What is Payeer? Is it a scam?

1. What is Payeer?

Payeer, introduced in 2012, is an international online payment service. This versatile Payeer service supports over 150 methods and payment systems, including numerous regional payment methods. Particularly beneficial for website owners and online stores, Payeer allows users to buy, sell, and pay for services globally using various cryptocurrencies.

Payeer provides convenient and free services, empowering both sellers and buyers to safeguard themselves without limitations on financial functionality. You can deposit funds into your electronic wallet through various methods and perform transactions such as sending, receiving, and withdrawing money in multiple ways.

2. How to Register and Use Payeer

Registering a Payeer account is straightforward and swift. Just follow the instructions below:

Step 1: Visit the official Payeer website (https://payeer.com ) and click on the Create account icon

Step 2: Enter the required information as follows:
- Your e-mail: Enter your email
- Security code: Enter the code provided by the website (in the box on the right)

Step 3: Click on Create account

Upon completing the correct steps, the system will send you a verification code (a 5-digit code).

Step 4: Enter the verification code in the Confirmation code field and click Create account

Step 5: After successfully registering your account, Payeer will redirect you to a detailed page allowing you to set a new password for your account. Take note of the following:
- New Password: enter the new password you desire
- Repeat New Password: confirm the new password (must match the new password you entered above)
- Secret Word: a secret character. Remember it, as you will need it to recover your account if you forget/lose your password
- Account Name: the display name of your account

Afterward, click Next to complete the registration of your Payeer account.

Your Payeer wallet address/account number will be in the format Pxxxxxxxxxx (similar to a bank account number), and you will use it for receiving and sending funds.

3. Verifying your Payeer account

To verify your Payeer account, follow the instructions below:

- Step 1: Login to your Payeer wallet account. Click on Settings (top right corner) and select Profile to verify your identity through KYC (Know Your Customer).

- Step 2: Fill in details such as: Full Name, Date of Birth, Country, Address, Your Passport or ID (upload a passport or ID photo), Proof of Address (verify address - upload bills with matching information: 'name, address' from the last 3 months, such as utility bills, bank statements, etc.

- Step 3: Click on the Security tab to set up security for your Payeer wallet. Complete the following sections:

Contact Information (Phone Verification): Enter your phone number (for Vietnam, replace the first 0 with +84 as Vietnam's code is +84) and click Bind mobile number. Then, wait for the system to send a CODE to your phone, enter it, and click CONFIRM to complete. Note that Payeer charges $0.05 for each SMS, so make sure your account has a balance of at least $0.05 to confirm your phone number.

APPS (Verification via Telegram account): Enter your Telegram account using the format @accountname (e.g., @exampleaccount) and click Bind account of Telegram. Payeer will send a code to your Telegram app; search for @PayeercomBot to enter the code in Payeer. Click Confirm and enter the Master Key to complete.
Authorization:

In the Send verification code section, choose your preferred method. Payeer currently uses 3 security mechanisms for sending codes:
- Email
- SMS
- Telegram
- Internal transfers:
- Incoming payment notification: choose as desired
- Restore passwords: choose methods like email, SMS, Telegram.
- Master Key: activate the Master Key

For the Master Key, it is used when users perform transactions, especially when transferring money. You need to enter the Master Key for the transaction to be successful. Essentially, the Master Key is similar to an OTP code used in banking transactions, so remember it and do not disclose it to others.

- Step 4: After completing the above information, click 'Confirm' at the bottom

4. Loading funds into your Payeer wallet

To load funds into your Payeer wallet, follow these steps:

Step 1: Log in to your Payeer account. The main interface of Payeer will then display several sections:
- Balance: information about account balance, various currencies, Fiat and Cryptocurrency accounts
- Transfer: Money transfer
- Exchange: Currency exchange within Payeer
- Trade: Trading platform for Payeer users to exchange currencies
- History: Transaction history
To load funds into Payeer, select Balance

Step 2: Choose the currency you want to deposit. Here, you'll see available units such as USD, EUR, RUB, BTC, ETH, BCH, LTC, DASH, USDT, XRP, and simply click on Deposit. The Add window will appear

Step 3: Choose the gateway through which you want to deposit funds, such as Bitcoin, Litecoin, Advcash,...

Step 4: Enter the amount you want to deposit in Amount and click Add to complete.

Step 5: The Confirm window appears. You will see the invoice. Depending on the deposit method, the system may require you to enter certain verification information such as phone number, ID photo, .... and if it's your first deposit, you'll have to wait for Payeer to verify these factors. Review the information carefully and click confirm.

5. Withdrawing funds from Payeer

To withdraw funds from your Payeer wallet, follow these steps:

 Step 1: Log in to your Payeer account and click on Balance to withdraw funds from Payeer

Step 2: Here, the interface is similar to when you deposit funds. However, you will click the Withdraw option. The Transfer window will appear afterward.

Step 3: Enter the following details:
- Amount: enter the amount you want to withdraw
- Account, email, or phone number: Payeer wallet address to transfer funds to
- Comment: additional notes (in case the system requires a note)
- Protect code: protection code (leave this field blank)

Step 4: Click on Send and you're done.

6. Is Payeer a scam?

For any electronic wallet service, the concern of whether it is a scam is one that many users pay attention to, and Payeer is no exception. After testing and surveying user reviews, Mytour found that Payeer is a reliable electronic wallet service with both advantages and disadvantages.

Advantages:
- Allows customers to transfer money globally without any commission fees.
- Enables money transfers without the need for a Payeer account. All Payeer requires is a personal email address, and an account will be created for the recipient. The recipient can then withdraw and send funds to any chosen platform.
- Swift conversion of different currencies across various platforms. Money can be transferred from Payeer to Qiwi, Okpay, Yandex money, and other financial systems.
- Facilitates easy large-scale payments through API. The system allows money transfers to various individuals globally with just one click.
- If you own a website, you can use this system for payments. This is because Payeer offers over 150 different payment options for sending and receiving money.

Drawbacks of Payeer
- Transaction fees higher than the market average: 0.95% for money transactions and even higher fees when adding or withdrawing funds.

In addition to Payeer, there are many other electronic wallet services, as mentioned at the beginning of the article. If you are familiar with Paypal, you can also explore What is Payoneer? Is it a scam to discover another online money sending and receiving service.