Swiss, Bitcoin-only, non-custodial

Relai Referral Code

Q: Does Relai hold my Bitcoin?

No. Bitcoin bought through the app goes to a self-custodial wallet you control. The company's role is to move money in and Bitcoin out, and it does not keep customer funds in between. That single fact explains most of what follows, including the shape of its referral.

Q: Why is the referral only a fee discount?

Because there is nothing else to share. A platform can pay a perpetual share of trading fees only if it earns perpetual trading fees, and a share of loan revenue only if it lends. Relai earns a spread on a purchase and then the revenue relationship ends, because the Bitcoin has left for a wallet it does not control. The discount is reported at around 0.9% per transaction when a referral code is used.

Q: What does the size of a referral reward tell me generally?

What the platform needs from the person you refer. A fee discount wants a customer to transact once. A perpetual share of trading fees — 20% at KuCoin, 30% at Bybit, 40% at Gate.io, 50% at Bitget — wants them to trade forever. A share of loan revenue wants them to borrow. Read the reward as a description of the desired behaviour rather than as a measure of generosity.

Q: Is Relai regulated?

It operates under Swiss FINMA oversight as an SRO member of VQF and has obtained authorisation as a Crypto-Asset Service Provider under the EU's MiCA regulation, granted by the French financial markets authority, the AMF. That is a real and comparatively demanding position, though MiCA authorisation governs conduct, disclosure and operational requirements rather than insuring your Bitcoin.

Q: So what protects my Bitcoin?

Your own key management. In a non-custodial model there is no balance for a regulator or insurer to protect, because the company is not holding it. That shifts the relevant questions to wallet security and backup practice rather than to platform solvency — which is why our ZenGo and Atomic Wallet pages are the useful companion reading here.

Q: What should I compare before using it?

The all-in cost, including the trading fee, any card surcharge and the spread, measured against alternatives at the same purchase size — a fee that looks small in percentage terms still compounds across regular buying. Then confirm which wallet the Bitcoin lands in, that you control the keys from the outset, and what the withdrawal path is.

Relai never holds your Bitcoin — which is why its referral is a fee discount rather than a payment

Relai is a Swiss Bitcoin-only application founded in Zurich in 2020 that lets users buy and sell Bitcoin into their own self-custodial wallet, holding no customer funds itself.

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Genie Says

Relai is a Swiss Bitcoin-only app founded in Zurich in 2020 that holds no customer funds — purchases go to a self-custodial wallet the user controls. Its referral is a reduced trading fee, reported at around 0.9% per transaction, and that structure is the point: a platform can share perpetual trading fees only if it earns them, and loan revenue only if it lends, whereas Relai's revenue relationship ends once the Bitcoin leaves. So the size and shape of a referral reward reads as a description of the behaviour a platform wants — one transaction, endless trading, or borrowing. It operates under Swiss FINMA oversight as a VQF SRO member with EU MiCA authorisation from the French AMF, which governs conduct rather than insuring your Bitcoin; in a non-custodial model your key management is the protection.

How much can you earn?

Share your own code and earn rewards when friends use it

Structured as a fee benefit rather than a cash payment — there is no trading, lending or balance revenue for the company to share.per successful referral*

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How to Use a Relai Referral Code

Note that the reward is a fee, not a payment

Relai holds no customer funds, so there is no trading, lending or balance revenue to share with a referrer.

Read a reward as a description of desired behaviour

A fee discount wants one transaction. A perpetual fee share wants endless trading. A loan revenue share wants borrowing.

Compare the all-in cost

Include the trading fee, any card surcharge and the spread, against alternatives at the same purchase size.

Confirm you control the destination wallet

The whole model rests on the Bitcoin leaving. If you cannot answer where it lands and who holds the keys, the non-custodial claim is doing no work.

