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Paybis Review 2024: Complete Crypto Exchange Review
Paybis is a smaller cryptocurrency exchange that allows you to buy cryptocurrency with a credit or debit card through a simple interface. The exchange is a popular option for traders who are looking for an easy way to quickly buy coins.
In our Paybis review, we uncover why the platform is so popular and whether or not Paybis is a suitable option for you in 2024.
- An Introduction to Paybis
- Paybis Crypto Exchange Overview
- Pros and Cons of Using Paybis
- Key Features of Paybis Reviewed
- Paybis Cryptocurrencies and Trading Options
- Fees, Limits, and Payment Options on Paybis
- Paybis Accessibility
- Security and Regulation
- How to Buy and Sell Cryptocurrency on Paybis
- Final Thoughts
- FAQs
An Introduction to Paybis
Paybis was founded by Innokenty Isers, Konstantine Vasilenko, and Artur Markevich in 2014 as a thought experiment because they were interested in cryptocurrency. Now the company is based in Glasgow, Scotland. They also have a subsidiary, CryptoCash, which created the first crypto embassy in Riga where you can attend meetups in person and buy crypto with cash.
Paybis has no-nonsense functionality designed for those who want no-frills crypto purchases. You can:
- Buy over 40 major cryptocurrencies with fiat or Bitcoin
- Transfer crypto to an external wallet
- Sell Bitcoin for fiat payouts
Overall, Paybis is one of the most accessible and simple platforms to buy crypto.
Paybis Crypto Exchange Overview
| 💼 Provider Type: | Exchange |
| 💸 Minimum Deposit: | $50 |
| 💰 Trading Fees: | Varied |
| 💰 Deposit Fees: | None |
| 💰 Withdrawal Fees: | Varied |
| 💰 Management Fees: | Varied |
| 🔀 Minimum trade order | $1.99 |
| ⌛ Withdrawal Timeframe: | 1 day |
| #️⃣ Number of Cryptocurrencies Supported: | 36 |
| #️⃣ Number of Crypto Pairs Supported: | 0 |
| 💱 Top supported Cryptocurrencies: | BTC, ETH, LTC, DOGE, ADA |
| 📊 Leverage: | None |
| 📱 Native Mobile App: | Yes |
| 🖥️ Free Demo Account: | No |
| 🎧 Customer Support: | |
| ✅ Verification required: | KYC |
| 📈 CFD Available | Yes |
| 📊 Software: | Website, web app, mobile app |
| ⚽ Social Trading: | No |
| ✂️ Copy Trading: | No |
| 👮♂️ Regulators | Financial Conduct Authority(FCA) |
Pros and Cons of Using Paybis
- No-nonsense, user friendly interface with extremely lean functionality for those who only want to buy crypto
- Paybis supprots secure transactions and is registered in both the US and the UK
- Simple sign up and ID verification in 15 minutes
- Ability to sell Bitcoin from your wallet for fiatcurrency
- API for third parties that want to use Paybis to handle crypto transactions for their customers
- Smaller variety of coins listed than large exchanges
- No trading pairs besides Bitcoin for other crypto
- Higher fees than some major exchanges
Key Features of Paybis Reviewed
Le’s start our review with a rundown of the key features that you can find through the Paybis exchange.
After carefully assessing the platform, we concluded that the features available make it a good option for basic buy and selling.
Cryptocurrency exchange
The main feature offered by Paybis is the cryptocurrency exchange, which can be used to buy and sell crypto.
If you’re looking for a simple, straightforward platform, it stands out as one of the best crypto exchanges to use in 2024. The exchange offers a limited range of features, which makes it easy to navigate and familiarize yourself with.
The simplicity of the exchange might appeal to new cryptocurrency traders who do not want to wade through tons of advanced features to find what they are looking for. However, experienced traders may find the simplicity of the exchange limiting.
You can access the exchange quickly on the main page of the Paybis website. To execute an order, all you need to do is enter your email address and connect a payment method. The minimal design makes it possible to buy crypto with just a few clicks.
