Are you interested in an easy-to-use cryptocurrency exchange specializing in seamless buying and selling crypto? In that case, you might want to onboard the Paybis exchange. While the selection of cryptos on Paybis might be a tad restricted, the exchange makes up for it with its class-leading crypto wallet, a simplistic user interface, and other perks. Today, throughout this Paybis review, we shall explore every aspect of this popular crypto exchange, helping you make an informed call about onboarding the exchange.
From discussing its diverse offerings to the fee structure to the customer support system to the pros and cons of Paybis, this 360-degree Paybis review will touch upon every element associated with the trading platform.
- Paybis review: Overall assessment
- Paybis
- What is Paybis?
- What can you trade on Paybis?
- Where is Paybis available?
- How to sign up for Paybis in 2024?
- Does Paybis offer any special offers or bonuses?
- Paybis review: Deposit and withdrawals
- How does Paybis compare to others?
- Paybis review: Features and tools
- Security and payment processing
- Customer support
- How have we tested Paybis?
- Regulatory compliance and safety
- Invest responsibly
- Is Paybis the right crypto platform for you?
- Frequently asked questions
Paybis review: Overall assessment
Paybis
If you’re short on time, here is a quick assessment table, each criterion rated per our evaluation standards.
| Criteria | Supported cryptocurrencies | Supported fiat currencies | Fees | Features | User experience | Customer support | Security (past breaches) | Our overall score |
| Score | 4/5 | 4.5/5 | 4/5 | 4/5 | 4.5/5 | 4/5 | 4/5 | 4.1 |
What is Paybis?
Paybis is a straightforward centralized exchange, offering a decent suite of cryptos for a trader to choose from. The firm has been around since 2014 and is headquartered in the Poland. The idea behind Paybis was to have a crypto trading platform focussed on easy buying and selling of crypto.
Leading the Paybis team is its founder and CEO, Innokenty Isers. The Paybis team also comprises Konstantin Vasilenko, the Co-Founder, Andrei Ialama the COO, and Andrew Moisejev, the CTO. While the exchange ranks high in terms of trustworthiness, the seamless onboarding and a class-leading support team make it a standout performer.
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. The presence of this regulatory oversight ensures that Paybis adheres to every compliance and security standard there is.
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 cryptocurrency exchange that allows you to trade a wide range of cryptocurrencies. At Paybis, you can buy and sell BTC, ETH, USDT, LTC, XRP, and almost 80+ other crypto assets. However, that isn’t why Paybis is popular. The exchange supports 40+ fiat currencies, aligning with even the local payment options. This way, it becomes easier to buy any crypto you wish without relying on tricky 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 purchasable 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
- USA
- Canada
- Europe
- United Kingdom
- Latam (except Argentina)
And many, many more.
Even though most U.S. states are covered — 48 till now, there are a few regulatory concerns that 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 is how:
Hit the “Sign Up” tab and start the process by feeding in your email ID.
Paybis will send a verification code to your email ID, which you need to enter to proceed further.
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.
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 feed in the personal information, upload documents, and wait for Paybis to confirm your account.
Notably, 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?
For starters, Paybis doesn’t offer a welcome bonus out of the box. However, you can save some funds on your first transaction. For that, Paybis doesn’t levy any fee. Depending on the deposit or payment methods concerning your first transaction, you might need to pay the processing fees.
Paybis review: Deposit and withdrawals
Now that you already have a Paybis account and you are all set to enjoy the perks of the first free transaction, it is only appropriate to look at how the deposits and withdrawals are managed. At its core, Paybis lets you buy bitcoin with a credit card or debit card and is marketed as a simple interface for buying and selling crypto.
For instance, 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:
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- Via credit and debit cards.
- Via bank transfer.
- Via Skrill — a popular e-wallet option
- Via Neteller — another popular e-wallet
- Via wire transfer
- Via ApplePay and GooglePay
- Via Giropay
- Via Online Banking in the US
- Via Bank transfers in LATAM & AFrice
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. In that case, 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 anywhere between one to five days. As for withdrawals, you can send your Paybis-native cryptocurrencies to any other external wallet. And even though crypto deposits and withdrawals at Paybis are free, you would 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 post 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.
Paybis vs. Binance
While Binance steals the show in regards to 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 further validate its mainland presence. Some U.S. states like Vermont, Washington, and others do not support Paybis.
However, if you want to trade crypto futures, perpetual futures, indulge in staking-specific income generation, and more, Binance is a better option.
Paybis vs. Kraken
Kraken is a market leader when it comes to platform-based security. However, Paybis brings additional payment-related versatility by letting traders access various payment options, including e-wallets and more.
Paybis vs. Coinbase
Coinbase comes with a 2.6M+ user base, whereas Paybis is closer to the 1M+ mark.
When compared with other exchanges, Paybis’ minimalist take in regards to crypto buying and selling stands out. And even though the Paybis fees comparison might tilt in favor of other exchanges, the first free transaction is what gives this crypto trading platform a headstart.
Other options
If you are more interested in holistic trading options like forex trading, along with crypto, the likes of eToro could be a better bet. Also, if you are looking to trade crypto CFDs concerning ETH, BTC, BCH, or more, platforms like OANDA are better bets. The choice depends on your preferences and individual requirements.
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 cryptocurrency trading platforms you might have tried, Paybis keeps things simple. Paybis offers a basic Buy and Sell interface, allowing you to choose the right fiat, region-specific payment method and go ahead 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
Paybis offers one of the best options to help you store your crypto. 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 with 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 rated highly on the app store with a rating 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 the security features of an exchange 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 Paybis wallet is yet another security enhancement, where the private key is distributed among multiple parties to make it less prone to attacks.
Customer support
Paybis’ customer support system involves a dedicated “Support Portal,” an interface that helps you read articles related to every possible query a user can have. Apart from that, 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], raising a ticket in the process. 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 might be the reason why Paybis has such a high Trustpilot-specific trustworthiness score.
How have we tested Paybis?
Testing or, rather, reviewing any exchange requires an in-depth analysis. For Paybis, we tested the exchange over six months, only 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 for the fees and speeds. Plus, we 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
Regulatory compliance, when it comes to crypto, is vital. In the case of Paybis, the exchange is compliant with the highest possible standards of AML protocols, financial conduct, and customer protection guidelines.
Paybis 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 over everything else, 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, and there might be better platforms, like OKX, offering better and more competitive rates.
Frequently asked questions
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