Our Verdict

Disclaimer: Our ranking system and methodology are built to assess advanced trading platforms. However, Paybis doesn’t fully align with our criteria, as it is a more simplified payment gateway focused on buying and selling crypto without advanced trading. Despite this, Paybis is still a good solution for beginner traders and those looking to buy and hold crypto long-term. Due to this, we’ve removed its ranking and instead provided a review for users interested in such services.

Paybis is a crypto exchange for buying and selling crypto with fiat. It integrates various payment methods and gateways and operates worldwide. While it supports fewer than 90 cryptocurrencies, it offers a wide selection of fiat options catering to different regional requirements.

Our test reveals that Paybis is secure due to its non-custodial approach and strong KYC and AML policies. So far, it hasn’t experienced any security breaches. However, the convenience comes with higher fees and additional network costs, making it less competitive in terms of final exchange rates.

Paybis Pros and Cons

Supported Countries and Regions

Paybis has worldwide coverage, including 180+ countries and 48 US states. It outperforms most of its competitors, operating in fewer regions.

However, there are a few restricted jurisdictions where the platform doesn’t work. The list includes the following countries:

• Cuba
• Ethiopia
• Iran
• Iraq
• Lybia
• North Korea
• Venezuela

The full list of restricted regions can be found in one of the support articles on the Paybis website.

Paybis Bonuses and Special Offers

Paybis Background

Paybis was founded in 2014. Its headquarters are located in Warsaw, Poland.

The platform is led by Innokenty Isers, who has 20+ years of experience in various online businesses. His colleague and co-founder Konstantin Vasilenko worked for more than ten years at Accenture and also founded the Latvian Blockchain Association. All this information is available on the official website, which contributes to Paybis’ transparency.

Security & Transparency

Paybis isn’t listed on platforms like Cer.Live, Certik, or CoinMarketCap, likely because it doesn’t align with typical crypto exchange standards due to its lack of standard trading features and its non-custodial approach.

Cyber Security Measures: The desktop version of Paybis features 2FA, which is enabled by default, sending a one-time code via email. The mobile version is protected by fingerprint authentication, ensuring an additional layer of security.

General Reliability: The “Contacts” page includes a dedicated email for bug bounty and other security-related queries, though specific reward details for vulnerability discovery are not provided.

Corporate Communication Structure and Transparency: Paybis shares information about its founders on the official website, complete with links to their LinkedIn profiles. The company is also quite active on social platforms like Twitter (X), LinkedIn, and Facebook, promoting engagement and transparency with its user base.

Know You Customer (KYC)

Paybis requires users to pass the KYC procedure to get access to its full functionality. The process is straightforward and accepts over 6,500 documents from over 180+ countries. Aside from traditional ID cards, driving licenses, and passports, users can also pass verification with the following documents:

• PAN card
• Voter card
• Health ID card
• Military ID card

Verification typically takes no more than 15 minutes. This is exactly how long it took me to verify my account when I first started testing the platform.

Is Paybis Safe to Trade With?

Paybis doesn’t store your assets; instead, it sends crypto directly to your wallet, reducing the risks associated with platforms that hold your funds. Although Paybis isn’t regulated by financial authorities like the FCA or FinCEN, it’s still secure due to its non-custodial nature, meaning traditional security measures like deposit insurance aren’t necessary. The platform uses standard security features like 2FA on the desktop and biometric authentication on mobile, and it has a clean record with no hacking incidents.

Trading Experience

Paybis offers a web wallet that has custody over users’ assets. During my test transactions, I noticed that multiple wallets were created on a dedicated page for each selected coin, even if the purchases were incomplete. Each wallet includes a QR code to reduce the risk of typos. Additionally, there is an option to add new wallets without starting a transaction.

In addition, Paybis offers a widget for receiving crypto payments. The tool is user-friendly and requires no technical knowledge. Simply specify the cryptocurrency and amount you wish to receive, then add your wallet or choose one provided by the platform. Paybis generates a shareable link for counteragents to pay in crypto.

There are also two tools designed to help crypto investors monitor the current state of digital assets: Crypto Prices and Crypto Calculator.

The Crypto Prices tab displays the relevant costs of cryptocurrencies available for purchase. This tool features a convenient search field, and prices are displayed in USD and EUR.

The Crypto calculator tab on Paybis allows users to estimate the amount of money needed to buy any of the available coins. It is a straightforward tool that calculates fiat prices for specified amounts of cryptocurrency. However, fees are not included in its calculations.

Trading Test

For our trading test, we thoroughly evaluated Paybis. Our process included signing up, completing the KYC (Know Your Customer) verification, logging in, depositing funds, and making withdrawals. We also tested the trading functionalities by exploring different trading pairs and conversions and assessed the associated fees for transfers and withdrawals. This comprehensive test allows us to provide an informed and reliable review of the exchange’s usability, features, and actual costs. Here’s our detailed analysis:

Step 1: Setting Up Your Account And Passing KYC 

Paybis requires users to provide an email address to create an account. There is no integration with Google, Apple, or other third-party services, which makes the login process longer. 

