Can You Use a Payoneer Card For Buying Cryptocurrency?
Payoneer is a well-known payment exchange service that’s used worldwide and supports easy exchanges. However, many also wonder if they can use a Payoneer card for buying cryptocurrency. There are different opinions revolving around the subject. We will discuss them in detail in this blog.
Payoneer Card For Buying Cryptocurrency: Does it Work?
No. According to Payoneer payment service, you cannot use a Payoneer card for buying cryptocurrency directly. Such transactions are against Payoneer’s terms of service so they do not support digital/crypto transactions You can transact crypto using Payoneer, the P2P payment exchange, but you can’t use a Payoneer card for buying cryptocurrency.
The payment service does not allow digital transactions including cryptocurrency. Their user agreement clearly states their stance under ‘Prohibited Transactions’.
Here’s further clarification:
Another fact to consider is that Payoneer cards are prepaid, and many DeFi exchanges like Binance prefer MasterCard payments. So, it won’t work for both parties in most cases.
There’s nothing to worry about yet. If you have a Payoneer account with funds to facilitate transactions, you can use another platform like Paxful that works as a middleman.
We are going to talk about brokers that accept Payoneer payments and how you can take advantage of the opportunity.
What is a Crypto Broker and How Do They Work?
A broker makes trading, buying, and selling different crypto coins easier for traders. They act as intermediaries to streamline the digital trading process.
Crypto brokers are authorities that provide traders with derivative products. Traders can read contracts that speculate the price movement of the digital currency they are interested in purchasing. Some of the derivatives include crypto futures, coins, and CFDs.
Brokers Supporting Payoneer Transaction for Buying Cryptocurrency
Since prominent crypto brokers don’t support Payoneer transactions, there are others in the market like eToro or Paxful that will not disappoint you. None of the brokers are certified by Payoneer for providing the service, but they are legit.
- Paxful
- eToro
- Bitstamp
- Avatrade
- RoboForex
All of these brokers are registered and regulated. They charge a fee or require an initial deposit to proceed with the transactions on your end.
Let’s look at the process of buying cryptocurrency using one of these platforms through Payoneer.
How to Buy Cryptocurrency Using Payoneer?
Payoneer supports crypto exchanges and trades as a P2P Exchange. You can buy cryptocurrency with a simple process by creating an account on any of these crypto brokers and linking it to your Payoneer. The first step would be accessing the broker’s website, verifying your identity, and complying with KYC (Know Your Customer) standards.
We will take Binance as an example here.
Payoneer for Buying Cryptocurrency through Binance
Go to Binance.com, sign up or login then click ‘Buy crypto,’ and choose ‘Credit/debit card’ from the drop-down menu.
Step 1: Select Payment Method
Step 2: Choose the Coin to Make the Purchase
After clicking the preferred payment option to initiate the transaction, this table will show up:
Enter the coin and its amount in the blank. You can also choose a coin from the drop down menu. Let’s say you chose GBP to pay for the coin you wanted to purchase.
Step 3: Pick the Crypto You Want to Buy
Select the coin you want to buy from the coins available for exchange.
Let’s choose USDT. The platform will calculate the amount of USDT.
Click continue.
Step 4: Add Card Information
Once you click ‘Continue’ the Binance platform will take you to the card payment interface. Click ‘Add new card’ to proceed.
Then add data to make the purchase.
Click ‘Next’ to move to the next step. The ‘Edit card billing address’ will show up. Fill the blanks with relevant information to avoid any mishaps.
Click ‘Add Card’ to proceed. Now, one thing that you’d like to ensure is that the card you’ll be using is MasterCard, not Payoneer card. You will, however, fund the purchase through Payoneer.
Step 5: Connect the MasterCard
Continue and confirm order.
Step 6: Confirm Order
Your order will be confirmed.
Step 7: Connect MasterCard with Payoneer
After your order is confirmed, the interface will take you to the Payoneer’s transaction. It will process the purchase right away.
Step 8: Complete the Purchase
The purchase will be completed. Now, you can either go to the wallet or buy more crypto using Payoneer funds present in your account.
This was all about buying crypto using Payoneer from Binance. The other platforms also work in the same pattern if not directly with Payoneer brokers like Simple.
Takeaway
There are a few legitimate ways to pay with Payoneer when investing in digital currency, such as what we have talked about. You can try the method you’re comfortable with and become a part of the digital disruption.