Payeer Review 2023
The accelerating user base of digital finances and its scope is expanding the demand market. This has led to an increase in the number of options for digital asset management. Often, digital management platforms offer digital or electronic wallets for users to deposit funds or withdraw from.
Some of these platforms have enhanced and added to their features and support both fiat and cryptocurrencies. This has been extremely convenient for the large number of customers they sometimes amass.
|Listed Cryptocurrency||BCH, LTC, ETH, BTC, EUR, and DASH, etc|
|Supported Fiat Currencies||USD, EUR, RUB|
|Deposit Fees||Depends on Payment Method & Currency|
|Transaction Fees||Depends on Payment Method & Currency|
|Withdrawal Fees||Depends on Payment Method & Currency|
|Customer Support||Mail & Submit Ticket Support|
One such platform is Payeer. A Payeer customer can take advantage of the platform’s plethora of services and functionalities. Payeer is primarily a digital wallet for fiat and crypto assets and is also a cryptocurrency exchange.
Payeer offers a long list of functionalities that have been able to get the platform positive reviews consistently. These include the trade of cryptocurrencies from various blockchains, storage of assets, and quick payment methods from the Payeer payment system to fiat currencies.
The platform has also launched an impressive list of additional support features, including withdrawal to Mastercard, Maestro, etc. The diversity of options for making payments or adding funds to the wallet is a welcome environment for individuals who might be on the verge of selecting it as their primary electronic wallet.
Quick Overview of Payeer
- Payeer is an electronic/ digital wallet that enables users to store a diverse array of digital assets, including fiat and cryptocurrencies.
- Payeer charges low fees compared to some of its competition although Payeer can be regarded as an undisputed platform for its list of supported payment methods and scale of operation.
- Payeer is also a registered cryptocurrency exchange where individuals can trade crypto from various blockchains and store them directly in the top crypto wallets of the platform.
- Payeer provides digital solutions for individuals as well as businesses, and this is one of the advantages that has led to significant growth of the platform over the past few years since its inception.
- The prices charged for the transactions are based upon the asset itself and are generally the same for individuals as well as businesses.
- Payeer has an affiliate program that encourages users to bring in new individuals through personal reviews and opinions. The referrals provide 25% of the fees charged by the platform from the referred user as a reward to the inviting user.
What Is Payeer?
Payeer is a platform that offers an electronic wallet for users which can store various digital and crypto-assets. Payeer acts as a medium and vault for crypto enthusiasts who want an easy-to-use platform that is versatile in its design. It can help individuals overcome the hassle of maintaining multiple apps for various purposes and financial systems. With over a hundred supported payment systems, Payeer has been able to make its services available in multiple nations and cater to their respective needs for trading or depositing, and withdrawing funds.
To thoroughly review Payeer themselves, individuals are advised to compare it against the local platforms, which might aim to provide the same level of convenience to the user.
In addition to being an electronic wallet, Payeer is also a crypto exchange. Thus, users can not only store their cryptocurrencies (such as Ethereum, Dash, Bitcoin, etc.) but also use the platform to directly sell or invest in cryptocurrency without needing yet another third party for the purpose of a transaction between the marketplace and the customer.
Payeer is based out of Estonia, and hence, it is regulated and overseen by the VFSC (Vanuatu Financial Services Commission) and the MEAC.
How Does Payeer Work?
A Payeer account is usually subject to various fees that are charged by the platform for its services and features. This is the primary source of revenue for the company. Payeer provides a lucrative platform with enticing advantages not commonly offered by digital or electronic wallet providers. Since Payeer is also a cryptocurrency exchange, it is able to offer highly competitive prices to the users because there is no transfer among different ecosystems or platforms. Payeer is also a company that offers customized services and features to both individuals and businesses suited to their specific needs.
This level of micromanaging customer needs is what has helped the platform to position itself on a pedestal higher than the competition. These services would entail additional fees, depending on the particular scenario.
A Payeer account can also be accessed through the mobile app that is available on both iOS and Android app stores. The users can also use their account to transfer money to their VISA or MasterCard and use it to make payments to conventional financial institutions.
