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Over the last years, online payment services have become a necessity in the modern world and have been adopted by several industries and businesses, including online forex brokers. Payoneer is an online payment system that is growing in popularity and is accepted by several brokers who use it as a payment solution.

In this guide, we’ll help you find the best brokers that accept Payoneer and show you how to start trading forex with Payoneer.

Best Payoneer Forex Brokers 2021 List

  • eToro – Overall best Payoneer broker
  • Capital.com – Low-spread forex broker that accepts Payoneer
  • Libertex – Top forex broker with zero spreads that accepts Payoneer
  • AvaTrade – Best Payoneer forex broker for professional traders
  • VantageFX – ECN/STP forex broker that accepts Payoneer
  • Pepperstone – Best MT4/MT5 broker that accepts Payoneer
  • Skilling – High leverage broker that supports cTrader
  • Plus500 – Best forex platform for beginners
  • IG Markets – A forex and CFD broker with 10,000 instruments
  • XTB – Best Payoneer forex broker that supports xStation

Top Payoneer Forex Brokers Reviewed

1. eToro – Overall Best Payoneer Broker

etoro brokereToro is one of the leading players in the forex and CFD market, with over 17 million users and a great reputation in the online trading industry. Generally, eToro is a bit different than other trading platforms as it offers a unique user interface and functionality that is very similar to other social networks. Additionally, you’ll be able to use one of the most effective social trading tools out there in the trading world – the eToro CopyTrade. This tool simply allows you to choose another investor and automatically copy all the trades of the investor.

Moreover, with this broker, you get access to 45 FX currency pairs, but also to shares, indices, commodities, ETFs, and cryptocurrencies. Overall, eToro has a wide range of over 2400 assets to trade on.

eToro trading platform

Finally, eToro is safe and secure as it is regulated by several agencies including the FCA, CySEC, and ASIC. It is also one of the best forex demo brokers, providing an unlimited demo account.

Pros:

  • Biggest social trading platform in the world
  • Huge range of assets – forex, cryptos, commodities, stocks, ETFs, and more
  • User-friendly trading platform
  • Supports the copy trade tool
  • Accepts a variety of payment methods, including MasterCard (Payoneer)
  • Regulated by the UK FCA, CySEC in Cyprus and ASIC in Australia

Cons:

  • No forex signals service
  • The platform is not suited for experienced traders

67% of retail investor accounts lose money when trading CFDs with this provider.

2. Capital.com – Low Spread Forex Broker that Accepts Payoneer

capital.com reviewCapital.com is another regulated and trusted broker that enables users to transfer funds from their Payoneer accounts. This broker has a top-notch in-house trading platform with a huge range of over 4000 assets, including 138 forex pairs, and 201 cryptocurrency pairs. Notably, Capital.com is also one of the best low spread forex brokers in the market and has no management fees.

Capital.com

Another great thing with Capital.com is the high leverage ratio of 30:1 for retail clients and 400:1 for professional traders. Additionally, you get access to the world’s first-ever trading platform that uses AI technology to identify trading insights for users and a range of other useful and innovative trading tools.

To get started, Capital.com requires you to complete the registration process and deposit 20 EUR/GBP/USD.

Pros:

  • Offers 138 FX currency pairs
  • Leverage of up to 30:1 for retail clients and 400:1 for professional traders
  • World’s first-ever trading platform that uses AI technology
  • A low minimum deposit requirement of $20 EUR/USD/GBP
  • a range of features and trading tools
  • Supports MT4
  • Regulated by the FCA and CySEC

Cons:

  • When using Payoneer, it may take between 5-7 business days for the funds to reach your debit card

71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

3. Libertex – Top Forex Broker with Zero Spreads that Accept Payoneer

libertex brokerLibertex is a Russian-based brokerage firm that was founded in 1997 and has gained huge popularity among forex traders, partly due to its zero spread fee structure. Unlike most forex brokers, Libertex has another fee structure that is much more beneficial for some traders. Instead of paying a buy-and-sell spread, Libertex charges a fixed fee of around 0.008% per trade.

