Are you interested in an easy-to-use exchange that specializes in seamless and simple crypto buying and selling? If so, you might want to onboard Paybis. This 360-degree Paybis review will touch upon every element associated with the trading platform, discussing its diverse offerings, fee structure, customer support system, and pros and cons in 2024.
KEY TAKEAWAYS
• Paybis has been around since 2014 and simplifies the buying and selling of crypto.
• The regulated exchange supports more than 40 fiat currencies and 85+ cryptos.
• While the selection of assets on Paybis might be a tad restricted, the exchange makes up for it with its crypto wallet, simplistic user interface, and other perks.
Paybis review: Overall assessment
If you’re short on time, here is a quick assessment table, each criterion is rated per our evaluation standards.
| Criteria | Supported cryptocurrencies | Supported fiat currencies | Fees | Features | Customer support | Security | Overall score |
| Score | 4/5 | 4.5/5 | 4/5 | 4/5 | 4/5 | 4/5 | 4.1 |
What is Paybis?
Paybis is a straightforward centralized exchange offering a decent suite of cryptos for traders to choose from. The firm has been around since 2014 and is headquartered in Poland. The idea behind Paybis was to build a trading platform focused on the easy buying and selling of crypto.
Innokenty Isers, Paybis’s founder and CEO, leads the team, which also comprises Konstantin Vasilenko, the co-founder, Andrei Ialama, the COO, and Andrew Moisejev, the CTO.
The exchange ranks highly in terms of trustworthiness and its onboarding processes. Another highlight of Paybis is its regulatory compliance, which extends beyond its MSB registration with FinCEN in the United States.
Notably, Paybis also holds a VASP (Virtual Asset Service Provider) registration in Poland, a designation specifically relevant to cryptocurrency operations. This regulatory oversight ensures that Paybis adheres to every compliance and security standard.
In short, the platform offers:
- A regulatory-compliant exchange adhering to the FinCEN and FCA standards, including a VASP registration in Poland
- Seamless user experience, all thanks to the interactive Paybis app
- Advanced security features and standards
- Support for over 40 fiat currencies with a dedicated crypto calculator
- A competitive fee structure that ranges anywhere between 0.49% to 2.49%
What can you trade on Paybis?
Paybis is an out-and-out exchange that allows you to trade a wide range of cryptocurrencies. At Paybis, you can buy and sell BTC, ETH, USDT, LTC, XRP, and 85+ other crypto assets. However, that isn’t why Paybis is popular. The exchange supports 40+ fiat currencies, aligning with local payment options.
Did you know? Paybis allows the sale of popular cryptocurrencies such as XRP, BNB, and TRX (Tron) directly on its platform. However, this selling functionality does not extend to all tokens, as some less popular ones remain only available for purchase and cannot be sold through Paybis.
Where is Paybis available?
The Paybis trading platform is spread out across 180+ countries. Some of the more notable names in this regard include:
- Australia
- U.S.A.
- Canada
- Europe
- United Kingdom
- Latam (except Argentina)
And many, many more. Even though most U.S. states are covered — 48 in 2024, regulatory issues restrict Paybis from operating in New York, Hawaii, and Louisiana.
How to sign up for Paybis in 2024?
If Paybis is functional in your country, you can sign up quickly and easily. Here’s how:
1. Hit the “Sign Up” tab and start the process by feeding in your email ID.
2. Paybis will send a verification code to your email ID, which you need to enter to proceed further.
3. You will be prompted to feed in your mobile number. The idea is to choose the country code right and wait for Paybis to send a message with a mobile-specific verification code.
4. You need to feed in the verification code, which will create your account, albeit unverified. To verify and get started with buying and selling crypto, you need to enter personal information, upload documents, and wait for Paybis to confirm your account.
The entire signup and account verification flow at Paybis is secured by the TLS or Transport Layer Security, which ensures the sanctity of data transmitted between multiple systems.
Does Paybis offer any special offers or bonuses?
