Payoneer is a popular digital payment method that includes a digital bank account and a prepaid card (similar to PayPal and Neteller).
If you want to buy Bitcoin using this payment method, you are in the right place. In this piece, we’ll explain how this works, the pros and cons, and where to buy Bitcoin using Payoneer. You’ll also discover if better alternatives exist and how to store coins once you’ve bought them.
Top Bitcoin Brokers That Accept Payoneer
When researching Bitcoin brokers that support Payoneer, you’ll need to dig a little deeper. But to save you time on this, we’ve listed the best brokers to buy Bitcoin with Payoneer in the table below.
|Partner Name Label||Label||CTA||Customer Support||Launch Date||Security Features||Mobile Support||Disclaimer|
|1. eToro||4.8||Visit Websiteetoro.com||Live Chat||2007||2FA, Biometrics||iOS, Android||This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC) which is highly volatile, unregulated in most EU countries, does not fall under EU protections & is not supervised by the EU regulatory framework. Investments are subject to market risks, including the loss of principal.|
|2. Pepperstone||4.5||Visit Websitepepperstone.com||Email, Live Chat, Telephone, Whatsapp||2010||2FA, Biometrics, Pin||Web App, iOS, Android||Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.9% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.|
|3. Changelly||3.7||Visit WebsiteChangelly.com||Email, Live Chat||2015||2FA, Biometrics||Android, iOS, Web App|
What Is a Payoneer Bitcoin Broker?
Payoneer Bitcoin brokers are effectively the same as most other Bitcoin brokers, with the difference being that they accept Payoneer as a payment method.
In most cases, these sites are brokers that connect you to other users who sell Bitcoin and are willing to accept Payoneer payments.
So, these bitcoin apps are mediators who facilitate trade between users. They ensure that all transactions go according to the initial agreement and that no party ends up not getting the funds or coins they were supposed to get.
What Crypto Platforms Accept Payoneer?
Unfortunately, there aren’t many Bitcoin platforms that accept Payoneer as a payment method. It’s also almost impossible to use the Payoneer card to make such purchases.
As a payments service, Payoneer is primarily designed to facilitate business-to-business (B2B) transactions. As a result, the company doesn’t want users on the service for other purposes like cryptocurrency – including buying or selling Bitcoin.
While this is totally reasonable from a business perspective, it’s bad news for you. Most popular Bitcoin exchanges will not allow you to fund your account with Payoneer.
With that being said, some platforms will allow you to use Payoneer to buy Bitcoin. These platforms are normally peer-to-peer (P2P) brokers.
Brokerages that accept Payoneer allow you to buy your Bitcoins from other registered users. You’ll need to pay for your BTC using fiat currencies in a predetermined amount that you can send to their Payoneer account.
Best P2P Platforms that Accept Payoneer
Buyers and sellers interact directly through P2P platforms. Sellers can create ads specifying the price, limits, and payment methods they accept. Buyers can then select which seller they want to do business with. Here are the top P2P platforms that accept Payoneer:
|🥇 KuCoin||None||Start with KuCoin now|
|🥈 LocalBitcoins||None||Start with LocalBitcoins now|
|🥉 Paxful||None||Start with Paxful now|
P2P platforms can be accessed by a wider range of people than other platforms as they often don't require bank accounts or ID. However, this also means that scammers may use these platforms. This is why it is important to select a reliable platform and always hold your funds in escrow until you receive your BTC.
KuCoin - The Best Choice for Additional Features
KuCoin P2P is our top choice for platforms that accept Payoneer as it is integrated with the rest of KuCoin's platform. This means you can store your BTC in the KuCoin wallet, earn interest on it with KuCoin Earn, and trade it with KuCoin's advanced features such as margin trading, futures, and trading bots.
This is all provided on a user-friendly platform with low fees (no fees for P2P), hundreds of altcoins, customer support, and educational resources.Visit KuCoin
How to Buy Bitcoin With Payoneer?
