Paybis Canada Review (Dec 2023): 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

Solid Option

Total Fees: ~3.2% Security: 95% cold storage Signup bonus: $20 Solid bonus + easy to use.

★★★★ Rated 4.0/5

VirgoCX doesn't charge any trading fees, deposit fees or withdrawal fees—yet its extremely high spreads make it one of the more expensive crypto exchanges in Canada. Those spreads are generally around 3.2%, which means you pay 20x the fees as you would trading with Kraken, which is absurd.

Aside from the high fees, though, VirgoCX is a great exchange. Its trading platform and mobile app are intuitive and easy to use (even for beginners), it supports 50+ cryptocurrencies, and it offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX covers the first $6 in mining fees on crypto withdrawals, which means you generally won't pay anything to withdraw crypto. For security, VirgoCX maintains a 95% cold storage policy and requires 2-factor authentication on all accounts.

As a new VirgoCX user, you'll receive a $20 bonus upon funding your account with $100 or more.

If working with an easy to use platform is important to you, VirgoCX is a solid choice.

Features

• Supports 50+ cryptocurrencies
• Free fiat deposits and withdrawals
• Free deposits and withdrawals on most cryptocurrencies
• 24/7 support available via live chat and email
• User-friendly for both beginners and more advanced traders
• 95% cold storage policy
• Regulated by FINTRAC

Cost

• Trading Fees: 0%
• Spreads: 2% – 3.5%
• Fiat Deposit Fee: 0%
• Fiat Withdrawal Fee: 0%

Signup Bonus

$20 when you deposit $100

Best For

Crypto investors who choose not to sign up with Kraken.

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.