Pricing Policy EU

OBJECTIVES AND DEFINITIONS

This pricing policy outlines Relai’s fee structure and referral structure. It will come into force at the launch of Relai EU SASU.

The objective of this policy is to offer a fee structure that is:

  1. transparent and fair for Clients,
  2. simple and easy to understand, and
  3. compliant with the applicable regulatory framework.

In this pricing policy, the following terms shall have the meanings set forth below:

Recurring Order means a standing instruction set up by the Client through the Apps to purchase Bitcoin on a pre-defined schedule (daily, weekly, or monthly).

Referral means the process by which a person or entity is directed to a company’s services through a third party, typically as part of a referral or affiliate program. The referred person or entity may benefit from special incentives, discounts, or offers for using the company’s services.

Referring Influencer means an individual, content creator, or public figure who promotes Relai’s services or products to their audience, typically through social media, blogs, or other digital channels. The referring influencer must be expressly authorized by Relai and may receive compensation, such as commission-based rewards, for each successful referral they generate. Please note that Referring Influencers must comply with applicable legal and regulatory requirements in their jurisdiction. In certain regions, including France, additional licensing or authorization may be required prior to engaging in promotional activity. Relai reserves the right to request evidence of such compliance and to suspend or terminate participation in the referral program for non-compliance.

Capitalised terms not otherwise defined in this Pricing Policy have the meanings given to them in the Relai EU Terms & Conditions.

PRE-TRADE TRANSPARENCY

GENERAL PRINCIPLE

Relai complies with MiCA pre-trade transparency by publishing a firm price.

Relai determines, at its sole discretion, the purchase and sale prices (collectively, the “Relai Prices”) displayed in its interfaces. Relai does not transmit, match, or execute Client orders on any external trading venue, multilateral trading facility, or exchange. Consequently, the Relai Prices offered to Clients may differ from the prices simultaneously quoted on third‑party venues.

CARD PAYMENT (INSTANT PURCHASE)

For transactions funded by credit/debit card, the Relai Price displayed in the App remains valid until the Client confirms the Order or until the quote automatically expires (usually with a short time window, e.g. 10 seconds). If the Client does not confirm within that period, the quote lapses and a new Relai Price will be generated. 

If the Client validates within that time window, the Order becomes definitive and the displayed price is fixed. The transaction is completed at that firm price. Once the time window expires, a new quote is shown.

BANK-TRANSFER PURCHASE ORDERS

For transactions funded by SEPA or other bank transfer:

  • Price fixing at confirmation: at the moment the Client confirms the Order in the App, the displayed Relai Price becomes final, firm, and binding (subject to receipt of payment within the defined deadlines and conditions).
  • Conditional settlement: delivery of bitcoin will occur once Relai has effectively received cleared funds matching the confirmed Order.
  • Payment deadline: the Client must ensure that payment is credited to Relai’s designated account within forty-eight (48) hours of Order Confirmation. If no matching payment is received within this period, the Order will automatically lapse without being processed, and the Client will be required to place a new Order. Since standard SEPA credit transfers can sometimes take up to 72 hours, they may not always reach Relai within the 48-hour deadline. To avoid the risk of cancellation, Clients are recommended to use instant SEPA or card payments, which typically settle immediately.
  • Payment mismatch: if the payment amount or IBAN does not exactly match the Order confirmed by the Client, the Order will be automatically canceled. Any funds received will be refunded to the Client, net of any applicable bank charges.

Relai provides full post-trade details (Relai Price, size, fees) after every trade.

BITCOIN SALE ORDERS

When selling Bitcoin to Relai:

  • the Client fixes the sale Relai Price at the moment of Order Confirmation in the App;
  • the transaction is conditional upon the Client promptly initiating the bitcoin transfer from the wallet specified in the Order and such transfer receiving at least three (3) on-chain confirmations within two (2) hours of Order Confirmation.
  • If no matching transfer (amount and wallet) is received and confirmed within this period, the Order will automatically lapse without being processed, and any different amount of bitcoin received will be returned to the Client net of applicable network fees;
  • once the transfer is confirmed on-chain within the timeframe, Relai settles the corresponding fiat amount at the fixed Relai Price agreed at Order Confirmation.

The Client understands and acknowledges that there may be a delay between Order Confirmation and final settlement of fiat funds, depending on network conditions and banking processes, but the Relai Price does not change.

RECURRING ORDERS

By activating a Recurring Order, the Client agrees that:

  • Order Confirmation: at each scheduled occurrence, Relai displays a new Relai Price. The Order becomes definitive at the moment of Order Confirmation by the Client.
  • Price fixing: the Relai Price displayed at that moment is final, firm, and binding, subject only to receipt of matching funds within the applicable deadlines and conditions.
  • Conditional settlement: delivery of bitcoin will occur once Relai has effectively received cleared funds matching the confirmed Order.
  • Payment deadline: for each occurrence, the Client must ensure that the payment is credited to Relai’s designated account within forty-eight (48) hours of Order Confirmation. If no matching payment is received within this period, that occurrence of the Recurring Order will lapse without being processed. The standing mandate remains active for subsequent occurrences. Since standard SEPA credit transfers can sometimes take up to 72 hours, they may not always reach Relai within the 48-hour deadline. To avoid the risk of cancellation, Clients are recommended to use instant SEPA or card payments, which typically settle immediately.
  • Payment mismatch: if the payment amount or IBAN does not exactly match the Order confirmed by the Client, the Order will be automatically canceled. Any funds received will be refunded to the Client, net of any applicable bank charges.

