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Forex Brokers That Accept CashU Payment Method for Deposit and Withdrawal

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CashU was an online payment platform that allowed users to make secure online payments and transactions which is particularly popular in the Middle East and North Africa (MENA) region. CashU was initiated and launched by Maktoob, a popular Middle Eastern web portal, in 2002. Over the years, CashU expanded its services and network of partners to facilitate a wide range of online transactions.


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CashU is a digital payment service that allows users to make online transactions and purchase goods and services on the internet. It was initially developed to cater to the needs of consumers in the Middle East and North Africa (MENA) region, where traditional online payment methods may be limited or less accessible.

CashU operates on a prepaid system, where users can load funds onto their CashU accounts using various payment methods, such as credit cards, bank transfers, or prepaid cards available at authorized resellers. These funds can then be used to make purchases from online merchants that accept CashU as a payment option.

The platform was widely adopted for online gaming, digital content purchases, and other e-commerce transactions, especially in regions where other payment methods were less common. Furthermore, CashU also facilitated deposit payments for forex brokers that partnered with it.

CashU is favored by forex traders, especially those from the MENA region, due to its simplicity and user-friendly nature. Here is the guide to using CashU in forex brokers.

Deposit:

  1. Firstly, create an account on the official CashU website and undergo the verification process.
  2. Once that's done, you can load your account by purchasing a prepaid card in various denominations, such as $10, $20, $30, $50, $100, or $300.
  3. Fund your CashU based on your country of residence and city. Alternatively, you may also have the option to top up your CashU account using a Mastercard or Visa credit card, depending on your country.
  4. Login to your forex trading account and navigate to the deposit section.
  5. Choose CashU as your deposit payment method. You may asked to fill in some required CashU information.
  6. Enter the desired amount and follow the redirection to another page where you'll be prompted to enter your CashU account number and password.
  7. After confirming the payment, the deposited amount will be added to your balance within a few hours, enabling you to start trading in forex market.
    It's worth noting that some forex trading platforms may charge a commission on deposits.

Withdrawal:

While CashU is a convenient option for depositing funds into your forex trading account, it may not be available for withdrawals. In such cases, you will need to explore alternative solutions provided by the forex broker for cashing out your funds.

Fortunately, most forex brokers offer a range of other quick and convenient payment methods for withdrawals, such as PayPal or wire transfer. This gives you the flexibility to retrieve your funds from the trading platform hassle-free.

The specific fees associated with using CashU may vary depending on the region, merchant, and transaction type. For forex trading, it is commonly known that the costs include a $1 wallet maintenance fee, a $1.50 local transfer fee, and a 3% in crypto buying/selling fee.

Furthermore, there might be other types of fees that you need to be aware of, such as:

  • CashU may charge fees for funding your account through different payment methods such as credit cards, bank transfers, or prepaid cards. 
  • CashU may impose fees for inactive accounts that haven't been used for a certain period. These fees are typically charged on a monthly basis.

Please note that fee structures can change over time, and there may be additional fees or conditions not mentioned here. Therefore, it's crucial to consult official sources or directly communicate with CashU for the most current and accurate fee information.

CashU offers several potential benefits for users:

  1. CashU provides an alternative payment option for individuals who may not have access to credit cards or bank accounts.
  2. When making payments with CashU, users are not required to disclose their personal financial information, such as credit card details or bank account numbers.
  3. CashU employs security measures such as encryption and fraudulent activity prevention to ensure secure transactions. This can provide users with peace of mind when making online payments.
  4. CashU operates on a prepaid system, meaning users can load funds onto their CashU accounts before making purchases.
  5. While not as widely recognized as some other payment methods like crypto or credit cards, CashU is accepted by a range of online merchants.

While CashU offers certain benefits, there are also some potential disadvantages to consider:

  1. Although CashU is accepted by a range of online merchants, it may not be as widely supported as more established payment methods like credit cards or popular e-wallets like PayPal or Neteller
  2. While it has expanded its reach to other areas, its availability may still be limited in certain countries or regions outside of MENA.
  3. Compared to other e-payments, CashU is not commonly used as a payment method among forex brokers
  4. Since it operates on prepaid systems, this means you need to ensure you have sufficient funds in your CashU account to complete transactions. If you don't have enough balance, you'll need to top up your account before proceeding, which can be an inconvenience.
  5. CashU primarily relies on users loading funds onto their accounts through specific payment methods, such as credit cards, bank transfers, or prepaid cards available at authorized resellers. This could be restrictive if you prefer to use other payment methods or if those options are not easily accessible to you.

It's important to evaluate these potential disadvantages alongside the benefits and consider your specific needs and circumstances when deciding whether to use CashU as a payment method.


Additional FAQ

There are various e-payments for trading, but here are some of the most popular ones and the reason why they have a huge fanbase.

  1. Skrill: offered cross-border transactions in at least 40 currencies
  2. Neteller: has advanced safety to prevent money laundering
  3. Paypal: a well-known company that has a million clients
  4. WebMoney: has a purse system
  5. FasaPay: has tight deposits and withdrawals fees

Continue Reading at 5 Top E-Payments for Forex Deposit and Withdrawal

The first thing that you must do is find out the root cause of why the withdrawal is rejected. In some brokers, you can just simply go to your transaction history and click the failed withdrawal. The system will automatically show a pop-up of the reason for the rejection. Alternatively, you can investigate yourself based on the possible reasons above.

If none of the reasons above seem to be the case, then you should contact customer service and ask for help. If customer support keeps saying things like they've been hacked, the processing time will take a long time, there's a problem with the system, etc., then it might be a red flag. If this is the case and you can't seem to reach a deal with the broker, you can file a complaint to a third party to fix the situation.

Continue Reading at Why is Your Withdrawal Rejected?

If this happens, just look for a bonus at other brokers. Providing withdrawal conditions on bonus profits indicates a broker's policy that is difficult and unfair to traders. Bonus profit is a trader's earning, so brokers should not make it difficult to withdraw it.

Continue Reading at How to Avoid Bonus Withdrawal Problems

Legitimate brokers may decline withdrawal requests if traders have an ongoing trading position, often called a floating position.  Additionally, many brokers prohibit withdrawals with floating positions because removing funds can significantly reduce the free margin in your account, leaving you more vulnerable to a Margin Call (MC).

Continue Reading at Top 3 Forex Broker Rules Most Violated by Traders