Reviews provide a guide to the newbies and help them make informed decisions about a product or service. If you are about to buy bitcoin with bank account, it will be worthy read. This review has a similar goal of providing you will all the relevant details of making your transaction on Paybis. Hopefully, after reading this review, you will have your queries and ambiguities answered about Paybis.
Table of Contents
About the platform in a nutshell
It is a UK based platform created in 2014 with its offices in Edinburgh. It was created to provide services for the transaction of cryptocurrencies such as Bitcoins and other digital currencies. Since its inception, it has focused on quality rather than quantity and has the goal of becoming the most trustworthy exchange service provider available in the market.
As you go through the Paybis website, you will see that the website is easy to understand and the user interface is easy to understand providing all the details of the type of currencies you can buy, the rates of exchange. The rates are all openly mentioned with no hidden surprises however they seem a bit expensive for someone who stepped into this field.
They have also shown their overall customer review scores by Trustpilot which shows that they take pride in providing trustworthy services to their customers and own their reviews and feedback. As of now, the customer feedback score is 4.6/5 which is pretty good for an exchange platform where minor glitches can cause huge losses showing that customers are satisfied with their services.
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Paybis Interest Overtime by Google Trends
Here is the live data by Google Trends for the search interest for Paybis over the last 12 months, worldwide.
About the company
The company was established in 2014 by Innokenty Isers, Konstantin Vasilenko, and Arturs Markevics and within five years it served above 300,000 numbers which are huge because digital currencies are still new and not many people make their exchanges. This trading platform is most suited for established cryptocurrencies so people who are interested in other currencies such as Rebellious Coin, Centrality, Social Send Coin, Origami Network Token, The GCC Coin may not find it to their liking.
According to them they provide the world’s highest limit where you can spend $20,000 per transaction however, this claim seems not true because there are other exchanges present in the market that provide higher transaction limits than Paybis, so here they seem to be making a wrong claim. Anyhow a limit of $20,000 per transaction is not too bad either.
Paybis Trading Fees
The fees charges differ based on the payment method being used but they are pretty clear and mentioned at the onset of the buying process so don’t worry you are not going to get a jolt of surprise. Besides, you are also going to get a notification of the amount of commission the company is going to charge you. Paybis offers numerous deposit methods from wire transfer to credit/debit card transfer to chose from.
While making a transaction with a credit/debit card get ready to pay a heavy 10 percent fee which is more than what the industry is charging. They also put a 5 percent profit margin along with the normal fee being charged while making a card transaction. However, when using a credit or debit card, you are not going to be charged a fee on your first transaction.
24/7 support by Paybis
The company claims to provide 24/7 support which is pretty reasonable for them to offer. They have more than 6000 customer reviews on Trustpilot. They are very prompt in answering customer queries and taking part in industry discussions which shows their active presence on industry-related issues.
As you go through the reviews you will find most of the customers are satisfied with their support except a few who think the company is charging hefty fees.
Security on Paybis
The platform is registered with the UK and abides by the law of Anti-money laundering (AML) and Know Your Customer (KYC). The users are required to go through a verification process which takes approximately 15 minutes. The verification process requires your name, address, date of birth, and ID proof.
All the transactions made through the platform are being monitored to curtail any illegal activity. It is a governmental law-abiding platform for cryptocurrency exchange and these features make it reliable.
On this particular platform, there are no chances for hacking and your funds are not prone to be pilfered because the company does not keep the money in a custodial wallet.
For bitcoin or other crypto exchange, they ask you to create your own Bitcoin Wallet and provide different types of options to choose from.
Paybis Locations of Service Availability
They claim that the service is available worldwide but there are few states of the USA and numerous countries of the world where the service is not available. But there are plentiful other cryptocurrency platforms to choose from some of them are
Supported Fiat and Cryptocurrencies by Paybis
The platform supports numerous fiat and 9 cryptocurrencies such as
The user interface is simple and well explained. It can be said that it is one of the many trading interfaces available and can not be regarded as the only best one. Normally, the trading interfaces show the prices of the cryptocurrencies, buying and selling boxes, and order history.
One trading view can’t work for all so before making a transaction make sure you understand it thoroughly. Paybis has one order box which simplifies the process for the newbies.
Looking at the features and services provided by Paybis we can conclude that it is one of the safest platforms to buy bitcoin with bank account. It is living up to their promise as you can see people making transactions in real-time on its website. It provides round the clock support, and easy verification process, and a step by step guide to taking you through the process.
To sum it all
- A smooth cryptocurrency exchange platform.
- Supports various methods to make a payment from wire transfer to payments through Credit/Debit card.
- Easy and smooth user interface.
- Provides 24/7 and responsive customer support.
- There are no hidden fees, all the charges are pretty clearly mentioned.
Secure transaction and does not support a custodial wallet for security reasons.
- Lacks advanced features required by experienced traders.
- The credit card exchange fees are higher than other platforms.
- The range of supported cryptocurrencies is limited.
- The service is not available in several countries and many states of the USA.
- The payments made by the bank can take up to 5 days to complete.