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- >Paybis Review: Is This Crypto Exchange Legit?
Paybis is a relatively new but easy to use cryptocurrency exchange based in the United Kingdom. The site has quickly developed a solid user base thanks to its easy sign-up, lightning-fast payouts and extremely high limits. Our Paybis Review will help you determine if it is right for you.
- Easy-to-use exchange that offers quick access to Bitcoin, Ethereum and more
- Uses a brokerage-style platform where Paybis does not actually hold your funds
- Competitive fee structure compared to competitors
- Relatively new exchange but rapidly growing a solid user base
Paybis Pros & Cons
Easy sign up and purchase process
Several payment options
Great customer support
Paybis does not actually hold your funds so the company can’t lose them
Relatively high fees
Limited selection of cryptocurrencies
No wallet provided for users
Founded in 2014 by Innokenty Isers and Konstantin Vasilenko, Paybis aims to be the most trusted and responsive platform on the market. While they do not offer a ton of assets for purchase, they accept over 40 fiat currencies through credit/debit cards allowing users from many countries to purchase crypto.
Paybis acts as more of a brokerage than a traditional exchange, as they hold none of your assets for you on the exchange but simply process your trade. As such it is a good platform for those making an initial crypto purchase, but not one for those looking to trade assets on an exchange
How to Sign-Up for Paybis
It is extremely easy to set up a Paybis Exchange account following these simple steps:
- Click Sign Up on the Paybis.com homepage
- Enter your email address, create a password, accept their terms and conditions and then click Sign Up
- Open your email and click the Verify Account found towards the bottom
- Select your country of residence
- Choose the type of ID you are going to provide, it can be a passport, driver’s license, or government ID card
- Upload a photo of the front and back of the card
- Upload a selfie, this is done live during the process, follow the instructions
- Enter your address and proof of address document such as utility bill
- Paybis will then automatically process your verification within a few minutes
- Once verified you can begin to buy and sell cryptocurrency on Paybis!
It should be noted here that Paybis does not provide its users with any wallet addresses on their platform. This means you will need to set up a cryptocurrency wallet in advance in order to have a destination for your newly purchase cryptocurrencies. Click here for our comprehensive reviews of hardware and software wallets.
|Credit/Debit Cards||Yes||Yes||Instant Buys, 1-5 Days Withdrawals|
|Skrill||Yes||Yes||Same Day Buys, Up to 3-5 Withdrawals|
|Neteller||Yes||Yes||Up to 72 hours for deposits and withdrawals|
|Transfers||Yes||Yes||Varies by bank, 1-5 business days|
What Can You Buy on Paybis?
Paybis has a somewhat limited selection when it comes to buying cryptocurrency on their exchange, depending on the payment method you select the process can be very quick and easy. While they do not offer a ton of altcoins, Paybis has all of the major crypto assets along with a few more well-known altcoins. Here is a full list of cryptocurrencies you can buy on Paybis:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Tether (USDT)
- Tron (TRX)
- Bitcoin Cash (BCH)
- NEO (NEO)
- Binance Coin (BNB)
- Stellar (XLM)
- Litecoin (LTC)
It should be noted that Paybis does not provide you with a wallet address for any of the assets they offer for purchase. This means you will need to set up a wallet for whichever cryptocurrency you are planning to buy through Paybis. Our reviews of hardware and software wallets are a good place to start looking in order to find one that supports the asset you are interested in.
Supported Operating Systems
Paybis currently only operates as a website for desktop and mobile browsers. There is no information regarding future plans for actual mobile apps for Android or iOS.
Is Paybis Safe?
Yes, Paybis is actually a very safe exchange to use. They follow all Know Your Customer (KYC) and Anti-Money Laundering (AML) processes for customer identity verification. They are also a legal entity registered in the United Kingdom, and they are registered as Money Services Business with FinCen in the United States.
What makes Paybis safe as well is the fact that they do not store any assets on the platform, as mentioned before. This means they cannot be hacked, as they act as a broker for users, rather than a custodian who holds assets. The only risk there is on Paybis is if you as the user makes a mistake and enters the incorrect destination address for your cryptocurrency transaction.
Are Paybis Fees High?
Paybis claims to offer the lowest fees on the market but it seems more in line with the rest of the industry. The exception to this is for credit card purchases, which are actually extremely high compared to many other sites. Between your commission to Paybis and the fee the credit card company charges you it works out to about 10% total, an extremely high fee compared to other brokerages such as Coinbase. The only advantage to using Paybis is that they accept over 40 different fiat currencies through credit cards.
For bank and wire transfers the fees are much more reasonable on Paybis and are in line with many other exchange services. That being said they still charge 1.5% fees for bank transfers, whereas some sites do not charge any fees for them due to the slow speed. They do offer Neteller and Skrill as other payment method options that are faster, but the fees through those services range from 6-8% as well.
It is also interesting to note that though they are a UK based company, they do not accept GBP through bank transfer, Skrill, or Neteller, meaning you will have to convert your GBP and lose money that way, or incur the extremely high fees that come through direct credit/debit purchase.
No, Paybis has never been hacked. Because they are a brokerage and not a traditional exchange, meaning that they do not store assets for users, there is actually very little risk of them being hacked. This is because there would be no reward for the hacker.
There is no information available on whether Paybis has insurance. They do not hold assets like most exchanges so there is little need for it anyways.
Yes, Paybis accepts Visa and Mastercard payments. The fees for purchases through Paybis using your credit card are extremely high so we recommend using another service if this is how you plan to purchase crypto. Their credit card purchases are nearly instant though. They also offer withdrawals to certain credit cards.
Investing in cryptocurrencies whether through Paybis or any other cryptocurrency exchange is a risk. Cryptovantage cannot guarantee whether you will or will not make money using the Paybis platform.
Paybis is available to users around the world. Though they are based in the UK they have users in 180+ countries according to their homepage.