Paybis is a Glasgow, United Kingdom-based cryptocurrency exchange founded in 2014. It serves clients in more than 180 countries, as well as 48 US states. Paybis customers can buy and sell Bitcoin and major altcoins instantly using debit/credit cards. The decentralised nature of the platform means transaction fees are low.
Cryptocurrency exchanges play a critical role in the adoption of digital currencies. Today, crypto enthusiasts are happier with an exchange that promises better security and higher quality services. It seems the Paybis team understands this better because the exchange has a 4.4 score on Trustpilot.
Paybis Review – Overview
Paybis is in its seventh year of operating, and the exchange is making ever more remarkable strides towards global leadership. The exchange stands out for the design of its trading platform–a minimalist UI that lets customers focus on the things that matter. Paybis is affordable especially considering that your first transaction is free. Ultimately, Paybis is a formidable exchange that has established itself as a leading player in the crypto market.
Table of Contents
What is Paybis?
Paybis is one of the largest and most active cryptocurrency exchanges in the United Kingdom. It was founded by Innokenty Isers, a serial entrepreneur, and Konstantin Vasilenko, an IT professional.
According to the exchange’s website, the founders’ vision was to enable people worldwide to realise the boundless potential of crypto. At the time of establishment, the founders’ goal was to create a platform worthy of users’ trust.
Since 2014, Paybis has prioritised holistic crypto trading services, where users exchange digital currencies on a peer-to-peer basis. The completely decentralised platform enables users to have a seamless trading experience.
Paybis users can buy and sell Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Stellar, Binance Coin, Dogecoin, TRON, and Tether. With support for 64 fiat currencies, many users can transact in local money, reducing the inconvenience of dealing with foreign exchange issues.
More importantly, Paybis enjoys the validation of reputable regulators, including the UK’s Financial Conduct Authority and the FinCEN Department of the US Treasury. The exchange’s Money Service Business Registration from FinCEN gave it unprecedented access to 48 US states.
Also, the Paybis trading platform is outstanding. The platform’s UI is without clutter, and everything is at the right place, making for an intuitive design. Registering for a Paybis account is straightforward–it takes no more than 20 minutes to breeze through the verification process of personal details.
How Does Paybis Work?
Paybis offers private and business services. The former targets individuals who wish to buy or sell supported cryptocurrencies. Paybis requires newcomers to verify their identity before completing the first transaction, as with many other reputable crypto exchanges. Thankfully, the know-your-customer or KYC process is simple. Users only need to present a selfie of themselves while holding a valid identification card.
The business services segment targets institutions. Paybis provides liquidity for entities such as banks, FinTechs, e-money companies, and payment processors through the segment. Paybis has a bespoke API that businesses use to connect to its ecosystem to ensure a seamless flow of liquidity. The API enables automatic KYC verification and ensures that all clients are verified after an anti-money laundering (AML) and Anti-Fraud appraisal.
Paybis does not provide crypto custody services, meaning you need to set up a wallet before buying cryptocurrency. Also, users send a payment for digital currency straight from their bank account. Direct transactions are the reason why Paybis fees are among the lowest in the market.
It is important to note that Paybis is purely a crypto exchange, which means the platform does not offer crypto trading services. Crypto trading refers to the buying and selling of cryptocurrency CFDs, often with a certain amount of leverage.
For individual users, you can start buying Bitcoin or listed altcoins using the preferred payment method once your account is active. Interestingly, your first transaction on Paybis is without fees.
Key Services & Additional Features
The cryptocurrency ecosystem in the UK is challenging, and only those entities that can live up to the stringent regulations can survive. Unlike some regions, the UK regulators have strict crypto-focused laws aimed at shielding users from swindlers. It says a lot about Paybis that it has operated for seven years without run-ins with the government.
As such, the ability to remain relevant in a challenging environment is Paybis’s most important unique selling point. The exchange prioritised getting proper licenses in major jurisdictions to avoid unnecessary confrontations with authorities. For instance, Paybis has a money service business license from the US Treasury’s FinCEN.
When signing up on an exchange, the first thing one thinks about is the fee structure because every coin taken away hurts. In the early years of the cryptocurrency ecosystem, many exchanges included free transactions in their welcome package, but not anymore. That is why Paybis stands out today. Paybis allows newcomers to buy or sell digital currencies free of charge on their first transaction.
Also, Paybis offers instant crypto purchasing services. There are many reputable crypto exchanges in existence today, but you can buy Bitcoin instantly in less than a handful. Paybis enables instant crypto buying by allowing direct credit/debit card payments and peer-to-peer transactions. The fully decentralised platform avoids the bottlenecks of a central clearing entity.
Lastly, Paybis has a section on its website called Tools. The tab includes a calculator to help users convert cryptocurrencies and a page with real-time crypto price charts. This feature helps clients make accurate estimates of what they should expect after buying or selling digital currency.
What Cryptocurrencies are listed on Paybis?
A cryptocurrency exchange is more useful when clients can access as many digital currencies as possible. The more countries an exchange serves, the more likely it lists many tokens. For Paybis users, there are 10 tokens available for buying/selling:
- Tether (USDT)
- Ethereum (ETH)
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- Stellar Lumens (XLM)
- TRON (TRX)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
Supported Countries, Currencies and Payment Methods
Paybis has a presence in almost all parts of the world. Of the more than 200 countries worldwide, Paybis restricts access for clients in only 36 jurisdictions. They include:
- Burkina Faso
- Cayman Islands
See the complete list here.
According to the Paybis Terms of Service, the exchange does not accept fiat-to-crypto orders (whether for buy or sell orders) from clients residing in the US states of Alaska, Washington, New Mexico, Nevada, Vermont, and Louisiana for specific digital currencies, including TRON (TRX), Dogecoin (DOGE) and Binance Coin (BNB).
