One of the popular ways to buy cryptocurrency is to choose a service on Bestchange and make a payment without registering. This way, users obtain coins at a favourable rate, but each time they risk: the bank may deem the operation suspicious and freeze the account.
We discuss the cryptocurrency service Paybis with mandatory KYC: comparing exchange rates and explaining the advantages of mandatory verification for users.
Registering with Paybis
Paybis is a British cryptocurrency exchange that operates in 189 countries and 48 US states. The service supports 47 fiat currencies and 36 cryptocurrencies.
Its main feature is mandatory user verification. They confirm email addresses and undergo KYC/AML procedures.
To buy cryptocurrency you must confirm your phone number, upload a photo of your identity document, and provide your actual residential address.
Paybis does not store users’ personal data. This is handled by an external KYC service, which hosts images on a server with no public access.
If the purchase amount exceeds $10,000, the service requests additional information: the purpose of the purchase, a photo of the bank card, proof of residence, or a certificate of income.
Expanded verification only needs to be completed once. Paybis updates the exchange rate every minute during the verification process.
Features of buying and selling cryptocurrencies
Paybis supports credit and debit cards, bank transfers, as well as Skrill and Neteller payment systems.
Users can buy any cryptocurrencies, and sell — only Bitcoin for US dollars and British pounds.
In the order window, fees are shown: transaction fees, service fees, and payment-system fees.
Transaction limits depend on the payment method and range from $20,000 to $1 million.
Paybis works with exchanges, payment providers and the crypto industry, so it can execute deals of €1 million at any time of day.
Paybis exchange rate
We compared Paybis rates with several exchange services. We checked the fees of major processing services Simplex and Moonpay, as well as exchangers with the most favourable rates at the time of the deal.
To do this, we calculated how much cryptocurrency we would receive when buying Bitcoin with a card: in rubles, hryvnias, and dollars. The rates are current as of 14 October 2021.
Amount — 20,000 RUB. Rate — 1 BTC = 4,237,423 RUB.
Amount — 10,000 UAH. Rate — 1 BTC = 1,568,550 UAH.
Amount — $1000. Rate — 1 BTC = 59,393 USD.
Paybis commissions are two to three times lower than those of popular crypto-processing services.
Exchangers listed on Bestchange unsurprisingly offer the most favourable rates, but they do not allow buying cryptocurrency for more than $2,000.
Conclusion
Paybis can be described as an international exchange. It supports user verification from 180 countries and 40 currencies.
The service is suitable for businesses and large investors: on Paybis you can legally buy cryptocurrency up to $1 million.
The only drawback of the exchange is restrictions on selling cryptocurrency. Clients can sell only Bitcoin — for euros or British pounds.
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