However, Paybis has eliminated the need for passwords. During my tests, I received a one-time code via email each time I needed to access my account, which adds a layer of security while maintaining convenience.

Step 2: Buying Crypto and Transferring to Your Wallet

As a hybrid exchange, Paybis offers two options for storing crypto. You can either use the wallet provided by the exchange or send the newly purchased coins to your non-custodial wallet. For higher security, I chose the second option.

This method surely simplifies the onboarding process for crypto novices. However, the fees significantly reduce the final amount received.

For instance, depositing $100 resulted in only 92.8 USDT in my wallet. This fee is high compared to centralized platforms like Binance or OKX.

However, the rate improves for larger amounts. You can expect to get 952 USDT for $1,000 and 9,545 USDT for $10,000.

In the next step, I was prompted to choose between paying directly with a bank card or using Google Pay. I opted for Google Pay since my bank card was already linked to my Google Account.

The rest of the payment process was straightforward, similar to any regular online purchase, making it quite convenient. The funds arrived in my wallet within a few minutes.

Step 3: Selling Crypto and Review

To complete my tests, I exchanged some crypto back to fiat on Paybis, which offered four cash-out options: Credit/Debit card, Skrill, AstroPay, and Neteller. The exchange rate was consistent across all methods, but tags like “High approval rate” and “Low fee” made the selection easier.

I chose the credit/debit card, as it was the same method I used for my initial purchase.

The following steps involved entering the card number and payment details, reviewing the transaction, and confirming it directly on the website. The process went smoothly, and the funds arrived in about 5-7 minutes.

Desktop Version

The desktop version of Paybis is an ideal solution for crypto novices. It offers a simple platform to buy and sell crypto using fiat without engaging in spot, futures, or leveraged trading. I tested Paybis on Chrome and appreciated the straightforward process and clear interface.

Buy crypto: Paybis aggregates various fiat payment methods such as Revolut, Skrill, or SEPA, supporting nearly 50 fiat currencies. This surpasses centralized exchanges like HTX or KuCoin. However, it offers less than 90 digital assets for purchase.

Sell crypto: The options for cashing out digital assets are fewer but sufficient. During my tests, I easily converted crypto to cash and received the fiat to my bank card within minutes, with clearly displayed transaction fees.

Search Functionality: Despite a smaller asset selection than Binance or KuCoin, Paybis includes a search field for both fiat and crypto, enhancing user convenience.

Wallet Protection Measures: Prevents users from sending coins to a non-existent wallet address in case of a typo. Helps to eliminate typos via QR code scanning.

Paybis doesn’t offer any sophisticated tools for analysis. There is no order book, charts, drawing tools, or technical indicators. The exchange strives to simplify the process of buying and selling crypto and cuts off all extra functionality.

My Key Takeaways After Testing Paybis

If you’re not interested in trading, Paybis is an excellent choice. It simplifies the process of buying and selling crypto, making it ideal for beginners. The platform supports major fiat currencies and offers a straightforward interface. While it may not have as wide a selection of digital assets as platforms like Binance or KuCoin, it still covers popular cryptocurrencies like ETH, LTC, SOL, and MATIC. My tests showed that the process is easy and efficient.

Mobile App

The Paybis Mobile App is available for iOS and Android. It mirrors all the tools and features of the desktop version, maintaining a clean and user-friendly interface.

During my tests, I found no differences from the desktop experience. The app includes default fingerprint authentication for asset protection, with a PIN code backup.

Key features and tools on Paybis Mobile include:

• Coin Search. The app features a convenient search field that makes finding any asset or fiat currency quick and easy.
• Quick Trade execution. Users can buy and sell crypto for fiat with ease using any supported fiat payment gateways.

• Withdrawal ease. Withdrawing assets from a wallet provided by the platform can be accomplished in a few simple steps.
• Supported languages. The app supports 8 languages, including Korean and Arabic, unlike the desktop version, which only supports English.
• QR code scan. To receive funds to your wallet within the app, you can either copy-paste the wallet address or provide your recipient with a QR code to avoid typos.

My Key Takeaways After Testing Paybis on Paybis Mobile

While testing Paybis Mobile, I enjoyed its clean and user-friendly interface. Transactions were completed in just a few minutes. Similar to the desktop app, the mobile version focuses on making the process of investing in crypto simple and intuitive. Overall, it is a good solution for crypto novices and casual investors.

Fees

Paybis Deposit fees

When I purchased $100 worth of USDT with a credit card, the platform claimed I would receive 92.84 USDT, indicating a 7.2% fee per transaction. This fee is much higher than what centralized exchanges like Binance or KuCoin charge their customers. The actual fee was higher than what Paybis declared on its website. However, I believe this is because it includes network fees, which the service doesn’t display during this step.

