Paybis Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Paybis Review.
Paybis Review
Paybis fees and commissions vary widely, depending on the exchange method, i.e. what is the preferred funding method of the client. The commissions vary from 0% to 10% for the online payment system Epay. Probably the most preferred service: funding through credit card, has a fee of 5%+5%.
Like most cryptocurrency exchanges, Paybis has one type of standard account that can be unverified or verified. Clients with an unverified account have access to limited functionality of the exchange. For the full service and higher limits, one has to verify their account with a government ID, in compliance with the know your customer procedures. In most cases a passport is enough for verification, but Paybis has the right to require additional documents.
The only type of cryptocurrency that Paybis supports, is Bitcoin.
For those who are interested in leveraged trading on cryptocurrency exchanges, there are several who offer this: Kraken, bitFlyer, Gdax, Okex, Quoinex, etc. There are also quite a few forex brokerages that offer leveraged trading on cryptocurrency CFDs, like IG, FXTM, HYCM, FXChoice, Grand Capital, etc.
The Company. Security of Funds
Paybis is a UK-registered company that has offices in London, Edinburgh and Riga and offers its services in quite a few countries. It is not regulated, but this is not a problem at this point, as the UK does not have specific regulatory requirements for the cryptocurrencies exchanges and is among the preferred cryptocurrency and blockchain companies.
We could not find information about its volume and it surely is not among the largest cryptocurrency exchanges by volume, bit it has been around for a few years and it seems its clients are pleased with the service provided.
We find it somewhat interesting that Paybis provides to option to log in with a Facebook or a Google profile. Surely it is easier for the lazy ones who can’t be bothered to create yet another account for yet another service, but, frankly, we are not very comfortable with the idea of connecting our social media accounts with those for financial services. Facebook profiles are being hacked all the time.
We could not find any specific information about the storage facilities of Paybis, but we suppose client funds are being kept in cold storage. According to its site, the exchange securely keeps its customer personal data.
There does not seem to be an e-wallet offered by Paybis itself, but there are plenty of such standalone services. Besides, it looks like the main goal of the exchange is to serve simply as a platform where the client can buy or sell bitcoins without much hassle (except the verification process, that is) and there are no additional and sometimes quite unnecessary bells and whistles.
Trading Platform
Similarly to most cryptocurrency exchanges that offer only spot exchange services and no leveraged trading, Paybis’ platform is very stripped-down and basic. For the purpose it serves, it is completely sufficient, even though there are exchanges offering similar services, like QuadrigaCX, which at least gives some charts with the price movements of cryptocurrencies, or BitBay, which provides something very akin to a “real” trading platform.
Methods of payment
The numerous payment methods used by Paybis are perhaps its major selling point. It even says it is one of the first cryptocurrency exchanges that gives the option to buy bitcoin with a credit card. Nowadays there are many such platforms, but perhaps when Paybis was starting operations, there were indeed just a few. Now, Paybis says, most of its clients are using this option. According to its site, the credit card option provides instant exchange, a commission of 5% and up to 10000 USD/EUR/GBP per week and 50000 USD/EUR/GBP per month limit.
In addition to credit cards, Paybis works with a large number of other fiat currency payment options – mostly electronic payment platforms like PayPal, OKPay, WebMoney, Yandex Money, Perfect Money, Payza, Payeer, Advanced Cash and Skrill, as well as bank transfers. There are also options to fund one’s account through wire services like MoneyGram and Western Union in cash in the Riga office.
Most interestingly, however, Paybis also works with gift cards from Amazon and Walmart, for a commission of 7 and 10%, respectively.
Judging by Paybis’ website, the exchange is also planning to launch its own debit card, co-branded with MasterCard. This feature is not that unusual, as there are already several cryptocurrency exchanges like Coinbase, Coincheck and BitBay, for example.
Perhaps the most intriguing thing about Paybis is the unusually wide selection (for a cryptocurrency exchange) of fiat currencies payment options. While most exchanges limit themselves with the most obvious ones – bank transfer and credit/debit cards, Paybis also offers numerous other options, plus wire services, plus gift cards. Those options, however, come at a price and the platform’s commissions are rather high.
Another minus if Paybis is that clients can exchange only Bitcoins. Most similar platforms offer at least several of the more popular cryptocurrencies like Ether, Litecoin, Dash, etc. Coincheck, one of Japan’s largest exchanges, which provides both leveraged trading and spot exchange, offers Bitcoin, Ether, Ether Classic, Lisk, Factom, Bitcoin Cash, NEM, DASH, Zcash, Ripple, Augur and Monero.
Besides, the services Paybis actually offers, are rather limited, compared to some of its peers who also offer leveraged trading, or their own e-wallets, money transferring services or even the option to pay one’s electricity or other utility bills.
So, all in all, we could not say Paybis is the next best thing after sliced bread. It sure does have its advantages, like the numerous payment options, but it is expensive and only offers trading in Bitcoin.
Paybis Review Conclusion
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