Compare the best brokers to trade forex with Payoneer
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 to trade forex online with Payoneer, and the benefits and drawbacks of doing so.
Here are the best forex brokers that accept Payoneer
When searching for the best forex brokers that accept Payoneer, you should consider multiple factors, such as ease of use, fees, and security. 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.
What is a Payoneer forex broker?
A forex broker is a service that lets you trade one foreign currency for another. A Payoneer forex broker is thus a service that allows you to trade forex using Payoneer as your method of payment.
If you’re already using Payoneer for e-money transfers, a Payoneer broker can be a great way to fund forex transactions.
Pros and cons of trading forex with Payoneer
When deciding if you should trade forex with Payoneer, consider these benefits and drawbacks:
- 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.
- Not yet universally accepted as a method for forex purchases. Despite its presence in 200 countries and territories and its growing recognition as a payment method for forex purchases, Payoneer is still not as widely accepted for forex transactions as, say, bank transfers.
- Different target customers. Payoneer’s speciality is enabling cross-border business-to-business (B2B) transactions, with its biggest clients being companies like AirBnB, Amazon, Rakuten, Google, and Upwork. So while other payment service providers may work to improve their transaction platforms for individuals to make purchases, that’s not Payoneer’s primary area of focus.
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.
Forex 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 forex brokers that offer smaller price spreads.
What to look for in an FX broker that accepts Payoneer
Once you’ve established that the forex brokers you’re considering accept Payoneer, focus on finding traits that make online forex brokers more attractive. Consider these factors when choosing a broker that accepts Payoneer that allows you to trade forex online:
- Low fees. Look for forex brokers that allow you to use Payoneer to trade forex online, without imposing high fees and commissions, or excessively wide price spreads.
- Variety of forex trading options. Many online forex 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 Payoneer forex 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 that forex brokers can help you trade. Look for a Payoneer forex broker that offers a large number of currencies and trading pairs.
- Security. A high level of security is essential when choosing a Payoneer forex broker to handle your online forex trades.
- Great customer service. The best Payoneer forex 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 forex trading with Payoneer secure?
Trading forex with Payoneer is usually secure, but you’ll still want to do your research to ensure that the Payoneer forex broker you’re thinking about choosing offers the highest levels of security. 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 using a Payoneer forex broker?
Most likely, yes. Forex brokers 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 forex brokers may have slightly different procedures for making trades. The good news is that most forex brokers follow a similar general framework of steps when it comes to the funding process. Here are those steps:
- Find the payments page on your forex broker’s website or app.
- Select Payoneer as your preferred payment option.
- Enter your Payoneer information (or press confirm on your smartphone as instructed).
- Enter the amount you want to deposit into your forex trading account.
- Click confirm.
This varies from broker to broker. British pounds, US dollars, and euros are offered by just about every Payoneer forex broker. Japanese yen, Canadian dollars, and Australian dollars are also popular options when trading forex online. Some Forex brokers will go well beyond those currencies, offering dozens more currency pairs that you can trade online in a variety of ways.
There often are limits on how much you can trade with Payoneer, yes. Different forex brokers may impose significantly different limits for both deposits and withdrawals. That said, many forex brokers will let you increase your trading limits once you’ve executed a certain number of forex trades on a forex trading platform.
Our forex broker guides and reviews can help narrow down your search for an ideal forex broker, using trade limit size as one of your search criteria.
Some of the other forex payment methods that you can use to trade forex online include:
- Credit card
- Debit card
- Bank transfers
- Apple Pay
- Google Pay
Forex trading occurs when you trade the fiat currency of one country for the fiat currency of another, in what’s called a currency pair (e.g. USD/GBP). The goal is to correctly predict the trading direction (up or down) of one currency against another, resulting in a profit. Due to their large scope and reach, forex markets are the largest and most liquid in the world.
Check out all our forex news updates and analysis, right here on this site. You can also read our wide array of forex trading guides to help you develop a sound strategy for trading forex.
Some of the currency pairs most commonly offered by Payoneer forex brokers are:
Do your research to find out how many more currency pairs are offered by the specific forex broker that you’re researching.
A typical charge for a currency exchange is around 1% of your trade amount. That said, currency exchange charges can sometimes vary, so choose an online forex trading platform that offers attractive rates.
Start here on Invezz with our course and guide content. We offer a wide range of educational tools and how-to guides that will help you learn how to s쳮d at forex trading.
You should also consider trading forex on a practice basis using a free demo account. Some forex exchanges offer the ability to make practice trades in real time, without venturing any actual money. That way, you can learn the ropes before you can consider taking a real risk.
Payoneer is an online money transfer service. It’s used by consumers all over the world to buy a variety of goods and services. Its main focus is on B2B services, but it is also accepted by numerous forex brokers for trading forex online.
The Financial Conduct Authority (FCA) is the regulatory body responsible for monitoring the activities and integrity of the forex market in the UK. The FCA is funded by UK financial services companies, including forex brokers.
In the United States, the National Futures Association develops rules and services to ensure that the forex market runs smoothly, while also protecting against potential scams. The Commodity Futures Trading Commission (CFTC) serves a similar role.
That depends on where you want to trade forex. Different countries have different regulatory bodies that oversee forex trading. Do your research to see what body regulates your chosen broker.
Trading forex with Payoneer can be a good choice for beginners, especially those who are already comfortable with Payoneer as a payment services option. But there’s no need to rush into anything.
Consider venturing just a small amount of money to forex trading when you’re just starting out; you can always put up more once you’ve gained experience. Some forex brokers will even let you trade on a test basis, so you can gain experience without the risk of incurring losses.
- 1. Compare the best brokers to trade forex with Payoneer
- 2. Here are the best forex brokers that accept Payoneer
- 3. What is a Payoneer forex broker?
- 4. Pros and cons of trading forex with Payoneer
- 5. What are the fees and commissions when using Payoneer to trade currencies?
- 6. What to look for in an FX broker that accepts Payoneer
- 7. Is forex trading with Payoneer secure?
- 8. Do I need to provide ID when using a Payoneer forex broker?
- 9. FAQs