There are a lot of hurdles between cryptocurrencies and mainstream adoption. The largest of these roadblocks — in our opinion — is the lack of simplicity. Even the most popular crypto exchanges like Binance & Coinbase are a challenge to navigate if you have no prior knowledge of how crypto works.
Fortunately, there are some companies that are working on streamlining crypto ownership, like the subject of this review: Paybis. It is a crypto exchange that aims to simplify the process of buying, selling, and storing crypto assets.
Does it actually deliver on its promises? More importantly, how does it stack up against the other ~500 crypto exchange platforms on the market?
Join us as we analyze almost every feature, pro, and con of Paybis to see if it’s worth your time and money.
Overview of Paybis
Paybis entered the market back in 2014, back when crypto was pretty much in its infancy and 1 BTC was less than 1,000 USD. The primary goal of this exchange wasn’t to be the most popular option on the market. Instead, Paybis started its journey with the ambition of becoming one of the most trusted options for almost everyone.
So, did it succeed in that goal? Spoiler alert — it did to an extent. Let us explain.
Services Offered
Paybis offers three main services which are:
Buy Crypto
Once you’ve signed up and verified your account, you can purchase a variety of crypto assets with the press of a few buttons. There are no complicated trading screens to navigate or obscure crypto industry terms to understand.
Sell Crypto
Paybis also allows you to sell BTC and USDT coins for fiat. This is just as simple as buying crypto as the platform will seamlessly guide you through the process.
Crypto Wallet
The last major service of Paybis is its digital crypto wallet. It keeps your crypto assets secure from crypto thieves, while also giving you full access to transactions and transfers.
Supported Currencies
Supported Cryptocurrencies
At the time of writing, Paybis supports the purchase of 49 different crypto assets, including BTC, ETH, and DOGE.
Supported Fiat Currencies
You can buy crypto on Paybis with 46 different fiat currencies. These include USD, EUR, GBP, CAD, AUD, and more.
Fees and Charges
Paybis charges a different service fee depending on your payment method and fiat currency of choice. For example, you will have to pay a 4.5% fee if you’re sending more than 50 USD with a credit/debit card.
You can understand its complete fee structure by clicking here.
Verification Process
In order to comply with Know Your Customer (KYC) laws, Paybis requires you to verify your phone number and legal identification with your passport, driver’s license, or ID card. You might also have to submit a recent selfie through the Paybis app.
User Interface and User Experience
Our overall experience with Paybis has been fairly pleasant. The UI is easy to understand and navigate. Plus, we did not encounter any glitches or hiccups during our time with this platform.
Pros and Cons of Using Paybis
Here are some of the most important positive and negative attributes of Paybis that we noticed during our review process:
Customer Support
A robust customer support system is a must to help new users figure out the platform and fix any unexpected issues. So, how does Paybis stack up in this department?
Contact Options
The support contact options on Paybis include:
Response Time and Quality of Support
The first thing we tested was the support portal and exceeded our expectations. It is well-organized with clear and concise instructions on how to tackle and resolve a number of issues and queries.
Secondly, the response to our email was quick and fairly helpful as well. Paybis’ support team was able to identify our issue and offer a working solution with minimal back and forth.
Sadly, the live chatbot is quite limited. Though, that’s the case with most online website chatbots, so it’s not that big of an issue for Paybis.
Other than that, our experience with this crypto exchange’s support system was excellent and left us impressed.
User Reviews
Most Paybis users are happy about the quick response time and usefulness of the support team. We found numerous reviews on sites like Trustpilot, thanking Payis support for their help and assistance.
Security Measures
Another area where Paybis shines is its security that’s on par with the biggest players on the market. Some methods Paybis uses to keep your assets and data secure include:
Two-Factor Authentication
Two-factor authentication or 2FA adds another layer of security to your Paybis account. With this feature, users have to enter the six-digit security code displayed in authenticator apps — like Google Authenticator — to log in to the platform.
So, as long as someone doesn't have access to your smartphone, they cannot log in to your Paybis account, even if they know the password.
This sounds like a simple feature on paper, but it can protect your crypto assets from the most common type of hacks, scams, and phishing attempts.
Know Your Customer Policies
We touched on this briefly when discussing Paybis’ verification requirements. In essence, Know Your Customer (KYC) policies are laws designed to prevent finance-related crimes. Under these regulations, a finance platform must verify the legal identity of its users.
This way, if a crime like money laundering does occur, it would be easy for authorities to identify the perpetrator. Following these regulations further adds to the legitimacy of Paybis.
SSL Encryption
Paybis uses SSL encryption which encrypts data that’s being sent between your computer and Paybis servers. This prevents hackers from hijacking your account by gaining access to your network.
For example, without SSL, a hacker might be able to read your password as it’s being sent from your PC or phone to Paybis. But with the inclusion of this encryption, that password will be unreadable for any intercepting device.
Cold Storage of Funds
Cold storage refers to a method of storing crypto assets that’s completely detached from the internet to prevent hacking attempts. While Paybis doesn’t have this service on its own, it does allow you to transfer your funds to external hardware wallets that do have this feature.
Reputation and Trustworthiness
The last thing about Paybis that we checked out is its reputation in the crypto industry as a whole. Here are some of the key factors we considered:
Regulatory Compliance
There is nothing “wrong” with unregistered crypto exchanges on their own. However, government registration and regulation do give these platforms an additional layer of authenticity that’s tough to find without them.
Fortunately, Paybis doesn’t disappoint in this regard either. We’ve already discussed its compliance with KYC and anti-money laundering laws, but that is not all. Paybis is also registered with the FinCEN Department of the Treasury in the United States of America.
Combine this with its registrations with many other governments across the globe and the legitimacy of PAybis’ service becomes apparent.
User Reviews and Ratings
We aren’t the only ones that had a good experience with the Paybis crypto exchange. The quality of its service is evident from its Trust pilot score of 4.3 stars. This rating also comes from an impressive 18,450+ individual reviewers, 80% of which gave it the full five stars.
Taking a closer look at these reviews shows how Paybis customers are satisfied with its speed, reliability, and ease of use. Plus, as we mentioned earlier, Paybis customer support is also heavily praised in these reviews.
There are a few negative reviews as well, but most of them are one-off, situation-specific issues. Also, the Paybis team replies to almost all of these negative reviews to help solve their issue as soon as possible.
Media Coverage
Media coverage of Paybis is also a reflection of our excellent experience with this platform. Most third-party reviews are positive and many of them recommend Paybis to their readers. The same also stands true, no matter if we’re talking about crypto media sites only, or finance media websites as a whole.
We also did not find any news coverage about any hacks or major scams related to Paybis’ services — further solidifying its high security.
Conclusion
Let us say this, Paybis is not a perfect platform — no crypto exchange is. However, there is still a lot to like about this exchange.
For example, its combination of masterfully-crafted UI and effortless transaction system makes it a solid choice for folks that are new to crypto. Its vast support of crypto assets and payment options makes it equally as good for experienced trades who prefer a diverse portfolio.
Our only issues with this platform are minor complaints like limited educational resources or the time it takes to verify. The only actual downside is its higher fees, but dare we say those fees are justified given Paybis’ excellent service quality.
Other than that, it's a well-equipped crypto exchange platform that’s suitable for almost everyone. No matter if you’re a veteran trader or just heard about crypto last night, there is something for you to like about this exchange.
All-in-all, we highly recommend you to give Paybis a try. But before that, do your own research before investing money in this crypto exchange to ensure that it is the right fit for you.