Further, Libertex provides a leverage ratio of up to 1000:1 for professional traders and a rebate program for active traders. In terms of trading platforms, Libertex’s users get access to the MetaTrader4, MetaTrader5, and Libertex web trader (available on a web browser and as a mobile trading app).

Libertex homepage

Pros:

  • No spread. Instead, a fixed commission of around 0.008%
  • Supports MetaTrader4, MetaTrader5, and its web trader platform
  • Offer a rebate program for active traders
  • Leverage of up to 1000:1 for professional traders, and 30:1 for retail forex traders
  • A minimum deposit requirement of just $10 deposit
  • No deposit fee when using Payoneer
  • Regulated by CySEC

Cons:

  • Lack of trading tools and features
  • No social trading tools

83% of retail investor accounts lose money when trading CFDs with this provider.

4. AvaTrade – Best Payoneer Forex Broker for Professional Traders

If you are an experienced trader looking to make a deposit with Payoneer, AvaTrade might be the best option for you. Founded in 2006, this broker has developed an all-around platform with a wide range of platforms and tools, especially for intermediate and professional forex traders. This can be attributed to the fact that the broker offers two advanced trading platforms and another platform dedicated to FX options.

Further, AvaTrade offers FX traders to trade with a leverage ratio of 400:1, which makes it one of the high leverage forex brokers in the industry. All of the above makes this broker one of the best forex brokers that accept Payoneer and one of the most awarded forex and CFD brokers in the world.  

AvaTrade awards

At last, AvaTrade is also heavily regulated across 7 jurisdictions, including the FCA, FSCA, FSC, CySEC, etc.

Pros:

  • Regulated in 7 different jurisdictions
  • Supports FX vanilla options, and FX CFDs
  • Tight spreads
  • Supports a wide range of trading platforms – MT4, MT5, AvaOptions, AvaTradeGo, etc
  • No deposit and withdrawal fees
  • Leverage of up to 400:1 for forex trading

Cons:

  • Charges inactivity fees

71% of retail investor accounts lose money when trading CFDs with this provider

5. VantageFX – ECN Forex Broker that Accepts Payoneer

VantageFX logoVantageFX is widely known as one of the leading ECN forex brokers in the world with a variety of ECN accounts and a connection to top liquidity providers in the forex arena. Additionally, this Australian forex and CFD broker also allows users to make deposits with MasterCard or via a bank account – meaning you can use your Payoneer account to deposit funds directly to VantageFX.

VantageFx

To get started, you need to make a deposit of at least $200 though you need to take into consideration the high leverage of 500:1 that the broker provides.

Pros:

  • An ECN/STP forex broker
  • Zero spreads and low fees
  • Supports the MetaTrader4 and the MetaTrader5
  • A leverage ratio of up to 500:1
  • No deposit and withdrawal fees
  • Lightning fast execution

Cons:

  • No social trading tools
  • Limited selection of assets

There is no guarantee you will make money when trading CFDs with this provider.

Payoneer Forex Brokers Comparison

At this point, you have a list of forex brokers that accept Payoneer as a payment method. However, as you can conclude from the section above, choosing the right broker might be a difficult task. As such, below you can find a comparison table that will help you find the broker that suits your needs.

Payoneer Deposit Fee Payoneer Withdrawal Fee Payoneer Deposit Time Payoneer Withdrawal Time
Number of FX Currency Pairs
eToro Free $5 Instant between 3-8 business days 45
Capital.com Free Free 24 business hours between 5-7 days 138
Libertex Free 1€ Instant 1-5 days 51
AvaTrade Free Free Instant 1-2 working days 55
VantageFX Free Free Instant 1 business day 44

What is Payoneer?

Payoneer is an online payment and banking solution that enables its customers to easily receive and transfer funds internationally. The company was founded in 2005 and became one of the largest online payment platforms in the world with more than 5 million users across the world.

Why Choose a Payoneer Broker?

