Copy of Review 1 - Blank

PayTrie Review

Last Updated: Sep 20, 2022  |  Published: Jun 10, 2022


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PayTrie is a stablecoin cryptocurrency exchange that calls itself the fastest crypto on-ramp in Canada. It's also a non-custodial exchange which makes it one of the safest platforms in Canada.

In this review, we'll tell you if PayTrie is a good choice for buying and selling cryptocurrency. This is part of a larger review where we've tested 20 different crypto exchanges in Canada. Continue reading for more.

Our Review 

PayTrie is one of the safest platforms in Canada and a decent choice for those looking to buy and sell stablecoins. However, the 0.60% trading fee is relatively high and they only have 5 coins. To use PayTrie, you also need to join another exchange to get a wider selection of coins. For that, we recommend Binance and KuCoin which are two of the best altcoin exchanges in the world.

Where It Shines:

  • Open an account in 3 minutes with a non-intrusive KYC process
  • It's a non-custodial exchange, making it one of the most secure in Canada
  • Very easy to use

Where It Falls Short:

  • Only offers stablecoins
  • 0.60% trading fee is relatively high
  • No mobile app
  • Low limits (min $100-max $2500) unless you contact support
  • Minimal features
Paytrie

PayTrie Overview

Coins Offered

5 (USDT, BUSD, USDC, DAI, CADC)

Total BTC Purchase Fee

Not Tested Yet

Total BTC Selling Fee

Not Tested Yet

BTC Spread

Not Tested Yet

Trading Fee

  • Regular: 0.60% (min $5) + Gas Fees (dynamic)
  • BEP-20 Coins: 0.60% (min $5 and no gas fees)
  • CADC: 0.05% (min. $2) + Gas Fee (dynamic)

Funding Methods

e-transfer and wire transfer (if you contact support)

CAD Deposits

Free

CAD Withdrawals

Free

Notable Features

3 minute sign up, Non-custodial exchange, their own CADC stablecoin

  • Web app

What Is PayTrie?

PayTrie is a Canadian stablecoin exchange that lets you buy and sell five different assets: USDT, USDC, BUSD, DAI, and CADC. It's also a non-custodial exchange meaning that PayTrie does not hold onto users' funds. Instead, users must provide their own wallet address when making purchases and sales. Any wallet address can be used, whether it comes from your Binance account, another crypto exchange, or an external wallet.

Their goal is to be a fast and secure fiat on-ramp and off-ramp for Canadians. Opening an account takes just 3 minutes and payments can be made via e-Transfer and Wire Transfer. The company was founded in 2018 by Kevin Zhang and Henry Chan. Both founders are from Toronto and went to the University of Waterloo.

PayTrie

Some Stats

  • Processed millions of dollars in stablecoin purchases
  • Only non-custodial Canadian exchange we found
  • Backed by Consensys
  • 2 Co-founders from Toronto
  • Registered Money Service Business (MSB)

How Does PayTrie Work?

Paytrie allows you to make payments via e-Transfer, and then stablecoins will be delivered to your wallet or exchange. Here is how it works step-by-step:

Choose your stablecoin and amount you wish to buy

Copy and paste the address of your wallet or exchange

Click submit to lock in your price

Check your email for an e-Transfer Money Request

Pay the e-Transfer then wait up to 60 mins for the transaction to be completed

You can fund any wallet address with PayTrie. It could be your Binance account or another cryptocurrency exchange. It can also be an external wallet, such as Metamask, Trust Wallet, etc.

Platform & Features

Buy & Sell 5 Stablecoins

With PayTrie, you can buy and sell stablecoins across the Ethereum, Binance Smart Chain, and Polygon network with just a few clicks. Payments are made via e-Transfer (or wire transfer if you contact support), and there is no mobile app. On all transactions, PayTrie charges a 0.60% fee (minimum $5) plus gas fees. However, network fees are not charged on USDT-B and BUSD transactions.

PayTrie Stablecoin List

Non-Custodial Exchange

PayTrie is a non-custodial exchange, which means that your private keys are never held by PayTrie. In other words, the user has full control over their funds at all times. So if PayTrie were to get hacked or go bankrupt, your funds would still be safe since they are within your control. This also means that you are responsible for the security of your own funds. So if you lose your private keys, there is no way to recover them.

PayTrie is the only non-custodial exchange we have found in Canada. By its very nature, this makes it the safest crypto exchange in Canada.

CADC Token

CADC is a tokenized Canadian dollar stablecoin that is issued by PayTrie. According to PayTrie, CADC is backed 1:1 by Canadian dollars and compliant with FINTRAC regulations. For every CADC minted, 1 Canadian dollar is stored in a tier-1 Canadian bank account owned by PayTrie. When CADC is redeemed back to Canadian Dollars, the CADC is burned and removed from the total supply.

