Unlike custodial exchanges where a third party like CoinSpot, Binance, or Swyftx holds your assets, RelayPay is Australia’s leading self-custodial exchange.
This means that after you use PayID or Bank Transfer to buy Bitcoin (and other cryptocurrency) — your purchase goes directly to your chosen wallet, ensuring you retain full control of your digital assets.
We believe self-custody options are crucial for those who value financial autonomy and security, giving you the freedom to manage your assets as you see fit. You can send your crypto to almost any wallet you like, such as Ledger, Trezor, MetaMask or even to an exchange wallet if you choose. Just make sure your receiving address supports your chosen crypto and network.
Self-custody is about choice and managing risk. Many investors are keen to avoid the loss of control that famously impacted FTX’s customers, who couldn’t access their funds when that exchange (and others reliant on it) froze accounts. With self-custody, you’re empowered to manage your risk, but it’s essential to know how to choose and safely use a wallet. This includes securely storing passwords and backup phrases — lose them, and you may lose access to your funds permanently.
Another benefit of RelayPay: spending crypto directly from your personal wallet.
Easily BPAY bills with crypto and sell/transfer crypto (as dollars) to your your own or someone else's Australian bank account, all while retaining self-custody of your assets. This differs from crypto debit cards, which typically require funds to be stored on a centralised exchange. Remember: “Not your keys, not your coins." With self-custody, you hold the keys and ultimately control your digital assets.
More: Bitcoin.org Guide to wallets for desktop and mobile.
Note: RelayPay doesn't support use of mixer wallets, including but not limited to Wasabi.
Disclaimer: All content provided is for informational purposes only. Nothing here is intended to constitute investment, legal, tax, accounting, or other advice. Always consult your financial advisor to determine if Bitcoin or any other cryptocurrency is appropriate for your personal circumstances.
Getting started is simple. Visit RelayPay and sign up with your email and Australian mobile number. Complete the account setup and verification process to ensure a secure experience.
Login to RelayPay and navigate to the Buy Crypto page.
Enter the amount you would like to buy in AUD, choose Bitcoin from both the cryptocurrency and network pick lists. You'll see there is a small blockchain fee (not charged by RelayPay) included in the quote. Hit the Get Started button to continue to the next step.
Tip: If you want to purchase over $50,000 worth of crypto: contact us for an OTC purchase to maximise your conversion rate.
RelayPay supports real-time options like Pay ID or Bank Transfer (Visa / Debit Card is coming soon). Your bank account name must match your RelayPay name.
To avoid any issues, always start your RelayPay buy crypto process at RelayPay in this way. Do not start by sending funds from your bank using saved details. The RelayPay payment flow will inform you when it's the right time.
RelayPay supports sending Bitcoin via the Bitcoin network, so be sure to be sure to select that on your receiving wallet or exchange support this. Your receiving wallet or exchange may also have a minimum deposit / transfer amount and may (or may not) introduce its own fees.
Enter your receiving wallet's receiving address details twice as instructed. Be sure to check the entire address, there is malware known to change just the middle digits of an address to try and hijack funds.
Next, carefully read RelayPay's scam risk warning and type CONFIRM to confirm you understand and continue.
You'll then be asked to do a quick and easy ID check with a selfie using your laptop or phone camera.
RelayPay will now find you the best available price from our partners. You'll see thsi rate displayed on the “checkout” page. For Bitcoin, this rate will be locked for 5 minutes while you send payment to us. Don't worry if time runs out: simply press "need more time, restart" to get a new quote and continue payment.
You'll see the Pay ID or bank transfer details on this same page — please re-check them each time as these can (and do) change.Once you've sent payment, you'll soon see the page update with "Payment Processing."
Important: Don't close or refresh this window/tab until you see "Payment Complete" AND the Bitcoin in your receiving wallet.
You can also use a new tab or window to check for your confirmation email from RelayPay or if you see the completed transaction RelayPay transaction dashboard.
