Bitcoin has attracted the interest of so many investors. Well, if you are an interested party wishing to purchase a BTC, but you fancy paying through conventional means, you may be wondering if you can buy Bitcoin with Payoneer. The answer to that is a definite yes! Of course, Payoneer does not have a method of purchasing cryptocurrencies directly, but there are a couple of very convenient ways to do so.
This article, will provide you with directions for two main options for buying Bitcoin with Payoneer:
- Peer-to-peer Marketplaces: These websites connect buyers and sellers for payment in direct transactions, in which you can use your Payoneer account for payment.
- Crypto Exchanges: These are more established platforms with a broader range of cryptocurrencies and associated features, but in most cases, you will need to perform a few extra steps to convert your funds from Payoneer into Bitcoin.
In each, we are going to take a detailed look at the steps involved, the kind of platforms that you will need to consider, and what you should bear in mind toward a safe and successful purchase of Bitcoin.
How to Buy Bitcoin with Payoneer on P2P Marketplace
More flexible and often quicker are P2P marketplaces for purchasing Bitcoin with Payoneer, like DISC or Paxful.
Below is a breakdown of the process:
- Choose P2P Marketplace: Popular ones include Paxful, Binance P2P, and LocalBitcoins. Some other websites have a different user interface and distinct feature sets therefore you should look for one that suits you better.
- Create an Account: Open an account on your P2P platform. Most of the time, verification may be required, including proof of identity and residence.
- Find a Seller: Use the filters given in this platform to enable you to locate sellers through payment—Payoneer. You could come up with price, location, or user rating filters.
- Initiate a Trade: After finding the seller you want, view details of her offer—a description of the exchange rate and any additional fees. Then, initiate the trade if you agree with the terms.
- Pay the Seller: He will instruct you on how to send the money from your Payoneer account. Log in to your Payoneer account and send a bank transfer or use your Payoneer virtual card.
- Receive Bitcoin: Once the payment has been confirmed as successfully, the seller will now deliver the Bitcoin to the Bitcoin wallet address you provided.
Important Considerations for P2P Marketplaces:
- Reputation of Sellers: Always deal with high-rated and positively reviewed sellers to reduce scam losses.
- Escrow Service: Most platforms usually offer this. They hold the Bitcoin until you have confirmed that you received your payment.
- Fees: Evaluate fees charged by both the platform and the seller before initiating a trade.
Purchase Bitcoin with Payoneer on Cryptocurrency Exchanges
Exchanges provide a wide variety of crypto coins and many trading options. On a general note, the way to purchase Bitcoin using Payoneer on an exchange is as follows:
- Choose a Cryptocurrency Exchange: Top options include Coinbase, Kraken, and Gemini. Among the things to consider are security features and measures, enabled methods of payment, and trading fees.
- Create an Account: Register on the exchange of your choice, and then proceed with its verification methodology. This might include document verification and Anti-Money Laundering (AML) checks, depending on the platform.
- Deposit funds: Log into your exchange account, then navigate to the deposit area. Choose a method that will accept the Payoneer funds. Some may take a deposit directly from Payoneer, while others may require a deposit to be sent to a bank account that is in some way associated with your exchange account.
- Purchase Bitcoin: Once your deposit reflects in your exchange account, navigate to the Bitcoin section that will enable you to purchase the amount of Bitcoin you desire and allow the transaction. The Bitcoin will be transferred into your exchange wallet.
Important Considerations for Cryptocurrency Exchanges
- Supported Payment Methods: Not all exchanges accept Payoneer directly. Check the supported deposit options before signing up. Trading Fees: Most platforms will charge you to buy and sell cryptocurrencies. Compare the structure of fees on various platforms before depositing.
- Security: Use reputable exchanges that maintain security to protect your funds and personal information. You might also want to start with two-factor authentication and strong passwords.
Now you can go through these steps focusing on the key points and successfully buy Bitcoin with Payoneer. Indeed, always remember that cryptocurrency markets are always very dynamic, so you have to be informed and do due diligence to make your investment experience secure and informed.