Paybito – How Risky Is This Cryptocurrency Exchange?

PayBito is a US-based crypto trading exchange. The website of the exchange claims that this business is run by Hashcash Consultnats LLC.�

While the website does paint a fine-looking corporate image of PayBito, we have reasons to believe that this exchange is not trustworthy. There are some distasteful details, which we plan to expose in our PayBito Review so keep reading to learn more about this dubious exchange.�

Legal info: Is PayBito Legit?

Is paybito legit? That’s the main question that this section should answer. Paybito.com looks like an enticing crypto exchange, there is no doubt about it but there is something we must stress regarding the exchange’s legal status.

Namely, this business is supposedly run by Hashcash Consultantns LLC, a company based in the United States. Since PayBito is a crypto exchange, and crypto assets are considered securities in the US, this entity must be regulated by the most well-known financial market authority in the world – the US Securities and Exchange Commission (SEC).

We checked the database of the SEC in search of Hashcash Consultants LLC but it seems that this company is not registered with the regulatory body. The crypto exchange is unregulated and thus extremely risky. In other words, PayBito is not legit.

We do not recommend you trade on unregulated exchanges such as PayBito or bitkan. If you are an American trader and interested in digital assets, make sure your provider is regulated by the SEC.����

PayBito.com Countries of Service

According to whois, the paybito exchange website domain was created on September 19, 2016. Since then, this website has been providing services to clients while not being regulated or supervised.�

The data from similarweb.com shows that the number of visits to the website has been falling since March of this year, dropping from around 57k visits to 28k (May). The reason for this decline is probably the growing number of complaints against the exchange. The majority of PayBito users reside in the following countries:

Losing money to an unregulated crypto exchange can be frustrating. If you need help recovering your funds, please contact us.

What Traders Think About PayBito

For this section, we decided to check out popular forums such as trustpilot.com and tradersunion.com. At the time of this writing, PayBito had 18 reviews on Trustpilot and an average score of 3.7 (average).

However, if you look at the positive 5-star reviews, you’ll notice that the vast majority of them were all written on the same day – September 2, 2020, which is suspicious. Let’s look at the negative reviews, i.e. complaints.

Its a scam. I have made a deposit in INR to their bank account given, but even after 4 days it doesn’t reached my paybito account. I have the proof of deposit (Bank statement). There is NO RESPONSE from SUPPORT when I wrote to the Support team for so many times. If you deposit funds in Paybito, You’ll never get it back.

• Trustpilot user, February 2, 2022.

It seems that payment and withdrawal issues were a common problem among traders that trusted PayBito. On the other forum, there are also some complaints against the exchange:

More than 2 days ago, I sent money to the trading account, the money was gone from the card, but it didn’t get to the PayBito trading account. Managers say “We did not receive your payment.” I have no idea how this could happen and what to do now.

• TradersUnion user, December 24, 2022.

PayBito’s Trading Commissions & Withdrawal Fees

The majority of crypto exchanges calculate the trading fees based on the taker & maker model. The former is the one who takes an existing order from the order book while the latter is setting limit orders.

PayBito charges the same fee rate for takers and makers – 0.50%. These trading fees are considerably above the industry’s average, which was around 0.20-0.25% until early 2022 when it started slowly rising but still not to the level that PayBito has. All in all, the trading costs are not favorable.��

What about the withdrawal fees? The PayBito withdrawal fees for fiat currencies are percentage-based – 2.00%. For BTC withdrawals, on the other hand, the fee is 0.0008 BTC per withdrawal.��

As things currently stand in the industry regarding this type of withdrawal fee, the average is 0.000643 BTC. Yet another segment where PayBito does not live up to the standards.

Paybito’s Cryptocurrency Exchange Features

PayBito’s trading platform has a wide range of cryptocurrencies. These assets can be traded either against other crypto tokens such as US Tether, Ethereum, and Bitcoin or fiat currencies such as the US dollar or the euro.

Aside from spot trading, PayBito also offers futures and vanilla options. There is also an over-the-counter (OTC) offer on the table for larger investments and volumes.

Trading Software and the PayBito Mobile App

As mentioned, the PayBito platform is web-based. The website offers a preview with all the instruments and options but you cannot actually trade until you create either a demo or live account. In addition to the aforementioned features, PayBito also has a copy trade option.

The platform looks messy and unpolished. Advanced tools are not available. PayBito does not support proper third-party software such as MT4, MT5, or cTrader.�

The paybito app is available for Android and iOS mobile systems. While mobile trading is certainly an advantage, we don’t recommend you trade on an unregulated platform.�

Referral Program

PayBito offers a referral program, like most other exchanges. The concept of this is simple – you refer a friend or family member and then earn a commission from their profits.�

At the paybito login page, the referred users are supposed to enter the paybito referral code they receive. The commission PayBito promises is pretty hefty – users will get “50% of commissions earned from trading fees for every user that registers on PayBito…”

Referral programs should work as a win-win concept, you get a cut while the exchange gets a new client but this can only work out if there are no fraudulent and malicious practices. If you need help recovering your funds, we are at your disposal.

Deposit & Withdrawal Methods

There are three main methods available for depositing funds on the PayBito crypto exchange:

• Cryptocurrencies (BTC, ETH, USDT…);
• Fiat currencies (wire transfers).

However, it is not possible to deposit or withdraw funds via credit/debit cards. If you are not able to pay and receive money using cards, you cannot request a chargeback and reverse the transaction in case you believe it’s a scam.

For crypto, there are no deposit fees while withdrawal fees vary depending on the token used. For instance, the US Tether withdrawal fee is 1% plus 20 units while the minimum withdrawal amount is 1 USDT.

Key Information About PayBito To Consider�

PayBito is an unregulated US crypto exchange that has been active since 2016. The main users of this platform are traders from the US, Canada, and India. Although PayBito looks like an interesting and promising exchange, there are many scam complaints.

Many complaints equal a scam. Just take forexpropfirm for example, which we exposed recently. We do not recommend you trade on this crypto exchange. There are better and, more importantly, regulated exchanges out there that you can use.

If you lost money to the PayBito scam, please book your free consultation with our team to learn how to recover your hard-earned funds.

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