Also, Paybis will reject doing business with customers domiciled in Texas when their orders involve stable coins such as Tether.
Speaking of supported fiat currencies, Paybis has quite a list. Customers can transact in any of the 64 fiat currencies supported on the platform. They include the US dollar (USD), euro (EUR), Hong Kong dollar (HKD), Japanese yen (JPY), Chinese yuan (CNY), Tunisian dinar (TND), South African rand (ZAR), Ukrainian hryvnia (UAH), Indian rupee (INR), Israeli shekel (ILS), and 54 others.
Paybis customers have a range of options when it comes to supported payment methods. It is worth noting that all payment methods but credit/debit cards only support the EUR and the USD. Customers can transact in the British pound (GBP) when they choose bank transfers. The other payment methods are Bitcoin, Neteller, and Skrill.wallet
5 Steps to Buy Cryptocurrency Instantly!
1Visit our recommended platform to buy crypto by clicking the button below.
2Enter your details in the required fields to create a new account.
3Fund your account using your preferred payment method and confirm your new balance.
4Choose your favourite crypto coin and select a "Instant/Market Order” to buy it instantly.
5Enter the amount you want to buy (you’ll see the equivalent in crypto) and confirm your order!
Paybis Fees and Limits
Paybis users do not pay fees on their first credit card transaction. The fee structure starts to apply at the second transaction, where Paybis takes at least 2.49% of the order value. Additionally, Paybis takes a minimum of 10 USD or its equivalent in the preferred currency as a processing fee. This fee increases based on the amount spent in the transaction. Also, each transaction may also incur a network fee.
It is noteworthy that the selected payment method is subject to a specific range of limits when depositing funds. For instance, credit/debit card-based transactions can move a minimum of 60 USD and a maximum of 20,000 USD. The $20,000 is also the daily maximum limit. Bank transfers have the highest limits, the minimum per transaction limit is $200, and the maximum is $200,000. Bitcoin, Skrill, and Neteller have the smallest limits, $50 on the minimum and $25,000 on the maximum per transaction.
Also, withdrawal transactions are subject to limits. For instance, you cannot withdraw less than $200 or its EUR equivalent when using Bitcoin. The maximum withdrawal amount per transaction is $100,000. The daily withdrawal limit is $250,000. These limits also apply when using bank transfers.
Paybis also extends commissions to customers through its affiliate program. The exchange is ready to share 20% of its profits with every affiliate for each transaction that an invited customer completes.
Is Paybis Safe?
The cryptocurrency space is recovering from an era when hacks and data breaches were common, something that scared the public away. Although there is a significant security improvement, the threat of losing money is still palpable. Incredibly, Paybis was able to navigate through the phase without a significant security incident. We could not find any reports of a data breach or Paybis customers losing funds to hackers in the seven years of the platform’s existence.
It is possible that the stringent security measures in place are the reason for Paybis’s incredible safety record. For instance, newcomers cannot place buy/sell orders on the platform without passing the identity verification phase. Thankfully, the KYC process is fast and straightforward.
When researching online, we established that most of the positive user testimonials lauded Paybis’s safety.
Is Paybis Legit & Regulated?
Paybis is a fully registered UK-based business and because of the nature of its business, the exchange falls under the FCA’s jurisdiction. The FCA or Financial Conduct Authority is the regulatory body overseeing the conduct of businesses in the UK’s financial services industry.
Given the FCA’s stature in the global financial regulatory space, most countries tend to accept the businesses under its watch as legitimate without question. This could be the reason why Paybis is available in more than 180 countries and territories worldwide.
Paybis is also a fully certified money service business (MSB) in the US. The MSB registration permits Paybis to deal or exchange currency in the US and other jurisdictions that accept US-issued licenses. Also, this registration allows Paybis to transmit money between parties.
Paybis Vs. Other Exchanges
Paybis has earned the reputation as the go-to platform for many people wishing to buy crypto, primarily because of incentives such as free first transactions for newcomers. However, it is worth noting that the exchange faces stiff competition from equally formidable platforms. Listed below are some of our recommended Paybis alternatives.
It is not far-fetched to call Paybis a veteran in the cryptocurrency space because the industry is young–probably approaching its twelfth year. The exchange started operating when security issues were rife, and there was little in terms of order. However, the team managed to steer clear of controversies and hacks.
If there is one thing that Paybis got perfectly right is user experience. The minimalist design of the trading platform makes it easy for users to navigate. Also, Paybis inspires safety through robust security mechanisms in place, and its service charter is customer-centred.
Nonetheless, the cryptocurrency market is not yet fully mature. It means that most of the crypto projects are in development mode, which introduces an aspect of inherent risk in crypto investing.
Frequently Asked Questions
Paybis has a robust security protocol in place to secure customers’ data and funds. For instance, the exchange leverages the latest SSL protocols to encrypt on-platform information. Also, the platform does not handle user funds; instead, the funds move from your bank account to the other party, reducing leakage chances.
The most unique feature is how quickly new users verify their accounts. A process that takes days for some exchanges requires 20 minutes for Paybis to deliver.
According to its website, Paybis has the lowest fees on the market. We tested this claim and observed that buying crypto on Paybis is cheaper than on most exchanges. Interestingly, new users can complete their first transaction on the platform free of charge.
Paybis accepts payments via credit and debit cards. However, it is worth noting that the exchange only accepts Mastercard and VISA cards. The website states that it is working on adding support for American Express cards, but without specifics on the timeline.
Yes. Paybis enables instant buying of Ethereum (ETH) and other significant tokens, including Bitcoin (BTC), using credit/debit cards. The exchange achieves this feat by storing your card information so that the next time you make an order, it only asks for the three-digit CVC code.