How to buy Bitcoin with Payoneer in 2022

Payoneer is a popular and convenient payment service that you can use to pay for Bitcoin. Follow this step-by-step guide on how to buy Bitcoin with Payoneer.
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Updated: Sep 29, 2022
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Firstly, the most important question to answer is: can I buy Bitcoin with Payoneer?

It is perfectly possible to buy Bitcoin this way. There are a number of crypto exchanges that accept deposits from Payoneer, or you can use a peer-to-peer exchange to buy Bitcoin directly from another user and pay them over Payoneer.

Where to buy Bitcoin with Payoneer

Use one of these platforms to buy BTC with Payoneer now. These are the top rated trading platforms, according to our panel of expert crypto traders. Sign up by clicking a link in the table or keep reading to learn how to use one.

How to buy Bitcoin with Payoneer

Follow these five steps to get your hands on Bitcoin. Using Payoneer to make a payment is simple and the whole process only takes a few minutes.

  1. Choose a crypto exchange that accepts Payoneer deposits. There are only a handful of exchanges that accept Payoneer and your best bet is a peer-to-peer (P2P) service like LocalBitcoins or Paxful.
  2. Create an account. You need an account before you can buy anything. With a P2P exchange you can sign up with just a name and email address.
  3. Use the search box to find sellers that accept Payoneer. Use the search box on the home page to search for the coin you want to buy (Bitcoin in this case), the payment method (Payoneer), and the currency you want to pay in (such as GBP).
  4. Choose a seller and enter the order details. You will see a list of sellers that are willing to sell Bitcoin and receive payment via Payoneer. Choose one with a good reputation and enter the details of how much you want to buy.
  5. Send money and receive your Bitcoin. You will be given the recipient’s Payoneer account details. Send the money in order to receive your cryptocurrency in return. Note that you will need to provide a crypto wallet address so that the sender can transfer your Bitcoin to it once they have received payment.

Quick answers to key questions

Can I store Bitcoin in my Payoneer account?

No, Payoneer can only store fiat currencies and does not support crypto. You can use Payoneer to fund your Bitcoin purchases, but you have to keep your crypto in an exchange account or a dedicated crypto wallet.

Can I buy crypto with Payoneer?

Yes, you can buy all sorts of different cryptocurrencies with Payoneer. You aren’t limited to Bitcoin alone. The options on offer depend on which broker platform you sign up to but you most have more than 50 coins available. Here are some other cryptocurrencies you can buy with Payoneer.

  • Ethereum (ETH)
  • Avalanche (AVAX)
  • Bitcoin Cash (BCH)
  • Binance Coin (BNB)
  • Dogecoin (DOGE)
  • Solana (SOL)
  • Tether (USDT)

How much does it cost to buy Bitcoin via Payoneer?

Our research indicates that you can expect fees of around 1-2% per transaction, but this varies from platform to platform. 

One of the benefits of using Payoneer to buy Bitcoin is that it’s free to send money to another Payoneer account. If you find a seller on a peer-to-peer exchange, like LocalBitcoins, the only fee is the one charged by LocalBitcoins itself.

Should I buy Bitcoin using Payoneer?

It’s a useful option if you prefer to manage your money through the Payoneer platform. Transactions are fast and Payoneer is available to people in more than 200 countries around the world, so it means people who may not otherwise have the ability to buy Bitcoin are able to. 

However, there aren’t many platforms that accept deposits via Payoneer and it’s much less convenient than using a card payment or a bank transfer. You may also find that, while the transaction fees are less with Payoneer than using other payment methods, the actual cost of the coin is higher. You’re likely to be charged a premium for the convenience of paying with Payoneer. 

Is there an alternative to buying cryptocurrency with Payoneer?

There are plenty of alternatives, whether you want to pay through another online payment provider, like PayPal or Neteller, or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.

FAQs

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Is Payoneer the easiest way to get Bitcoin?
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Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.