What is Paymium? Is it one that you should look forward to using or one that you should totally avoid? In this review, we shall look at such details about Paymium, in a bid to establish its relevance and value in today’s world. If you’d like to know more about it, then stick through till the end of the review. Here are the subtopics that we shall go through:
- What is Paymium?
- Which currencies are supported?
- What are the Deposit and Withdrawal Options that are allowed on Paymium?
- The Fees and Charges
- What are the privacy and security measures that Paymium has put in place?
- Which countries are supported?
- How is customer support offered on Paymium?
- Is Paymium Genuine or is it a Scam?
- Pros and Cons
- Final words + better alternative?
Name of the platform: Paymium
Official Website URL: https://www.paymium.com/
Overall Rating: (4 / 5)
Recommended: Yes ( For those who are interested in doing BTC/EUR trades and exchanges only)
What is Paymium?
Paymium is typically a Bitcoin bank, that allows people to trade, purchase, and sell BTC while offering such people an opportunity to make use of their secure wallets to store their tokens. Paymium was launched in 2011, as a trading and exchange platform. The exchange platform was at that time being controlled by Mt. Gox. When Mt. Gox collapsed, a decentralized business model was adopted, and this allowed Paymium to tap into a larger client-base.
Paymium is headquartered in Paris, thus its primary market is Europe. As of now, the platform is offering services to tens of thousands of people who live in Europe. The company currently focuses on the provision of the following services to its customers:
- BTC exchange services.
- Merchant solutions for companies and businesses that allow Bitcoin-based e-commerce payments.
- BTC trading.
You can also access these services via the Paymium app, which I think you will find a bit more convenient if you are on the go.
The cryptocurrencies traded on Paymium
Paymium serves the European market mainly, and the only crypto that it allows its users to trade is Bitcoin. Traders can only pair Bitcoin with the Euro. If you are out to do your fiat to crypto or crypto to fiat exchanges, then the most you can do on Paymium is a BTC/EURO or EURO/BTC exchange.
Paymium also allows its users to utilize the BTC/EUR pair as a CFD to earn an income through the advanced trading web interface.
What are the Deposit and Withdrawal Options that are allowed on Paymium?
Paymium allows a couple of options for the deposit and withdrawal transactions. Each option comes with its unique limits and fees. As of now, here are the channels that you can use for your withdrawals and deposits:
- Credit and debit cards- MasterCard/VISA.
- SEPA/ European Wire Transfer.
- Crypto payments.
The Fees and Charges
The two major categories of the fees that Paymium users are charged are:
- Deposit & Withdrawal fees
- Exchange & Trading fees
The bank card fees charged for deposits and withdrawals are fixed at 8% of any amount that you transact. If you rely on the SEPA wire transfers to make a deposit, you will not incur any charges, but you will be charged 0.99 Euros for the outgoing transfers.
All the Bitcoin deposits and withdrawals are free. The network confirmation fees are actually catered for by Paymium to ensure that the transactions are absolutely free. This means that Bitcoin is the only deposit/ withdrawal option on Paymium that does not attract any charges whatsoever.
For the trades, Paymium charges a standard fee of 0.59% on the order amounts. This fee is usually applied to the executed orders.
What are the privacy and security measures that Paymium has put in place?
The nature of services provided by Paymium demand that security and privacy measures be taken very seriously. Paymium has to implement topnotch cybersecurity measures that are aimed at seeing to it that hackers do not get a chance to access its clients’ details and money. Some of the key measures that have been put in place already include:
- Two-Factor Authentication (2FA)- You can do this using Yubikey & Google Authenticator.
- SSL certificate with encryption – this protects sensitive user data from falling into the wrong hands.
- Both Hold and Cold storage wallets for BTC.
- Strict AML and KYC
- Password support- complex passwords
Which countries are supported?
The services that Paymium offers are Euro-denominated and are therefore accessible to all people in the European nations. Several other nations are accepted, including:
Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, French Guiana, French Polynesia, Germany, Greece, Guadeloupe, Hong Kong, Hungary, Iceland, India, Ireland, Italy, Japan, Korea (South), Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Martinique, Mayotte, Mexico, Netherlands, New Caledonia, Norway, Poland, Portugal, Réunion, Romania, Saint Barthélemy, Saint Martin, Saint Pierre and Miquelon, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, United Kingdom, Wallis, and Futuna.
There are several nations that are currently not allowed on Paymium due to regulatory measures/financial blacklisting. These include:
- The Democratic Republic of Congo
- North Korea
How is customer support offered on Paymium?
Paymium offers its support in French and English to all its users during the business hours, through the channels listed below:
- Online support ticket
- General inquiries and support- firstname.lastname@example.org
- Log in support- email@example.com
- Social media- Twitter & Facebook
Is Paymium Genuine or is it a Scam?
This platform is genuine, and one that is offering legit services in the market. The customer reviews actually reveal that it doing a great job at delivering the promised services. On Trustpilot (opens in new window), for instance, this platform has a rating of (4.2/5) stars, which is quite impressive.
If you are out to execute BTC/EURO trades and exchanges only, then I think this is a platform that you can rely on. I think the creators of this platform have put in the work to ensure that they happen smoothly.
If you however want an exchange that gives you variety, then I think you will like my number one recommended platform, below. This platform actually gives you a free crypto ATM, thus making banking with cryptos a reality.
This platform will give you access to many more deposit and withdrawal options, without compromising on security and quality of services.
Pros and Cons
It it is always a good thing to compare the positives against the negatives to get a better overall view of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
- Low transaction fees
- No fees for Bitcoin transactions
- Topnotch security standards
- Limited trading pairs
- Customer support only offered in two languages
Final words and verdict:
Overall rating : (4 / 5)
Paymium is a reliable platform for those who are trying to make an income doing BTC/EUR trades, as well as those who simply want to exchange their BTC for EUR and vice versa. If these are the only options that you want to work with, then you can have a look at Paymium. If you would like to expand your options and have the space to earn even more with a wide variety of cryptos, then you should have a look at what my number one recommended alternative has to offer.
You Get More Banking Options With This Alternative to Paymium (Get your free Crypto ATM Card + $50 Worth of FREE cryptos)
That’s all for my review of what Paymium is all about. I hope it helped you get the information that you needed to go forward with your decision about whether to rely on it or not. All in all, I think Paymium is quite decent, and one that you can rely on. If you, however, want to go all out on cryptos, check out my recommended alternative.
Eric, investor, and team member on Gold Retired!