First, you should take into account that all forex brokers that accept Payoneer are not connected directly to Payoneer, but you can still transfer funds from your Payoneer account to your forex broker if they accept MasterCard or bank wire transfer. Nonetheless, Payoneer is one most popular online electronic service systems to transfer funds across international platforms, such as forex brokers. Here are some of the reasons why:

Low Fees

Clearly, the most important factor when you use an online payment service is the fees and commissions you have to pay. In that case, there’s no doubt that Payoneer is one of the best choices to fund your forex account. First, when you open a Payoneer account, there’s no cost to issue a debit card. Then, if you decide to fund your forex account with Payoneer MasterCard, there is a fee of up to 2% from Pyaoneer, which is much cheaper than other online payment services like PayPal, Neteller, etc. But most importantly, the conversion fee at Payoneer is much cheaper than any other online payment service – a fixed fee of 1.5 EUR/USD/GBP when sending USD, EUR, or GBP to a bank account or 0.5% when you convert funds to another currency.

You Can Pay Online with Payoneer

The great thing with Payoneer is that you can get a debit card that can be used for online payments on every platform where MasterCard is an accepted form of payment. As such, you can use your Payoneer account with any forex broker that accepts MasterCard.

Simplicity and Privacy

Another reason why it’s recommended that you choose one of the forex brokers that accept Payoneer is the simplicity of this online payment system. Payoneer enables you to choose how you want to transfer funds to your broker – via MasterCard (debit card) or via bank wire transfer. Further, Payoneer’s platform is extremely simple to use and you can basically manage your account directly for the Payoneer mobile app.  

Secondly, Payoneer is one of the very few online payment services that protect your privacy. In fact, all your data stays with Payoneer and your forex broker does not get the details of your bank account, credit card, etc.

How to Use Payoneer to Trade Forex

If you are ready to start trading and want to use Payoneer as a funding method, we are now going to show you how to create a Payoneer account and open an account with eToro, which is our recommended forex broker that accepts Payoneer.

Step 1: Create a Payoneer Account

If you do not already have a Payoneer account, then the first thing you need to do is to visit Payoneer’s website and sign up for an account. On Payoneer’s homepage, click on the ‘Register’ button and complete the registration process by submitting the required details (the purpose of the account, name, email address, etc).

Payoneer open an account

Step 2: Open an Account at eToro

The second step you need to take is to visit eToro’s website and sign up for an online trading account. To do that, simply click on the ‘Join Now’ button on the broker’s homepage and submit your email address and create a password.

eToro sign up

Step 3: Verify your eToro Account

eToro is regulated by several tier-1 regulators, which means you need to verify your identity before you can start trading forex and other financial assets. As such, whenever you get access to your new account, you can click on the ‘Pending Verification’ button next to your profile page and upload the necessary documentation which includes a copy of your driver’s license or passport along with a copy of a recent utility bill or bank statement.

Step 4: Transfer Funds From Your Payoneer Account to Your eToro Account

Now, you need to transfer funds from your Payoneer account to your new eToro account. As mentioned previously, the best way to fund your forex trading account is by using a pre-paid MasterCard, which is one of the payment options available on eToro.

eToro mastercard

Step 5: Start Trading Forex

Now that your account is funded, you can start trading forex. All that is left for you to do is to find a forex pair you want to buy or sell in the search bar by typing in the symbol of the instrument.

eToro gbp/usd

Then, an order form will appear on the screen, detailing the amount you want to buy or short sell, the type of order, and the stop loss and take profit orders. To place the order in the market, click on the ‘Set Order’ button.

etoro fx trading

eToro – Overall Best Payoneer Forex Broker

To sum up, Payoneer is a great online payment platform you can use to fund your forex account due to the low fees, transfer speed, and the safety it provides. Presently, Payoneer does not work directly with forex brokers, however, there are some forex brokers accepting Payoneer via MasterCard.  

If you want to find a reputable and trusted online trading platform that accepts Payoneer, we suggest using one of the forex brokers that accept Payoneer in our list. From the options in our list, eToro seems to be the best choice as it provides a wide range of assets, social trading tools, and a user-friendly trading platform.

eToro stock broker

67% of retail investor accounts lose money when trading CFDs with this provider.

FAQs

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