Paybis Review (2022) Review
An online multi-cryptocurrency exchange supporting the buying and selling of cryptocurrencies and also it provides liquidity services for fintech businesses. They were founded in 2014 and they are headquartered in the UK, Paybis is regulated by the Financial Conduct Authority. Paybis supports an impressive range of cryptocurrencies with clear and transparent fees.
They provide an online exchange supporting buying and selling of cryptocurrencies with fiat money, and you can purchase cryptocurrencies on the Paybis platform with one of 47 supported fiat currencies and Bitcoin holders can sell Bitcoin on the Paybis exchange for either EUR or U.S Dollars.
They offer a couple of payment options including credit/debit card, bank transfer, Neteller, and Skrill. It supports over 9 cryptocurrency including popular names such as XRP, BTC, ETH, XLM, BNB etc.
Paybis is a UK FCA Regulated exchange required to adhere to AML and KYC protocols. They don`t hold customer assets on the Exchange, so they eliminate the risk of theft and in addition to coming under the purview of the FCA, Paybis is also EU and U.S compliant.
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners.
That is an educational tool I am looking for. Unfortunately, they don’t offer demo accounts. I also checked in other reviews. Apparently opening an account and trading with Paybis is simple, but I still want a demo before I start.
Their fee structure is very simple and transparent. It is all shown on their website, easy to find. Paybis discharges fees on a user’s first credit/debit card transaction, while processing fees still stay. A full breakdown of fees is provided when buying/selling Paybis supported crypto on the Paybis exchange; they also provide users with a full fee breakdown for selling crypto in exchange for fiat money.
As simple as clicking on a button “sign up” in the top right corner of their website. Once clicked a small form comes up.
They ask for your email and password first, you acknowledge that you have read the terms and conditions and agree. In a minute I’m in my own account and ready to sell or buy. A very fast and easy registration process, the verification is instantaneous.
Note that you may also log in using Facebook or Google. However, now, you will need to complete the verification process. Go to the account dropdown menu and select “Verification”. I am not going to verify myself, as I am a beginner and I want to learn before I go live.
Purchasing and exchanging
After being verified, you may purchase cryptos or exchange already held Bitcoin for fiat money. To exchange, you simply go to the “Exchange” page and select your preferred payment method and currency.
Enter your XRP wallet address, click “continue” and after filling in your card details, click “pay”. Done. Very simple, clean, straightforward and without any delays. With a simple platform like this, I understand you don’t really need a demo. The platform also shows you the transaction history, personal details and notifications.
My first impression was that the website is ugly. It looks like a digitalized newspaper of some sort. But going through the website, I found impressive how simple it is. I found every bit of information without a problem. It all just works. No delays, no flashing nonsense and no marketing blabber. At the end of the day I like the black and white design. At the top of the page you have the main menu:
- Log in
- Sign up
In the Tools tab, you`ll get to the real time prices and a calculator.
In the company section, you can read about Paybis, read their blog, news, referrals and affiliates. Looking at the news, it doesn’t seem very much up to date. The last article was posted more than a month ago.
The blog is more up to date, filled with articles even for newcomers, beginners.
In the bottom right corner there is a live chat bot and in the very bottom of the page, in the footer, you`ll see more options. I was looking for the “contact” section, but I found:
- Support portal (information on how to start with Paybis)
- Bitcoin calculator
- Bitcoin price
Overall the website is straight to the point, transparent and functional. I was missing a telephone number, email or address, also some more educational support. Seminars, videos or how to articles.
Paybis is active on Twitter and Facebook. Looking at Facebook, the last post was in June. So not up to date. The posts they have are career posts, “what’s new at Paybis” posts and some news. And they only have around 3000 followers. Twitter is pretty much the same.
The last update was in June and they have around 400 followers. I also found out, they have a YouTube account with some useful videos, like “How to buy Bitcoin with Skrill” and more. So maybe YouTube is the way to go, when other social accounts are frozen.
Advantages and disadvantages
In terms of look and design, the platform is blabber free, easy on the eye and intuitively designed, functional and once registered the platform is the same. Simple and well designed. It supports around 10 cryptocurrency including popular names such as XRP, BTC, ETH, XLM, BNB. They have no contact details, but you can use the live chat bot. They have social network accounts, but they are not very active. Educational support is a bit behind too. The fees are quite high, but they are transparent and regulated.
- Live chat bot
- Simple and fast registration process
- Transparent fees
- Only 10 cryptocurrencies
- Frozen FB and Twitter account
- No demo accounts
- No fiat and crypto wallets for accounts
Pros / Cons