Are you looking for a reliable cryptocurrency exchange platform for safe transactions? Before you choose any, consider security, customer support, transaction fees, and compliance with financial institutions. Our Paybis exchange review will help you understand if it’s the right platform for you.
Paybis Exchange At a Glance
Paybis is a UK-based crypto exchange platform that was founded in 2014. According to the founding team that includes Innokenty Isers and Konstantin Vasilenko, the platform aims to be the most reliable and responsive exchange for safe and fast crypto transactions.
True to their word, the platform is designed for lightning-fast transactions and is registered with the relevant government and financial bodies. The platform also has an impressive 4.5/5 stars from over 17 000 reviewers on TrustPilot.
Unlike other crypto exchanges like Coinbase and Binance, Paybis does not offer hundreds or thousands of crypto assets you can buy or sell. In addition, they have a different mode of operation where they act more like a brokerage than an exchange. This means they do not hold your crypto assets but process all your buying and selling transactions.
So, as you choose a reliable exchange platform, you can consider Paybis for initial transactions but would need to explore other options such as Crypto.com, Kraken, Gemini, Binance, and Coinbase for advanced trading features like staking and margin trading.
While the brokerage model is quite limiting for most advanced crypto traders, it is very trustworthy when considering security. Security is paramount as you seek to protect your crypto assets from hackers and fraudsters.
In the past, the crypto exchanges like Coinbase have been hacked, with users losing millions in dollars through stolen crypto assets. Luckily, Paybis does not store assets, making it impossible to hack a Paybis account and steal crypto.
In addition to security, it is ideal to understand the platform’s sign-up process, fees, security, and supported assets, among other features. Read on as we review these below.
Paybis Exchange Features
As you look to start investing in crypto, here are the other features you need to know about Paybis.
Before opening an account on any crypto exchange, you need to understand how air-tight the security structure is. Crypto is a highly volatile industry where dynamics change quickly, while hacks and fraud remain at an all-time high. As such, you need always to ensure you do not lose your investment, especially when you could prevent it.
Paybis is a legally registered company in the United Kingdom, registered as a Money Service Business with FinCen in the United States, and also licensed in Estonia.
Since its founding, it has been one of the most secure crypto exchange platforms. It has never faced a security threat. This is partly because the platform does not store assets like cryptocurrencies. So, a hacker can gain very little from accessing Paybis servers.
That said, hackers can still try to access your Paybis accounts, which would, unfortunately, lead them to your wallets. Therefore, you need to ensure the best security measures for your personal crypto accounts as you buy or sell crypto through Paybis.
When opening a Paybis account, you will need to be at least 18 years old with an ID, valid email, and mobile phone for 2-factor authentication. In addition, Paybis follows Anti-Money Laundering (AML) and Know Your Customer (KYP) processes to verify identities and keep accounts safe.
AML policies monitor all transactions on the platform to sniff out suspicious activities, while the KYC process verifies user identities to bock out likely hackers and fraudsters.
b) Opening a Paybis Account
Before you can open a Paybis account, you have to be at least 18 years old, from a supported country, and able to meet all their KYC qualifications. Paybis is available in around 180 countries on all continents. It is also available in 48 States in the USA.
So, you can start opening the account from the Paybis website by clicking Sign Up. Then:
Step 1: Enter a valid email address.
Step 2: After entering your email address, they will send you a numeric verification code via email that you have to enter to proceed.
Step 4: They will send another 6-digit verification code after entering your phone number. Enter it, and they will open your account.
Step 5: In this step, you will start your account verification process by uploading photos of your government-issued identity card. The identity document can be your ID, passport, or driver’s license. You can also upload a residency permit if opening from a foreign country.
Step 6: Follow the instructions to use your live webcam to upload a selfie.
Step 7: Upload a utility bill to provide and verify your address.
Step 8: Once you verify all details, your Paybis account will be ready to use in your cryptocurrency business.
c) Easy website navigation
Once you open and verify your account, you can start buying and selling crypto. For this, you will enjoy the easy-to-use interface that displays most of the information you need daily. This includes a tab for wallets, the exchange platform for buying and selling, and a transaction history tab to display previous transactions.
You can also access your account features on the right-hand side, including a general account overview, notifications, and security features. Note that you can adjust your account password when you open the Security tab under your account settings.
In addition, you can join a Paybis referral program which allows you to earn a 20% commission on transactions made by your referrals. However, you will need to create another account for the referral program.
Finally, the intuitive website also features a Tools tab that contains a real-time crypto value chart with real-life prices on different currencies. In addition, a calculator will also help you convert your fiat currencies before you buy any cryptocurrency coin.
The Paybis website supports eight languages: English, Portuguese, Italian, Spanish, and Dutch.
d) Supported crypto assets
Once your account is verified, and you know how to navigate the desktop site, you will need to know which crypto assets you can buy or sell. You can invest in different cryptocurrency coins and stablecoins. The coins include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Binance Coin Smart Contract (BSC)
- Tether (USDT)
- Binance Coin (BNB)
- Stellar (XLM)
- Binance USD (BUSD)
- Tron (TRON)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Terra Luna (LUNA)
You can also use the Paybis exchange platform to buy some tokens on the Ethereum network. These include USD Coin (USDC), Chainlink (LINK), Uniswap (UNI), Axie Infinity (AXS), and Dai (DAI), among others.
e) Funding methods
You can fund your Paybis account through different methods. These are:
- Credit and debit cards for unlimited instant buys.
- Skrill, Apple pay, or Neteller for same daily transactions worth $200 000 or below.
- Bitcoin for daily transactions worth $250 000 or less.
- Wire transfer for transactions worth $1 000 000 monthly.
Paybis allows you to use over 40 fiat currencies in your transactions, which is more than most cryptocurrency exchanges. However, there are some limitations when transacting in GBP using any of the above methods.
f) Transaction fees
As seen above, you can use different methods to fund your Paybis account. However, for each method, you will incur some transactional fees as follows:
- The first credit or debit card transaction is free, but the second and all subsequent transactions can cost up to 10% of your transaction amounts.
- Skrill and Neteller fees can be around 6-8% of your transaction amount.
- Bank transfer fees will include 1.5% processing fees, on top of the bank and blockchain charges.
Before investing through Paybis, understand that higher transactions incur lesser fees.
If you buy any crypto assets, the best security is storing the said asset safely on a blockchain. To do so, you need a crypto wallet, which is an address on the blockchain, plus a private key you can use to access and spend your assets.
You can easily apply for an online wallet from Paybis or add another software or hardware wallet you use with your portfolio. Adding an external wallet is quite straightforward; you only need to click Add Wallet and follow the simple instructions.
If you choose to create an online Paybis crypto wallet, you will only need to create a Paybis account if you have one, then create a Paybis wallet following simple instructions.
With your wallet ready, you can proceed to buy new crypto assets or transfer and hodl cryptocurrencies in your new wallet.
h) Customer support
As you know, the crypto world is riddled with very serious investment risks, where any money invested can make losses or gains. On top of that, other crypto market dynamics like FUDs can make buying or selling crypto harder, which is why you need an exchange platform that offers excellent customer support.
You can reach out to Paybis via an online chat box where you can also chat with a real agent. In addition, you can also contact Paybis via email, where they have different emails for business offers, referral programs, account security, and more topics. Finally, users based in the UK and US can also reach out to Pabis through Skype or Telephone.
Paybis promises swift responses to all questions, and they are available 24/7.
i) Operating System
Paybis services are only available on the website for laptops, PCs, and smartphones. Unfortunately, there is currently no support for mobile applications.
Featured image source: cryptopotato.com