Review: Paybis cryptocurrency exchange

Paybis is a quick and easy way to buy Bitcoin and several other cryptocurrencies.

  • Good for fast purchases of major cryptocurrencies using fiat currency
  • Not so great for high fees when you buy with your credit card

Check out our full list of pros and cons or read on.

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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.

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Fiat currencies

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Cryptocurrencies

Details

Product Name Paybis Cryptocurrency Exchange
Fiat Currencies EUR, GBP, USD, AUD, CAD, PHP, SGD, CHF, HKD, JPY & 30+ more
Cryptocurrencies BTC, ETH, BNB, BCH, XLM, EOS, DOT, LTC, ETC, FTX & 390+ more
Deposit Methods Bank transfer
Cryptocurrency
Neteller
Skrill
Credit or Debit Card
Trading Fee Fees vary
Deposit Fees Fees vary
Withdrawal Fees Fees vary

What is Paybis?

Paybis is a global cryptocurrency exchange with offices in the UK and Latvia. It was not listed on the Financial Conduct Authority’s list of registered cryptoasset firms when we last checked (August 2022). We’ve asked Paybis about its registration status and will update this review when it replies.

Paybis a global cryptocurrency exchange that offers its service in over 180 countries and supports 9 different languages, with 400+ coins and tokens supported. The exchange was founded in 2014. Paybis is a good option for users who travel frequently and want access to purchase cryptocurrency or sell Bitcoin from wherever they are.

Paybis operates as a brokerage for customers. It doesn’t currently have any supported cryptocurrency wallets available on the exchange but it does have plans to implement them. This requires customers to already be familiar with cryptocurrency and understand how to set up and transfer funds to an 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.

Paybis pros and cons

Pros

  • Global reach — 180 countries, nine languages
  • 24/7 customer service
  • Generous referral/affiliate program
  • Supports credit card deposits

Cons

  • No supported crypto pairs
  • Only able to sell Bitcoin
  • High fees for fiat transactions

Verdict: Is Paybis any good?

Paybis has a niche that it fills. Its global reach makes it an attractive option for people in regions who may have difficulty accessing cryptocurrency from other sites. Its customer service team is highly responsive to issues, and its ability to communicate in nine different languages further helps support customers.

Operating as a brokerage instead of a traditional exchange carries some additional positives and negatives. It helps support a more secure platform because the exchange doesn’t handle any of the cryptocurrencies directly. However, the negative to this approach is that it requires users to have a working knowledge and access to their cryptocurrency wallets.

If you are an experienced user who travels a lot and wants access to cryptocurrency or are someone who simply wants to purchase crypto via a credit card then Paybis is an option for you. However, due to the high fees, smaller frequent traders might be better suited to other exchanges.

Finder Ratings for Paybis

Supported cryptocurrencies★★★★★
Transferring money or assets★★★★★
Fees and costs★★★★★
Ease of use★★★★★
Customer service★★★★★
Staking/earning★★★★★
Trustworthiness/security★★★★★
Overall score3

What to know about Paybis

If you want to use Paybis then you will need to know how external crypto wallets work. Paybis currently operates as a brokerage service for users and doesn’t offer wallets on site. It does have wallets in development for Bitcoin, Ethereum, Binance Coin, Tether, Dogecoin, Polkadot and Cardano.

Customers can currently purchase 36 different cryptocurrencies through Paybis, but are only able to sell Bitcoin. 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

There are 36 cryptocurrencies listed and available for buying on Paybis:

Paybis is restricted in Hawaii and New York State. Additionally, customers in Alaska, Florida, Louisiana, Nevada, New Mexico, Puerto Rico, Vermont and Washington are prevented from making fiat-to-crypto orders on the following cryptocurrencies: Axie Infinity (AXS), Binance Coin (BNB), Chiliz (CHZ), Holo (HOT) SushiSwap (SUSHI), Terra (LUNA) and TRON (TRX). Texas residents are not allowed to make orders that involve stable coins.

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 2.49% transaction fee, or “Paybis fee” — as well as a 4.5% to 6.99% card processing fee depending on the region. These high fees also carry minimum card processing fees of $10.

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

There are no withdrawal fees as crypto purchases are deposited directly into your external wallet (or Paybis wallet when support is added).

Paybis wallet

Paybis fees and costs

Fiat withdraw and deposit fees
Fee typeDepositWithdrawal
Bank transfer0.99%0.99%
Debit/credit card2.49%2.49%
Neteller2.95%2.95%
Skrill4.95%4.95%
Processing fee (additional to fees above)4.5%-6.99%4.5%-6.99%

** No transaction fee on your first transaction

Crypto withdraw and deposit fees
DepositWithdrawal
0.99%0.99%

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.

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.

Support offeredWait times
Email: support@paybis.com<1 hour
Live chat<10 minutes
Support portalInstant

List of services on Paybis

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

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.

Paybis exchange homepage

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Frequently asked questions

Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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