Paybis doesn’t offer a welcome bonus out of the box. However, your first transaction on the platform is fee-free. Depending on the deposit or payment methods concerning your first transaction, you might need to pay the processing fees.
Deposit and withdrawals
Paybis has a minimum deposit limit of $5, which sets a low entry barrier that allows most traders to start buying and selling crypto. As for the deposit methods, Paybis accepts the following:
- Credit and debit cards.
- Bank transfer.
- Skrill — a popular e-wallet option
- Neteller — another popular e-wallet
- Wire transfer
- ApplePay and GooglePay
- Giropay
- Online banking in the U.S.
- Bank transfers in LATAM & Africa
These deposit and withdrawal methods are region-specific. There might be a few countries where only bank transfers or cards are allowed. After the first free transaction, Paybis charges a flat fee of 2.49% for card-based fiat deposits into the platform.
Other details
It is worth noting that the above-mentioned methods aren’t simply restricted to deposits but also entail withdrawals. Here, transactions following credit and debit cards are the fastest. They take only 10 minutes to conclude, and users can expect fund visibility in under 30 minutes. Also, the process is almost instantaneous if you want to sell Bitcoin for cash or off-ramp any other crypto.
Bank transfers usually take between one to five days. For withdrawals, you can send your Paybis-native cryptocurrencies to any external wallet.
Even though crypto deposits and withdrawals at Paybis are free, users need to pay the network-specific processing fees.
Notably, even though the process is tagged as a deposit, Paybis doesn’t actually store user funds. Instead, this cryptocurrency trading platform lets you buy crypto immediately after the deposits as part of its security posture. User funds or cryptos are further secured via two-factor authentication.
How does Paybis compare to others?
A crypto exchange’s quality is determined by how it compares or competes against other exchanges. Let us put Paybis head-on with some of the more notable names in the crypto space.
| Features | Platform | Availability | Assets | Fees |
|---|---|---|---|---|
| Paybis | Instant exchange | 180+ | 40+ | 2 USD minimum or 0.49% to 2.49% |
| Binance | Exchange | 100+ | 500+ | 0.1% |
| Kraken | Exchange | 190+ | 120+ | 0-0.4% |
Paybis vs. Binance
While Binance steals the show regarding the available cryptocurrencies, it is required to function as a separate entity — Binance U.S. — to operate in the U.S. However, Paybis is directly operational in the U.S. and has even added support for ACH transfers to validate its mainland presence further. Some U.S. states like Vermont, Washington, and others do not support Paybis.
However, if you want to trade crypto futures, perpetual futures, or indulge in staking-specific income generation, Binance is a better option.
Paybis vs. Kraken
Kraken is a market leader in platform-based security. However, Paybis brings additional payment-related versatility by letting traders access various payment options, including e-wallets and more.
When compared with other exchanges, Paybis’ minimalist approach to buying and selling crypto stands out. And even though the Paybis fees comparison might tilt in favor of other exchanges, the first free transaction gives this crypto trading platform a headstart.
Paybis review: Features and tools
The quality of an exchange is determined by the features it offers or the traits it exhibits. For Paybis, we have tested and enlisted the following features.
Standard trading features
Unlike some of the other crypto trading platforms you might have tried, Paybis keeps things simple. It offers a basic buy-and-sell interface, allowing you to choose the right fiat, region-specific payment method and proceed with the trade.
Instant payouts
If you are interested in a platform that can help you experience the fastest possible payouts, Paybis might be a good option. From getting the crypto in your account in under 25 minutes with card-based payments to instant withdrawals, processes at Paybis are super fast.
Paybis wallet
With a user-friendly interface facilitating seamless asset management, the Paybis wallet is one of the platform’s go-to features.
Here, you can manage a host of assets, move crypto to an external wallet, experience quick buying and selling options, view real-time prices, and track transactions on-chain.
Market view
Paybis has a dedicated “Price” section that lists the real-time prices of the assets listed based on availability. You can even use this page to buy and sell crypto directly.