Relai provides full post-trade details (price, size, fees) after every trade.

PRICING METHODOLOGY

REFERENCE PRICE SOURCES

The base price is calculated as an average of the spot prices (corresponding to the last exchange price between a buyer and a seller) from five diversified and independent high-liquidity platforms. For robustness, Relai takes the average of the three median prices (excluding the highest and lowest prices to avoid any abnormal influence from a faulty or volatile platform). These platforms are selected for market share, liquidity, resilience, and reliable API access. 

This formula ensures that Relai acts as a direct counterparty, using its own capital to conclude contracts at a firm price, without routing to a third-party platform or using the exclusive price of a single third-party platform.

RELAI MARGIN AND SERVICE FEE

Relai applies its own 1% margin and service fee, applied uniformly to all Clients for equivalent order sizes and channels, and detailed below.

UPDATE FREQUENCY

Reference prices are refreshed every 10 seconds. A quote issued to a card purchaser remains valid only for the countdown timer displayed. For bank transfer and Recurring Orders, the reference price is fixed at the moment of Order Confirmation by the Client. Delivery of bitcoin occurs only once Relai receives the corresponding payment, but without recalibration of the fixed price.

Exceptional Market Conditions

Relai may suspend firm-price publication or temporary application of the methodology where (i) none of the reference venues provide reliable prices, (ii) latency exceeds defined tolerance thresholds, (iii) extreme volatility renders the spread inadequate, or (iv) technological failure prevents accurate quote generation. In such cases Relai may (a) delay processing until normal conditions resume or (b) reject the order and refund the Client.

SERVICE FEE STRUCTURE

RELAI APP AND RELAI PRIVATE

Fee income

  • EUR 0.00 – 99,999.99 (per transaction): 1.0% service fee,
  • EUR 100,000.00 – 249,999.99: 0.9% service fee, 
  • EUR 250,000.00 – 499,999.99: 0.8% service fee, 
  • EUR 500,000.00 – 749,999.99: 0.7% service fee, 
  • EUR 750,000.00 – 1,000,000.00: 0.6% service fee, 
  • With a -10% discount for referred Clients, forever. 

Fee expense

  • 10% of service fee (of the referred Client’s transaction) is paid out as referral fee (with a referral code that can also be used in the App) to the referrer or (not ‘and’)
  • 20% of service fee (of the referred Client’s transactions) paid out to the referring influencer as affiliate commission, forever. 
  • Referrers need to have completed their KYC process to receive commissions.

Network fees

  • Clients cover Bitcoin network fees when selling Bitcoin, given the non-custodial nature of the wallet. These fees vary due to factors including transaction size (e.g., number of UTXOs) and network congestion, so it is impossible to provide a fixed percentage in advance. However, Clients see the fee before confirming their order.
  • Relai covers network fees when Clients buy Bitcoin. Depending on network congestion, the payment may be delayed until normal market conditions resume.  For example, during rare periods of extreme activity on the Bitcoin network (e.g., transaction volumes surge due to major global events), network fees can spike, making it uneconomical to submit the transaction immediately.

Other

  • A minimum amount of 50 EUR is required per transaction in the App.
  • Clients get a service fee-free 100 EUR purchase per calendar month (no “revenue sharing” for referrals for these amounts, as there is no service fee revenue). 
  • Credit card transactions include an additional charge to the Client of 3.0% per transaction to cover for payment provider fees. The fee charged by the payment provider varies between 1.5% and 3.0% (2.0% on average in 2024 for Relai AG). Whatever gap remains to reach 3.0% is retained by Relai.
  • Refunds apply when Clients send funds without an existing order or in a different amount or currency from the existing order. 
  • Bitcoin purchases are subject to availability based on Relai’s own account balance in bitcoin and EUR. In case of limited liquidity, Relai may temporarily restrict order sizes or refund amounts sent until sufficient funds are available.

RELAI BUSINESS

Fee income

  • Until 99,999.99: 2.0% service fee, 
  • EUR 100,000.00 – 249,999.99: 1.8% service fee, 
  • EUR 250,000.00 – 499,999.99: 1.6% service fee, 
  • EUR 500,000.00 – 749,999.99: 1.4% service fee, 
  • EUR 750,000.00 – 999,999.99: 1.2% service fee, 
  • EUR 1,000,000.00 – 2,000,000.00: 1.0% service fee,
  • With a -10% discount for referred Clients, forever. 

Fee expense

  • 10% of service fee (of the referred Client’s transaction) is paid out as referral fee (with a referral code that can also be used in the App) to the referrer or (not ‘and’)
  • 20% of service fee (of the referred Client’s transactions) paid out to the referring influencer as affiliate commission, forever. 
  • Referrers need to have completed their KYC process to receive commissions.

Network fees

  • Clients cover Bitcoin network fees when selling Bitcoin, given the non-custodial nature of the wallet. These fees vary due to factors including transaction size (e.g., number of UTXOs) and network congestion, so it is impossible to provide a fixed percentage in advance. However, Clients see the fee before confirming their order.
  • Relai covers network fees when Clients buy Bitcoin. Depending on network congestion, the payment may be delayed until normal market conditions resume.  For example, during rare periods of extreme activity on the Bitcoin network (e.g., transaction volumes surge due to major global events), network fees can spike, making it uneconomical to submit the transaction immediately.

Other

  • A minimum amount of 20,000 EUR to use Relai Business.
  • Bitcoin purchases are subject to availability based on Relai’s own account balance in bitcoin and EUR. In case of limited liquidity, Relai may temporarily restrict order sizes or refund amounts sent until sufficient funds are available.