What Is Relai?
Established in 2020, Relai is a fast growing Swiss startup that makes it easy to buy and sell Bitcoin.
On their homepage they say they are ‘Europe’s easiest Bitcoin app’ and you can buy & sell bitcoin in 1 minute without having to provide documents or identification.
The key features of Relai are its no KYC policy, which is good for privacy, recurring purchases, and the ability to control your keys.
Relai wants to build an app for long-term investors and they believe 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.
To date, they have 100,00+ downloads and 30k+ active users. On the app, you can invest as little as 10 EUR or CHF with transaction fees ranging from 1%-2.5%
1% to 2.5%
Swiss Franc (CHF) and Euro (EUR)
- No KYC or verification
- Control your keys
- Set up recurring purchases
Opening An Account
Buying Bitcoin is very easy since Relai does does not require verification or KYC. You don't even need an email or password because Relai doesn't ask for it.
Why Is There No KYC? In their support article, Relai says they are regulated similar to a Bitcoin ATM. Swiss AML law does not require KYC as long as you trade under 1K CHF/day or 100K/year. This is why Relai is good for privacy and opening an account is so fast. If you want to trade above these limits, then KYC is required.
Who Can Use Relai? The help section says Relai is available in all European countries except for Turkey, Russia, Ukraine, Belarus, Ireland, and about 13 others. Here is the official list.
Let's break down everything you can do on the Relai App:
- No Account Required - Relai has optional KYC. You don't need to upload documents or identification
- Mobile App - Very easy to use interface. View info like your performance, profit/loss, order history, and more
- Control Your Keys - Relai has a built-in non-custodial wallet. This means you are truly your own bank and Relai does not have access to your Bitcoin. You can recover your wallet at any time on any device
- One Time Purchases - Buy or sell Bitcoin easily with trading fees ranging from 1%-2.5%
- Savings Plan - Set up automatic recurring purchases every week or every month. This makes it easier to dollar cost average and avoid trying to time the market
- Referral Program - A standard referral program where you can invite friends and you both get rewards. Your friend will get 0.50% off trading fees and you will get 0.50% of the total amount they buy or sell
- Relai Private - Trade large volumes of Bitcoin starting at 100,000 EUR/CHF per trade. The fees range from 0.50%-1.00% and you will get personalized support. You can contact their team here
- Relai Premium - Coming soon according to their roadmap
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)
- Initiate a bank transfer (enter your IBAN number)
- You will be provided with payment details. Send that amount
- After payment, BTC will be sent to your private wallet
The limits are 1000 CHF per day and 100,000 CHF per year. You can do the same steps in reverse to sell Bitcoin.
Relai charges a base purchase fee of 2.50% but can go as low as 1.00%. You can get up to a 1.50% discount (0.50% each) if you set up a savings plan, use a referral code, and make a trade of at least 100 CHF/EUR. Bitcoin Network Fees for sending Bitcoin to your wallet are included in this charge.
Even if you get the lowest fee, 1.00% is relatively high in the industry. You do, however, get the convenience of trading without KYC and controlling your keys, which is not possible with most platforms.
Bitcoin Network Fee
Create a Savings Plan
Apply a Referral Code
Order Is 100 CHF/EUR or More
Potential Final Fee
Is Relai Safe?
Relai is private for users and doesn't carry the traditional risks of most cryptocurrency exchanges. First, Relai does not hold funds or Bitcoin because it's a non-custodial wallet. This means you are in full control of your funds at all times. Second, they also do not collect your personal information since no KYC is required to buy Bitcoin.
- No ID or documents are needed to sign up for Relai
- No email and password is required
- You control your private keys
- Settings include Touch ID/Face ID and Pin Login
All things considered, Relai has safety and security built in. They can not even access your Bitcoin if they wanted to.
Let's have a final look and see if Relai is worth it...
The Bottom Line
Relai is very fast to open an account, easy to use, and sticks out from many traditional Bitcoin apps.
Overall, Relai is a great choice for beginners or Bitcoiner's who want to invest long term. You can set up recurring purchases, control your private keys and buy Bitcoin privately without KYC. On the downside, the fees range from 1%-2.5% and there are no altcoins on the app.
For those looking to buy Ethereum, other altcoins, or access advanced trading features, you will need another platform like Binance or KuCoin. You can compare the world's top cryptocurrency exchanges in this giant comparison page.