Compare the best brokers to trade forex with Payoneer

Looking for a convenient way to trade forex? Many online brokers now allow you to use Payoneer to fund your account and start currency trading.
By: Jonah Keri
Jonah Keri
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He… read more.
Updated: Jun 30, 2021
Tip: our preferred broker is, eToro: visit & create account

Payoneer can be a fast and convenient way to trade forex, especially for people who already use Payoneer to make everyday purchases. Read on to learn how to find the best forex brokers you can use that accept Payoneer, and the benefits and drawbacks of doing so.

Here are the best forex brokers that accept Payoneer

You should consider multiple factors, such as ease of use, fees, and security, when choosing a trading platform. In the table below we’ve compiled a list of the top forex brokers that accept Payoneer, along with the top qualities offered by each platform. 

1
Min. Deposit
$50
Exclusive promotion
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
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro offers a wide range of currency pairs and other trading instruments. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$10
Exclusive promotion
user-score
9.3
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
$10
Exclusive promotion
user-score
8.7
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Description:
EagleFX is an online digital asset, Forex and CFD broker providing traders across the globe with cutting edge technology to trade the world’s markets. Our focus has been to change the way people trade Digital Assets and Forex. We are driven to provide traders with incredibly low-cost pricing across all Digital assets, FX, stocks, indices, commodities and futures along with industry-leading 24/7 live customer support.
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What is a Payoneer forex broker?

A forex broker is a service that lets you trade one foreign currency for another. A Payoneer broker is thus a service that allows you to use Payoneer as your method of payment. 

If you’re already using Payoneer for e-money transfers, this can be a great way to fund forex transactions.

Pros and cons

When deciding which platform to use, consider these benefits and drawbacks:

Pros

  • Easy to use. Payoneer is a fast, easy, and contactless way to make purchases, making it a good choice for forex transactions too.
  • Fast. You can fund your forex account within minutes using Payoneer, allowing you to begin trading forex whenever you’re ready. 
  • Widely used. Payoneer provides cross-border transactions in 200 countries and territories, with a total of 4 million current customers. That impressive reach is making Payoneer an increasingly popular payment method for trading forex.

Cons

What are the fees and commissions when using Payoneer to trade currencies?

The fees associated with trading forex with Payoneer typically aren’t that high, with transactions generally costing only a pound or two, or a small percentage of each trade. 

Brokers usually take their biggest cut in the form of the spread offered between the bid and ask prices of the currency pair that you want to trade. So bear this in mind and make sure to look for platforms that offer smaller price spreads.

What to look for when trading currencies with Payoneer

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, such as spread betting, futures, and contracts for difference (CFDs). If you want multiple trading options, then look for a broker that offers numerous different trading options. 
  • 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.

Is it safe to trade forex with Payoneer?

Trading forex with Payoneer is usually secure, but you’ll still want to do your research. Look for robust encryption features that protect your personal and financial data while also keeping your trading secure, and also check which bodies regulate your chosen broker.

Do I need to provide ID when I trade forex with Payoneer?

Most likely, yes. They usually follow KYC (Know Your Customer) guidelines, making it standard procedure to go through a verification process. Depending on the broker, the verification process may include some basic financial and personal information, and a photo ID.

How to fund your currency trading account with Payoneer

Different platforms may have slightly different procedures for making trades. The good news is that most brokers follow a similar general framework of steps when it comes to the funding process. Here are those steps:

  1. Find the payments page on your forex broker’s website or app.
  2. Select Payoneer as your preferred payment option.
  3. Enter your Payoneer information (or press confirm on your smartphone as instructed).
  4. Enter the amount you want to deposit into your forex trading account.
  5. Click confirm.

FAQs

What currencies can I trade with Payoneer?
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Jonah Keri
Financial Writer
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He now writes about stocks, cryptocurrencies, and other… read more.