Payeer is secured with the help of the 2FA safety method which acts as a line of defense for the wallets on the platform.
Is Payeer Regulated?
Based in Estonia, Payeer is subject to the local laws and regulations that are applicable on the platform. Payeer is regulated by the VFSC and the MEAC, which are commissions that oversee financial services that operate in the financial sector.
Payeer maintains a high level of trust and reliability among its users and has been able to keep a safe and secure environment. Payeer holds a firm policy when it comes to the requirements of the platforms, and this might be a result of compliance with such a huge number of countries.
The platform strongly opposes unlawful practices such as money laundering and pays regard to the AML (Anti Money Laundering) compliance. With an objective to comply with regulations and function as a reliable platform, Payeer has limited the number of transactions that can be done as this serves as a preventive measure. Other regulations and compliances are relative to nations where Payeer can be used and vary drastically.
Users in some regions might even require an ID card to get verified before getting to use the platform. In case the limit of transactions is reached, proper and detailed documentation is required to continue using the platform.
Payeer brings a multitude of features to the platform that has streamlined the process of exchanging fiat and cryptocurrencies. In addition to being one of the leading platforms for buying and selling cryptocurrency, Payeer is an inclusive electronic wallet for various digital assets, which includes Bitcoin, Dash, Ethereum, Litecoin, etc, as well as fiat currencies.
Payeer enables users to have multi-currency accounts and transfer funds instantly & make quick payments. Payeer also has a feature that helps users to make payments for any utility bill with a QR code. This QR code can be easily scanned and eliminates the step of manually entering the recipient’s details. The process of completing the KYC procedure is simple and can be done with the help of the mobile app. With a business-oriented feature, the platform can be used to accept payments through the website.
The supported payment methods consist of over two dozen international modes of payment. Payeer is available in 127+ countries, and individuals do not require a bank account to use the platform as the fiat currencies can be directly received in the respective Payeer account. The company website has added a ‘demo merchant’ feature with the intention of guiding users through the process of using the platform and transferring funds among crypto or fiat assets.
Payeer Review: Pros and Cons
|Payeer is a multi-currency wallet and is capable of serving as the only wallet that can help users navigate through both fiat and cryptocurrencies.||The regulations are firm and might not offer the level of anonymity that most of the users might come to expect from blockchain and crypto trading.|
|Payeer can be used to transfer directly to VISA, MasterCard, and other international methods and instant payment systems.||The stringent policy system adds to the hassle of the process and the limit on transactions can be an extra obstacle for heavy users.|
|Payeer is available in over 100 countries across the world and offers some of the most cutting-edge and unique features as a platform, exchange, and digital wallet.||Payeer supports a small number of cryptocurrencies and some assets with small market shares are not present on the platform.|
|Despite the limit on cryptocurrencies, the platform does offer numerous trading pairs that are commonly used across the crypto market.|
How Do I Open a Payeer Account?
The individuals who wish to open an account with Payeer, are required to sign up on the platform. Once the new users click on the ‘Create Account’ button on the website, they are required to fill out a form that contains their details such as email. After entering the email, users can either enter the verification code sent to their email accounts or skip the step and continue to create a password, account number, and other formalities.
Payeer has a thorough system to prevent illicit activities and thus, the regulations and requirements vary from country to country. Some nations require the accounts to be connected with government-issued IDs or other proofs of identification.
Individuals can also open a business account with Payeer and share the documentation of the company. The platform suggests that the business account can be replenished through the company account. After the users have created (or opened) their account, they might also have to enter their debit or credit card details as a payment method if they are making a payment through their card on the Payeer platform. This is also a way to add funds to the Payeer account of the user, which can then can be used for exchanges or other purposes. The platform also enables the users who have an account to take part in surveys and improve the platform.
Trading on Payeer
Through an intuitive interface and easy-to-navigate application, Payeer has made the process of trading a simple and friendly one. Payeer supports some of the major cryptocurrencies across the blockchain market based on their market caps and users have a variety of trading pairs to choose from within the combinations of exchange assets.
The trading features on the platform have been devised keeping in mind the user needs. Users can trade their cryptocurrency for fiat currencies and purchase or make payments as per their requirements. Trading on Payeer also has the advantage of no extra fees since the platform acts both as an exchange as well as an electronic wallet.
