Paybis Canada Review (Oct 2022): Why We Don’t Like It

August 3, 2022
Reviews

Paybis is a U.K.-based crypto exchange that will allow you to buy, sell, and trade 10 different crypto coins. However, because it charges higher fees than other Canadian crypto exchanges I can't really recommend it as a top crypto exchange alternative for Canadians.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until October 4, 2022), I can't recommend CoinSmart highly enough.

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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 or Coinbase).

Fortunately, Paybis's account creation and verification are not nearly as time-consuming: although the process isn't immediate, it only takes around 15 minutes to fully set up your account 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.

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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:

Bitcoin (BTC)Litecoin (LTC)
Bitcoin Cash (BCH)Stellar (XLM)
Ethereum (ETH)XRP (XRP)
Binance Coin (BNB)Tether (USDT)
NEO (NEO)Tron (TRX)

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:

Buying MethodFees
Credit/Debit Card5% + 0.1 USD
Skrill3.54% + 0.1 USD
Advanced Cash3.95% + 0.1 USD
Neteller3.54 + 0.1 USD
Payeer4.95% + 0.1 USD
Bank Wire Transfer3% + 0.1 USD
Bank Transfer (SEPA)1.5% + 1 EUR

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 CoinSmart: Canada’s #1 Crypto Platform

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends October 4, 2022.

★★★★★

Rated 4.9/5

I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it's the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), it's an official member of the anti-money laundering group TRUST, and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

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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.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until October 4, 2022), I can't recommend CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends October 4, 2022.

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. It's 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.

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CLAIM MY $50 BONUS
Offer ends October 4, 2022.