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How to buy Bitcoin with Payoneer
Our handy guide will walk you through the pros and cons of using Payoneer with a cryptocurrency broker. Find the best platforms around and get a step-by-step guide on how to use one.
Where can you buy Bitcoin with Payoneer?
The brokers below are some of the best trading platforms that accept Payoneer. You can head to one of them and get started straight away, or keep reading to learn more about what you should look out for.
What is a Payoneer Bitcoin broker?
It’s simply a broker that offers Bitcoin, and lets you fund your account with it using Payoneer. Payoneer is an increasingly popular online money transfer service, and a broker is a service that acts as a middleman to execute Bitcoin trades for you.
How to deposit and withdraw via Payoneer
Different brokers may have different procedures for conducting transactions using Payoneer, but here are the general steps you should expect when you want to sign up and deposit money.
- Open an account with a broker that accepts Payoneer as a form of payment, then verify it with a form of photo ID.
- Go to the broker’s website, and select the Payoneer option on the “Add money” screen.
- After that, you’ll be prompted to link your Payoneer account to your brokerage account.
- Enter the amount of Bitcoin you want and select Payoneer as the payment method.
- Confirm the purchase.
If you’ve already used Payoneer to make a deposit in your brokerage account, you can simply click withdraw on your broker’s website to recoup your funds. Even if you haven’t used it, as long as your broker accepts Payoneer as a payment option you can set up withdrawals by following the steps listed above.
What should I look for in a Payoneer Bitcoin broker?
You should always expect a great service, don’t just settle for any platform that accepts your chosen payment method. Here are some key traits to look for in a broker.
- Low transaction fees. The fees for using Payoneer are lower than what you’ll find when transacting with, say, cash. Still, how much you’ll have to pay varies depending on the broker or service you use to make trades. Our guides will help you find the most reasonable transaction fees.
- Speed. Your broker should enable you to make trades as quickly as possible, ideally within minutes or instantly.
- Ease of use. Look for a broker that makes the process simple, so you don’t have to waste time and mental energy performing the transaction.
- A strong reputation. Ideally you want a broker with lots of positive user reviews. Using other people’s experiences to guide you is a good way to narrow down your choice of trading platform.
- A verifiable track record. The broker you choose should have at least a few years of experience performing Bitcoin transactions, so you can ensure that it carries a track record of reliability.
Should I buy BTC with Payoneer?
- Huge reach. Payoneer provides cross-border transactions in 200 countries and territories, with a total of 4 million current customers. That reach gives the platform room to grow on its own.
- Fast. Transactions happen within a matter of minutes, or are instant.
No. The only way you can guarantee 100% anonymity is by using cash, so you don’t leave a digital trail.
Not always. Online brokers and exchanges usually allow you to store your coins in your account without the need to transfer to a personal wallet. However, some services will require you to enter an existing wallet address where the coins will be sent.
Also, for a higher level of security, you should consider moving any coins you’re not planning on selling or trading in the near future to an external wallet – ideally a hardware wallet.
They usually take just a few minutes. Still, different brokers and exchanges may offer different processing times, so do your research if speed is a top priority.
In certain cases, yes. Certain peer-to-peer crypto marketplaces (such as Paxful) offer this. Just keep in mind that both the price you pay for those transactions will often be higher, and that peer-to-peer crypto marketplaces tend to be more vulnerable to fraud.
Yes, in some cases (below 1%) on certain peer-to-peer exchanges. Brokers tend to charge somewhat higher fees, but the trade off is that you get higher levels of security and a fixed price at which to trade.
No, you cannot hold cryptocurrency in your Payoneer account. Payoneer is a payment service provider, but not a medium for holding or storing crypto.
No, Coinbase does not accept Payoneer.
Yes you can. Some of the other cryptocurrencies available include Ethereum and Litecoin.
That depends to some extent on whether you’re already familiar with Payoneer as a payment service provider. If you’re already a frequent Payoneer user, then you shouldn’t have any trouble with it. Simply link your Payoneer account to the broker or other service you want to use, then make your purchase.
The biggest pro is increased anonymity. You don’t always need ID to trade on a peer-to-peer exchange, however the process will still not be fully anonymous.
The biggest con is that peer-to-peer exchanges are more vulnerable to scams. There is less regulation involved with p2p exchanges, so you need to take extra care to ensure you’re dealing with a legitimate seller.
Not very. There are numerous peer-to-peer exchanges in major financial centers of the world that accept it.
If you already use Payoneer for other purchases, and you can pay fees of less than 2%, then yes it’s a good option for beginners. If you don’t already have a Payoneer account, you might want to consider just paying with a debit card.
Yes. Bitcoin can be volatile, so you never know what might happen from one to the next. The good news is that Bitcoin’s long-term trend points upwards, so a patient buy-and-hold approach can allow you to recoup the transaction fees you’ll incur, and hopefully make a profit.
Fact-checking & references
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