To buy cryptocurrency initially for trading, a Payeer customer can use any payment method that is supported by the platform. In addition to cards, the list of payment systems also has PayPal as a mode of payment and various other countries’ specific local mediums that are recognized by the corresponding authorities.
Users can choose from the different platform experiences, be it the mobile app or the desktop platform. An important thing to mention would be that Payeer and the list of its trading features are not available in the United States and thus, the US residents are advised to keep looking for their ideal wallet.
How User-Friendly Is Payeer?
Payeer has been regarded as one of the most user-friendly platforms to operate on such a diverse scale. The platform offers simple and logical navigation throughout the ecosystem and the navigation is intuitive. Even beginners would find this experience an easy one. Since Payeer is a multicurrency wallet, it adds the convenience of a single application that does it all and can become the primary platform for many users.
Payeer might also cater to advanced users through its functionalities that do not require any technical knowledge to execute. Thus, they can harness the rewards of the possibilities of this platform. Reviews from various websites imply that users are satisfied with the interface of the app and admire the team for the easy and seamless application experience.
Individuals who do not prefer a complete desktop setup may also find it a positive experience to access the platform from their mobile devices. This provides a more compact and hassle-free way of using the features of the platform and buy/sell cryptocurrencies or get funds in the accounts. Additional features such as QR codes for making payments show the extent to which the platform can become second nature for users who make it a part of their daily life for making purchases across various financial institutions and systems.
How To Deposit/Withdraw on Payeer?
The users have different modes to choose from when it comes to depositing funds to one’s account on the platform. Users can deposit funds through payment methods such as credit cards or debit cards, bank transfers, or other alternative payment methods that include Advcash, Perfect Money, and QIWI, etc. Once the users have selected their preferred mode of depositing funds into the wallet, they can complete the process and get instant transfers, provided they have completed all the KYC and other formalities that the platform requires.
The platform charges a deposit fee for transferring the funds. This fee depends on the payment system that is being used for depositing. The fees for various methods are mentioned on the website for the individuals to go through before they initiate a transaction.
Withdrawal can be initiated with a few select fiat currencies and modes of funds. The users can either withdraw their assets through Mastercard, Advcash, Payeer wallet balance, or some local banks that are supported by the platform from its geographic region.
The platform has a minimum amount for withdrawal along with daily/weekly/monthly withdrawal limits. While the payments through the platform are instant, withdrawal transactions can take up to a few business days. This is dependent on mode of payment and other variables.
Payeer charges competitive fees for the various services and features that it provides to users. The trading fee for each cryptocurrency is different. In some instances, the deposit fee might be up to 3.99% though it is based on the payment system that is in use. With regard to other deposit and withdrawal transactions, the fee is transparent and the company has mentioned various charges that are associated with their respective transactions.
Although depositing cryptocurrency into the wallet is free of cost, there is a minimum amount that can be traded and would still serve the same purpose as having a minimum fee attached to it. The platform charges a fee for depositing fiat currency. This is because direct digital deposits to the wallet would not cost the platform anything, but the same cannot be said about fiat currencies.
Withdrawing crypto assets is also free of any charges. Apart from the fees that are mentioned above, there is no hidden or additional fee (or gas fee) that is charged from the users. The fee might seem higher compared to some local platforms but Payeer has kept the fee competitive as it offers a more comprehensive package, eliminating the need to pay small amounts to multiple platforms. Thus, users end up paying a nominal amount to a single one. Click here for more details.
Payeer Mobile App
To add to the user experience and compatibility across devices, Payeer offers a mobile application for its platform and it is available for both Android and iOS devices. The mobile application is a great feature as every user does not prefer to sit in front of a computer, especially when it comes to trading throughout the day or making quick payments.
The introduction of a mobile application also enabled the platform to add functionalities such as scanning a code to pay. This works through the mobile phone’s camera and would not have been feasible on desktops. The smartphone application is also intended to take advantage of the 2FA security method. It also completes the process of verification through the mobile phone.
