Stacking Sats with Relai
Since Bittr stopped offering their services, it has become more difficult to purchase Bitcoin automatically and on a regular basis. A new player on the market is Relai. Relai is a young Swiss company that makes it easy to convert your fiat money into hard cash in Europe via SEPA transfer.
Unlike the larger exchanges such as Kraken, Relai allows you to make your first transfers very quickly and without too much hassle. The AML (anti-money laundering) legislation in Switzerland allows Relai to only store your bank account information. Because of this KYC light you do not have to provide a copy of your identity card and/or proof of residence. It is also better for your privacy in the future.
The consideration is that Relai uses slightly higher fees. On every purchase or sale Relai takes a fee of 3%.
Would you like to give Relai a try (from 10 euros)? Then follow the steps below.
1. Download the Relai app from the App store (iOS) or via Google Play (Android)
2. Open Relai. Scroll through the messages.
3. Read and accept the conditions and press ‘start now’. You then choose a PIN code for the app.
4. You end up in your wallet. Before we make our first purchase, we take a backup. With the backup of 12 words you can always access your bitcoin again. Press the main menu (with the red dot at the bottom right) and then go to ‘backup BTC wallet’.
5. Copy the words on the screen onto paper. Don’t take a picture and keep your backup safe. Only with these 12 words you have access to your money (if you lose your device for example). Confirm afterwards in the app.
6. Back on the home screen
- press ‘buy BTC
- choose ‘EUR
- select 20 (or type your desired amount) and press ‘next’.
Fill in your IBAN account number (account you are going to buy bitcoin with) and press ‘next’.
Make a SEPA transfer to the given account number (Switzerland) and don’t forget the personal message!
7. Congratulations! Within a few days you will receive your bitcoin. The exchange rate will be taken when the bitcoin is paid out.
A few remarks:
To set up a standing order, the process is the same (choose ‘weekly’ or ‘monthly’ in step 6) and set the order correctly via your online banking.
Relai is quite new. You can easily save bitcoin but I don’t recommend their wallet. That’s why it’s better to periodically make a transfer between Relai and another wallet like Green Wallet. Relai always uses the same address so you will pay more network fee the more transfers you make. This is called address-reuse and is a bad habit. Relai claims to solve this soon.
Do you save every week? Then you can, for example, empty the wallet every 2 months and send it to another address that is checked by you. Relai is then only the portal with which you buy bitcoin and as a wallet for daily use you can choose something else.
Don’t use Relai for your daily transactions (at least until you can manually select a network fairy in a transaction). Another possibility (more advanced) is to import your seed into Electrum and choose the fees there. Do you have questions about this? Send me an email (email@example.com)