25,000 if you are a verified user.

For users who really like Fasapay, you can also make use of their built-in referral system. Using this, you can easily refer Fasapay to your friends and also get compensated for it.


Fasapay limitations

One of the limitations of using Fasapay is that customers in the United States and Canada cannot open an account in U.S. dollars. However, customers who are based elsewhere in the world can easily open an account in USD.

Another shortcoming of Fasapay is that you cannot deposit funds using a credit card. Only transfers from Bank, and that too via regular bank wire transactions are only allowed. While this might seem like a limitation of Fasapay, the restriction against using Credit cards is done in order to protect against chargebacks and other scams. Using purely a Bank account for deposit and withdrawals provides an additional layer of security.


Fasapay Banking – Conclusion

In conclusion, Fasapay is a relatively new entrant in the retail forex trading as a payment gateway. But that is not to forget the fact that the company has been around for close to nine years.

Geographically, Fasapay, as a deposit method is getting more and more popular. An evidence of this can be seen by the number of forex brokers who are using Fasapay as an additional payment method to enable deposit and transfers.

Comparing to other major epayment companies, Fasapay is cheaper and quicker. But of course, it comes with some limitations when it comes to competition. For example, if you expect to get a Fasapay card, then you are mistaken.

Fund transfers are done only via your Bank account and Fasapay and back. Still, in terms of security and ease of use, Fasapay is an online epayment method that is worth exploring.

Read 814 times Last modified on Thursday, 23 April 2020 19:08

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