Paybis is a cryptocurrency exchange based in the United Kingdom. It has been in operation since 2014.
The strong point of Paybis is that it’s a very easy to use cryptocurrency exchange. In fact, it’s the easiest to use cryptocurrency exchange that we’ve seen because of it’s one page user interface.
Anyway, this article will offer an in-depth review of Paybis. We will also answer some of the most common questions about Paybis.
As mentioned previously, Paybis is a cryptocurrency exchange based in the United Kingdom. It was founded in 2014 by Arturs Markevics, Konstantin Vasilenko, Innokenty Isers.
Paybis serves a very specific purpose – make buying and selling cryptocurrency as easy as possible for the average cryptocurrency user.
They do this by having a one page user interface. It also lacks many of the technical analysis that makes purchasing cryptocurrency a little more intimidating for the average consumer that simply wants to purchase cryptocurrency and move on with their life.
Paybis Positives and Negatives
Here are some positives and negatives of the Paybis cryptocurrency exchange. There actually aren’t many negatives to this exchange – it’s mostly a positive experience.
- Extremely simple to use.
- Fast verification process – under 5 minutes.
- No trading fees.
- Trustworthy exchange – founded in 2014 and has over 300,000 customers.
- The most popular cryptocurrencies are listed on Paybis with fiat trading pairs.
- Highest buying limits in the industry – upto $200,000 per week.
- Excellent customer service.
- Available in all countries (with some minor exceptions).
- The deposit fees are higher than normal for credit cards.
- It’s not great for trading cryptocurrency.
Paybis: Supported Cryptocurrencies
We like that Paybis supports the most popular cryptocurrencies. Unfortunately, it doesn’t support all that many cryptocurrencies, but that’s not really the purpose of Paybis.
Here are the cryptocurrencies that Paybis supports at the time of writing:
- Bitcoin Cash
- Binance Coin
As you can see, Paybis supports all the popular cryptocurrencies in addition to some altcoins like Stellar, Tron, and NEO.
This means you have some flexibility when building your cryptocurrency portfolio.
Paybis: Supported Fiat Currencies
Paybis is a UK based cryptocurrency exchange, which means it supports deposits and withdrawals of the United Kingdom Pound and the Euro.
Additionally, it supports deposits and withdrawals of the United States Dollar.
Fees on Paybis
First, Paybis does not have any trading fees, which is not common for a cryptocurrency exchange.
However, Paybis does have higher than normal deposit fees. That’s expected from an exchange that is as simple to use as Paybis, though.
Convenience is not cheap.
On the bright side, Paybis makes the fees very clear before depositing any fiat currency on the exchange.
Here are the fees for different deposit methods:
- Credit Card: 10%
- Skrill: 10%
- Payeer: 9%
- Advanced Cash: 5%
- Wire transfer (USD): 2.95%
- SEPA Transfer (EUR): 1.5%
Buying/Selling Limits on Paybis
A huge perk of Paybis is that it has extremely high buying limits. If you use a credit card, then you can purchase upto $50,000 worth of cryptocurrency per month.
However, we don’t recommend using a credit card on Paybis because of the higher than normal fees charged for credit cards.
Wire transfers have a maximum buying limit of $200,000 per week, which is the highest buying limit in the industry.
Due to that, we recommend using Paybis if you plan on purchasing a very large amount of cryptocurrency at a single time.
Frequently Asked Question (FAQ) About Paybis
Here are some of the most frequently asked questions (FAQ) about Paybis.
What countries is Paybis available in?
Paybis claims they are available in all countries. The reality of the situation is a little different, though.
For one, Paybis is not available in all US states due to varying laws on purchasing cryptocurrency from a foreign exchange.
Also, it only supports three different fiat currencies: the UK Pound, US Dollar, and Euro. This makes Paybis most commonly used in the European Union, the UK, and the USA.
Is Paybis safe?
Yes. Paybis is perfectly safe for buying or selling cryptocurrency. The company was founded in 2014, has over 300,000 customers, and has not had any security breaches.
That said, no cryptocurrency exchange is immune from an attack by hackers. That is why we recommend immediately transferring all cryptocurrency off the exchange to your own wallet immediately after purchase.
It’s safer that way.
Is Paybis good for day trading crypto?
No, Paybis is not very good for day trading or swing trading cryptocurrency because it does not offer enough data to effectively do so.
Trading cryptocurrency isn’t the purpose of Paybis, either. Paybis is focused on making the purchase of cryptocurrency as easy as possible for the average consumer.
Does Paybis do identity verification (Know Your Customer)?
Yes, Paybis does identity verification because they accept fiat deposits. This is the industry standard, so we don’t view this as a negative against Paybis.
Fortunately, Paybis has one of the fastest identity verification processes of any cryptocurrency exchange. The whole process should take under 5 minutes, which is amazingly fast. Most cryptocurrency exchanges have an identity verification process that takes a few days.
Are the fees on Paybis high?
It depends on the deposit method.
If you make a deposit with your credit card, then the fees will be 10%. And that is double the industry of 5%.
Other than credit cards, however, the fees on Paybis are reasonable. Plus, Paybis does not have any fees for buying or selling cryptocurrency on the exchange, which is a huge positive.
One last thing to note, Paybis offers deposits with companies not typically available to cryptocurrency exchanges such as Skrill and Payeer.
Final Verdict on Paybis
That covers it for our review of Paybis.
With all that covered, we recommend Paybis for anyone that wants to easily and quickly purchase cryptocurrency on a trustworthy exchange. Paybis is the best exchange for those that are a little intimidated by purchasing cryptocurrency.
On the other hand, if you are searching for an exchange that has lots of technical data and is aimed at traders, then you will not like Paybis.