CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data. *Availability subject to regulation.
Regulated brokers will only accept payment types that they deem to be secure, reliable and trustworthy payment sources. This is to protect both the client and the broker, as it ensures that both are able to access, withdraw and deposit funds without issue. Ensuring a broker accepts a payment type that the client has easy access to can be just as important as choosing one based on the spreads and underlying assets they offer.
The company, first founded in 2002 by Maktoob (which is now part of Yahoo), offers a prepaid digital payments method in the Middle East and North Africa. The platform was devised as a secure payments solution for the growing young population in the MENA region who had limited access to credit cards and a large appetite for purchasing digital products online, such as music and games. Considered to be the first established in the area, CASHU is now serving over 2 million consumers and is available at thousands of online merchants around the world.
CASHU is an electronic payment service, available to use at a selection of merchants online and via mobiles. It is frequently used within gaming communities and for the trading and downloading of music and software.
Although a widely accepted form of payment around the world, CASHU have maintained strict restrictions with regards accepting merchants that offer gambling and other inappropriate content for their younger audience. This allows parents reassurance and control over where their children are spending online. The payment restrictions also limit how much they are spending.
A CASHU account can be funded by direct bank transfer, credit card (only in KSA, Jordan, Kuwait, UAE, Egypt, Oman, Qatar, Bahrain, Turkey, Tunisia, Algeria, Morocco, Palestine, Yemen, and Lebanon). A network of top-up vendors are also available within every country in the region.
Purchases from CASHU Merchants can only be made in the following currencies:
USD, AED, BHD, DZD, EGP, EUR, JOD, KWD, LBP, MAD, OMR, QAR, SAR and TRY.
However, the transaction amount will be deducted from the CASHU account in US Dollars.
Using the most up to date fraud prevention and AML technology, companies can reduce the risks that go together with purchasing products online.
Although opening a CASHU account is free, there is an annual maintenance fee of $1.00 and dormant account fee of $1.00 every 30 days if the account has not been used for 120 days or more.
To add funds to the account via a credit card, there is a 3% + Foreign exchange rated which is defined by the client’s bank.
Other fees added are dependent on which merchant or exchange the client is using. A comprehensive list of these can usually be found in the fees section on their website.
CASHU customers must be over 18 or must have consent from a legal guardian in order to open an account.
Other conditions for opening an account include successful identity verification. Information required includes a name, address, telephone number, email address and date of birth. Verification that the information provided is correct may be required.
Once an account has been verified with an approved form of ID, CASHU customers can pay for goods and services with a value of up to $3,250 per transaction. Otherwise, the maximum amount is $650. A limit of up to 15 payments a day is imposed.
Customers should be aware that the services provided by CASHU are not banking services, and their deposits are therefore not covered by any government compensation schemes.
There are many benefits to using CASHU for Forex trading:
It is very easy to set up. Within minutes a customer can be making deposits using a variety of payment types.
It is available in many countries across Asia and Africa.
A CASHU prepaid account can be set up without the requirement for a bank.
Regulated brokers, XM, operate a zero fees policy, which means no transfer fees or charges are incurred for using CASHU. The existing payment methods available at XM for clients in the UK include Visa, MasterCard, UnionPay, Neteller, Skrill, Sofort, CASHU, Przelewy, and bank wire transfers. CASHU transfers are completed in USD for accounts with a USD base currency, and a minimum of just USD 5 is required, or the equivalent value in any other currency deposited. Deposits are instant and fees are covered by XM. The only requirements are that the CASHU account is in the same name as the account held with XM.