FAQs for Fasset P2P (Peer-to-Peer) Platform

Fasset has recently launched in Pakistan, providing customers the opportunity to invest and buy digital assets such as cryptocurrencies, stocks, commodities and Shariah-compliant Sukuk. Customers can easily fund their wallets through the Fasset P2P platform, making it convenient to begin their investment journey.

The Fasset P2P system currently operates through an authorized merchant(s). Users can find the merchant's details in the app under the Deposits section. To deposit, users transfer Pakistani Rupees (PKR) to the merchant’s bank account, and in return, the merchant credits their crypto wallet with the equivalent USDT amount. Similarly, for withdrawals, users can sell their digital assets in exchange for USDT, which can then be converted back to PKR via the merchant and deposited directly into their bank accounts.

All merchants featured on the platform are thoroughly vetted and approved by Fasset, ensuring a secure and trustworthy process. Users are encouraged to trade only with these authorized merchants. Additionally, Fasset does not charge any extra fees for P2P transactions, and exchange rates, along with merchant details, are clearly displayed within the app.

The following section covers detailed FAQs and step-by-step instructions for using the Fasset P2P platform.   

General Questions

1. How to verify my account as a PK User?

To sign up, create an account on our platform, you may refer to the following article here.

Step 1: Sign in to your Fasset account and navigate to 'Account.' You can find the option labeled "Complete KYC to start trading". Click on it, then click 'Next.'

Step 2: Select the type of document you wish to use for KYC verification and begin scanning your document. An example of an acceptable document is provided.

Step 3: The next verification step involves taking a selfie. Position your face correctly within the frame and follow the provided instructions.

2. How do I add funds to my Fasset account using P2P?

Step 1: After logging in, navigate to the P2P section. You may refer to the below screenshot on how to navigate the P2P icon:

Step 2: Click on “Deposit”

Step 3: Choose the P2P Transfer option and follow the instructions on next screen:

Step 4: Enter the amount you would like to deposit. Screen will display the current PKR to USDT rate and bank account details of the available merchant as below:

Step 5: Make the transfer to merchant’s bank account as per details shown on the screen and once completed the transfer, click on the “Continue”

Step 6: On the next screen you will be asked to upload a screenshot of your bank transfer and a few more details.

Our merchant will receive the request and as soon as money hits the bank account your Fasset cash wallet will be funded with USDT.

Note: Our merchant could be offline, and if you face this concern, kindly wait until the next merchant becomes available.

Allow 30-60 mins for merchant to verify your deposit and approve the request, in case of any further delays kindly contact Fasset support at [e-mail].

4. What payment methods can I use for P2P transactions?

Payment methods may include bank transfers and digital wallet. Make sure to select a method that the merchant accepts. You may refer to the below list of the supported banks and digital wallet:

No	Bank/E-Wallet Name	Method
1	First Women Bank Limited	BANK TRANSFER
2	National Bank of Pakistan	BANK TRANSFER
3	The Bank of Khyber	BANK TRANSFER
4	The Bank of Punjab	BANK TRANSFER
5	Sindh Bank Limited	BANK TRANSFER
6	Habib Bank Limited	BANK TRANSFER
7	United Bank Limited	BANK TRANSFER
8	MCB Bank Limited	BANK TRANSFER
9	Allied Bank Limited	BANK TRANSFER
10	Bank Al-Falah Limited	BANK TRANSFER
11	Bank Al-Habib Limited	BANK TRANSFER
12	Habib Metropolitan Bank Limited	BANK TRANSFER
13	JS Bank Limited	BANK TRANSFER
14	Samba Bank Limited	BANK TRANSFER
15	Askari Bank Limited	BANK TRANSFER
16	Standard Chartered Bank (Pakistan) Limited	BANK TRANSFER
17	Soneri Bank Limited	BANK TRANSFER
18	SILKBANK Limited	BANK TRANSFER
19	Summit Bank Limited	BANK TRANSFER
20	Meezan Bank Limited	BANK TRANSFER
21	Al-Baraka Bank (Pakistan) Limited	BANK TRANSFER
22	Bank Islami Pakistan Limited	BANK TRANSFER
23	MCB Islamic Bank Limited	BANK TRANSFER
24	Dubai Islamic Bank Pakistan	BANK TRANSFER
25	Faysal Bank Limited	BANK TRANSFER
26	Nayapay	DIGITAL WALLET
27	Sadapay	DIGITAL WALLET
28	Easypaisa	DIGITAL WALLET
29	Jazzcash	DIGITAL WALLET
30	Finja	DIGITAL WALLET

5. How is the exchange rate determined between the PK currency (PKR) and USDT?

• The app calculates the crypto equivalent based on real-time exchange rates and displays any applicable transaction fees. For e.g:

6. How can I buy the digital assets using USDT on Fasset?

• Step-by-step guide:
  
  
  1. Fund your account by purchasing USDT using PKR. Guide to buying USDT here.
  2. Navigate to the "HomePage" and click the "Buy" section.
  3. Select any digital assets from the available cryptocurrencies.
  4. Enter the amount of digital assets you want to purchase or the amount of USDT you wish to spend.
  5. Confirm the transaction.

7. How do I use my USDT balance to buy stocks on Fasset?

• Once you have USDT in your wallet:
  
  
  1. Go to the “Buy” section on the homepage 
  2. Click on the "Stocks" section of the platform.
  3. Browse the list of available stocks. You may refer to the list here.
  4. Select the stock you want to purchase.
  5. Enter the quantity or value in USDT.
  6. Confirm your purchase.

8. Are there any transaction limits for P2P transactions?

• Yes, users can perform one transaction per day, with a limit of up to 500 USDT for each transaction. This limit may be revised as per requirements. Refer to the application screen for the up to date limits.

9. What are the Fees/banking charges for such transfers from the user's bank account to merchant account?

• There are no fees charged by Fasset for deposits made from a user's bank account to the merchant’s bank account. However, the user’s bank may apply account-to-account transfer fees. We recommend referring to the bank’s schedule of charges for detailed information.

10. What are the fees when buying digital assets on Fasset using P2P?

• You may refer to this link here for swapping fees between USDT and other currencies.

11. What are the fees for Buying/Selling  stocks using a USDT balance?

A. Buying Stocks

• A flat fee of $0.54 USD is charged for each stock purchase.

B. Selling Stocks

• A fee of $0.54 USD + 0.5% of the stocks amount is charged for each stock sale.

For more details, please refer to our article here.

12. What happens if my transaction fails?

• If your transaction fails, you will receive a notification with the reason. If further assistance is needed, please contact customer support at [e-mail]. 

13. Are merchants associated with Fasset?

• No, merchants are independent and not directly associated with Fasset. But Fasset has done the background check and onboarded only verified merchants. You can trust the merchant details mentioned in the application. We recommend keep checking the application section for any updated information related to the merchants. Also, do not engage with merchants through any other communication channel other than the application itself. In case if of any doubts please reach out to Fasset Help before making the transaction.

14. How do I withdraw funds back to my bank account in PKR?

Step 1: After logging in, navigate to the P2P section. You may refer to the below screenshot on how to navigate the P2P icon:

Step 2: Click on “Withdraw”

Step 3: Withdrawal Confirmation

Step 4: Sell Confirmation

Notes:

1. Only release your coins once the amount has been credited to your bank account by the merchant.
2. Please be noted that it will take up to 24 hours for the merchant to make the necessary arrangements on your requested withdrawal amount.

15. What should I do if I have issues with a merchant during a transaction?

• If you encounter any issues with a merchant, such as unresponsive communication or transaction problems, please contact customer support for assistance at [e-mail]