For most crypto exchanges, the importance does not have to be on becoming the biggest. In fact, the true measure of success actually lies in being the most responsive and trusted platform in the crypto space, making user experience and reliability a priority over size.
The primary goal of an exchange platform doesn’t need to include a wide range of features or even advanced trading options. Instead, it can just focus on making its core functions solid.
Whether it offers transparency in transactions, provides solid customer support, or offers a problem-free onboarding process, crypto exchange platforms can easily carve their niche out by just doing the fundamentals impressively well.
This particular approach ensures that success in the crypto space is not just about scale but also about meeting the needs of the users reliably and efficiently.
While most exchanges aim to become the biggest, providing a range of advanced products and highlighting detailed charts, Paybis takes an approach that’s innovative and refreshing. Even as other exchanges are busy looking for grandeur, Paybis delivers an accessible and streamlined experience for its users.
Don’t believe us? Stay tuned!
In this blog, we will discuss the platform’s features, supported cryptocurrencies, payment methods, customer support, and more.
The Launch Of Paybis: Where Did It All Begin?
Paybis, with its headquarters in Poland, functions as a crypto selling and buying platform, providing users the benefit of instant payouts via credit or debit cards. Moreover, the platform offers users the benefit of 24/7 customer support with a global reach spanning more than 180 countries.
Facilitating secure and quick transactions, Paybis prioritizes low commissions. Moreover, staying compliant with important rules and regulations is also a focus area for the platform. Plus, the platform is also registered with FinCEN (Financial Crimes Enforcement Network) in the US.
In order to maintain standards of security, Paybis also implements a KYC (Know Your Customer) process that accepts a wide range of identity documents from more than 220 counties as well as territories. Typically, the process of verification takes about 15 minutes.
Since 2016, the platform has been in operation. In these 8 years, the platform has a killer track record of serving hundreds of satisfied customers and processing more than 2 billion dollars in volume.
With support for more than 150 crypto and fiat currencies, Paybis actually caters to various user preferences. In this context, it is vital to find out that Paybis doesn’t support crypto trading. Instead, it actually focuses on ensuring the selling and buying of cryptos through different payment methods.
However, because of certain regulations, the platform doesn’t offer its services to residents of Louisiana, Hawaii, and New York.
Additionally, the exchange platform doesn’t accept any fiat-to-crypto orders for specific cryptos for customers from Washington, Vermont, Puerto Rico, North Dakota, New Mexico, Nevada, and Alaska. In the case of Texas, Paybis doesn’t accept orders involving stablecoins.
So, Who Founded Paybis?
Konstantin Vasilenko and Innokenty Isers are the co-founders of Paybis.
Isers has over 20 years of experience in entrepreneurship and is the current CEO of the platform. While he was studying at Latvia University, he launched Atoris Designs.
After launching this venture, he founded an online advertising company called Protraffic in January 2008. Protraffic is actually known for introducing multiple game-changing techniques in the marketing space. Finally, he founded Paybis in 2014.
On the other hand, Vasilenko is the platform’s COO. He has worked for Accenture for a whole decade. Also, he is the co-founder of the Latvian Blockchain Association. This association aims to make the masses aware of blockchain technology.
What’s So Great About Paybis? Top Features
Paybis is a crypto exchange platform that is packed with user-friendly features. So, without wasting time, let’s dive right in!
1. Wide Collection Of Cryptocurrencies:
Paybis talks about supporting over 150 crypto and fiat currencies. Sadly, the platform does not offer a breakdown between the two types of currencies. So, we tried manual counting! The result? 80 crypto tokens and 48 fiat currencies.
Apart from some major crypto coins such as Cardano, Solana, Ethereum, and Bitcoin, Paybis allows users to purchase
In the case of fiat currencies, there are multiple big guns such as the Euro, British Pound, and US Dollar. But apart from those major fiat currencies, Paybis also supports fiat currencies like Bangladeshi Taka and Danish Krone, among other options.
2. Diver Payment Methods:
You can select from different payment methods for buying crypto on Paybis. Apart from the standard bank transfers and debit/credit cards, the exchange platform supports SPEI, PSE, WebPay, Khipu, PIX, Astropay, Giropay, Neteller, and Skrill, depending on your residence.
In this context, it is also vital to find out that certain card issuers or banks might charge an advance fee of upto 5% to purchase cryptos with the help of credit cards.
Moreover, there are some banks that don’t accept payments on this exchange platform.
Here’s an overview.
1. United States:
- First Bank Trust,
- Goldman Sachs,
- Capital One Bank,
- Green Dot,
- Chase Bank USA, NA,
- Bay First Bank, and
- First Abu Dhabi Bank.
2. Canada:
- Bank of Montreal,
- Tangerine Bank,
- Capital One Bank,
- Royal Bank of Canada, and
- Citizens Bank of Canada.
3. UK:
- Prepay Technologies Ltd,
- Capital One (Europe) PLC,
- Revolut, and
- TSB Bank.
3. Convenient Cash-Out:
While you can purchase 80 cryptos through this platform, you can sell only a few of these coins:
- Litecoin (LTC),
- Polygon (MATIC-POLYGON),
- Solana (SOL),
- Dogecoin (DOGE),
- Cardano (ADA),
- Tether (TRC20 and USDT-ERC20),
- USD Coin (USDC),
- Ethereum (ETH), and
- Bitcoin (BTC).
