Compare the 3 best forex brokers that accept Payoneer in 2023

By:

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets. His ... read more.

Updated: May 25, 2023

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82% of retail CFD accounts lose money.

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What are the best Payoneer forex brokers?

The best forex broker that accepts Payoneer is eToro .

Here are some more Payoneer forex brokers with low fees, top security, and fast execution speeds:

Most Popular

1

• Save

Min. Deposit

$ 10

Best offer

User Score

10

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

2

• Save

Min. Deposit

$ 250

Best offer

User Score

9.0

Muti asset broker with the top currencies at your fingertip

Forex Trading - Available 24/7 with 0% trading fees

Dedicated Senior Account manager to guide you through the platform

Start Trading more info

Payment Methods:

Credit Card, Debit Card

Full Regulations:

HCMC in Greece

3

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Min. Deposit

$ 0

Best offer

User Score

9.0

Open a free account in minutes

Go global with fee-free foreign exchange

Finance tracking made simple

Start Trading more info

Payment Methods:

Credit Card, Debit Card

Full Regulations:

How to trade currencies with a Payoneer forex broker

It takes about 10 minutes to sign up for an account with a forex broker. Payoneer is a simple way to deposit the money to fund a trading account. Here’s how to get started. 

Step 1. Sign up with eToro

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We recommend eToro as the best Payoneer forex broker.

Create an account by supplying your email address, along with some contact details, and ID verification.

Most Popular

1

• Save

Min. Deposit

$ 10

Best offer

User Score

10

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

Step 2. Go to the payment page on your broker’s website or app

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This is normally situated in the menu bar or sidebar navigation. Look for a ‘deposit’ or ‘bank’ button.

Step 3. Select Payoneer as your preferred payment method

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Find Payoneer from the drop down list of ways to transfer money. Select it to set Payoneer as your default deposit and withdrawal method.

Step 4. Enter the amount you want to deposit into your forex trading account

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Decide how much you want to start with. You may be asked to log in or approve the transaction by Payoneer before it goes through.

Step 5. Trade your first currency

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Search for a currency pair, such as USD/GBP or GBP/EUR, enter how much you want to spend, and execute the trade.

Quick answers to key questions

What is a Payoneer forex broker?

A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. A Payoneer forex broker is a trading platform that lets you make deposits and fund your account with Payoneer. 

What are the fees and commissions when using Payoneer brokers?

It depends on the broker. The difference between a broker’s buy and sell price for each currency is the main cost of trading. This cost (known as the ‘spread’) is the same regardless of how you decide to fund your account.

There may be additional fees for depositing or withdrawing funds to your Payoneer account. Payoneer fees can vary and are likely to be higher than using a direct bank transfer.

Spend some time researching online brokers to avoid any surprising hidden costs.

Is it safe to trade forex with Payoneer?

As long as you pick the right platform, yes. Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching for its registration number with the local regulator.

The best Payoneer forex brokers also offer robust encryption features that protect your data and keep forex traders secure. 

Do I need to provide ID when trading forex with a Payoneer broker?

Yes, you will need to provide identification when using a forex broker that accepts Payoneer. A verification process is standard procedure for all the best brokers, as they have to comply with KYC financial regulations.

The verification process may include anything from some basic financial and personal information to a photo ID. 

Can I use MetaTrader 4 with forex brokers that accept Payoneer?

Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most brokers. You can download the MetaTrader software and link it to any of your broker accounts.

The same applies to MetaTrader 5, which is simply the latest version of the software.

Do many forex brokers accept Payoneer?

No, Payoneer is not widely accepted. However, it is possible to fund your forex account with Payoneer. There might be some limitations, such as making deposits in a particular currency, or higher fees for using it compared to other payment methods.

Pros and cons of using Payoneer to deposit funds

When deciding if you should start trading forex with a Payoneer broker, consider these potential benefits and drawbacks:efits and drawbacks:

What to look for when trading forex with Payoneer brokers

Once you’ve established that the brokers you’re considering accept Payoneer, consider these factors when narrowing down the selection even more.

• Low fees. Look for brokers that allow you to use Payoneer, without imposing high fees and commissions, or excessively wide price spreads. 
• Variety of forex trading options. Many brokers offer multiple trading options, for example there are forex spread betting brokers and cfd brokers too.
• Number of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British pound (GBP), US dollar (USD), and Euro (EUR), but there are many more currencies around as well. Look for a platform that offers a large number of currencies and trading pairs.
• Security. A high level of security is essential when choosing a broker to handle your online forex trades. 
• Great customer service. The best brokers offer fast, helpful, and responsive customer service. That’s a big plus for beginner forex traders who may have more questions about online forex trading than more advanced traders do.

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