Compare the best brokers to trade forex with Payoneer

Looking for a convenient way to trade forex? Many online brokers now allow you to trade forex with Payoneer.
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 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. 

Rank
Broker
Special Offer
Min Deposit
Spreads From
Rating
Max Leverage
Regulations
Support
Start Trading
1
EUR/USD from 0.5 pips
$200
1 PIPs
30:1
CySEC, FCA
1
Spreads From 1 PIPs
Max Leverage 30:1
Min Deposit $200
2
Lifetime demo account
$250
0.25 PIPs
400:1
CFTC
2
Spreads From 0.25 PIPs
Max Leverage 400:1
Min Deposit $250
3
No commissions
$100
0.7 PIPs
30:1
NFA, CFTC, FCA, FSA, IIROC, CIMA, FFA Japan, MAS, SFC of Hong Kong
3
Spreads From 0.7 PIPs
Max Leverage 30:1
Min Deposit $100
4
Rapid Forex Transactions
$10
0.8 PIPs
500:1
4
Spreads From 0.8 PIPs
Max Leverage 500:1
Min Deposit $10
5
0% Commission &
Eco Accounts
$10
0.7 PIPs
500:1
5
Spreads From 0.7 PIPs
Max Leverage 500:1
Min Deposit $10

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:

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

  • 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:

  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

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Written by: Jonah Keri
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 investments for Invezz and about emerging technologies for private clients.