Cashin out through Paybis is very simple. The users have to choose the appropriate currency after selecting a withdrawal method. Then, the platform will prompt you to enter your desired amount before clicking on the ‘sell’ option. Subsequently, users will have to enter their bank account/Skrill/Neteller details before clicking on the ‘continue’ option.
It is vital to note that the payouts can be directed only to your personal bank accounts, Skrill or Neteller.
For any bank transfer payout, transactions can typically be processed on business days, and for outgoing bank transfers, the platform allows SEPA (EUR) only. Moreover, the platform has not highlighted payouts to the Revolut account since they usually return bank transfers from cryptocurrency merchants.
4. Paybis Wallet:
Paybis offers a sort of custodial wallet. It provides convenience by removing the requirement for users to monitor private keys. But this sort of convenience always comes with potential risks.
Keeping the risks aside, the Paybis wallet has its own set of solid features. These are as follows:
- Accessible cryptocurrency management.
- Unified and uniform asset management.
- Quick purchases.
- Real-time price monitoring.
- On-chain transparency.
- Mobile and web accessibility.
5. Crypto Affiliate Program:
Paybis has an affiliate program where users can earn around 20% of the exchange platform’s commission on different purchases made by their referrals. For any new cryptocurrency affiliate orders, users are eligible for real-time support from the platform’s account managers.
However, before signing up on the exchange platform’s affiliate program, you need to consider a few things:
- The platform makes payouts depending on the specific conditions.
- Each user is eligible for just one affiliate registration.
Moreover, the platform’s affiliate program is unique since it makes your referrals permanent. This basically means that for every transaction your referral makes in the future, you will be permanently eligible for a 20% payout.
At the same time, the affiliate program also rewards a user’s tiered referrals. For instance, if you invite any webmaster to register, then you will get 5% from the same webmaster’s referrals.
Also, the platform makes payouts monthly once the user meets the monthly limit of 50 dollars. Moreover, all partners get payments via Bitcoin or SEPA bank transfer.
Paybis And Payments: Fees Overview
Paybis is an exchange platform that maintains complete transparency about its basic fees. It makes plenty of money from the fees associated with successful transactions, segregated into two primary types: the network fee and the service fee.
Network Fee:
The network fee is very essential for confirming multiple transactions on the crypto blockchain. In fact, the network’s fee is known to be contingent on the industry demand for the selected crypto. It also happens to be applicable for every transaction, irrespective of the actual transaction amount.
It is vital to note that the actual network fee universally applies to all modes of payment. This is the fee structure that shows the dynamic side of different blockchain transactions, ensuring that the expenses are related to network confirmation. In fact, regardless of the mode of payment being used, this network confirmation is conveyed to users transparently.
Service Fee:
The service fee is the platform’s commission to facilitate transactions, covering different operational expenses related to providing services. This ends up encompassing payment processing expenses, infrastructure fees, and technical investments, which are important for maintaining the quality of services.
The service can differ depending on a few vital factors:
- Currency:
The service fee might fluctuate depending on this factor because of foreign exchange fees. In fact, the most common currencies like GBP, EUR, and USD are typically known for incurring relatively low fees as compared to others.
- Transaction Amount:
Typically, Paybis imposes a really low service fee of around 2 dollars for offsetting overhead expenses. Consequently, for small transitions, the minimal 2 dollars might represent a high percentage as compared to bigger orders.
- Payment Method:
Of course, different modes of payment incur different costs. For example, processing any payment made via bank transfer is usually more cost-effective than alternative methods.
Customer Support:
Paybis offers customer support for the whole time, making sure prompt replies to any difficulties users might encounter. The support team happens to be accessible via email and live chat but not over the phone.
Moreover, users can easily reach out to customer support through the special live chat feature or check out the FAQ section located in the Support Portal on the platform’s official page.
Additionally, the platform shows commitment to simple user accessibility by providing customer support in around nine languages, including Russian, German, Spanish, Korean, Italian, Arabic, French, and English.
Now, this multilingual customer support improves the global reach, catering to a dynamic range of users and facilitating good communication for users in this world.
So, Is Paybis Safe?
So, the question is – is Paybis safe?
Yes, it is a safe exchange platform. Moreover, the platform has already implemented multiple security measures for safeguarding user funds.
Security Measures:
The exchange platform employs several security measures for protecting personal information and user funds. Additionally, the platform uses the MPC (multi-party computation) model for providing wallet security that involves both fragmenting and distributing the user’s private keys among several computation parties. This, in turn, improves the overall wallet security.
KYC (Know Your Customer) Procedures:
Paybis ensures that every user follows a basic KYC process that requires users to opt for identity verification. This includes submitting all the important documents for identity verification and is typically designed for combating money laundering.
Paybis Review: Closing Thoughts
Paybis is a reputable and legitimate cryptocurrency selling and buying platform that makes regulatory compliance, user satisfaction, and operational transparency a priority.
The platform’s commitment to following the regulatory standards is absolutely evident via its registrations with FINTRAC in Canada and FinCEN in the United States. This ensures that the platform is able to operate within a legal framework while upholding industry standards.
On top of that, good user reviews on trusted platforms such as Trustpilot have contributed to the emergence of the platform’s positive picture. Of course, there are some negative comments, but that is normal, considering every platform faces occasional issues. But Paybis has managed to garner a huge number of solid, positive user reviews.
Simply put, the platform has positioned itself as a reliable and safe alternative for users looking for a user-friendly platform for trading in cryptos.
Its basic emphasis is on user satisfaction regulatory compliance, and simplicity sets it very apart in a complete landscape typically characterized by competition and complexity for size.
