Review
Updated
Paybis is an exchange that seeks to make it easy for investors to convert their fiat currencies into crypto, with a selection of well-known options to choose from. With this platform, users will be able to purchase Bitcoin, Ethereum, Dogecoin, Binance Coin, and a few more options. Read our full Paybis review to see whether it is the right choice for you.
Ratings Methodology
Bottom Line
Paybis is a great option for investors who want to purchase major coins with fiat currency, but their crypto selection is rather limited for well-established investors
Fees:
0.99% – 2.59% + applicable network fees
Account Minimum:
None
Full Paybis review
This cryptocurrency exchange is a good fit for: Investors who want to exchange their fiat currency for major cryptocurrencies easily.
Pros
- Simple and fast registration process
- Accepts different types of transactions for fiat-to-crypto trading
- Over 40 different fiat currencies supported
- Most major coins supported
- Transparent fee system
Cons
- Limited currency selection compared to other exchanges
- No support for crypto-to-crypto trading
- Users can only sell Bitcoin
- No built-in wallet
Top perks
Expedited onboarding
While many exchanges make users go through a time-consuming registration process, Paybis allows users to perform certain transactions immediately after creating their account. This takes around five minutes. After verifying your account, you will be given full access to all the currencies supported on the platform. Verification with Paybis normally takes around 15 minutes, with a maximum wait of 24 hours. With Paybis, you can sign up and begin investing in cryptocurrency right away.
Fiat-to-crypto freedom
Paybis shines when it comes to purchasing crypto with fiat currencies. The platform currently supports over 40 different types of fiat currencies from all over the world, including EUR, USD, CAD, JPY, and many more. Investors are also given a lot of freedom in how they use their fiat for transactions, giving users the ability to purchase crypto using a credit or debit card, bank transfer, Skrill, or Neteller.
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What could be improved
No crypto-to-crypto trading
Many exchanges focus on trading different cryptocurrencies. Some even require users to have already accrued crypto to trade on the platform. With Paybis, fiat-to-crypto transactions are the only option. Trades between different digital currencies are not offered. With Paybis, users can buy cryptocurrencies, but cannot trade them within the platform. Users instead have to transfer their funds to another wallet and trade them on another exchange.
No dedicated wallet
Most major cryptocurrency exchanges offer a built-in wallet for storing cryptocurrency. Paybis does not offer this option, which can make it more difficult for new investors to get started. Paybis is currently working on its own online wallet solution to this problem, and with that change, this issue could be resolved.
Alternatives to consider
If you're looking for an alternative with crypto-to-crypto trading: eToro provides a simple and easy user experience that would be similar to Paybis. With eToro, you can invest in cryptocurrency by purchasing crypto with fiat currency, and you can trade the crypto you buy for other types of cryptocurrency. Investors can even copy the trades of other, more experienced investors. eToro's fees can also be lower than Paybis', depending on how you prefer to pay.
If you're looking for an alternative with lower fees: Binance offers some of the lowest fees in the market. Binance is the world's largest crypto exchange by trading volume, and is able to offer much lower fees than Paybis. The selection of coins on Binance is much larger, regardless of whether you are using the dedicated Binance.US platform for users in the United States, or Binance's full platform around the world.
| Offer |
eToro
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Limited time offer: Deposit $100 and get a $10 bonus. Terms apply. |
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| Rating |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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| Commissions |
1% for trading crypto plus spread, $0 commission for stocks & ETFs
|
0.02% to 0.1%
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| Next Steps |
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How Paybis works
Paybis works to get you investing fast. By expediting the registration process, you are freed up to take advantage of the platform right away. Once you are verified, you can purchase coins and begin transferring them to your connected wallet. Paybis expects you to have a digital wallet prepared in order to store the coins you buy on the platform. If you choose to purchase anything other than Bitcoin, you will not be able to sell these coins on Paybis. The platform only supports the sale of Bitcoin for fiat at this time, so purchases of other cryptocurrencies may call for a bit more thought. This is not an issue if you plan to hodl (hold on for dear life) to your coins, but it could prove to be annoying if you plan to use them in any other way.
Paybis is not trying to be a one-stop shop for all your crypto needs. Instead, it seeks to fill a specific niche inside of the cryptocurrency market by allowing you to acquire crypto for cash. This platform gives new investors an incentive to purchase their first coins, but does not offer much in terms of trading one coin type for another.
Fees overview
The fee structure of Paybis is mostly reliant on the way you choose to pay for your crypto. Different fees will be charged for transactions that use credit or debit cards, bank transfers, Skrill, or Neteller, and may also vary depending upon the fiat currency being used for the purchase. The Paybis fee for your first transaction will be waived; however, network fees will still apply to the purchase. Transactions using bank transfer, Skrill, or Neteller payment methods are only available for use with EUR and USD. Fees can range from as low as 0.99%, up to 2.59% as follows:
| Credit/Debit Card: | 2.49% |
| Bank Transfer: | 0.99% for EUR, 1.29% for GBP |
| Skrill: | 2.49% for EUR, 2.59% for USD |
| Neteller: | 2.49% for EUR, 2.59% for USD |
Data source: Paybis.
This only accounts for the fee that Paybis charges, however, and does not include applicable network and transaction fees.
Cryptocurrency selection
Paybis offers a small selection of popular coins, with just over 30 major tokens. Two notable inclusions are Binance USD and BNB, the main tokens of the Binance cryptocurrency exchange. These tokens are not offered on many exchanges outside of Binance itself. One notable absence from Paybis' selection is Solana, one of the top 10 cryptocurrencies in the world. Paybis only provides a few lesser-known coins. Some of the least-famous options on the platform include Stellar, The Sandbox, and Chiliz. If your crypto investments do not stretch beyond the top 100, then this platform might have the perfect selection for your needs.
Is your cryptocurrency safe with Paybis?
Paybis is fully regulated by the FCA and licensed by FinCen, meaning that it is overseen by bigger authorities. This means that the company itself will do its best to ensure that your money is safe. Paybis employs the use of security measures like two-factor authentication and encryption of stored data. Paybis also performs investigations on suspicious coin purchases as they happen. While this may result in extended wait times, it ensures that every transaction is legitimate. Because Paybis currently relies on you to store your own currency, your coins will only be as safe as you keep them. This platform is as secure as you can get, and provides 24/7 customer service to help you with any issues that might arise with your use of the site.
Paybis is right for you if:
- You are looking to purchase popular cryptocurrencies with fiat and store them yourself.
- You want to sign up with an exchange that will not take an eternity to verify your information.
- You need coins that you can trade on other exchanges.
If this doesn't describe you, take a look at our best cryptocurrency apps and exchanges to find a better fit.
Our Cryptocurrency Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes. Katie currently lives in Florida and can be found traveling, dancing, and laughing as she strives to live stories that matter.
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