Relai: Experiences with the Swiss Bitcoin Investment App

Letztes Update: 24. November 2024

It wasn’t that long ago that buying Bitcoin was a real adventure: opaque exchanges, complicated wallet setup, and incomprehensible fee structures. Swiss bitcoin investment app Relai set out in the summer of 2020 to change that. At the time, the Bitcoin Savings Plan app was more of a household name among well-informed Bitcoin followers. Now Relai is giving back with a revamped website, refreshed Relai 2.0 app, its own broker, real-time buying and a cool commercial Gas. Thus, Relai should also attract the attention of the broader masses. Here you can read all the essential information, my Relai experiences, and how easily you can set up a Bitcoin savings plan with the digital Bitcoin ATM Relai.

What is Relai? The simplest Bitcoin app in Europe

Back in 2018, Julian Liniger had the idea for an app that would make buying Bitcoin as easy as possible. He eventually found himself working with Adem Bilican via a Telegram group in the Swiss Bitcoin community. After finding their first angel investors, the two went live in mid-2020 with what is arguably the world’s simplest bitcoin app. In 2024, Relai reached 400,000 app downloads and won the “Best Crypto Startup” award at the Swiss Crypto Awards 2024.

Relai Verification

In the Relai app, open the “Profile” section at the bottom right and select “Identity verification”. First, your email address is verified, followed by confirmation of your tax country. Then you scan your NFC-enabled identification document. Afterwards, you do a selfie check, answer questions about the origin of your funds, and complete the verification by confirming your phone number and address.

Fees at Relai: What does buying Bitcoin cost?

Buy Relai Bitcoin

The purchase fee is a relatively high 2.5%. However, you can reduce the purchase fee with the following deductions:

• Recommendation code FINANZDEPOT -0.5 percentage points
• Setting up a savings plan -0.5 percentage points
• Order over CHF 100 -0.5 percentage points

Apply all three deductions and you end up with a fee of a competitive 1%. There is no additional bitcoin network fee when buying.

Note that for payments by credit card, an additional fee of 3% per transaction is charged. Credit card providers may also charge fees on their end.

Selling Bitcoin with Relai

The sales fee is 2%. You can benefit from the following deductions when selling:

• Recommendation code FINANZDEPOT -0.5 percentage points
• Order over CHF 100 -0.5 percentage points

And here again we end up with a fee of 1%. The bitcoin network fee is additional when selling.

Relai Bitcoin Savings Plan: Step-by-Step Guide

But now let’s come to the special feature of Relai – setting up a Bitcoin savings plan effortlessly with uncomplicated and quick verification! And it’s this easy:

Amount and frequency

In the first step, you determine the investment contribution and frequency. The minimum investment amount is CHF 25, and you can invest once, weekly or monthly. By the way, you can transfer not only Swiss francs, also euros are possible. To do this, you have to change the preferred currency to Euro under “Language and units” in the “Profile”.

Payment options and order overview

Next, enter the IBAN of your bank account from which you will send the amount. Or if you have already purchased once, simply dial the appropriate IBAN. The processing of the transfer takes one to three days.

Recently, Relai also offers other payment options for real-time purchases. In addition to Mastercard and Visa credit cards, you can now also pay with Apple Pay and Google Pay. Additional fees of 3% are charged for this. All fees are shown transparently in the order overview. Transaction with credit cards, Apple Pay and Google Pay are processed immediately.

In the order overview you can enter or change a referral code to save fees. You will also see an overview of your order with all fees.

Bank Details

Once you have selected “Buy Now”, you will be shown the bank details of Relai. You can enter this in your banking app or eBanking. So you don’t have to copy the data, you can easily copy it.

If you have a Yapeal account, you can deposit the Yapeal IBAN, and when you select “Confirm Investment”, the Yapeal app will automatically open, where you can conveniently confirm the payment.

On the overview you will now see that a payment is expected. Here you could also cancel the auto-invest .

So simple and fast – in about a minute everything is done.

Once your bank has made the payment and Relai has received it, your Swiss Francs will be exchanged for Bitcoin. For me, that was just under six hours later. Depending on the bank you send the money from, it may take two to three days. If you pay by credit card or Apple Pay, the payment is processed immediately – even on weekends. Make sure that the money comes from your bank account registered in the Relai app.

