BitPay or Paybis: Which is Right for First Exchange?
Key Takeaways:
BitPay is primarily a crypto wallet and payment processor built for merchants, not a dedicated exchange for first-time buyers. While users can buy crypto through the BitPay app, it routes purchases through third-party providers like Simplex and Wyre, which complicates fees and support. BitPay also requires managing a 12-word seed phrase (a password that cannot be recovered if lost), adding technical responsibility most beginners don’t expect. For first-time buyers who want instant transactions (<1 minute), transparent fee breakdowns before purchase, and 24/7 human support, Paybis offers a more direct and beginner-friendly experience.
Table of contents
Is BitPay Good for Beginners?
BitPay can work for beginners, but it’s not optimized for the “I want to buy Bitcoin today” use case. BitPay positions itself as a service to “accept Bitcoin, Ethereum, Solana, stablecoins like USDC, and more online, in-store, or via email billing” for merchants. The company’s homepage emphasizes spending crypto and merchant payment processing over helping new users make their first purchase.
When users buy crypto through BitPay, they’re not buying directly from BitPay. Instead, they aggregate offers from multiple partners including Simplex, Wyre, MoonPay, Ramp, and Sardine. This means fees, verification processes, and support experiences vary depending on which provider processes each transaction.
BitPay also operates as a non-custodial wallet (meaning users hold their own private keys and bear responsibility for their security). During setup, the BitPay app requires users to write down a 12-word recovery phrase. If this phrase is lost and a phone breaks, BitPay cannot recover the funds.
Paybis takes the opposite approach. The platform handles technical security for users with a custodial wallet model, PCI DSS Level 1 certification, and cold storage for the majority of user funds. Paybis focuses purely on the buying experience: users select the amount they want, verify their identity, pay with a credit card, and receive crypto. No seed phrases to manage on day one.
“I’ve been using Paybis for over a year now. I’m brand new this crypto stuff, but this company has been straightforward, easy to use, and reliable. If you’re a newbie like me, it’s easy to use.” – MOOSE on Trustpilot
BitPay Fees Explained: What You Actually Pay
BitPay’s fee structure is indirect because BitPay doesn’t sell crypto directly. Instead, BitPay partners with third-party providers like Simplex, Wyre, MoonPay, Ramp, and Sardine who handle the actual fiat-to-crypto conversion.
Third-party processing fees: When buying crypto through the BitPay app, the provider (Simplex or Wyre) charges their own fee. BitPay has promoted zero credit card fees for European users during limited-time promotions, but standard processing fees typically range from 3-5% based on payment method and currency.
Network fees: With all blockchain transactions, users pay a small network fee. These fees don’t go to BitPay directly but are used to move funds on the blockchain. Network fees vary by cryptocurrency, network congestion, and transaction amount. During periods of high Bitcoin demand, network fees can spike from $2 to $20 or more.
The visibility problem: Because BitPay routes through third parties, total costs aren’t always clear until users reach the provider’s checkout page. Someone might start the process on BitPay, then get redirected to Simplex’s interface where the final fee breakdown appears.
Paybis shows all fees upfront in a single calculator before users enter any payment details. Here’s exactly what appears when buying crypto on Paybis:
- Service Fee: Starts from 1.49% (first card transaction has 0% service fee)
- Processing Fee: 4.5-8.5% for card transactions over $50 (depending on currency)
- Network Fee: Variable based on blockchain demand (typically $0.70-$5 for Bitcoin)
- “You Get” amount: The exact crypto amount after all fees
For a $500 Bitcoin purchase on Paybis using a credit card (after the first purchase):
- Service Fee: $7.45 (1.49%)
- Processing Fee: $22.50-$42.50 (4.5-8.5% depending on currency)
- Network Fee: ~$1.50-$5.00 (varies by Bitcoin network demand)
- Total charged to card: ~$531.45-$555.45
The difference is transparency. With Paybis, users see this breakdown before clicking “buy.” With BitPay, they learn the cost partway through a third-party checkout flow. The Paybis calculator tutorial video demonstrates exactly how this works.
“What I like most is how simple it is: I just pick how much crypto I want, pay with my card (or Apple/Google Pay), and in about 10-15 minutes the coins are already in my wallet.” – Christine K on G2
The BitPay Verification Process: Step-by-Step
BitPay’s identity verification is handled by a third-party service called Onfido rather than by BitPay directly. According to BitPay’s privacy documentation, Onfido collects an image of a user’s identity document and a photo or video of their face, then verifies whether the document is genuine and whether the face matches the document photo.
Setup time for BitPay ranges from 5-10 minutes, but the KYC verification process timing varies significantly. BitPay’s support page states that if verification is pending longer than 24-48 hours, users should contact support. Multiple sources report frequent complaints about slow KYC verification, frozen funds, and poor support response times for BitPay.
