Paybis Review: Is It Legit? Pros, Cons, Fees & More

The post Paybis Review: Is It Legit? Pros, Cons, Fees & More by Chika Uchendu appeared first on Benzinga. Visit Benzinga to get more great content like this.

How Paybis Works

Paybis is a platform that allows users to quickly and easily purchase Bitcoin and other cryptocurrencies with cash. By streamlining the registration process, Paybis gets you up and running on their platform faster so you can start investing right away.

Once you are verified on the Paybis platform, you can purchase coins and transfer them to your connected digital wallet. It is important to note that you will need to have a digital wallet ready to store the coins you buy on Paybis. Additionally, if you choose to purchase cryptocurrencies other than Bitcoin, you will not be able to sell them on the platform. Paybis currently only supports the sale of Bitcoin for fiat currency, so buying other cryptocurrencies may require additional planning if you intend to sell them in the future.

Paybis Top Features

Streamlined Onboarding Process

Paybis offers expedited onboarding for its users, allowing them to perform certain transactions immediately after signing up. This streamlined process only takes around five minutes, saving users time and hassle. After creating an account, users can quickly verify their identity and gain full access to all the supported currencies on the platform.

Fiat-to-crypto Transactions

Paybis supports over 40 different fiat currencies, allowing users to easily purchase cryptocurrencies with their local currency. They also offer a variety of payment options, such as credit/debit cards, bank transfers, and e-wallets like Skrill and Neteller, making it convenient for users to fund their accounts and invest in cryptocurrencies.

Paybis Crypto Wallet

A crypto or DeFi wallet acts as a bridge between you and the blockchain network, allowing you to access and manage digital assets securely. Paybis offers a proprietary wallet with top-tier security features, easy access and the ability to buy, send and store over 35 cryptocurrencies in one place. The wallet uses state-of-the-art encryption technology and a passwordless login method and stores assets separately in dedicated addresses for transparency and security. The wallet employs the Multi-Party Computation (MPC) model to fragment and distribute private keys among multiple parties, enhancing fund security.

Paybis offers a low entry threshold, allowing you to purchase cryptocurrency for as little as $5. When buying or selling crypto via Paybis, you’ll come across three primary types of fees:

• Paybis fees or commissions
• Payment processing fees from the payment provider (such as credit card issuers, ACH networks and electronic check providers)
• Network fees charged by miners to confirm transactions on the blockchain network

Paybis fees and payment processing fees are collectively referred to as service fees, which are influenced by the selected payment method and network fees. Blockchain network fees can increase with demand for a specific cryptocurrency, and your base currency may also affect what you pay. Paybis may waive the commission for the first transaction, but payment processing fees and network fees will still apply.

• For credit or debit card transactions over $50, the payment processing fee is 4.5% of the amount (USD, EUR, GBP, JPY) and up to 6.5% for other currencies.
• Transactions below $50 have flat fees — $2 for transactions ranging from $5 to $20 and $3 for transactions between $20.01 and $50.
• Skrill and NETELLER have varying fees based on currency and the amount spent. Other payment providers like Giropay, PIX and Webpay have their own fee structures. Paybis also accepts bank transfers in EUR and GBP.

The combined fees (service fees + network fees) can exceed 10% of the transaction amount. After selecting your payment method and entering the cryptocurrency amount you intend to buy, you’ll see fees displayed just below your transaction details. You must also be aware that there are minimum and maximum buying limits per transaction. It ranges from a minimum of $4 for credit/debit cards, $20 for Skrill/NETELLER and $200 for bank transfer, to a maximum of $20,000 for credit/debit cards, $200,000 for Skrill/NETELLER and $1 million for bank transfer. There’s no promo, but you can become an affiliate and earn 20% of Paybis commission on all purchases your referral makes.

Paybis Cryptocurrency Selection

Paybis streamlines market access to diverse traders, enabling them to seamlessly buy or sell Bitcoin and other cryptocurrencies with credit or debit and receive instant crypto payout. Here’s an overview of these services. 

Buy Bitcoin and Other Cryptocurrencies 

Paybis provides crypto enthusiasts, experts and beginner traders with a simplified platform to buy cryptocurrencies. These range from highly acclaimed options like Bitcoin and Ethereum to decentralized finance (DeFi) tokens such as Uniswap, Dai and Chainlink. The crypto lineup boasts a diverse collection of innovative and potentially lucrative options like Nexo (NEXO), Tron (TRX), Polkadot (DOT) and Solana (SOL); meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB); and stablecoins like USDT and USDC.

Paybis allows users to buy cryptocurrency using 80+ various payment methods including Skrill, NETELLER and SEPA bank transfer and Apple Pay, Google Pay, AstroPay and ACH for the U.S. It supports over 150 crypto and fiat currencies worldwide and offers quick transactions with fair and transparent commissions.

