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How to Buy Bitcoin With Payoneer – Yes It Is Possible & Here Is How You Do It

How to buy Bitcoin with Payoneer

If you are looking to buy Bitcoin in a country where there are not many options available then a global payment service like Payoneer may be the answer. But how do you go about buying Bitcoin with such? In this short post I’m going to show you exactly how you can do this…. how to buy Bitcoin with Payoneer.

Just because it may be more difficult for you to get your hands on some Bitcoin doesn’t mean its the end of the world. Where there is a will there is a way. There are many different ways to go about buying Bitcoin and where ever you live there should be some way to buy. With Payoneer there are 2 different exchanges that are well trusted which you can use for purchasing. I’ll be going over exactly how it all works and taking you through the buying process.


Where Can You Buy Bitcoin With Payoneer?

Two great options out there are Paxful and LocalBitcoins. These are peer-to-peer (P2P) exchanges, meaning that buyers and sellers are communicating directly in the exchange process.

Basically what Paxful & LocalBitcoins do is facilitate safe transactions between buyers and sellers. So when you use these exchanges you are able to buy from many different sellers, who are often times individuals like yourself, and the exchange provides the safe platform that helps to ensure a safe transaction.

With these two P2P exchanges there are a hundred different ways that you can buy Bitcoins. In a way its kind-of like an Ebay of cryptocurrency exchanges. Anyone can sell and they can pretty much accept any form of payment they want. Below you can see some screenshots of the many different ways that you can pay. There are literally hundreds…

LocalBitcoins…

LocalBitcoins Payoneer

Paxful…Paxful Payoneer


The Buying Process

The buying process is pretty much the same thing for either site so I will be using Paxful as my example, but you can use either.

The first thing you will want to do is click on Buy Bitcoin, select your currency, and go over to the payment methods where you can select Payoneer from the dropdown menu…

Then it will bring up a list of offers that are available in which you can choose from. These are independent sellers that are all willing to sell you Bitcoin if you pay them with Payoneer as you chose. As you can see below the rate per Bitcoin that these sellers are charging varies a lot. This is because they can charge their own rates… its different from a normal exchange like GDAX or Coinbase where you can buy Bitcoin at the market price.

If you look below where I circled you can see that the market price at the time of this screenshot is $7,116 and the lowest price I can buy Bitcoin for from the sellers is $7,838. Now of course you are able to buy any fraction of a Bitcoin but the point is that sellers on sites like Paxful and LocalBitcoins charge more. It doesn’t matter when you buy you will have to pay a higher price because of the inconvenience that these people go through to sell them.

But anyways… I selected the first seller’s offer because his price isn’t too bad. When you click on an offer it will take you to the page you can see below where you can enter in how much you want to buy and it will out line the rules of the exchange, such as the price, the minimum you have to buy, etc…

 

The seller will also make their rules as to how they want the exchange to happen. Below are the steps you have to take to make a trade for the offer I clicked on. They are pretty typical but you will see that they will vary a bit based on the seller and payment method…

You will have to upload verification that you are who you say as well as verification that you sent payment to the seller…

When you start the buying process you will be able to chat back and forth with the seller in real-time if you have any questions or issues.

After you pay the person be sure to confirm this on the Paxful platform. Once the seller has confirmed your payment Paxful will then release the person’s bitcoins to you which were being held by them in escrow. And that is all there is to it. They will be in your wallet on the exchange and you can do with them whatever you want.

I would always suggest storing them in a hardware wallet like KeepKey or TREZORΒ  if you are going to be holding longterm but you can keep them on the exchange wallet if you want.


Staying Safe When Buying

You have to be careful on P2P exchanges like this since you interact directly with other people, whom you don’t really know.

One thing you should always do before purchasing is look at the sellers’ ratings. You can click on any seller and take a look at their reputation score and all the feedback that people have left them…

 

On LocalBitcoins you can do the same thing, plus they give you some extra information which I like more…

It is important that you buy from someone who is trusted by others, just as you should if you purchase on Ebay. If you get involved with a bad seller it is possible for them to scam you. Paxful and Localbitcoins provide the platform that buyers and sellers can use to make exchanges much more safe but there is still some risk involved buying from people on these sites.

You can read my article I wrote on Paxful safety for more information on all of this.


Summary of Everything

Ok… so YES you can buy Bitcoin with Payoneer, but not with normal exchanges. You have to use Peer to Peer exchanges like Paxful and LocalBitcoins that connect you with other independent sellers which lay out their own rules and guidelines for payment.

Both Paxful and LocalBitcoins come with some added risk but as long as you select a trusted seller that has a good reputation and follow the rules laid out, you should be good and you should end up with those precious Bitcoins you have been dying to buy.

I hope this has been helpful to you and feel free to ask me any questions or leave any comments below. I will get back to you soon if you do πŸ™‚

About the author

Mr Hodl

Hi, My name is Kyle but as the creator of this site I go by "Mr Hodl". After my first encounter with Bitcoin back in 2015 and becoming increasingly intrigued with the new emerging world of cryptocurrency, I thought it would be a good idea to create this site to provide guidance to others who are involved or looking to get into it. I hope you find my site helpful and thank you for stopping by!

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