Paybis uses third-party KYC verification through Sumsub with automated document recognition technology. Users upload a government ID and take a selfie. Paybis verification typically completes in under 15 minutes for most users who submit clear, valid documents. In rare cases requiring manual review, the process may take up to 24 hours. When contacting Paybis support, users speak directly with the team that manages the verification system.
The video guide on KYC verification at Paybis shows the exact steps: create account → upload ID photo → take selfie → receive approval notification.
“The Paybis app it’s the easiest I’ve ever used it was the easiest I got to get verified it was the easiest to just complete the account setup.” – Tammy on Trustpilot
BitPay vs. Paybis vs. Coinbase: A Beginner’s Comparison
Here’s how the three platforms stack up for first-time buyers:
| Feature | BitPay | Paybis | Coinbase |
|---|---|---|---|
| Primary use case | Merchant pay | Buy crypto | Trade & hold |
| Verification speed | 24–48h+ | <15 min | 10m–48h |
| Support channels | Email only | 24/7 chat | Bot + ticket |
| Fee structure | Partner fees | Shown upfront | Spread + fee |
| Wallet model | Non-custod | Custodial | Custodial |
| Payment methods | Card, bank | 20+ methods | Bank, debit |
| Time to own crypto | Hours–days | ~10 min | 3–5 days |
| Best for | Merchants | First buyers | Long term |
According to analysis of Coinbase’s verification process, Coinbase claims 90% instant verification, but the other 10% wait 24-48 hours for manual review. Even verified users face a bigger problem: if they fund via bank transfer (ACH), Coinbase holds their crypto for 7-10 days before allowing withdrawals.
BitPay’s advantage over Coinbase is that once verified, crypto is immediately available in the user’s wallet since they control the keys. But verification delays and the complexity of managing seed phrases make the overall beginner experience harder than Paybis’s streamlined flow.
Key Features for First-Time Buyers
BitPay Card: Good for Spending, Not Buying
The BitPay Card is a Mastercard debit card that converts crypto to dollars instantly when swiped. This works well if users already own crypto and want to spend it at millions of merchants. But if someone is trying to buy their first Bitcoin, the BitPay Card doesn’t help, it’s an off-ramp (crypto to fiat), not an on-ramp (fiat to crypto).
Self-Custody: Control vs. Responsibility
BitPay’s non-custodial model means users control their funds completely. No company can freeze accounts or block transactions. But this comes with responsibility. BitPay requires users to secure their 12-word recovery phrase during wallet creation. If this phrase is lost, BitPay explicitly states they cannot recover funds.
For experienced users, this is a feature. For first-time buyers, it creates risk. Research on cryptocurrency security indicates significant amounts of Bitcoin have been permanently lost due to forgotten passwords and misplaced seed phrases.
Paybis uses a custodial model with cold storage for the majority of funds, SSL encryption for data transmission, and PCI DSS Level 1 compliance. Users log in with email and password (plus optional security measures). If a password is forgotten, the platform can help reset it.
Paybis Simple Calculator: Clarity Before Commitment
Paybis homepage calculator shows exactly what buyers will receive before they create an account. Users enter “$500” and select Bitcoin. The calculator displays the amount of BTC they’ll receive, service fee breakdown, processing fee breakdown, network fee estimate, and total charged to their card. This information isn’t hidden behind a login or revealed at checkout.
The calculator tutorial video demonstrates how to use this tool.
24/7 Live Chat: Humans When Needed
BitPay offers support via email, ticket system, and limited phone hours (10 AM – 8 PM Eastern time Monday-Friday, 10 AM – 2 PM weekends). BitPay does not offer live chat for retail users. The stated response time is 24 hours for email inquiries.
When buying crypto for the first time and a transaction shows “pending” for 20 minutes, waiting 24 hours for an email response creates anxiety. Paybis offers 24/7 live chat support with average response times of 1-2 minutes. The platform supports several languages, including English, Spanish, French, German, Italian, and Japanese.
“Paybis strikes a rare balance: a clean, approachable interface for first‑time buyers, paired with the speed and reliability seasoned users expect… When I reached out, the reply was timely, courteous, and solution-oriented.” – Joon Hun on Trustpilot
Beginner’s guide to buying Bitcoin on Paybis walks through the entire first purchase experience, including how to contact support if help is needed.
Security and Support: Is Your Money Safe?
BitPay Security
BitPay’s non-custodial model means security responsibility falls on users. If they write down their 12-word seed phrase and store it safely, their crypto is as secure as their physical storage method. BitPay has operated since 2011. While the platform itself has not been hacked, BitPay experienced a $1.85 million loss in December 2014 through a phishing attack targeting an employee (no customer funds were affected).
