How to Buy Bitcoin With Payoneer
Payoneer is a popular digital payment method that includes a digital bank account and a prepaid card (similar to PayPal and Neteller). So, those who dabble with Bitcoin – or are interested in Bitcoin investments – will likely be naturally curious about using Payoneer.
If you are one of those who want to buy Bitcoin using this payment method, you are in the right place. In this piece, we’ll tell you how this can work, 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.
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; several 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, with two examples being LocalBitcoins and Paxful.
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 across the board, so here’s what you need to do:
Step 1: Register an account and verify it
Step 2: Look for offers where the sellers accept Payoneer as a payment method
Step 3: Discuss the deal with the seller
Step 4: Have an agreement with the seller
Step 5: Pay the seller via Payoneer
Step 6: Then, you can send the coins to your Bitcoin wallet
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 in 2022). You can use a free software wallet, but we advise you to 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. Some brokers don’t impose fees, but others take a commission on the trades they facilitate. These vary, so it’s worth taking a look around before you make a commitment.
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
Everything has its pros and cons, and cryptocurrency investments are no different. You’ll find several reasons to buy Bitcoin with Payoneer, but also a number of reasons why you shouldn’t. We’ll list both the pros and cons so you can decide on your own, starting with the positives.
Pros & Cons
Is Using Payoneer the Best Method to Buy Bitcoin?
Payoneer is a suitable method for buying Bitcoin and other cryptocurrencies, even though it’s possible on only a handful of platforms. 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 these trading as simple as they can be:
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 undoubtedly safe and valuable. 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 analysed the possible ways to buy Bitcoin with Payoneer, 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 bank transfer for transactions.