PayTrie Review (Jan 2023): Why We Don’t Like It

June 2, 2022
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.

VirgoCX 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 $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX highly enough.

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.

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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

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 suggest you try our #1-rated exchange instead.

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

#2 In Canada

Trading Fees: 0% up to $200
Security: Best in class
Customer Support: Excellent

Top-notch security + low fees.

★★★★★

Rated 4.5/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $200. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $200

Best For

Crypto investors looking for the most secure trading experience + low fees.

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In Summary

PayTrie is a Canadian cryptocurrency exchange platform that allows you to buy cryptocurrencies and has some nice features, including quick account verification, an extensive support library, and being a non-custodial exchange, which increases security. However, considering that it only supports stablecoins at the moment—and also charges you a 1% fee for doing so—I can't recommend it over other top crypto exchange platforms.

VirgoCX 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 $20 signup bonus (available until January 30, 2023), I can't recommend VirgoCX highly 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).

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