This token is available as an ERC-20 token and is accessible through any Ethereum wallet. If you are considering using CADC, make sure to do your own research.

PayTrie CADC

OTC

PayTrie offers an over-the-counter (OTC) service for transactions larger than $10,000. That means you can trade large amounts of stablecoins without going through the regular process. All you need to do is contact PayTrie and they will help you process the transaction.

Referral Program

The PayTrie referral program is a great way to get discounts on future trading fees. For every person you refer who signs up and gets verified, you'll earn a credit worth up to $15. These credits can then be used to discount your own trading fees, making it cheaper to trade on the PayTrie platform.

Customer Support

The PayTrie customer support team is responsive and claims to respond to inquiries within 24 hours or less. The team is available Monday through Friday from 10:00am to 6:00pm EST, excluding holidays. Customer support can be reached through the PayTrie website or by emailing support@paytrie.com

PayTrie Help Desk

Opening An Account

PayTrie requires KYC, so it has to verify your identity under Canadian regulations. However, if you choose "Express Verification," the KYC is non-intrusive compared to some other platforms. The process takes only three minutes, making it one of the fastest for opening an account.

The easiest option is "Express Verification," where you can verify your account instantly and securely using your credit report. This is a soft credit check, so it does not affect your credit report or score. The other choice is "Manual Verification" which requires 2 pieces of ID and a selfie.

Requirements

Application Time

3 minutes

KYC

Mandatory

Instant Verification

Yes

Who Is Eligible?

Canadian residents at least 18 years old

Sign Up Requirements

  • Email address
  • Name
  • Date of birth
  • Phone number
  • Occupation
  • Choose Express Verification (answer questions from your credit report) OR Manual Verification (upload 2 pieces of ID and a selfie)

Fees & Spread

  • Trading Fees = 0.60% (min $5) + Gas Fees
  • BEP-20 Trading Fees = 0.60% (min $5 and no gas fees)
  • CADC Trading Fees = 0.05% (min $2) + Gas Fees

PayTrie charges a 0.6% fee on all transactions with a minimum of $5.00 CAD on transactions under $833.33 CAD. Additionally, you will pay the Gas fees, which are dynamic based on how busy the network is. No network fees are charged for BEP-20 (Binance Smart Chain) transactions. 

To estimate gas fees and exchange rates, PayTrie calculates the average rate from multiple sources. For example, they will take the average CAD/USD exchange rate from major Canadian banks. According to PayTrie, they do not take a spread. In addition, they claim that they do not mark up or profit from network fees.

Deposit & Withdrawals

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-60 minutes

Min $100 - Max $2,500

Wire Transfer

?

?

Min $10K

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-60 minutes

Min $100 - Max $10K

Wire Transfer

?

?

Min $10K

Security

Company Security Features

  • Non-custodial exchange
  • Compliant with FINTRAC regulations
  • Registered Virtual Currency dealer and Money Services Business (MSB) with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada): M19690633 - PayTrie AB Inc.
  • Never had any hacks or incidents (founded in 2019)
  • Backed by Consensys
  • Transparent team

Is PayTrie Safe?

PayTrie is very safe since it's one of the only non-custodial crypto exchanges in Canada, which means you have full control over your funds at all times. They're also regulated by FINTRAC in Canada and have never had any hacks.

Compared

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool

The Bottom Line

PayTrie is a safe non-custodial exchange but charges a 0.60% trading fee and only has 5 stablecoins. It can be a good fiat on-ramp but users will also need another exchange or wallet to access a wider selection of coins. We recommend Binance or KuCoin.

If you don't want to use PayTrie, we recommend Newton as the best crypto exchange in Canada. It's a good fiat on-ramp and off-ramp, inexpensive, and has 70+ coins. Although Newton is safe, it is a custodial exchange making it less secure than PayTrie. So you should take the extra steps to store your crypto on a wallet where you control the private keys. Ideally, a hardware wallet like the Ledger Nano S.

Reasons To Use PayTrie

  • Fast registration (3 minutes)
  • Very safe, non-custodial exchange
  • Easy to use

Reasons Not To Use PayTrie

  • 0.60% trading fee is relatively high 
  • Only 5 stablecoins, you will need another exchange or wallet as well
  • Low e-Transfer deposit limits ($100-$2500)
Paytrie

Buy & Sell Stablecoins in Canada


Paytrie

PayTrie

Buy & Sell Stablecoins in Canada

Best Canadian Exchanges

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.