How To Grow Your Crypto Portfolio with Recurring Buy
Main Takeaways:Â
Users can save themselves the extra work of making purchases manually over time by setting automatic cryptocurrency purchases with the Recurring Buy function on Binance
Recurring Buy incorporates the dollar-cost averaging strategy, helping users gain steady crypto growth over consistent and regular investing
Users can enjoy easy access to the rest of Binance ecosystem with Recurring Buy, such as a wider span of investment products and buying NFTs or Fan Tokens
Setting up Recurring Buy takes only 5 steps, and can be easily completed in 5 minutes
If youâre looking for a quick and hassle-free way to automate your crypto purchases, Recurring Buy is the answer.
What is Binanceâs Recurring Buy?
Incorporating 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 how often you would like to buy. 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 get, Recurring Buy saves the hassle of making purchases 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?
The Recurring Buy feature on Binance is a fully automated process â you can enjoy benefits including convenience, speed and enjoy easy access to the other services within the Binance ecosystem. Weâve listed three more reasons why you should use Recurring Buy below. Â
1. Steady Portfolio Growth
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 climate, 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.Â
2. Convenience & Flexibility
No more hassle of manual purchases with the automated function. You can also choose between weekly, bi-weekly or even monthly purchases and what kind of cryptocurrencies you want to buy beforehand. Recurring Buy supports 50+ cryptocurrencies. In addition, every biweek, Binance will add new and popular Recurring Buy coin listings.
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 or depositing fiat. Afterward, maximize gains for your recurring crypto purchases via other Binance products such as staking, yield farming, trading, launchpads/ pools, or even purchasing your first NFT.
How to Set Up Your Recurring Buy in 5 Steps:
Step 1: Choose Your Crypto & Enable Recurring BuyÂ
Log in to your Binance account and tap on the [Credit/Debit Card] option on the app homepage. 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 [Credit/Debit Card].
Step 2: Select your preferred fiat currencyÂ
Choose from over 40+ fiat currencies and pick your preferred local currency.
Step 3: Set up the frequency
Tap on the date on the same page, and choose between 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 payments. 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 additional cards, 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 done. You can visit your order history to check the status of your recurring buy plan.
For a more detailed guide on how to use and manage Recurring Buy, check out our support article on How to Use Recurring Buy.Â
Conclusion
Although a more long-term strategy, taking regular small and incremental steps in your crypto investment through the use of Recurring Buy can add up to your portfolio having bigger gains over time.Â
With that said, make sure you carefully consider your financial goals, risk appetite, and comfort with trading before considering setting up Recurring Buys. Make sure to DYOR before committing.
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