Paybis review

What is Paybis?

Paybis is a global cryptocurrency exchange with its head office in Riga, Latvia, and group companies in Glasgow, UK and Tulsa, US. It offers its service in over 180 countries and supports 9 different languages. The exchange was founded in 2014. Paybis is a good option for users who travel frequently and want access to buy or sell crypto from wherever they are.

Paybis operates as a brokerage for customers. It now offers a free custodial Paybis Wallet, or you can have your crypto sent straight to your own external wallet.

• If this is your first exchange: Paybis is easy to set up and navigate through the site, but be aware of the high fees associated with fiat transactions.
• If you're switching exchanges: Paybis is a brokerage, not a traditional crypto exchange. It is for purchasing crypto with fiat. There is no spot market to trade crypto assets and there are no crypto trading pairs, although you can sell selected cryptocurrencies, including Bitcoin and USDT, in supported countries.

What to know about Paybis

Paybis operates as a brokerage service. When you buy crypto, you can keep it in the free Paybis Wallet or send it to an external wallet you control. Paybis offers wallets for coins including Bitcoin, Ethereum, Binance Coin, Tether, Dogecoin, Polkadot and Cardano.

Customers can buy dozens of cryptocurrencies through Paybis and sell selected cryptocurrencies, including Bitcoin and USDT, in supported countries. Check Paybis's site for the current list and whether selling is available in Australia. Users can deposit in over 40 different fiat currencies through credit /debit, bank transfer, Skrill or Neteller. (Bank transfer, Skrill and Neteller are restricted to USD and EUR.) The global reach and ability to deposit in so many different fiat currencies is a major benefit to using the platform, but users should pay attention to the high fees that are associated with doing so.

Paybis supported cryptocurrencies

Cryptocurrencies available to buy on Paybis include:

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
• Tether (USDT)
• Binance Coin (BNB)
• Cardano (ADA)
• Polkadot (DOT)
• Dogecoin (DOGE)

Transferring fiat and cryptocurrency with Paybis

The fees associated with depositing fiat onto Paybis create a large barrier for entry. One of the main advantages of Paybis is that it supports 47 different fiat currencies for deposits. However, these currencies carry a high deposit and withdrawal cost – a 0.99%–2.59% transaction fee ("Paybis fee"), as well as a 4.5%–6.99% card processing fee depending on the region. These high fees also carry minimum card processing fees of US$10 (or equivalent). With the exception of USD, GBP and EUR currencies, credit/debit card transactions are the only methods for depositing fiat.

Cryptocurrency deposits also carry a deposit fee of 0.99% as well as the network gas fee.

Paybis shows its service fee and the blockchain network fee before you confirm a transaction. If you send crypto from the Paybis Wallet to an external wallet, you'll need enough funds to cover the network fee.

Paybis fees and costs

Fiat withdraw and deposit fees

** No transaction fee on your first transaction

Crypto withdraw and deposit fees

What is it like to use Paybis?

Paybis is an easy-to-navigate exchange that has a few programs that help support its users. The exchange does a good job at supporting users who are new to cryptocurrency while also offering incentives to experienced traders.

• Paybis Affiliate program

  The Paybis Affiliate program is a generous referral program. It is a 20% commission on every purchase that your referrals make. It carries no upper limit for rewards and can be paid out in fiat or BTC.

  

• Cryptocurrency calculator

  The calculator keeps track of cryptocurrency pricing in real-time and provides a pre-set list of popular amounts.

  

• Paybis Blog

  The Paybis Blog is the educational section of the exchange. It offers up-to-date news and educational pieces, and is a solid resource for users new to the space or for experienced traders looking to find up-to-date information.

  

Does Paybis have good customer support?

Paybis customer support is one of the main strengths of the exchange. The exchange offers 24/7 customer support services that range from a FAQ support portal to a live chat with a customer support agent on the other end. If both of those options fail, they are quick to respond to email queries.

List of services on Paybis

Paybis does not offer most of the earning services on other exchanges like staking or farming. However, it does have one of the best referral/affiliate programs among all exchanges.

• Debit/credit on Paybis

  One of the main advantages of using Paybis over other exchanges is the ability to make deposits and withdrawals via credit card. Paybis supports Visa and Mastercard payments and the purchases are extremely quick.

  However, if this is your preferred method of depositing and withdrawing it should be noted that doing so comes with high fees.

  Fee type	Deposit	Withdrawal
  Debit/credit card	2.49%	2.49%
  Processing fee ((additional to fees above)	4.5%–6.99%	4.5%–6.99%

• Promotions on Paybis

  The Paybis referral and affiliate program gives users a 20% commission on all the purchases their referrals make. This is available to be paid out in either fiat or BTC. This referral payout is high compared to most competitors.

Paybis trust rating

Paybis is a relatively safe platform. The exchange's security benefits from it being a brokerage rather than a traditional exchange. If you keep crypto in the Paybis Wallet, Paybis says it stores the majority of customer funds in offline cold storage.

Paybis says security is one of the pillars of the exchange, and it offers two-factor authentication (2FA) for account access. We recommend turning 2FA on when you set up your account.

Past hacks

Paybis has been in operation since 2014. Paybis says it has had no major hacks affecting customer funds since then.

 

Security Audits

Paybis's Latvian entity holds a crypto-asset service provider (CASP) licence under the EU's MiCA rules and a Payment Institution licence, and is supervised by the Bank of Latvia. Paybis is also registered as a Money Services Business with FinCEN in the US and with FINTRAC in Canada. Paybis states that it is not regulated by the UK's Financial Conduct Authority. It says it is PCI DSS certified for card payments.

 

Insurance

There is no available information on the state of insurance for Paybis.

 

Signing up on Paybis

Paybis has streamlined the sign-up process to make it quick and easy. To get started the registration page can be accessed by clicking on the green tab below.

Then, the Sign-up tab in the top right of the home screen. The registration can be completed in under five minutes if you have the information ready, and the verification will be approved in less than an hour.



• Step 1

  Once you have navigated to the sign-up page you will be asked to register with an email address. It will then send you a verification email.

  

• Step 2

  Once your email is verified you will be returned to the Paybis screen where you can begin to complete the Know Your Customer (KYC) process.
  

• Step 3

  Before you input the required KYC information, Paybis issues a security warning.

  

• Step 4

  The registration will ask you to complete the KYC. You will need to fill out this section before you can make a purchase. It includes your mobile phone number, government-issued ID, a selfie and your address. Once completed you need to wait for approval from Paybis which is done within an hour. Then you're ready to start buying crypto.