Reward Details

Your Reward: A reduced trading fee, reported at around 0.9% per transaction when a referral code is used.
Referrer Reward: Structured as a fee benefit rather than a cash payment — there is no trading, lending or balance revenue for the company to share.
Minimum Purchase: Applies per transaction. A zero-fee allowance is reported on a first purchase each month up to a small limit.
Validity: Card purchases carry an additional charge on top of the trading fee — include it in any comparison.
Available In: Germany, France, Italy, Spain, Netherlands, Switzerland, Sweden, Norway, Denmark, Finland, Ireland, Belgium, Austria, Portugal, Poland, Cyprus, Greece, Czech Republic, Romania, Hungary
Referral Limit: Verify current terms in-app.
Payout Time: Applied as a fee reduction at the point of transaction.
Eligibility: Swiss FINMA oversight as an SRO member of VQF, plus authorisation as a Crypto-Asset Service Provider under EU MiCA granted by the French AMF.

Why Choose Relai?

No customer funds held

Bitcoin bought through the app goes to a self-custodial wallet the user controls.

MiCA authorisation governs conduct, not insurance

It sets disclosure and operational requirements. It does not insure your Bitcoin, and in a non-custodial model there is nothing to insure.

The reward size maps to the business model

Relai reduces a fee; custodial lenders share loan revenue. Neither is generosity — each is what there is to give.

Bitcoin-only is a narrower product, not a safer asset

It removes the losses that come from trading small speculative tokens; it does not remove Bitcoin's own volatility.

About Relai

A referral that reduces a fee tells you something structural: there is no trading revenue, no lending spread and no balance to earn from.

**Relai sits at the opposite end of this batch from YouHodler, and the referral structure is the clearest possible signal of that.**

Relai is a **Swiss Bitcoin-only app**, founded in **Zurich in 2020** by **Julian Liniger** and **Adem Bilican**. **It does not hold customer funds.** Bitcoin bought through the app goes to a **self-custodial wallet the user controls**. The company's function is to move money in and Bitcoin out, not to keep anything in between.

**Its referral is a discount on the trading fee** — reported at around **0.9% per transaction when a referral code is used**, with card purchases carrying an additional charge on top and a zero-fee allowance on a first purchase each month up to a small limit.

**Now notice what that structure implies, because this is the reusable observation.**

Across this batch and the last, referral rewards got larger as platforms got more custodial. **YouHodler** pays $25 plus a share of a friend's loans. **Bitget** pays 50% of a friend's trading fees, **Gate.io** 40%, **Bybit** 30%, **KuCoin** 20%. **Relai reduces a fee by a fraction of a percent.**

**That is not because Relai is less generous. It is because there is nothing else to share.** A platform can pay a perpetual share of trading fees only if it earns perpetual trading fees. It can pay a share of loan revenue only if it lends. **Relai earns a spread on a purchase and then the relationship, in a revenue sense, ends — the Bitcoin has left for a wallet the company does not control.**

**So the size and shape of a referral reward is a readable signal about a platform's business model, and by extension about what it needs from the person you refer.** A fee discount wants a customer to transact once. A perpetual fee share wants them to trade forever. A loan revenue share wants them to borrow. **Read the reward as a description of the desired behaviour** — this is the batch-55 instrument rule and the batch-62 reward-size rule extended one step further, and it is the most portable idea in either batch.

**On regulation, stated precisely.** Relai operates under **Swiss FINMA oversight as an SRO member of VQF**, and has obtained authorisation as a **Crypto-Asset Service Provider under the EU's MiCA regulation, granted by the French financial markets authority, the AMF.** That is a real and comparatively demanding position. **But note what it does and does not do for you:** MiCA authorisation governs conduct, disclosure and operational requirements for the service. **It does not insure your Bitcoin** — and in a non-custodial model there is nothing for it to insure, because the company is not holding it. **Your Bitcoin's safety depends on your own key management**, which is where our ZenGo and Atomic Wallet pages in this batch become the relevant reading.

**Bitcoin-only is a deliberate constraint, and it cuts both ways.** It removes the largest category of retail crypto losses, which come from trading small speculative tokens, and it makes the product simpler to reason about. It also means Relai cannot serve anyone who wants anything else, and that a concentrated Bitcoin position carries its own volatility. **The honest description is a narrower product, not a safer asset.**

**What to check before using it:** the **all-in cost** including any card surcharge and spread, compared against alternatives on the same purchase size; **which wallet the Bitcoin lands in and whether you control the keys from the outset**; and the **withdrawal path**, since the entire point of the model is that the asset leaves. **If you cannot answer the second question, the non-custodial claim is doing no work for you.**

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