Larger sums come with smaller fees, but they are still higher than the industry average. For example, when purchasing $1,000 worth of crypto, the service charges a 4.8% fee.

Withdrawal fees

When I tried selling crypto for fiat, the situation was slightly better. The platform explicitly displayed the service and network fee. The final sum I received in my wallet matched the amount on the website.

Please remember that fees and available methods may vary by country.

Are Paybis Fees Competitive?

During my tests, I found Paybis’s fee structure unclear. There’s no relevant FAQ section on the website, making it difficult to distinguish between transaction fees and network fees. However, the platform displayed the final sum I would get, making it possible to calculate the fee size.

While the service fees were decent, the network fees and fees charged by the fiat payment providers were higher than I expected. As a result, I had to pay more than on more popular centralized exchanges.

Cryptocurrencies Available on Paybis

Despite the narrow focus, the platform provides excellent liquidity for all supported assets. Users can buy popular cryptocurrencies like ETH, AVAX, and BNB, several stablecoins like USDT, USDC, and DAI, and niche offerings, like WOO, STORJ, and Enjin Coin. Another drawback is that Paybis doesn’t offer new listings and a launchpad.

Deposits & Withdrawals

Paybis Deposit Options

On Paybis, the number of payment options depends on the fiat currency selected. For popular currencies like USD and EUR, the service supports a bank card, Revolut, a SEPA transfer, and a wire transfer. Paybis also includes payment gateways like Skrill and Neteller, offering various alternative methods.

Less popular fiat currencies have different options. For example, Brazilian Real supports PIX and AstroPay, while the Malaysian Ringgit is available through FPX, Boost, or GrabPay.

The minimum and maximum purchase amounts depend on the currency and the payment method, typically ranging from $10 to $20,000. This wide range of fiat deposit solutions allows Paybis to outperform industry giants like KuCoin and OKX.

During my tests, I found the available payment options quick and efficient. As I selected USD for the purchase, I was able to seamlessly conduct a transaction using a bank card. The ethers I purchased appeared in my wallet a few minutes after the transaction was completed. This brief delay was due to the necessary processing time of the Ethereum blockchain, not any inefficiency on Paybis’s part.

Deposit options can vary significantly from region to region. Always check the exchange’s official site for the most accurate and region-specific deposit information.

Paybis Withdrawal Methods

The number of options available for cashing out crypto on Paybis is impressive. Just like with deposits, the service aggregates various payment gateways and offers multiple fiat currencies.

When selling crypto for USD and EUR, the platform supports:

• Credit/debit card
• Skrill
• Bank transfer
• Neteller

For most other currencies, the options are limited to a bank card and the payment gateway AstroPay.

Paybis Daily Withdrawal Limits

Paybis itself doesn’t impose any withdrawal limits. However, different crypto-to-fiat payment methods that the platform operates with have their own limitations for verified users.

Customer Service

Paybis Customer Support Test

During my tests, I submitted tickets twice and received a response within about 30 minutes, which is faster than the industry average. The agents provided detailed and knowledgeable answers each time, making Paybis support superior to KuCoin.

The mobile app also features a Live Chat option. However, I was unable to connect with a real person and found the built-in chatbot available only in Russian, which was frustrating.

FAQ

Is Paybis trustworthy?

According to our testing, Paybis is a reputable exchange with an ideal reputation. It implements robust security measures and enables its customers to buy and sell crypto directly from their wallets, eliminating the risk of a hack.

Can US Citizens Use Paybis?

Yes, the platform operates in the US. Users can buy crypto from their bank accounts.

Has Paybis ever been hacked?

No, Paybis has never experienced a hacking event. However, the platform features an article warning users about fraudulent Telegram accounts pretending to be Paybis support.

Does Paybis require KYC?

Yes, Paybis requires passing KYC for the sake of higher security. Users have to submit personal details and upload documents like an ID card or a Residence Permit to confirm this information.

Can I use leverage or margin trading on Paybis?

No, Paybis doesn’t offer any specific tools for traders. It focuses on making crypto accessible to regular users and facilitates the process of buying and selling digital assets for fiat.

Is my money safe on Paybis?

Paybis doesn’t store users’ assets. The platform aggregates different fiat payment gateways enabling users to buy and sell crypto directly from their own wallets.

Is Paybis regulated?

No, Paybis is not regulated by any financial authority. However, it implements KYC/AML policies to verify customers’ identities and prevent illegal activities.

Does Paybis offer any bonuses, welcome offers, or referral rewards to its users?

Yes, it offers a referral program that enables users to earn 20% of the commissions on purchases made by their friends. Also, the platform doesn’t charge a service fee for the first transaction.