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Payoneer FX Review
Payoneer FX is the currency conversion tool inside Payoneer, a public payments company. It is not a separate broker, and Payoneer once paid a US sanctions fine.
Min Deposit
N/A
Spreads From
Markup of about 0.5 percent to 2.75 percent above the mid market rate
Max Leverage
Not applicable, this is a currency conversion feature, not a leveraged trading product
Platforms
Payoneer web account, Payoneer mobile app
Pros
- Backed by Payoneer, a Nasdaq listed public company operating since 2005
- Registered as a money services business with FinCEN in the United States
- Holds a UK e money license from the FCA through a dedicated UK entity
- Can hold balances in more than 30 currencies and pay out in around 70
Cons
- Payoneer FX is a feature inside Payoneer, not a separate forex broker
- Conversion markup can run up to about 2.75 percent above the mid rate
- Paid the US Treasury over 1.3 million dollars in 2021 for sanctions violations
- UK entity has carried an FCA restriction on some payment services since 2023
Payoneer FX is not its own company. It is the currency conversion feature built into Payoneer, a financial technology firm listed on Nasdaq as PAYO. Payoneer was founded in 2005 and is based in New York, with large operations in Tel Aviv, Israel.
Freelancers and businesses use it to receive payments in one currency and convert them into another, without opening a trading account. Payoneer says it can hold balances in more than 30 currencies and pay out in around 70. It adds a markup of roughly 0.5 to 2.75 percent above the mid market rate, so the real cost depends on the transaction.
Payoneer holds real licenses, including a US money services registration and a UK e money license through Payoneer Payment Services (UK) Limited, which also carries an FCA restriction on some payment services since January 2023. In 2021, Payoneer paid the US Treasury's OFAC office $1,385,901.40 to settle 2,220 sanctions violations tied to Crimea, Iran, Sudan, and Syria.
Max Leverage
Not applicable, this is a currency conversion feature, not a leveraged trading product
Spreads From
Markup of about 0.5 percent to 2.75 percent above the mid market rate
Platforms
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
