RelayPay Exchange Review 2021

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Within a short span of time, cryptocurrency has taken the world over. Millions of small and big businesses all over the world have started accepting cryptocurrencies as a method of payment. Though there is an escalation in acceptance of cryptocurrencies, some shortcomings remain like limitations on spending cryptocurrencies in the same way as fiat currencies, lack of appropriate exchange platforms for the same, delayed execution of bank transfers, and low awareness of crypto assets among users.

RelayPay is a crypto exchange and payment gateway platform that endeavors to eradicate these shortcomings and veer the perspective of finance from traditional methods to an advanced digital mechanism to seamlessly initiate the transactions between crypto and fiat currencies, immediately abstracting any technical barriers. RelayPay has a mission to be a conduit between conventional finance systems and digital currencies. The platform facilitates crypto transactions however and whenever a user wants. The platform expedites swapping between digital assets and 18+ National currencies by offering B2C and B2B services. Let’s look at the RelayPay exchange review in more depth.

RelayPay Exchange Summary

Headquarters Australia
Found in 2019
Native Token None
Listed Cryptocurrency 19
Trading Pairs N/A
Supported Fiat Currencies AUD, USD, EUR
Supported Countries Most of All
Minimum Deposit N/A
Deposit Fees Free
Transaction Fees Depends on Network & Spread
Withdrawal Fees Free
Application No
Customer Support Mail, Submit Form, & FAQ Support

What Is RelayPay?

Founded in 2019, RelayPay is a cryptocurrency exchange platform based in Australia. It is a fintech firm that works as a medium of exchange to facilitate quicker transactions from fiat to crypto and vice versa. Along with being an exchange platform, RelayPay has simplified the use of cryptocurrencies in everyday lives by providing the users an elementary method to spend it in the same way as cash. To make the use of cryptocurrencies as smooth as cash, the platform provides investors various options that enables them to use frictionless crypto to fiat exchange mechanism. One can pay in cryptocurrencies instead of cash by using RelayPay.

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RelayPay Exchange Reviews - Platform InterfaceRelaypay Exchange Reviews – Platform Interface

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How Does RelayPay Work?

To provide the users best rates with utmost transparency, RelayPay uses an aggregator model that compares the price feed of some of the renowned and regulated crypto exchanges worldwide. This methodology saves traders the unnecessary nuisances of going through multiple exchanges separately while getting the most competitive rate at that time. The platform uses BPay biller technology to spend cryptocurrencies in payment of any bill or credit card statement.

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Key Features of RelayPay

  • The main feature users get on using RelayPay is the ability to trade-off cryptocurrencies in return for goods and services without facing any negativities like inappropriate evaluation of crypto assets and prolonged settlements.
  • One can buy, sell, or spend a cryptocurrency at competent exchange rates worldwide using around 20 currencies and 40 countries. One can also get an interest-free loan on crypto-assets for up to 8 weeks.
  • RelayPay offers another useful feature of paying any bill or credit card dues by using cryptocurrencies. This process uses the BPay biller code to pay bills immediately.
  • RelayPay also works as a payment gateway to enable users to transfer funds from one account to another. 
  • One of the unique features of the platform is that it provides Australian users the facility to use instant ATM cash-outs, which converts cryptocurrency to cash instantly.
  • Another revolutionary feature of RelayPay is for businesses; it offers a platform that accepts cryptocurrency as a payment method. The businesses get their digital assets converted to fiat in 48 hours at the top, negating any volatility risks and escalating revenue potential.
  • Two additional upcoming features are also showcased on the website, which will add to the platform’s arsenal to simplify the user experience in dealing with cryptocurrencies. The first one is a sophisticated online payment function that will expedite the use of cryptocurrency with online retailers. The second feature would allow users to get cryptocurrency-based loans of up to 50 percent value of their assets, abstracting hassles of traditional banking loans.

RelayPay Exchange Reviews - Key Features of RelayPayRelaypay Exchange Reviews – Key Features of RelayPay

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Products Offered by RelayPay

  • Bank Transfer: One can use the user-friendly platform to cash out the crypto from wallet to bank at the most competitive rates. The platform supports 18+ currencies and 40+ Countries.
  • Accept crypto-payments: The businesses can use the platform to accept crypto-payments effortlessly without facing volatility and prolonged settlement issues.
  • Bill Payments: One can pay any bill or credit card dues on the platform with crypto by using the BPay biller code. The bill payment is processed within 24 hours.
  • Crypto-loans: One can get instant crypto-backed loans on RelayPay at the best rates negating any paperwork/credit check.
  • Newsletter: Users can subscribe to the newsletter for regular updates on RelayPay and the latest information regarding cryptocurrency news, prices, and trends.

RelayPay Exchange Reviews - Products Offered by RelayPayRelaypay Exchange Reviews – Products Offered by RelayPay

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Relaypay Exchange Reviews: Pros and Cons

Pros
Cons
Buy/sell crypto assets at the best prices instantly. A limited number of supported cryptocurrencies.
Bill payment by using cryptocurrencies in less than 24 hours. Over extensive KYC process.
Get crypto-based loans.
Self-custodial management of digital assets.
Use cryptocurrencies in everyday transactions as a method of payment.
Businesses can use it as a conduit to accept crypto payments.
Over 1500 ATM cash points in Australia.

Is RelayPay Regulated?

Yes, the company possesses the necessary registrations and licenses to operate in the field of finance and crypto assets. RelayPay has a Blockchain technology certificate issued by Blockchain Australia. The platform is also registered with AUSTRAC as a Digital Currency Exchange and Independent Remittance Dealer. It is also periodically analyzed by the Australian Transaction Reports and Analysis Centre.

How to Use RelayPay?