Crypto calculator
Confused about the price of a crypto in an equivalent fiat currency? Well, Paybis comes with a crypto calculator, allowing you to check the real-time price of any crypto in your choice of fiat. This feature intends to help users take better buy and sell calls by looking at the best exchange rates for cryptos.
Paybis app
If you are more of a mobile user, you can rely on the Paybis Android or iOS mobile application, known for its seamless user interface. The iOS app is highly rated on the app store, with a score of 4.7. While all of the web-based trading features are available, the app version boasts smoother navigation.
Besides the mentioned features, Paybis boasts a transparent fee layout, live support, an instant Paybis verification process, support for 150+ crypto and fiat currencies, and more. Paybis also has a rewarding referral program, offering a trading fee rebate of up to 20%.
Security and payment processing
The digital nature of crypto transactions often makes them vulnerable. This is where an exchange’s security features come into play.
For Paybis, this involves secure payment processing via TLS protocols, two-factor authentication, advanced encryption standards, continuous audits, and more.
The MPC or (Multi-Party Computation) model associated with the Paybis wallet is yet another security enhancement. In this model, the private key is distributed among multiple parties to make it less prone to attacks.
Paybis customer support
Paybis’ customer support system involves a dedicated “Support Portal,” an interface that helps users read articles related to every possible query. In addition, there is the Status Page, which details the historical performance of every Paybis UI — the website, the mobile app, the wallet, the payout zone, and everything else.
However, for more detailed queries, you can contact the team at [email protected] and raise a ticket.
We mailed and raised a concern citing deposit delays and even sought assistance with the Paybis verification process.
The “deposit delay” ticket was responded to in under two hours, whereas the account verification query was resolved in 45 minutes.
As for the mode of resolution, we received a step-by-step guide for account verification, and the deposit-specific issue was solved with multiple emails. The detailed handholding across every touchpoint could be the reason Paybis boasts such a high Trustpilot score.
How have we tested Paybis?
For Paybis, we tested the exchange to check for any new developments. Furthermore, we monitored the status page to check if the payment methods acted up frequently or if there were issues regarding buying and selling.
We checked all the payment options, especially the fees and speeds. We also interacted with each feature, surfed through the educational tools or the blog, and even connected with Paybis customer support to procure additional insights.
Regulatory compliance and safety
Paybis is compliant with the highest possible standards of AML protocols, financial conduct, and customer protection guidelines.
The exchange has relocated its client-facing operations from the UK to Poland, aligning with regulatory requirements. In Poland, Paybis is duly registered and overseen by the Polish Financial Supervision Authority (KNF), ensuring compliance with the necessary regulations to serve customers effectively.
Paybis has successfully navigated the changes in the FCA’s operational guidelines and is now compliant with the FinProm regime. Consequently, Paybis has resumed its operations in the U.K. market.
Besides the mentioned regulatory standards, Paybis also makes room for stringent on-platform features like KYC standards, maintenance of public databases, and more. All of that enhances Paybis’ trustworthiness.
Invest responsibly
By now, if you are willing to try Paybis, we recommend restraint over everything else. The idea is to explore the minimum deposit limit associated with Paybis and invest in a controlled and responsible manner.
Paybis, like any other exchange, has several cryptocurrencies listed. Therefore, research the crypto you wish to invest in, understand the market volatility, diversify positions, and only invest what you can afford to lose if things go wrong.
Is Paybis the right crypto platform for you?
This detailed Paybis review shows the exchange is committed to user satisfaction and offering security features. With its focus on minimalism, Paybis is one of the few exchanges that makes crypto buying and selling easier than ever.
Yet, Paybis isn’t without its share of downsides. Its crypto catalog might not be as diverse as some of the big names, and it lacks the extra “Earn” features many more experienced users often look for.
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Proceed with caution when buying and selling crypto on any exchange, including Paybis.
Frequently asked questions
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