Forex Brokers with Payoneer
Payoneer is considered by many to be safe and respected online payment service that can help users and businesses to send and receive money digitally. When it comes to trading, Payoneer forex brokers can provide traders and investors with a quick and simple way to get access to their funds.
What is Payoneer?
Payoneer is a payments solution that’s designed to help different businesses and professionals to send and accept money quickly and securely. The platform was founded in New York City back in 2005 and now has over 5 million users, 24 global offices, and supports over 35 different languages.
Users from Payoneer’s 190 supported countries can open accounts and start receiving payments from around the world while also being able to withdraw their funds to their local bank accounts. This makes Payoneer a business enabler as contractors, suppliers, and even business expenses can be paid through the platform.
Payoneer have implemented physical security and data integrity procedures. They also update their protocols to avoid data loss due to unforeseen incidents. Furthermore, it is registered with the Financial Crimes Enforcement Network (FinCEN) of the US and files Suspicious Activity Reports (SARs) regularly as a part of compliance to improve its platform and customers’ security.
Unlike PayPal or any other similar platforms, Payoneer is not an all-in-one payment provider, nor a merchant account provider. Its main purpose is to enable businesses to pay each other domestically or internationally.
What are Payoneer forex brokers?
Most forex brokers will accept a variety of different account funding options including wire transfer, card payments, e-wallets and cryptocurrency. A Payoneer forex broker will enable you to move funds to and from your trading account from your Payoneer account.
Why use a forex broker with Payoneer?
Payoneer payment services are not used directly to fund and withdraw money from trading accounts. Instead, they can be used to fund any trading account that accepts MasterCard payments. No bank accounts are required to sign up to the Prepaid MasterCard, and funds can be readily available within a few hours of a payment being received onto the card.
Can I use Payoneer for forex trading?
Yes, you can use funds in a Payoneer account for trading forex. Having a Payoneer account provides traders with a means for sending and receiving money transfers from Payoneer brokers across the globe. I wouldn’t personally opt for a particular forex broker just because they support Payoneer funding. There are lots more important things to consider when choosing a trading broker.
How to choose a Payoneer forex broker?
Firstly, you want to check to make sure that the broker accepts Payoneer in your country of residence. You should then clarify if there are any limitations and if they will restrict you. Once these points have been established, you will want to consider the trading platforms, financial instruments, commission fees, spreads, account types, execution policy, educational content, trading tools, other funding options and customer support.
Who are the best forex brokers that accept Payoneer?
We have reviewed and tested hundreds of forex brokers over the years, some better than others. Here you can see a list of our best forex brokers with Payoneer payments as an option for depositing and withdrawing funds to and from your forex account. Just keep in mind that Payoneer might not be supported in all counties and there may be some limitations on the amount that you can transfer.
Payoneer pros & cons
Pros
- Available in many countries
- Large choice of currencies
- Fast and simple transfers
- Excellent Payoneer support
Cons
- Limited Payoneer forex brokers
- Transaction fees apply
- Currency conversion fees
Conclusion: do I need a Payoneer forex broker?
You only need a forex broker that supports Payoneer payments if this is how you plan on moving funds to and from your trading account. Otherwise, you might want to take a look at our best forex brokers for some alternative options. You can also see our guides on PayPal brokers, Skrill brokers, Neteller brokers, WebMoney brokers and Perfect Money brokers for other forex account funding methods.
If a Payoneer forex broker is a must for you, make sure you consider other things such as the currency pairs they offer, other financial instruments, spreads, fees, execution policy, regulation and support. The best Payoneer forex brokers should offer an excellent trading experience while keeping fund transfers safe and simple.
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