Relai Limits

Annually, you can buy and sell Bitcoin at Relai up to a limit of CHF 100,000. If you plan to trade with volumes of more than CHF 100,000 annually, Relai Private is available to you.

If you pay by credit card, the daily limit is CHF 10,000 and the monthly limit is CHF 50,000.

If you want to trade higher amounts, you can increase your wallet level by going through a simple verification process. You will need to provide your personal information, verify your address, confirm your tax residency, and your identity will be verified through a photo process, which requires a valid ID card or passport.

How secure is Relai? Protection and storage of your Bitcoins

In the Relai app, you also get a bitcoin wallet right away. If you don’t specify an external wallet when purchasing, the Bitcoin will end up there, simply put. So you don’t need to install and configure an additional wallet app. Not only is the savings plan very easy to set up, but custody is also a breeze.

The Relai app will show you your 12-word recovery phrase, which you should keep safe. It’s best not to write down the 12 words digitally, because anyone who knows them can access your wallet. Also Relai does not know your recovery phrase, if you lose it, your Bitcoin will be lost too.

Note: You are your own bank and should therefore protect your Bitcoin accordingly. For larger amounts, a hardware wallet is also suitable for storage.

Relai Bitcoin Lightning

To use Lightning, first activate it under “Wallets” in the Relai app. Currently, Relai Lightning is still in the BETA phase. In the wallet, you can exchange OnChain-BTC for Lightning-BTC. To do this, tap on “Swap” and enter the desired amount in CHF or SATS.

The Lightning network is particularly suitable for smaller and frequent payments. You can find information about the incurred fees in Relai’s help article “Non-Custodial Lightning Fees“.

Relai and Taxes: What you need to know about taxation

Cryptocurrencies must be declared at market value at the end of the tax period. They can be listed in the securities and credit balance statement, like bank accounts or ETFs, and are also subject to wealth tax. However, capital gains from movable private assets are tax-free. Since Relai does not provide a tax statement, it is advisable to take a screenshot of your Bitcoin held at Relai on December 31st.

The Zurich tax book also states the following: “For reasons of simplicity, these are to be declared in the securities and credit balance statement as ‘other credits’, indicating the name of the cryptocurrency. The proof must be provided by means of a printout of the digital wallet, status as of the end of the tax period.” And further: “The mining of cryptocurrencies by providing computing power for remuneration by a natural person leads to taxable income from self-employment for this person.”

Comparison: Relai vs. Bitpanda

WP Data Tables

Relai: Ideal for beginners and users who exclusively want to buy or save Bitcoin. The non-custodial wallet offers maximum control, but a limited asset selection.

Bitpanda: Offers more variety and features. Suitable for more experienced investors or those looking to diversify.

Relai Future

Future plans include daily recurring savings plans, a bitcoin debit card, and a premium account with partner offerings. It should also be possible to receive interest on your Bitcoins held in the app.

Relai Referral Code

Enter the referral code FINANZDEPOT when buying or selling and the fees will be reduced by 0.5 percentage points. You only need to enter it once and the next time you buy or sell, the referral code is already stored.

Conclusion: Is Relai worth it for buying Bitcoin?

With the simple and minimalistic Swiss Bitcoin investment app, even beginners can effortlessly get a taste of Bitcoin air. In case of questions or uncertainties, there is a very dedicated team behind Relai, which you can reach via various channels, such as a Telegram group, on Twitter or via the chat on the Relai website.

Educate yourself about digital assets like Bitcoin before investing in them.

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Transparency and disclaimer
I was not paid by anyone for this blog post, it reflects my subjective opinion.
If you open accounts or business relationships, order products or services through my links and codes, I may receive a commission for doing so. However, you will not suffer any disadvantages such as higher prices or the like. The terms and conditions of the respective providers apply. Affiliate links are marked with a *.
Investments are associated with risks which, in the worst case, can lead to the loss of the capital invested.
All publications, i.e. reports, presentations, notices as well as contributions to blogs on this website (“Publications”) are for information purposes only and do not constitute a trading recommendation with regard to the purchase or sale of securities. The publications merely reflect my opinion. Despite careful research, I do not guarantee the accuracy, completeness and timeliness of the information contained in the publications.