To use RelayPay, one has to open a genuine account and complete the KYC process depending on the type of user. Only after finishing the registration process can one use all features of the platform. After completing the KYC, one can start using RelayPay to send or buy crypto assets, pay bills or credit card dues, and get crypto loans.

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If the users face any problem in using the platform, they can refer to the FAQs section available on the website, created especially for navigation purposes. In case the query is not resolved, one can contact the customer service team of RelayPay by using the ‘contact us’ feature.

Getting Started with RelayPay

To start using RelayPay, the first step is to open an account at the platform. The verification level of KYC depends on the account one chooses to open. On the top shelf of the RelayPay website, there is an icon, “Open Account,” click on it and select the type of account. Choose the preferred account among personal, business, or commerce.

Now, one needs to fill in the required information as asked on the subsequent page and read the terms and conditions before submitting it. After finishing this step, the email verification process will be done where the user will receive a six-digit code on the registered email. Enter the code on RelayPay to complete the verification. Once done, one can log in to the platform using the authenticated information. Finally, the users can complete the KYC process to access the features offered on the platform.

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RelayPay Exchange Reviews - Registration ProcessRelaypay Exchange Reviews – Registration Process

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Buy/Sell Bitcoin & Other Cryptos With RelayPay

RelayPay is connected with multiple local and international exchange platforms to provide the users with the best available rates during purchase. The aggregator mechanism compares the rate of a commodity on various exchanges to determine the best price.

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On the final payment page, one can lock the price and use real-time payment options like PayID, OSKO, and POLi to pay, after which the platform initiates the crypto amount to the wallet address. The platform will shortly add Mastercard, Visa, and Cash-in options into its payment options. The users can also cash out their crypto funds at the best possible rates and transfer them to any bank account.

RelayPay Fees

RelayPay is highly liberal and transparent when it comes to fees. The platform keeps the additional fees mechanism to a minimum, and if any trading fee is charged on buying/selling of an asset, then it is all-inclusive. Moreover, RelayPay does not charge any fee on deposit or withdrawal of assets from an account. Thus one can transfer funds free of cost anytime.

RelayPay Deposit & Withdrawal Methods

There are two ways in which the users can deposit the funds in their account to convert them to crypto-assets of their preferred choice. The deposit methods are as follows:-

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  • Bank Transfer (ACH)
  • PayID

The method of withdrawing funds from an account is quite elementary; one is required to provide the bank details of the bank account of any supported country and initiate the transfer. Investors can also use the crypto-assets directly to purchase everyday amenities and items.

RelayPay Accepted Payment Method

Following payment methods are available on the platform:-

  • PayID
  • OSKO
  • POLi

The platform will shortly add Mastercard, Visa, and Cash-in options into its payment methods.

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RelayPay Supported Cryptocurrencies & Countries

Supported Cryptocurrencies

COMP, YFI, AAVE, RENBTC, BTC, ETH, USDT, LINK, DAI, TUSD, PAX, USDC, GUSD, SNX, WBTC, SUSD, BUSD, SAUD, SEUR.

Supported Countries

Australia, Austria, Bahrain, Belgium, Canada, China, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, India, Italy, Japan, United States, and many more.

RelayPay Security Measures

The security protocol of RelayPay is up to the standard, as evident by no known incidents of the security breach to date. The platform has the blockchain technology certificates of the industrial body, Blockchain Australia. The exchange is also registered with AUSTRAC as a Digital Currency Exchange and Independent Remittance Dealer.

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To use all the features of exchange, the users have to verify their id that uses biometric verification. During the purchase of any asset, only the most reputed international exchanges are used to determine the rate. Furthermore, RelayPay provides users a self-custodial management system to control their assets where they can use their digital assets’ private keys to keep the funds in any personal wallet. 

RelayPay Customer Support

The customers get a dedicated FAQs section for navigation of the exchange. On facing the issues not mentioned in the FAQs section, they can leave an inquiry in the ‘contact us’ section and get help from the customer service team of the platform.

RelayPay Exchange Reviews - Contact Us FormRelaypay Exchange Reviews – Contact Us Form

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Relaypay Exchange Reviews: Conclusion

Wrapping up the review, one can conclude that RelayPay has shown huge potential regarding simplification and assimilation of cryptocurrency usage in our daily lives. Numerous beneficial features like bill payment, quicker bank transfers, self-custodial private keys, and crypto-payment for businesses are available for the customers on using the platform and that makes it at the best cryptocurrency exchange list. Some soon-to-be launched features like additional payment methods and crypto-backed loans will make the user interface more enriching for the upcoming generation of traders and investors.

Though it is still a long way to go for the platform to encounter the encumbrances faced by customers in using cryptocurrencies as simple as cash, it has a competitive advantage over its competitors. Hence, the customers are in safe hands if they choose to go with this exchange.

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FAQs

Is RelayPay Safe to Use?

Yes, RelayPay is safe to use, as evidenced by various certificates and licenses issued by competent authorities to operate in compliance with the law of the land.

How Does RelayPay Keep My Payment and Details Secure?

RelayPay is affiliated with regulated exchanges, meaning it does not have any regulating power over your funds directly. When you initiate a transaction on RelayPay, your funds are sent directly to their partner exchanges, who in turn provide you the best price for your crypto or fiat asset at the time of the transaction.

How Much Can I Earn With RelayPay Rewards?

There is no limit to your earnings with RelayPay rewards. The reward is uncapped and offers a profitable opportunity for the customers to accumulate large amounts of funds by just referring the Exchange to their friends and families.

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How Long Will It Take to Process a Bill Payment at RelayPay?

The Exchange offers same-day processing of the bill payments completed and confirmed on blockchain before 2 PM. In case the bill payment is processed after 2 PM or on a weekend or a public holiday, the biller will complete the payment on the next working day.

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