Brokers 2020 Payoneer for Deposits and Withdrawal
The foreign exchange market is a global decentralized or over-the-counter (OTC) market for the trading of currencies.
Payoneer is a US-based payment system that came on stream in 2005 to offer users the opportunity to send and receive funds using the Payoneer system at no cost, and also to receive payments from trading activity or services from around the world. Payoneer also offers a prepaid MasterCard, which enables users to withdraw funds from their Payoneer accounts using ATMs located in over 220 countries and territories. Users of the Payoneer MasterCard can also effect online payments and conduct POS transactions all over the world.
With regards to the forex market, Payoneer works with several brokers to provide a system where funds can be deposited into a trading account from the Payoneer online wallet.
Uses of Payoneer in Forex
Why has Payoneer become such a big deal when it comes to forex trading? Here are some reasons as to why this is case.
- Payoneer has very little restrictions on which locations its services and prepaid cards can be used. So many users who are locked out of other payment systems such as PayPal and Skrill, or who are condemned to limited usage of these e-wallets, will find that they are able to use Payoneer to do their business.
- Payoneer offers some of the most competitive fees in the industry. Card loads for funds withdrawn from forex brokerage affiliate platforms can be done for free if the conventional two-day waiting period is used. Expedited card loads come with a flat fee of $2.50, irrespective of the amount that is being loaded on the card.
- A verified Payoneer account comes with a large limit. Traders will find that they can withdraw as much as $10,000 at once from their forex accounts into their Payoneer online wallets.
- An account with a forex broker that accepts Payoneer gives you access to the prepaid MasterCard. You can then add other vendors who work with Payoneer to your online wallet by linking their platforms to your card, using the “existing users” link.
- The payment threshold for withdrawals onto a Payoneer account is as low as $50.
- Payoneer has recently introduced a multi-currency conversion system which allows the user to convert funds from one major currency to another, for a very small fee. This is useful if the funds are to be used to make payments in another currency from the native account currency. For instance, you can withdraw funds from a UK-based forex affiliate brokerage system in British Pounds, and convert same to US Dollars.
- Through the Global Payments Services, Payoneer allows users to operate US-bank accounts and receive payments from US-based services, including those that operate with PayPal. So if you are a successful trader and you write a forex trading resource to sell on Amazon, you can list your product and receive payments on your Payoneer account.
Payoneer operates a multi-channel client support system, with a live chat service that operates 24/7 for round-the-clock customer support.
How Payoneer Works On a Compatible FX Broker Platform
In terms of trading purposes, Payoneer can only be used to fund trading accounts. This is done via the Payoneer MasterCard. Usually, the trader is expected to already have funds loaded onto the card. This can be done by having another Payoneer user send money to the trader’s Payoneer account, or by earning money from other Payoneer vendors such as Fiverr, Upwork, or AirBnB, into the account.
Once funds are in the card, the trader can use the card funding option on the forex broker’s platform to perform the transaction. Payments made into a trading account using the Payoneer MasterCard are usually processed instantly.
Payoneer not only works for forex traders: it can be used to provide affiliate payments to those who are part of an affiliate network for a forex brokerage. In this instance, payments can be made directly to the forex affiliate’s Payoneer account.
Forex Brokers That Accept Payoneer Deposits
As at 2012, there were few forex brokers that used to provide Payoneer withdrawals. These companies were AvaTrade (then known as AvaFX) and Roboforex. At the moment, it is not known whether Payoneer withdrawals are still possible with these brokers.
Most forex brokers would allow deposits using a Payoneer prepaid MasterCard. These can be used just like any other debit card would. Please note that this card is a debit card and not a credit card. Deposits would only be possible if the card is preloaded with funds. Only then can it be possible to perform the account deposit for instant processing and crediting of the trading account. Examples of brokers that allow the use of Payoneer cards include eToro, AvaTrade, EasyMarkets, FxPro, Plus500 and IG.
Some of these brokers have affiliate networks which allow users to withdraw their affiliate earnings to their Payoneer accounts. For instance, AvaTrade has an established forex affiliate service which allows traders to earn by referring other clients to their platform. Earnings are usually in the form of a percentage of spreads generated by the traders. These can be withdrawn to a Payoneer account when the payment threshold has been reached.