Paybis App
Paybis is a UK-based Bitcoin exchange platform that went live in 2014. It aims to provide seamless crypto trading services and a transparent fee structure to make trading easier for its users. The brand has since grown to cover over 180 countries, serving over 400,000 clients.
The Paybis App also offers a good, intuitive design so new users can easily find all the things they need. They also have a competent customer support team that can help you with any of your questions should you find yourself stuck at any point in the process.
Paybis Security Features
When it comes to security, Paybis offers a good array of features to make crypto trading as secure as possible. The brand is registered with FinCen in the US as a Money Service Business. The brand has also secured a license to provide fiat/digital currency exchange services in Estonia.
Non-custodial Exchange
Paybis does not store the cryptocurrencies you buy, nor the keys you need to access them. As such, you will need a separate wallet for this function. On the upside, this means that there is no way for your coins to be compromised if a hacker attempts to hack into the Paybis App.
Two-Factor Authentication (2-FA)
Paybis uses 2-FA to secure their customers’ accounts. Users can easily set up this added layer of security on their Paybis App with the help of Google Authenticator.
Anti-Money Laundering (AML) and Know Your Customer (KYC) Policies
Paybis is compliant with the AML and KYC policies, which is important to keep in mind since it could affect your ability to trade within the platform. The KYC policy is in place to help curb illegal activities by ensuring that all clients undergo a verification process when signing up for the exchange.
On the other hand, AML policies are there to monitor all the transactions to check for any illegal activities.
Simplex Paybis Partnership
Simplex is a leading fintech company who has been selected as one of the top 10 most impactful Blockchain companies for 2019-2020. They work with over 100 leading banks and crypto exchanges in order to ensure fraud-free payment processing, all while providing the proper fiat infrastructure for the crypto industry.
Since Simplex’ liquidity partnership with Paybis in 2018, They have continued to focus on their payment processing offers, while letting Paybis handle the support needs of the crypto infrastructure. The Simplex-Paybis partnership has also enabled Simplex users to sell crypto and receive funds in fiat to their bank cards.
Purchasing Coins with Paybis
Most clients around the world can purchase their coins via credit/debit cards. Users can submit their own ID to speed up the verification process, allowing users to receive their coins in just about 13 minutes, regardless of where they are in the world — provided the service is accessible there.
Paybis App also accepts bank transfers in EUR and USD. Transfers done with EUR should be a SEPA payment, while deposits in USD should be done through wire transfer. For SEPA payments, it may take around 1-5 days before the transaction is verified, so users can expect to receive their coins within six days.
Types of Fees
When it comes to buying cryptocurrencies via the Paybis App, you may have to pay three types of fees:
Credit/Debit Card Fees:
This fee is charged by the payment service provider whenever you use your credit or debit card to buy cryptocurrencies.
Paybis Fee:
Paybis charges a fee for offering the service. These fees may vary depending on the transaction.
Bitcoin Network Fee:
This is the standard fee charged by the blockchain in order to process and confirm your transaction.
FAQ
Yes, it’s safe. The app follows strict security standards and the business is registered with the relevant authorities. Attackers also cannot access your funds by targeting the app as well, due to the nature of being a non-custodial wallet.
Yes. International AML regulations require Paybis to check customer identity before they can allow people to use the service, in order to catch malicious transactions. It also doubles as an added layer of security for users in the exchange.
For payment methods that require KYC/Verification, you need to submit your personal information, your address, and verification documents that match your personal information. Remember to upload these documents in good quality, with all text readable and visible. Max document size should be around 5 MB.
