Paybis Review – Is This Cryptocurrency Exchange Worth Using?

About Paybis

Paybis is a cryptocurrency exchange platform started back in 2014 that prides itself on its trustworthiness and wide variety of payment methods. The company is based out of the UK but is available to users all over the world.

Getting Started with Paybis

You don’t need to open an account to look through the website or Paybis’ services, but if you want to actually purchase crypto, you’ll have to create a login with an email and password and also complete the KYC verification process. This includes verifying your phone number, identity via a government-issued ID, selfie, and address.

Payment Methods

As alluded to, Paybis has a number of payment methods for purchasing crypto. Users can buy with credit and debit card (via ApplePay or otherwise), bank transfer (EUR and GBP), Skrill (USD and EUR), Neteller (USD and EUR), and via Bitcoin. The assets you can purchase with each payment method can vary, so just be sure to confirm what you are looking to buy is supported with the payment method you are planning to use. 

Paybis Exchange (Prices)

While Paybis tracks over 400 crypto assets in their ‘Prices’ section under ‘Tools,’ the exchange only supports about 40 crypto-assets (several of which are stablecoins). For the assets of which they support trading, you can buy them in either the exchange (homepage) or ’Prices’ sections.

The ’Prices’ section could be more useful if you want to actively follow price and view real-time line graphs, but there are no advanced trading settings, and the lowest timeframe you can go down to is the 1h. With that in mind, the platform may not be suited for active traders, but their inclusion of detailed explanations of every crypto asset below the line charts makes it great for novices and passive investors. 

If you are making your first purchase, Paybis will waive your fee regardless of your payments method. After that first purchase, credit card transactions will charge a 2.49% fee, bank transfer transactions a 0.99% fee, and Skrill and Neteller transactions will incur a 2.45% fee for EUR and a 4.95% fee for USD.

Paybis Mobile App

Paybis’ mobile app looks nearly identical to their desktop counterpart and is very easy to use. You’ll have access to all the same features, including the charts found in the ‘Prices’ section, and can easily make your purchases directly from the app. Given Paybis itself doesn’t have too many features, there isn’t much else to the app, but it remains an excellent tool to track and trade your crypto when you aren’t at the computer.

Paybis Blog

If you’re interested in news or education, you can check out Paybis’ blog. They have a number of educational guides, technical analytics, and general discussions you can look through to learn more about crypto and the industry. It’s actually a really good resource and includes plenty of fun yet helpful videos to make it all a bit more digestible.

Liquidity Providing

In addition to being an exchange, Paybis is a fintech liquidity provider. They can currently provide liquidity for banks, affiliate programs, OTC desks, payment processors, E-money companies, gaming industries, and trading platforms. Paybis offers 99.98% uptime, 24/7/365 live support, SLA (KYC) onboarding in under three minutes, and supports 40+ crypto-assets for its liquidity partners.

Paybis Crypto Calculator

The crypto calculator is a convenient tool to easily find out how much a specified amount of crypto is worth in a variety of fiat currencies. The calculator supports well over 100 crypto assets and allows you to buy directly from the calculator page. Truthfully, the tool isn’t much different than any other exchange that tells you how much you would be spending for whatever amount of a crypto asset you are buying, but the interface is nicer and easier to use than most exchanges if you are really just trying to make some calculations.

Security

An important thing to note when considering Paybis is they themselves do not hold your crypto. If you purchase something you will have to custody it in your own wallet. This may be a confusing extra step for those unfamiliar with the process, but it does eliminate counter-party risks related to hacks or what have you on Paybis’ end. In other words, losing your funds because of a security breach against Paybis isn’t possible—the responsibility of securing your funds is yours.

Customer Support

In addition to a helpful FAQ section, Paybis has a live chat/help center accessible at the bottom right corner of the page. Having both the live chat and help center in one place is quite convenient, and the fact that it can operate as a popup over the page you are viewing is quite helpful if you’re using it as a guide. The help center component could use some work with a better layout outlining categories or just making the searching process more intuitive rather than leaving you to whatever search inquiries you can come up with, but the information available is neatly organized and fairly extensive. It’s not quite exhaustive and lacks photos and videos, which is unfortunate, but it’s still a great resource and above average as far as help centers go. The live chat, however, will probably be the best resource to utilize as they have very timely responses and can assist you with any specific questions.

Conclusion: Paybis Review

Overall, Paybis is a very simple platform (in a good way) for anyone interested in passively investing in crypto. However, their platform doesn’t really have an interface for those serious about their trading, and they are a bit limited in the pairs/assets they support.

The fees aren’t terrible compared to other entry-level crypto platforms like Coinbase or Gemini, but could easily be cut by 50% or more if you are willing to try a more advanced platform like FTX, Binance, or really any platform that caters to traders. That said, Paybis’ simplicity is key, and they offer a good amount of information on all the assets viewable in ‘Prices’ that make it a great exchange for beginners. And if you are planning on just making one big purchase, the free first transaction eliminates any concerns around fees. Bottom line, if you just want an easy way to buy crypto and aren’t going to be trading or buying frequently, it’s an excellent option to consider with great customer support if you need help.