Individuals can opt to stop security messages on the mobile app. However, this might decrease the overall security of the account. The Android, as well as the Apple app stores mostly feature positive reviews of the application.
The mobile application eliminates the need to remember the password at all times since most smartphones in the market come with biometric authentication features. Individuals can access the platform with fingerprint authorization that is built into their phones. It is because of these reasons that users prefer the Payeer mobile app.
Payeer Supported Currency & Countries
Payeer has grown significantly since its inception. Today it is one of the most widely available electronic wallets and exchanges in the market. Payeer is accessible in over 100 countries and supports different fiat currencies and some local payment systems based on the user’s location.
While Payeer is available in most European and Asian countries, some of its services are not accessible for the residents of the United States. Although the United States has some of the biggest crypto markets, local regulations and compliances have not been worked out in a fashion that could make this platform fully operational within the American market. Even though Payeer is not completely available in the United States, some users have been able to make it work with the help of wire transfers. It also comes with a high fee, which might be one of the reasons why users from the United States are not opting for Payeer.
Lastly, the supported cryptocurrencies are the ones that hold the most market caps and are the most widely known. The cryptocurrencies on the platform consist of BCH, LTC, ETH, BTC, EUR, and DASH, etc. These altcoins are limited but the trading pairs are very diverse and offer distinct ways for the users to sell or buy.
Payeer is expected to pay great attention to security owing to its operation across various continents and an exponentially growing user base. The platform has set up various safety measures which are supposed to keep user information, data, and privacy intact & impenetrable.
The measures include the 2FA which can be done once the mobile phone has been verified with the account and would then require a second approval and confirmation from the mobile device before making transactions or using some features of the Payeer platform. To ensure a close-knit and safe clientele, the verification might take some time depending on various factors. It does discourage some, but it can be a good strategy with regard to having only verified users.
Without completing the verification, the transactions, withdrawals etc have certain limits beyond which the users can no longer proceed (for example, 15.000 is the limit for EUR transactions without getting verified and submitting IDs & documented proofs).
For most of the nations in South Asia, Payeer is known to be among the most secure and trustable wallets that are currently available and it offers more than a single cryptocurrency. As yet another step towards a secure platform, the users are notified via email every time their account is logged into. This can help them to keep track of all the activities that take place within their account and stop a perpetrator in time.
Payeer Customer Support
Constantly helping the users and providing solutions, the support team behind Payeer has been known to be prompt and responsive. In order to get in touch with the company, the users can also raise a ticket which would be tended to within 24 hours (as claimed by the company and various users). The company has also stated its address for the local users who might need immediate assistance in regards to their accounts.
The customer support can also be reached by the individuals who seek to get special solutions for themselves or their businesses.
Payeer Reviews: Conclusion
Payeer is one of the most popular and widely known wallets and exchanges across the world. The competitive pricing and a reliable record of operations make it a good choice for thousands of individuals across the world (barring users in the U.S.). It is ranked highest in the list of recommendations for electronic wallets and one of the largest crypto exchange platforms for the users whose crypto criteria can be met by the platform and those who are located in the regions where Payeer operates.
Is Payeer Trusted?
With hundreds of users joining every day, the platform is known to be one of the most intuitive, safe, and preferred platforms. Its special modifications to the usage of traditional wallets have made it an unparalleled bargain.
Is Payeer Account Safe?
To ensure a secure and safe environment, Payeer has deployed various preventive measures against breaches. One of these safety nets is the 2FA method and notifying the user for every new login.
How Do I Withdraw Money From Payeer?
In order to withdraw money from Payeer, users can go to the ‘Balance’ section and then choose the withdraw option. Once they have done that, users can enter the amount of funds that they wish to withdraw. There is a minimum withdrawal amount on the platform for various currencies.
How Do I Transfer Money From My Payeer Account?
When it comes to transferring money from the Payeer account, the users can choose the mode of transfer. For sending money to another Payeer account, users can enter the recipient’s details. QR codes can also be used for the purpose of making payments.
Can I Use Payeer Without Verification?
Individuals can use their Payeer account without verification but the functionality is limited. Without verification, the users have to face certain transaction and withdrawal limits. However, the platform can still technically be used without completing the verification.