Customer support
Paybis offers 24/7 customer support which makes it possible to contact the team at any time of the day.
For instant support, you can use the live chatbot feature. This is an AI assistant that can answer basic questions and help you to navigate the exchange.
If the bot cannot answer your query, you can contact human support staff via email or live chat. The live chat option is the quickest way of reaching the team and is available on both desktop and mobile devices.
Mobile app
Paybis offers a Paybis Bitcoin wallet app that is available on Android and iOS devices. You can use the crypto app to buy, sell and store cryptocurrency instantly.
The app offers features that are very similar to those of the desktop exchange. This includes a simple user interface, 24/7 live chat support, an easy navigation bar and stringent security processes.
Payment methods
One of the main reasons that traders choose Paybis over other crypto exchanges is the payment methods that are offered by the exchange.
It is possible to buy crypto instantly with a range of payment methods including Apple Play, Google Pay, Debit Card and Credit Card.
You can connect your payment method to the main dashboard with ease and you do not need to create an account to execute a transaction.
Paybis for business
As well as offering private trading options, Paybis provides intuitive tools for businesses who want to harness the power of crypto for their transactions.
You can use the exchange’s API to offer crypto payments to your customers. Paybis offers 24/7 business support, an easy onboarding process and payment in 25 different fiat countries. What’s more, you can use Paybis business for free.
Paybis Cryptocurrencies and Trading Options
Although Paybis is relatively limited compared to exchanges such as Binance and Coinbase, the exchange offers a selection of cryptocurrencies and trading options to choose from.
What Cryptocurrencies Can You Trade on Paybis?
Paybis was designed to support buying cryptocurrency with centralized payment methods such as credit cards. At the time of writing Paybis lists 43 coins. Their most popular cryptocurrencies are large cap coins like:
Although the selection of coins available is limited, it is still possible to use Paybis to create a diverse portfolio.
Different Trading Options Offered by Paybis
Paybis only offers direct cryptocurrency transactions – you can not trade derivatives on the exchange.
This means that you cannot use Paybis for leverage trading, cryptocurrency CFD trading or futures trading.
Paybis trading tools and charts
As we have already mentioned, Paybis is a simplistic exchange that does not come with many features, This includes charting tools. The exchange does not offer live price charts, technical indicators or stragey building tools.
On one hand, the absence of these tools makes the exchange very easy to navigate. However, it also means that you are restricted to basic buying and selling. For this reason, Paybis might not be the best option for day trading crypto.
Fees, Limits, and Payment Options on Paybis
Now that you understand what key features Paybis offers, let’s look at how much the exchange costs to use.
What Are the Fees, Limits, and Speeds?
Paybis offers a few major payment methods, but far fewer than major exchanges.
Their fees structure is slightly different from other exchanges because of the way they transact crypto and they have their own terminology for their fees.
For example, there are no maker and taker fees because there are no market makers or takers, only decentralized network transactions.
Payment Methods and Fees
You do not make deposits on the Paybis platform, only payments. Your money is never held on the exchange but simply used to buy cryptocurrency.
Only five payment methods are accepted.
Debit and Credit Card – 4.5% fee in GBP, USD, EUR, JPY and 6.5% fee in other currencies
Bank Transfer – 0.05% or 2 EUR fee, whichever is higher
Skrill and Neteller – decreasing fees as deposit size increases. 4% for less than 100 EUR, 3.79% less than 200 EUR, 3.65%… etc.
Bank transfers only support SEPA, not ACH transfer. If you are not in a European country you should check to see if your bank supports SEPA transfers. Some international banks support both.
Debit and credit cards support 43 currencies. Other payment methods only support USD, GBP, and Euro. Debit and credit cards transact within a few minutes. Other payment methods can take up to 5 days.
By choosing to pay with a debit card, you can buy crypto with Apple Pay and Google Pay.
Payout Methods
You cannot make “withdrawals” on Paybis. You can only sell cryptocurrency from your wallet.