Reviews on Trustpilot mention complaints about frozen funds and support delays. When accounts are flagged for review, the 24-hour support response time means users are potentially locked out for a full day before getting clarity.
Paybis Security
Paybis is registered with FinCEN in the United States (US entity 31000224635628; PL entity 31000277275964) and FINTRAC in Canada (PL entity C100000816; CA entity C100000646; UK entity M22061209). The platform maintains PCI DSS Level 1 certification, the highest standard for payment processing security.
Paybis security measures include cold storage for the majority of user funds (offline storage that can’t be hacked remotely), SSL encryption for all data transmission, and real-time transaction monitoring for fraud detection. The platform has operated since 2014 without a major security breach. The review on security practices explains how user funds are protected.
The Support Gap
The real security difference for beginners isn’t just technical; it’s access to help when something goes wrong. Paybis has 30,337+ Trustpilot reviews with a rating of 4 stars. BitPay has approximately 290 Trustpilot reviews with mixed ratings and frequent complaints about support response times.
When new to crypto and seeing “transaction pending” for 15 minutes, users need immediate reassurance. The Paybis 24/7 live chat with average response time of 1-2 minutes provides that. BitPay’s ticket system and 24-hour response window does not.
“Paybis offers transactions in a quick and easy format with thorough security measures. I’ve been using their app for quite some time and have had no issues.” – Amanda Stringfellow on Trustpilot
The Verdict: Should You Use BitPay?
BitPay’s Strengths:
- Operating as a merchant who needs to accept crypto payments from customers
- Wanting to spend crypto via a debit card at traditional retailers
- Comfortable managing a personal seed phrase and private keys
- Preferring email/ticket support over live chat
Paybis’ Strengths:
- Buying crypto for the first time and want a simple, guided experience
- Bitcoin is needed today (verification ~2 minutes vs. 24-48+ hours)
- Seeing exact costs before entering payment details is important
- 24/7 human support is valued (avg. response 1-2 minutes vs. 24-hour email)
- A custodial wallet that handles technical security is preferred
- Using credit cards, Apple Pay, Google Pay, or 20+ payment methods is desired
Paybis built its platform specifically for the first-time buyer experience. Over 5 million users have used the service to buy crypto because it optimizes for speed, transparency, and support rather than merchant features or spending tools.
Ready to buy crypto now? Create a free Paybis account, complete verification, and see exact costs before clicking “buy.” First card purchases include zero service fees; just processing and network fees shown upfront.
Key Terminology
Non-custodial wallet: A crypto wallet where users control their private keys and are responsible for security. If a seed phrase is lost, no one can recover the funds; not even the wallet provider.
Network fee: The cost paid to blockchain miners to process and confirm transactions. This varies based on cryptocurrency type and network congestion (how many people are using the blockchain at that moment).
On-ramp: A service that converts traditional money (dollars, euros, pounds) into cryptocurrency. Paybis specializes in on-ramps; BitPay focuses more on off-ramps (spending crypto).
Seed phrase: A list of 12 or 24 words generated when creating a non-custodial wallet. This phrase is a backup password and the only way to recover a wallet if a device is lost or broken.
Self-custody: When users hold and manage their own cryptocurrency private keys rather than letting a company store them. Offers maximum control but requires careful security practices.
FAQ
Is BitPay a wallet or an exchange?
BitPay is primarily a non-custodial wallet and merchant payment processor. It allows crypto purchases through third-party providers like Simplex and Wyre but isn’t a dedicated exchange.
Can I buy Bitcoin instantly on BitPay?
Purchase speed depends on the third-party provider and verification status, which can take 24-48+ hours. Paybis verification completes in approximately 2 minutes for most users.
Which is safer, BitPay or Paybis?
Both are safe but use different models: BitPay is non-custodial (users control keys), while Paybis is custodial with PCI DSS Level 1 certification and cold storage. Security depends on whether users prefer self-custody responsibility or professional management.
What are BitPay's fees?
BitPay doesn’t charge its own fee but passes through third-party provider fees plus blockchain network fees. Total costs vary by provider, payment method, and network congestion.
Does BitPay have live chat support?
No, BitPay offers email/ticket support (24-hour response time) and limited phone hours (M-F 10 AM-8 PM Eastern, weekends 10 AM-2 PM). Paybis offers 24/7 live chat with average response times of 1-2 minutes.
How long does BitPay verification take?
BitPay verification is handled by Onfido and timing varies, with 24-48 hours being common. Support recommends contacting them if verification exceeds this timeframe. Paybis verification averages approximately 2 minutes.
Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more at: https://go.payb.is/FCA-Info