Sell Bitcoin and Other Cryptocurrencies 

Paybis allows you to sell your cryptocurrencies via your debit card and receive the proceeds in your bank account. You can sell up to $20,000 worth of cryptocurrencies per transaction and receive the money directly in your bank account. The process is fast or instantaneous, although some banks may take longer to process the data. However, unlike buying crypto, Paybis currently supports selling about 10 cryptocurrencies to your credit or debit card. Besides Bitcoin (BTC), these include Ethereum (ETH), USD Coin (USDC), Tether (USDT and USDT-TRC20), Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Polygon (MATIC-POLYGON) and Litecoin (LTC).

Paybis is regulated by the U.K.’s Financial Conduct Authority (FCA) — one of the most reputable regulatory agencies globally. That means the platform will take all necessary measures to protect your assets and data in line with FCA guidelines. The platform is also registered as a Money Services Business with FinCen in the U.S. Paybis follows strict Anti-Money Laundering (AML) and KYC for customers’ identity verification to prevent potential identity fraud and illicit activities. The platform employs advanced encryption and multi-factor authentication, eliminating possible unauthorized access to customers’ accounts and digital assets.

The Paybis wallet leverages state-of-the-art technology — the MPC model — in storing your private key. The platform uses dedicated addresses to store funds, enabling customers to track and verify their holdings in the blockchain independently. It conducts real-time investigations on suspicious transactions to ensure legitimacy and offers 24/7 customer support for security issues.

Although Paybis may collect your personally identifiable information during registration and account setup, it is used for improved service delivery and marketing. The company does not sell or share it with third parties unless consent is given or required by law. You can review the Privacy Policies to understand better Paybis’s steps to protect your data.

Paybis offers 24/7 customer support through LiveChat on its website. Customers can connect with a live agent by requesting it through the chatbot. For non-urgent inquiries, customers can email the support team using the multiple email addresses provided on the contact page.

Paybis offers comprehensive support through its support portal and FAQ, allowing customers to find answers to their questions without contacting customer service. The company also maintains an active presence on YouTube and X for updates and news.

Paybis has a Trustpilot rating of 4.2/5 from over 21,000 reviewers, with many praising the company for its hassle-free and user-friendly platform and its responsive support team.

The Paybis Wallet is accessible through the web platform and mobile app, allowing you to choose your preferred way of accessing your wallet. The mobile app (available on Android and iOS) boasts a similar simplified, easy-to-use and intuitive interface for efficiently managing your wallet as the web platform.

Within the app, you can purchase cryptocurrencies, review your transaction history, access basic price charts, contact customer support, complete identity verification, check your profile information and refer friends to the platform. It streamlines on-the-go access, allowing you to seize buying or selling opportunities anytime, anywhere, directly from the home screen. The app has a rating of 4.7/5 from 143 reviewers on Apple Stores.

Paybis offers a user-friendly platform available on web and mobile, making it convenient to access your wallet and trade cryptocurrencies. Its interface is intuitive and easy to use, and you can manage your transactions and access helpful features like real-time pricing charts and a crypto calculator.

Getting started is easy and hassle-free, involving three simple steps: sign up with your email, verify your government-issued identity documents (typically takes 5 to 10 minutes), deposit funds and buy cryptocurrency. This entire process can be completed in under 15 minutes, making it a convenient and efficient way to enter the world of cryptocurrency trading.

Benzinga considers Paybis highly recommendable, especially for beginner traders seeking a fast, secure and efficient platform to enter the crypto market.

Paybis is available in over 180 countries, excluding Abkhazia, Afghanistan, Belarus, Crimea, Cuba, Iran, Iraq, Myanmar, North Korea, Northern Cyprus, Palestine, Russia, Sahrawi Arab Democratic Republic, Somalia, South Ossetia, South Sudan, Sudan, Syria and Yemen. It is also not available to U.S. residents of New York and Louisiana.

Paybis Alternatives

Paybis has a few competitors like eToro and Binance offering similar simple and easy user experiences. eToro allows you to trade between different cryptocurrencies and copy the strategies of experienced investors while Binance offers the lowest fees and a wide selection of coins and tokens. Paybis’s core competitive advantages include its lightning-fast crypto settlement or instant payouts, low entry barriers or minimum trade per transaction and simplified setup and verification process.

Paybis provides a convenient and secure experience for buying, selling and managing cryptocurrencies. The platform has built a longstanding reputation in the crypto industry thanks to its straightforward and effective service throughout its many years of operation. Paybis has continuously expanded its supported currencies, both fiat and cryptocurrencies, while remaining committed to its original goal of being a respected gateway that anyone could use to enter the sector. Despite its relatively high fees, Paybis has streamlined crypto trading or investing, making it accessible, simple, safe and convenient for investors or traders worldwide.

Frequently Asked Questions

The post Paybis Review: Is It Legit? Pros, Cons, Fees & More by Chika Uchendu appeared first on Benzinga. Visit Benzinga to get more great content like this.