PayTrie Review (May 2022): Why We Don’t Like It

December 23, 2021
Reviews
PayTrie Review

PayTrie is a Canadian cryptocurrency exchange that has several interesting features, such as a fast account verification procedure, an extensive FAQ section, and the fact that it is a non-custodial crypto exchange, which increases security. However, because it presently only supports stablecoins and charges you 1% for doing so, I cannot suggest using it over other Canadian crypto exchange options out there.

Because of these cons, I would rather suggest using a crypto exchange platform like CoinSmart. It has the lowest trading fees of any cryptocurrency exchange in Canada, and I can’t recommend it highly enough due to its simplicity and bank-level security standards.

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Offer ends May 19.

What Is PayTrie?

PayTrie is a Canadian cryptocurrency exchange platform that allows you to buy crypto coins in Canada. It was founded by Kevin Zhang and Henry Chan, and it’s currently backed by Consensys, a blockchain software tech company.

It presently only supports stablecoins, AKA cryptocurrencies that try to keep their value fixed to an external reference (like Canadian dollars and US dollars). You may use these stablecoins to fund other crypto exchange accounts you already have and acquire coins that aren’t available in this manner.

PayTrie Features

1. Lightning Fast Account Verification

Cryptocurrency exchanges need a lot of personal information from you in order to verify your identity, and they must go through this process by law. This process can take days to complete, especially if the crypto exchange you’re using isn’t based in Canada, so you might have to wait a long time before you’re able to trade any crypto tokens.

Fortunately, PayTrie’s account creation and verification are extremely fast. After all, you’re capable of fully setting up your account and beginning your cryptocurrency trading in as little as five minutes when using PayTrie.

2. Non-Custodial Crypto Exchange

PayTrie is also a non-custodial crypto exchange, which means that they don’t store your cryptocurrencies on their platform. Rather, PayTrie simply facilitates the buying and selling of these tokens between you and other traders on the exchange.

This provides an extra layer of security for PayTrie users, as your coins are never stored in a single location where they could be hacked or stolen. Besides, there’s a popular saying in the crypto world: “not your keys, not your coins”.

3. Extensive FAQ Section

PayTrie also has an extensive FAQ session that will not only answer common questions that you may have but also provides instructional videos on cryptocurrencies in general, as well as how to use the PayTrie platform.

This is extremely helpful for beginners who are just starting out in the world of cryptocurrency trading, and it can help you to avoid making any costly mistakes when trading.

Cryptocurrencies on PayTrie

PayTrie currently supports 5 stablecoins. These are as follows:

CAD Coin (CADC)Binance USD (BUSD)
Tether (USDT)MakerDAO (DAI)
USD Coin (USDC)

PayTrie Fees

At the moment, PayTrie charges a 1% fee on all purchases. This charge includes ETH network gas expenses, USD to CAD conversion rates, and USD to stablecoin exchange rates.

Our Recommendation: CoinSmart

Despite how convenient PayTrie is as far as buying stablecoins is concerned, it’s extremely limited as a cryptocurrency exchange by having no support for altcoins at all.

Taking that into consideration, a 1% fee on all transactions is particularly high, which is why I cannot recommend PayTrie as a top crypto exchange option for Canadians.

Instead, I would like to suggest that you give CoinSmart a try. Here are a few of the reasons why I’d recommend it over PayTrie:

Introducing CoinSmart: Canada’s #1 Crypto Platform

Best Overall

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

$50 offer ends May 19.

★★★★★

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), 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

CLAIM MY $50 BONUS
Offer ends May 19.

In Summary

PayTrie is a Canadian cryptocurrency exchange platform that allows you to buy cryptocurrencies and has plenty of neat features, such as a very quick account verification process, an extensive FAQ section, and its status as a non-custodial crypto exchange, which increases security. However, considering that it only supports stablecoins at the moment and charges you a 1% fee for doing so, I cannot recommend it over other top crypto exchange platforms.

Because of these setbacks, I would instead suggest that you consider using a crypto exchange platform like CoinSmart. It has the lowest trading fees across all crypto exchanges in Canada, and considering its ease of use and security, I cannot recommend it enough.

PayTrie FAQs

How To Withdraw From PayTrie

To withdraw funds from your PayTrie account, you only need to follows these steps:

  1. Login to your PayTrie account.
  2. Head to the “Trade” tab to the left side of the screen.
  3. Click on the “Sell Stablecoins” section at the top of the screen.
  4. Click the swap symbol in the middle of the widget to flip between buying and selling.
  5. Enter the type of stablecoin and amount of said coin you want to sell.
  6. Copy and paste your personal crypto wallet address.
  7. Select the “Submit” option to submit your transaction.

Is PayTrie Safe?

Yes, PayTrie is a safe cryptocurrency exchange to use. It allows you to set up 2-factor authentication for increased account protection, and it also grants you full control of your private keys and crypto tokens by being a non-custodial crypto exchange.

Is PayTrie Legal In Canada?

Yes, PayTrie is a legitimate crypto exchange and it’s legal to use in Canada. It’s a registered Money Service Business (MSB) and it’s regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

PayTrie Referral Code

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

Does PayTrie Report To The CRA?

Yes. Considering PayTrie is a registered Money Service Business (MSB) and it’s regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it’s required by law to report large transaction information to the Canada Revenue Agency (CRA).

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5