If you make a Bitcoin sale you can select payout in Neteller, Skrill, or Bank Transfer. Notably if your bank doesn’t allow SEPA transfers, you can only receive payouts in Euro or USD with Skrill or Neteller, which recently started supporting the United States.
Note, if you buy any coin other than Bitcoin on the exchange, you will not be able to trade it to Bitcoin to sell it. You will have to use another service to sell the altcoin.
How Much Are Paybis’ Fees and Commissions?
The fees are high compared with centralized exchanges like Coinbase, eToro, Kraken, and Binance. However, they are totally transparent about their fees and when you make a transaction on their platform, you see all the fees you will pay at the bottom of the page.
These include the Payment Fees above, along with commissions called Paybis Fees, and the blockchain Network (AKA gas) Fees.
Network Fees are not collected by Paybis. These are paid to the miners for their work recording transactions on the blockchain over the network.
You do not pay these on centralized exchanges where you hold your crypto in an account on their platform, because they do not transfer the crypto to your wallet, there is no record on the blockchain that it belongs to you, only in records kept by the centralized exchange. In this case you don’t really “own” the crypto, the platform owns it on your behalf.
Although network fees may be high, Paybis does not charge any account management, deposit, withdrawal, inactivity or overnight fees. This is because you do not hold any currency in your account.
Paybis Trade Sizes and Limits
Because there are only purchases of crypto on Paybis, the limits are in terms of purchase size.
This is fairly complicated because you have to look at transaction limits, daily limits, weekly limits, and monthly limits depending on the payment method.
The minimum limits are higher than large global exchanges which allow you to buy as little as $1 per transaction
Here are the limits (quoted in USD):
Debit and Credit – 4 minimum, 20,000 maximum, 20,000 daily, 50,000 monthly
Bank Transfer – 240 minimum, 200,000 maximum, 200,000 weekly, 1 million monthly
Neteller or Skrill – 20 minimum, 200,000 maximum, 200,000 daily
Bitcoin – 50 minimum, 25,000 maximum, 250,000 daily
Paybis Accessibility
Although Paybis is a relatively popular crypto exchange, it is not available to everyone. Here is an overview of who can use Paybis in 2024.
On What Devices Can I Use Paybis?
You can use Paybis on all your devices.
- Mobile phone application: The Paybis app can be found on iOS and Google Play. It is even more limited than the website, but provides all the basic functionality. You can buy in the exchange, view your transactions in transactions, view simple charts under prices, reach support, verify your identity, view your profile info, and refer friends.
- Website: The web app is responsive to any layout and includes a bit more information about the company and how businesses and affiliates can partner with Paybis.
Can I Use Paybis in Any Country?
No. There are a great number of countries and regions where you cannot use the platform including New York and Hawaii.
They do support the rest of the US, and 180 countries, and their main audience is in the US, EU, and Russia.
Even if your country is supported, you should check your local regulations about cryptocurrency before signing up for any exchange or broker.
Is Paybis Available in My Language?
Paybis supports 9 languages, primarily English, Russian, Spanish, and Arabic.
How Easy Is It to Use Paybis?
After conducting a thorough Paybis review, we can say that the exchange stands out as one of the easiest platforms that we have come across. You can buy crypto in minutes and it is very easy to navigate the the features that you need.
The absence of complex tools and features means that the exchange is simple to figure out. However, it also means that you will not be able to conduct in-depth analysis to support informed decision-making.
Security and Regulation
One of the most important aspects of an exchange to consider is security and regulation. Here is an overview of the security features that we found on the Paybis platform.
Is Paybis Safe?
Paybis has a trust score of 4.5 out of 10k+ reviews on Trustpilot. They use firewalls to protect your account, use encryption when you are in the member area (for trades and transactions) and log you out automatically online after a period of inactivity.
However, they don’t offer 2FA and you don’t have to confirm your email address to execute an order.
When you attempt to make a purchase, Paybis warns you to be wary of scams. Specifically, it advises you not to trust anybody offering you crazy investment returns, not to send crypto to anybody you don’t know, and not to let anybody remotely control your computer to use Paybis.
