How to Grow Your Crypto Portfolio: A Guide to Binance's Recurring Buy
Main TakeawaysÂ
Users can save themselves the extra work of buying crypto manually over time by setting automatic cryptocurrency purchases with the Recurring Buy function on Binance.
Recurring Buy facilitates the dollar-cost averaging strategy, helping users gain steady crypto growth through consistent and regular investing.
With Recurring Buy, users can enjoy easy access to the rest of the Binance ecosystem, tapping into a wider span of investment products and buying NFTs and Fan Tokens.
Set up Recurring Buy in just five easy steps and start growing your crypto portfolio today using your Visa and Mastercard credit and debit cards.
If youâre looking for a quick and hassle-free way to automate your crypto purchases, Binanceâs Recurring Buy feature is exactly what you need.
What is Binanceâs Recurring Buy?
Designed to facilitate a Dollar-Cost Averaging (DCA) investment strategy, Recurring Buy allows you to choose the cryptocurrency you want to purchase, the amount you want to buy, and the frequency of purchase. Not only does it save time but it also saves you the stress of trying to time the market. Moreover, through using Recurring Buy you can reduce the impact of market volatility, lower risk of purchasing at a less than ideal timing, and steadily grow your crypto portfolio through long-term appreciation.Â
No matter how busy you are, Recurring Buy saves the hassle of buying crypto manually over time by setting automatic cryptocurrency purchases. Keep on reading about the advantages of Recurring Buy and how to set yours up on Binance in five simple steps.
Why Use Recurring Buy to Grow Your Crypto Portfolio?
The Recurring Buy feature on Binance establishes a fully automated process â you can enjoy the convenience, speed, and easy access to other services within the Binance ecosystem. Below are four more reasons why you should use Recurring Buy. Â
1. Steady Portfolio Growth via a Long-Term Investment Strategy
The strategy behind Recurring Buy is dollar-cost averaging (DCA), where you invest money gradually at regular intervals rather than all at once. Regardless of the market situation, the DCA strategy allows you to stay in the market and help smooth out the price swings that can sometimes occur. Through consistent investments at periodic intervals, Recurring Buy enables you to gradually grow your crypto wealth over time and avoid the impact of a volatile market as a long-term investment strategy.Â
2. Convenient, Flexible, Beginner-Friendly
No more hassle of manual recurring purchases with this automated function. Automating crypto purchases to save time and simplify investing is ideal for beginners. You can also choose between daily, weekly, bi-weekly or even monthly purchases and what kind of cryptocurrencies you want to buy beforehand. Recurring Buy supports more than 45 local currencies. In addition, Binance will add support for new and popular assets on Recurring Buy.Â
3. Easy Access to the Binance Ecosystem
The first step to expanding your crypto portfolio is getting your stash of crypto ready, and you can do so via Recurring Buy. Afterward, maximize gains for your recurring crypto purchases via other Binance products such as Earn products, yield farming, trading, Launchpool or even purchasing your first NFT.
4. Elevate Your Personal Investment Experience
Not familiar with investment strategies? Here is an easier one. By automating investments, you can better plan your finances and allocate funds systematically towards your investment goals. Recurring Buyâs structured approach can lead to more effective financial management and goal achievement, enhancing your financial planning and elevating your personal investment experience.
Step-by-Step Guide to Set Up Recurring Buy on Binance
Step 1: Choose Your Crypto & Enable Recurring BuyÂ
Log in to your Binance account, tap on the [Trade] option on the app homepage, and then tap [Buy]. Tap [Buy Crypto] to view the dropdown menu and select [Recurring Buy].
Next, choose the crypto you would like to purchase and enable the Recurring Buy feature on the same page.Â
For web users, simply tap on [Buy Crypto] on the top header of the homepage, and choose [Recurring Buy].
Step 2: Select your preferred local currencyÂ
Choose from over 45 currencies supported on Recurring Buy.
Step 3: Set up the frequency
Tap on the date on the same page, and choose between daily, weekly, bi-weekly, or monthly intervals. You can also select the day and time for your Recurring Buy.Â
Step 4: Select your payment methods
We currently accept Visa or Mastercard credit/debit cards. You can choose to use one of your existing cards or add a new card. Â
Note: You can only save up to 5 cards. If you want to add any cards on top of that, you will need to remove your existing cards first. In the event that the card is used for recurring buy, you will need to cancel your recurring buy plans to proceed.
Step 5: Confirm your order details
Check and confirm your order details in one minute, as after one minute, the price and the amount of crypto you will get will be recalculated. Tap [Refresh] to see the latest market price. After you confirm your order details, you are all set. You can visit your order history to check the status of your recurring buy plan.
For a more detailed guide, check out our article on How to Use Recurring Buy.Â
Conclusion
Taking regular small and incremental steps in your crypto investment through the use of Binanceâs Recurring Buy feature can lead you to accumulating bigger gains over time.Â
That said, make sure you carefully consider your financial goals, risk appetite, and comfort with trading before considering setting up Recurring Buy plans. Make sure to DYOR before committing.