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Paybis Review – Is it Legit? (May 2023)
The Easiest Way to Buy Cryptocurrency
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Account Minimum: $50 Minimum Purchase
Fees: From 1.5%
Best For: Credit/Debit Card Crypto Purchases
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Paybis has been around since 2014 and is a self-styled cryptocurrency purchasing platform. By their own admission they did not want to become the most popular or largest exchange in the world, but simply to become a trusted platform and respected gateway that anyone could use to get into the sector.
These are goals that they continue to meet with an annual transaction volume running into hundreds of millions of Dollars while they continue to retain a very user-friendly, simple to use service making it easy to trade crypto safely within moments of landing on the Paybis site.
- Super-fast purchase of many cryptocurrencies
- A very simple, easy to use interface
- Trusted reputation since 2014
- Quality educational information available
- Fees can be high depending on payment method
- Crypto availability can be limited based on location
With any broker, exchange, or trading platform the priority concern will always be around trust and safety. This is something that the founders of Paybis, Innokenty Isers, Konstantin Vasilenko, and Arturs Markevics set out as a key goal when they started the company.
In this regard, they seem to have done an excellent job. The company itself is registered in the UK which brings a feeling of trust immediately when compared with other offshore locations. Added to that, they have now been in business for more than 7 years and have serviced hundreds of thousands of users according to company data.
The service and company itself are also extremely well-reviewed across a number of respected industry publications and a trip to the Paybis website displays an attractive, trustworthy appearance that is simple but also clearly lays out how seriously the company takes their compliance.
It is worth noting that Paybis is also registered with FinCEN as a money service business under registration number 31000175037491 and they now operate in more than 180 countries worldwide while also performing all the required KYC checks and being fully compliant with all AML regulations for those wishing to use their service.
When it comes to what you can buy, sell, or trade on Paybis you have plenty to choose from. The service and platform are built around your ability to purchase crypto easily through your credit or debit card, though you can also use other payment methods like Skrill, Neteller, bank transfer, or even purchase in Bitcoin. Base currencies from all over the world are also supported.
All of the major cryptos you would expect are available for purchase here. These include Bitcoin, Ethereum, Litecoin, Tether, Ripple, Bitcoin Cash, NEO, TRON, Stellar, and Binance Coin. Support for new currencies is being added all the time, and there may be many more minor coins available depending on your purchase method and currency, but under testing, these are the cryptocurrencies that appeared to be supported with any payment method.
The process of purchasing is really simple and made even easier thanks to the clear step-by-step instructions offered by Paybis. Since they simply facilitate the transaction, you will need your own third-party wallet, but in all to get set up, KYC verified and make your credit/debit card crypto purchase should take less than 15 minutes the first time according to Paybis.
Commission & Fees
When it comes to commission and fees, Paybis claims to offer some of the most competitive conditions in the industry. While this may be true in terms of the service convenience aspect, there is a wide variance with how much you could pay in fees.
The first transaction you make through Paybis will be free of any fees or commission from their side. The only thing you may have to pay is a small processor fee from your own bank depending on their policy. Following that, Paybis fees can range anywhere from 1.5% on SEPA Euro transfers, to between 5% and 10% if you are using an eWallet like Skrill or Neteller.
For the most common purchase methods which are Credit or Debit card you can expect to pay a fee of 6.99% to Paybis for your transactions if you are using USD, GBP, or EUR. Using any other local currency will increase this fee to 8.99%.
While these fees seem high, Paybis are confident they offer some of the lowest fees in the industry and the best value when it comes to exchanging your currency for crypto. Also, considering the convenience of the service, the fees charged appear to be of good value. They also have very high transaction limits of up to $20,000 per daily transaction or $50,000 a month with your card. Using SEPA transfer this number can jump to a maximum of $200,000 per week.
They also use Apple Pay that enables you to easily buy crypto with one click from your iPhone, iPad, or MacBook.
Education / Ease of Use
In an unlikely category for such a trading platform, Paybis appears to excel when it comes to providing top quality guidance. Their website is full of simple, useful guide material on everything from how to get started with their service to more information on each crypto they offer.
Started with the values of becoming one of the most respected in the industry for trust and quality service, it seems Paybis recognize their responsibility to deliver guidance and quality educational materials to help you on the next steps of your trading endeavor. This is something they do well.
The Paybis team is very fast to reply to any questions you raise with helpful and detailed answers. You can contact them through email or their web-based live chat service both of which they say is operating on a 24/7 basis.
They also provide open access to a detailed FAQ and dedicated support portal that can help with the answer to many questions you could have when using the service.
Overall, Paybis manages to step up in many areas. They have a now longstanding reputation in the industry and have remained a very simple to use, yet effective service over the many years they have been operating. Second to this, they have managed to expand continuously in terms of supported currencies both crypto and fiat while staying true to their intentions.
While the fees may be on the high side, Paybis ultimately delivers impressively on making crypto purchases accessible, safe, and above all convenient for everybody around the world who would like to purchase cryptocurrency.