Tip: If you see a transaction has expired because no payment was received from your bank in the allotted time, follow the on screen instructions to initiate a new transaction.
ALSO READ: Pay Bills with MetaMask in Australia: Quick Guide.
Bitcoin is a digital asset, created in 2009, that enables secure global transfers through the blockchain — a transparent ledger tracking all transactions. Developed by an anonymous person (or group) known as Satoshi Nakamoto, Bitcoin has become a sought-after asset and investment, celebrated for its scarcity and security. With a finite supply and high demand, it’s widely regarded as a store of value and hedge against inflation, attracting both individual investors and institutions seeking a foothold in the evolving crypto market.
Deposit fees: Not charged by RelayPay, but may be applicable when using Bank Transfer or card.
Trading fees: To be able to lock the price for seamless transaction, RelayPay puts a small buffer on our sourced crypto prices. This buffer protects both the customer and RelayPay from price fluctuations. Users see and lock-in the conversion rate and RelayPay itself charges no additional fees or charges.
Blockchain fees: Also known as a transaction fee and outside of RelayPay's control. We'll factor this into your included quote. In the case of Bitcoin, a small amount paid to incentivise miners to process and confirm transactions on the blockchain, helping ensure network efficiency and security.
Withdrawal fees: Some crypto wallets and exchanges may charge a small fee for sending or, less commonly, receiving crypto. Tip: Check platform-specific fees before transferring to avoid surprises.
You can fund your RelayPay account using Commonwealth Bank, though the bank has a $10,000 monthly limit on transactions identified as crypto-related. Some banks may also place a 24-hour hold on crypto transactions in an effort to reduce scam risks. For more on protecting yourself in the crypto market, check out RelayPay’s Guide to Crypto Scams in Australia.
With RelayPay, 2FA is enabled by default and you can update your account to use Google Authenticator instead of text message. Additionally, we recommend storing your Bitcoin in a private wallet — preferably a hardware (cold) wallet, which is offline and less vulnerable to hacking compared to hot wallets. Always safeguard your private keys and avoid sharing them, as losing access could mean permanent loss of your Bitcoin. It's also wise to avoid public Wi-Fi when accessing your wallet or exchange account and use password managers for additional security.
Note: RelayPay will never send you an SMS or email that asks for your password, to share your crypto wallet key, or include a link to login directly from SMS or email. If you receive a call from someone claiming to be from RelayPay (or working with us) and you are unsure, do not give out any details and email our support team. Read our safety guide for more.
Yes, buying Bitcoin in Australia is legal. The government recognises Bitcoin as property, meaning it’s subject to capital gains tax and other regulations similar to traditional investments.
The Bitcoin network undergoes a “halving” every four years, reducing the reward miners receive by half. The most recent halving in April 2024 lowered the reward to 3.125 BTC per block, decreasing the new Bitcoin supply entering the market. This supply reduction, combined with mining costs, typically influences Bitcoin’s price upward as demand rises against a diminishing supply. Historically, halvings have been followed by price increases, making them key events that reinforce Bitcoin’s scarcity and appeal as a long-term investment.
Bitcoin mining is the process of validating transactions on the blockchain and is essential to the security and operation of the Bitcoin network. Miners use powerful computers to solve complex cryptographic puzzles, earning rewards in Bitcoin and incurring significant costs in electricity and equipment maintenance. The average cost to mine one Bitcoin depends on local electricity prices and mining efficiency.
These operational costs can act as a baseline for Bitcoin’s market price since mining below this level can become unprofitable, potentially reducing supply from miners selling at a loss. With energy prices and the complexity of mining increasing, the average global cost of mining Bitcoin reflects the growing difficulty of sustaining profitable operations.
In 2024, the industry-wide cost of mining is estimated to be between $600 million to $650 million per month. Miners’ decisions on whether to hold or sell their Bitcoin based on these costs can impact market supply and price volatility. This interplay between mining costs, halvings, and market demand plays a crucial role in Bitcoin’s valuation and stability over time.
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