How to Buy Bitcoin with Payoneer: A Step-by-Step Guide

By Srikanth
6 Min Read
How to Buy Bitcoin with Payoneer: A Step-by-Step Guide 1

Since the first cryptocurrency ever in the world, Bitcoin has become the buzz of the decade for investors, you might be looking to enter the cryptocurrency market and wonder how to buy Bitcoin with Payoneer. How would you do that? A financial service platform for freelancers and businesses receiving international payments, Payoneer doesn’t offer to buy Bitcoin directly. But guess what? There are a couple of alternative methods you can accomplish your goal.


Using a Cryptocurrency Exchange with Payoneer: It’s possible to buy Bitcoin on some cryptocurrency exchanges using Payoneer cards and bank transfers.

Peer-to-Peer (P2P) Market: It’s a way where buyers and sellers are connected directly to use their Payoneer balance to buy Bitcoin from another person.

This guide will get deeper into both methods, including the steps involved, considering their pros and cons.

Before You Get Started

Regardless of the method you choose, it is crucial to keep the following few key points in mind:

  • Security: Trade only on well-known cryptocurrency exchanges and P2P platforms with strong security protection.
  • Fees: Every method has a fee. So, look at the rates and make comparisons to reach a decision. Also, Bitcoin transaction fees apply to it.
  • Verification: Most exchanges require identity verification in order to be compliant with the law.
  • Market Volatility: The price of Bitcoin is constantly changing. Please research the market trends before you invest your money.

Method I: Using a Cryptocurrency Exchange with Payoneer

You can buy Bitcoin using several cryptocurrency exchanges with debit and credit cards connected to your Payoneer account. Here is the general process you would follow:

Choose a Cryptocurrency Exchange

  1. Some popular names in the market are Coinbase, Kraken, and Binance. Look out for the following in that order: Supported methods of payment— whether it supports credit and debit cards connected to your Payoneer account.


  1. Go to the selected exchange’s website and sign up for a new account. Fill in all details required: your name, email, and a very strong password.

KYC Verification

  1. Almost all the exchanges in the world have KYC regulations to adhere to AML laws. This is normally done by submitting the IDs they offer or provided by the government and proof of residence.

Add Your Payoneer Account (Optional)

  1. Some exchanges have an option that allows you to attach your Payoneer card for purchases directly. Or you could alternatively transfer funds directly from Payoneer to your bank account and then make the purchase with that linked bank account.

Placing an Order

  1. Once your account is verified and your way of payment added, navigate to the “Buy” section of the exchange. Now you will be able to select the cryptocurrency to be Bitcoin (BTC) and your mode of payment to be your Payoneer card or bank transfer. Put the amount of Bitcoin you want to acquire and proceed to make a purchase.


  • Easy and user-friendly interface for new users.
  • Safe platforms offer peace of mind.


  • In some cases, higher fees compared to P2P marketplaces.
  • On some platforms, there are very limited payment options.

Method 2: Peer-to-Peer (P2P) Marketplace

This type of platform links two parties—the buyer and the seller—through an exchange rate. You can use the money on your Payoneer card to buy Bitcoin from another party on this platform. Here’s a more simplified version:

Choose a P2P Marketplace

  1. One can explore various popular options, such as Paxful, LocalBitcoins, and Bisq, all of which have filters to find sellers who accept Payoneer.

Sign Up for a P2P Marketplace

  1. Open an account with one of the P2P marketplaces. Registration processes might be different, including verification on the platform.

Find a Seller

  1. Use the platform’s search filters to find those sellers who accept payment via Payoneer and offer a good exchange rate. Also, look at the sellers’ reputation and their reviews from other buyers.

Initiate a Trade

  1. Once you have found a good and suitable seller, you want to initiate the trade. You will specify the amount of Bitcoin you wish to buy and the amount to be paid using Payoneer.

Secure the Trade

  1. Most P2P platforms provide people making a trade with escrow services. The platform will lock the seller’s Bitcoin in escrow until you confirm you have received funds through Payoneer. Once confirmed, Bitcoin is released to your wallet.


  • Offers potentially lower exchange fee than in exchanges.
  • You can settle with an exchange rate that best favors you.


  • The process is more complicated than that of an exchange.
  • The potential of scams is on the rise owing to dealings between people. Be very cautious about your choice of seller.


You have just learned two ways to buy Bitcoin using Payoneer. Therefore, in making a choice, take some time to think about what you need most or are keen on. Also, be aware of the cons.

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