Is Paybis Regulated?
Paybis is not regulated by any financial authority. However, the exchange implements stringent security procedures to protect user funds.
Do I Have to Verify My Account With Paybis?
Paybis asks for identity verification upon setting up your account. If you choose to skip this step you won’t be able to make a purchase until you do. You will see a red alert under the profile icon, where you find “Identity Verification”.
This is for KYC purposes to comply with financial crimes authorities in the US, UK and abroad.
You have to have a webcam on your computer or a smartphone with a working camera to ID verify. They accept more forms of ID than many other exchanges such as:
ID Card
National Drivers License
Passport
Residence Permit
PAN Card (selected regions)
Voter Card (selected regions)
Health ID Card (selected regions)
Military ID Card (selected regions)
You will then have to take a selfie to verify the ID.
It usually takes 15 minutes to verify and if not verified, Paybis’ Security Department will ask you for some additional information via email.
How to Buy and Sell Cryptocurrency on Paybis
If Paybis seems like a good option for your crypto trading, here is an overview of how to use the exchange in 2024.
How to Buy Crypto on Paybis
Step 1: Visit Paybis’s Official Site & Sign Up
Go onto the official Paybis website and sign up for an account. It will ask you for your email and a password. After you agree to the terms and pass the captcha verification, you will have an account. There is no need to confirm your email.
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Step 2: Verify Your Identity
The platform will immediately prompt you to verify your identity. First you have to enter a phone number and the verification code they send via SMS. Then provide proof of identity, a selfie, and your address.
Step 3: Set Up a Wallet
Before you can make a purchase you should download a secure wallet that is compatible with the cryptocurrency you want to use. You should research your wallet and read reviews. If you send your crypto to an incompatible wallet it will be lost.
Step 4: Make a Purchase
Go to “Exchange”, choose your payment method and the coin you want to buy. Then click “Buy (coin)”.
Step 5: Enter Wallet Address
Enter your wallet address and click “Continue”.
Step 6: Enter Your Card Details
Enter your payment information (card details, bank info for draft, Neteller or Skrill account details) and click “Continue”.
Step 7: Confirm Transaction
Confirm the transaction with your bank or payment processor if you don’t use a card.
Step 8: Wait for Payment to Be Processed
Wait for the payment to be processed and the crypto to be sent. If you use a credit or debit card it should take around 10 minutes to transfer the crypto to your wallet, but it can take longer during periods of high transaction volume. You will get email confirmation when your trade is placed or notification if it fails.
How to Sell Bitcoin on Paybis
To sell Bitcoin simply follow the instructions above, but select ‘sell Bitcoin’ instead of ‘Buy Bitcoin’ from the top nav menu.
Final Thoughts
Paybis offers a very secure and straightforward means to buy crypto. The major drawbacks of the platform are the high fees, lack of trading pairs, inability to sell altcoins, and limited selection of cryptocurrencies.
Beginners may like the exchange’s simplicity – Paybis is very easy to navigate and does not require any specialist cryptocurrency knowledge to use. However, we could not find any educational materials or analysis tools that could be used to making informed trading decisions.
For experienced traders, Paybis might not be able to support complex trading strategies. Nevertheless, it is an excellent option of you are looking to buy and sell crypto instantly.
FAQs
How reliable is Paybis?
Paybis is non-custodial which means that funds are not stored in the exchange. Instead, cryptocurrencies are sent directly to your crypto wallet and purchases are made directly from your payment method. For this reason, it is very unlikely that your funds will get stolen whilst you are using the Paybis platform. However, it is worth noting that Paybis is not regulated.
How much does Paybis charge per transaction?
Paybis fees vary depending on the payment method that you use to execute an order. For credit card and debit card payments, Paybis charges a 4.5% fee.
Does Paybis require ID verification?
Paybis requires ID verification to buy and sell cryptocurrencies. This is in accordance to anti-money laundering processes which are put in place to deter criminals from crypto exchanges.
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