Buying Bitcoin with Payoneer is simple, but the exact procedure depends on the platform you’ll be using. Thankfully, the general process is quite similar for any P2P platform, so here’s what you need to do:
Step 1: Register an account
Step 2: Find a seller
Step 3: Discuss the deal with the seller
Step 4: Come to an agreement
Step 5: Pay the seller via Payoneer
As you can see, it’s pretty easy. However, if you don’t already have a Bitcoin wallet, you should get one and set it up as soon as possible (check out our guide to best Bitcoin wallets). You can use a free software wallet, but we advise that you invest in a hardware wallet like Ledger Nano X or Trezor Model T. These tend to offer extra layers of protection if a cyberattack occurs, meaning that you won’t lose all your coins in such an event.
How to Deposit and Withdraw via Payoneer
As we’ve already stated, you won’t be using Payoneer to make deposits or withdrawals when buying Bitcoin for the simple reason that it doesn’t work that way. Plus, you can rarely buy Bitcoin directly with your Payoneer prepaid card.
Instead, you’ll send money to vendors who accept Payoneer payments while using the broker platforms we recommend. As such, no deposit method exists; if you choose to use a cryptocurrency exchange, you’ll need to fund your account using a different payment solution.
You also won’t withdraw Bitcoins using Payoneer, and the service doesn’t allow you to store your coins in a cryptocurrency wallet. So, once you purchase your Bitcoin, you’ll have to find somewhere to keep them.
What Should I Look For in a Payoneer Bitcoin Broker?
Let’s take a look at a couple of things you should have in mind when choosing a Payoneer Bitcoin broker:
Reasonable Fees: You should always make sure to check the broker fees. Thankfully, most P2P platforms don't charge trading fees, but you might still want to look for sellers offering the best price.
Security: You need to make sure that the platform you’re using is safe. You want it to have escrow services as you’ll be dealing with other users, so you can never be overly confident about whom you should trust.
Wide Range of Payoneer Bitcoin Offers: If you’re looking to buy Bitcoin with your Payoneer funds more than once, quantity is as important as quality. That’s why you should look for a platform that typically features a large number of these offers.
User-friendly Design: Even though the brokerage you’ll be using is just the mediator, it should have a well-designed, easy-to-use platform. This will make finding and completing trades simple, helping you buy Bitcoins without unnecessary extra friction.
Should I Buy Bitcoin With Payoneer
Here are the main reasons why you should and shouldn't use Payoneer to buy Bitcoin.
Pros & Cons
Is Using Payoneer the Best Method to Buy Bitcoin?
It is possible to buy Bitcoin and other cryptocurrencies with Payoneer, even though there are only a handful of platforms where you can do so. What makes it stand out is that the whole experience is simple and easy on the sites that facilitate this type of trade. You only need to make sure you carefully check each offer before you proceed with the transaction.
However, we wouldn’t call it the best for this particular purpose. It's not easy to find brokers with available offers – as this is not a standard method of buying Bitcoin. But don’t worry – we’ll cover a couple of alternatives below so you can start buying coins straight away.
What Are the Alternative Payment Methods to Buy Bitcoin With?
If you feel like using Payoneer to buy Bitcoin is too much of a hassle, this section will help you out. Here are a couple of alternative methods for buying Bitcoin, all of which make trading as simple as it can be:
Credit card, Debit cards, and pre-paid cards are, understandably, one of the best options for buying Bitcoin. Everyone has them, and most Bitcoin exchanges and brokers accept them.
Bank transfers or wire transfers are often a go-to choice for buying Bitcoin. It’s one of the safest and most trusted methods, but it takes more time than usual to complete each transaction.
People are increasingly using PayPal, Neteller, Skrill, and other common e-wallets for buying crypto, especially Bitcoin. Most of these methods are usually very convenient and quick for Bitcoin trades.
Final Thoughts on Buying Bitcoin With Payoneer
All in all, you can use Payoneer to buy Bitcoin on certain peer-to-peer platforms, but it’s still a rarely offered option. If you like platforms that facilitate this type of trade, you’ll usually have an easy time completing transactions.
The good thing here is that Payoneer is safe and easy to use. Still, if you are looking for a more prevalent option in the crypto world, you should probably choose one of the alternative methods we recommend.
Having analyzed the possible ways to buy Bitcoin, we recommend using your debit or credit card. Most exchanges and brokers offer this service, and you shouldn’t need to wait as long as if you used a bank transfer for deposits.