Paybis Canada Review : Why We Don’t Like It

What Is Paybis?

Paybis is a cryptocurrency exchange that was founded in 2014 and is based in the United Kingdom. It allows you to buy and sell cryptocurrencies, and it's regulated by the Financial Conduct Authority (FCA).

Users of Paybis have the option to purchase supported crypto coins in 47 different fiat currencies. Fiat currencies presently supported include Canadian Dollars, US Dollars, Euros, and the Pound Sterling.

Paybis Features

1. Extremely Quick Account Verification

Typically, cryptocurrency exchanges want a lot of personal information from you in order to authenticate your identity. They are required to follow this procedure by law, and it could take you days to be able to start trading (especially if the crypto exchange you're using isn't based in Canada, like Kraken, CoinSmart or Coinbase).

Paybis's account creation and verification are not nearly as time-consuming as with some platforms; although the process isn't immediate, it only takes around 15 minutes to set up your account fully and begin trading cryptocurrencies.

2. A Plethora Of Payment Methods

Another advantage to using Paybis is that it accepts a wide variety of payment options to use on its platform. The payment methods they currently support are as follows:

• Credit card
• Debit card
• Bank transfer
• Skrill
• Neteller
• Wire transfer
• AdvCash
• Payeer

Users may also sell cryptocurrencies through the Paybis platform and receive Canadian dollars (CAD), US Dollars (USD), Euros (EUR), or one of many more fiat currencies in return.

3. Paybis Referral Program

You'll receive 20% of all the fees you pay on the platform as a reward for each successful referral you make to the Paybis platform.

This is especially advantageous for large crypto traders who invite many people to the exchange, and business-level traders can get an even higher reward after they talk about it with the Paybis team.

It's also worth noting that you can refer as many people as you want, so you can easily share your referral link with all of your friends.

Cryptocurrencies On Paybis

Paybis currently supports 10 different cryptocurrencies. These are as follows:

Paybis Fees

Paybis does not charge fiat deposits or withdrawal fees. However, there are fees for buying and selling cryptocurrencies: selling fees depend on the cryptocurrency and the amount being sold.

When using Bitcoin as an example of the cryptocurrency being bought, buying fees are as follows:

Our Recommendation

Despite Paybis's many advantages, it has one big setback that doesn't let me recommend it as a top crypto exchange for Canadians, and that would be its high fees.

As you can see in the Fees section above, Paybis charges much higher fees than other crypto exchanges when buying crypto using any fiat currency, and these fees will translate to thousands of dollars lost in fees on large and even intermediate transactions.

Because of these high fees, I suggest that you consider using our #1-rated exchange instead.

Introducing Kraken: Our #1-Rated Crypto Exchange In Canada

Best In Canada

Total Fees: ~0.16% Security: Best in class Customer Support: Excellent By far the lowest fees in Canada.

★★★★★ Rated 4.9/5

Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.

For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.

Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.

If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.

Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.

Features

• Extremely low trading commissions (0.16%)
• Extremely low spreads (0.0003%)
• Trade 100+ cryptocurrencies
• Stake 100+ cryptocurrencies
• Simple, intuitive user interface
• Kraken Crypto Watch allows you to keep track of the crypto market
• NFT trading inside the Kraken app
• 24/7 customer support via phone, email and live chat
• Plenty of free educational resources available to users
• 95% cold storage policy
• Regulated by FINTRAC

Cost

• Trading Fees: 0.16% (spot trades cost 0.26%)
• Spreads: 0.0003%
• Fiat Deposit Fee: 0%
• Fiat Withdrawal Fee: $10 CAD

Best For

Canadian cryptocurrency investors looking to trade with the industry's lowest fees.

In Summary

Paybis is a cryptocurrency exchange based in the United Kingdom that enables you to trade 10 different types of crypto coins. However, the platform charges significantly higher fees than other Canadian crypto exchanges, and because these fees will result in thousands of dollars lost on major transactions, I can't really recommend it as a top crypto exchange choice for Canadians.

The best crypto exchange in Canada is Kraken, both for its high level of security and for its extremely low fees. Kraken charges 10-20x less than other Canadian exchanges, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada, I can't recommend Kraken highly enough.

Paybis FAQs

How To Withdraw From Paybis

To withdraw fiat currencies from Paybis, you only need to follow these steps:

1. Log in to your Paybis account.
2. Select the cryptocurrency you want to sell on the “You Spend” tab.
3. Enter the amount you want to withdraw.
4. Select the preferred withdrawal method On the “You Receive” tab.
5. Click on the “Sell” button underneath the page to complete the transaction.

After that, depending on your choice of withdrawal method, you should expect funds to arrive in your account within a day or two.

To withdraw crypto funds from Paybis, you'll need a personal crypto wallet in order to copy and paste your wallet's address once a crypto purchase has been made.

Is Paybis Safe?

Yes, Paybis is a secure and safe cryptocurrency exchange. Like other exchanges we've reviewed, including Newton, Shakepay, VirgoCX, Bitbuy, CoinSmart and even Wealthsimpre Crypto, Paybis has never been hacked. Paybis is a registered company in the U.K. that allows you to add 2-factor authentication for greater account protection. It's also a non-custodial crypto exchange that grants you absolute control of your crypto funds and private keys.

Is Paybis Legal In Canada?

Yes, Paybis is legal to use in Canada. Although Paybis is a company regulated by the Financial Conduct Authority (FCA) in the United Kingdom and is thus subject to U.K. regulations, Paybis complies with all applicable laws and regulations in Canada.

Paybis Referral Code

Unfortunately, there are no Paybis referral codes available at this time.

Does Paybis Report To The CRA?

No. Since Paybis is based in the U.K., it reports large transactions at the end of every fiscal year to the Financial Conduct Authority (FCA), not the Canada Revenue Agency (CRA). However, the CRA does have the right to request Paybis to disclose your transaction information if they suspect any wrongdoing.