Welcome to my review of the Relai app
I’ll go through the buying process, from downloading the app to getting your first bitcoin. This way, you get the whole picture.
Established in July 2020 by Julian Liniger and Adem Bilican, Relai is a young Swiss bitcoin-only startup that enables easy bitcoin investing.
To date, they have 140,00+ downloads and 40k+ active users.
Relai wants to build an app for long-term investors, believing that Bitcoin is the best way to do that. According to the company, Bitcoin is the world’s best savings technology and store of value. Since they only trade Bitcoin, you won’t find other cryptocurrencies to trade there.
Ready? Let’s jump into it!
Getting started with the Relai app
Buying bitcoin with Relai is easy: they don’t require identity verification or any other KYC process. No email or password is needed as Relai is a non-custodial wallet. And the only thing you need to get access to your bitcoin is the 12 words (seed) that the Relai app generates upon setting up.
Why is there no KYC?
Most bitcoin service providers/brokers require you to verify your identity by submitting your government-issued ID and utility bill with your name on it. Because Relai is based in Switzerland, a country known for more lenient laws regarding the financial industry, they do not have to ask for this information.
Relai says they are regulated like a Bitcoin ATM in their support article. Swiss AML law does not require KYC unless you trade under 1000 CHF/day or 100,000/year. If you want to trade above these limits, KYC is required. Setting up your Relai app is so fast.
Who can use Relai?
Relai is available in all European countries except Turkey, Russia, Ukraine, Belarus, Ireland, and about 13 others. Here is the official list.
Is Relai Safe?
First, Relai doesn’t carry the risks of a traditional exchange as they never hold your coins, which means you are in complete control of your funds at all times.
Overview of the security features of Relai:
- No ID or documents are needed to sign up for Relai
- No email or password is required
- You control your private keys
- Settings include Touch ID/Face ID and Pin Login
Relai is pretty safe: they cannot access your bitcoin even if they wanted to. Your keys, your bitcoin.
Relai is a Swiss company that gives it that extra trust and quality in the consumer’s eye.
How Do You Buy Bitcoin on Relai?
- Download the app
- Set up your wallet (write down your 12 seed words)
- Enter the amount you want to buy (minimum 10 CHF/EUR)
- Choose your payment method
- You will be provided with payment details. Send that amount. If you choose any other payment method than a bank transfer, your purchase will be instantly completed after you fill in the details.
- After payment, BTC will be sent to your Relai wallet
How do you sell Bitcoin on Relai?
- Open the app and tap “Sell Bitcoin.”
- Select the amount of bitcoin you want to sell.
- Press “Payment details.”
- Enter your payment details
- All done. Your EUR/CHF will arrive in your bank account in 1 business day
What are the Relai fees?
Relai has a tiered fee structure with a base fee of 2.5%, but it’s possible to go down to 1% with a few easy steps. I’ll outline the steps below:
Of course, outside of Switzerland, there are cheaper alternatives such as Binance, Coinbase, or Kraken, but that would be an ‘apples to oranges comparison as they require complete verification, and are not targeted at beginners or long-term saving. And encourages users to trade speculative altcoins.
The Relai fee breakdown for 2022 is as follows:
So a 2.5% basic fee, then a potential additional 1.5% saving by:
- Set up a weekly or monthly savings plan
- Set the order amount to 100 EUR/CHF or more
- Using a referral code BAGGINS
All in all, this results in a fee of 1%
Relai recently launched additional payment methods (Mastercard, Visa, Apple Pay, Google Pay, PayPal, and Sofort). All payment methods are instant, but they introduce an additional payment processing fee on top of the Relai fee. The fees for different payment methods vary. from 1.5%-3%
- Card Payment (MasterCard/Visa)
- Apple Pay
- Google Pay
- Yapeal (Switzerland only)
To provide more context below is a chart that highlights the strengths between Relai and other service providers.
If you have questions about the app, the Relai team responds quickly via in-app support. You can access live support via the app. Simply tap on the chat icon on the home screen.
And they also have active telegram channels where users ask questions and the Relai team responds. You can find the channels here:
Focus on education
Relai has been ramping up their educational efforts around bitcoin. They are active on social media, especially Twitter.
In addition, they are putting out educational content such as podcast, newsletter, and blogs to educate the audience on the topics around Bitcoin and bitcoin saving.
And another thing that stands out strongly is the “bitcoin only” aspect. Relai does not deal with shitcoins which is excellent for referring bitcoin beginners as you know they won’t be exposed to crypto gambling.
Relai Key Features
Alright. let’s break down everything you can do on the Relai App:
- No account is required, and no KYC process. No need to upload documents or identification.
- Self-custodial — your control funds 100% of the time
- One-time purchases. Fees range from 1%-2.5%
- Mobile friendly — easy and intuitive interface, no fluff, just simple bitcoin savings.
- Track your investment — see if you are in the profit or loss, track how much BTC you’ve bought/sold
- Savings Plan — set up a recurring purchase (weekly or monthly. This is ideal for hands-off dollar cost averaging.
- Referral program -you can earn 0.5% off your friends’ orders that you invited to Relai using your code. They get 0.5% lower fees.
- Relai Private — and OTC desk for high net-worth individuals or companies wanting to buy over 100,000 EUR/CHF per trade. The fees range from 0.5%-1.%, and you will get personalized support.
- Bitcoin debit card with satsback — coming soon accordion to their roadmap
All in all, relai is a good choice for beginners; the onboarding is fast due to the lack of a KYC process. The fees are competitive too, when you make your order recurring, buy over 100 EUR and use a referral code (B.AGGINS)
By using Relai, you support a young but thriving bitcoin-only startup instead of giving money to shitcoin casinos like Coinbase or Kraken.
Thanks for taking the time to read to the end, and I hope you enjoyed this Relai review.
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