How to Grow Your Crypto Portfolio: A Guide to Binance's Recurring Buy
Main Takeaways 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 you’re looking for a quick and hassle-free way to automate your crypto purchases, Binance’s Recurring Buy feature is exactly what you need.What is Binance’s 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. 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 — 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. 1. Steady Portfolio Growth via a Long-Term Investment StrategyThe 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. 2. Convenient, Flexible, Beginner-FriendlyNo 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. 3. Easy Access to the Binance EcosystemThe 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 ExperienceNot 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 Buy’s 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 BinanceStep 1: Choose Your Crypto & Enable Recurring Buy Log in to your Binance account, tap on the [Trade] option on the app homepage, and then tap [Buy]. Click [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. 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 currency Choose from over 45 currencies supported on Recurring Buy.Step 3: Set up the frequencyTap 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. Step 4: Select your payment methodsWe currently accept Visa or Mastercard credit/debit cards. You can choose to use one of your existing cards or add a new card. 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 detailsCheck 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. ConclusionTaking regular small and incremental steps in your crypto investment through the use of Binance’s Recurring Buy feature can lead you to accumulating bigger gains over time. 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.Further ReadingWhat Is Recurring Buy and Frequently Asked QuestionsA Beginner's Guide to Cryptocurrency Trading StrategiesDollar-Cost Averaging (DCA) Explained
Couple Who Spent $10 Million Received By Mistake Due to Crypto.com Error Faces Jail Time
A couple who received $10 Million by mistake from Crypto.com crypto exchange and kept it to themselves to serve jail time.
Dishonesty brings consequences. A couple proved this phrase when they received money by mistake and kept it to themselves.
Their action led them to serve jail time. A major error from Crypto.com crypto exchange resulted in refunding $10 Million instead of $100.
The incident began in May 2021 when Jatinder Singh tried to deposit $100 into his Crypto.com account using his partner’s bank account.
An employee of the exchange in Bulgaria made a significant mistake, leading to a $10.47 million refund to Singh’s partner, Thevamanogari Manivel, due to discrepancies between the names on the accounts causing the initial deposit rejection.
Crypto.com Discovered The Mistake
The mistake was undiscovered until December 2021. During an internal audit by the exchange, the company noticed a large amount of money was missing. By this time, Singh and Manivel had already spent a significant portion of the money.
They bought two homes, two blocks of land in Melbourne, and even gifted $1 million to a friend. Singh initially claimed he believed they had won an online raffle.
Actions Taken and Arrests
Crypto.com realized the mistake and contacted the Commonwealth Bank, which informed Manivel that she needed to return the money.
Manivel, believing it was a scam, transferred $4 million to her Malaysian bank account. In March 2022, police arrested her at Melbourne airport while she tried to board a one-way flight to Malaysia with $11,000 in cash.
Court Proceedings
Singh pleaded guilty to the theft of $6.09 million and appeared in the Victorian County Court for a presentence hearing. His lawyer argued that Singh did not fully understand the seriousness of his actions at the time.
He remained unaware that the funds came from a multinational company, which did not realize the money was missing until much later.
Despite this, the prosecution called for a jail sentence. They emphasized the opportunistic nature of the crime.
Manivel’s Charges and Bail
Manivel faced charges including theft and negligently dealing with the proceeds of crime. He pleaded not guilty, and the court granted her bail with strict conditions after she spent over six months in custody.
Her bail conditions included surrendering her passport and not attending any points of departure.
Sentencing and Recovery Efforts
The court learned that most of the money spent in Australia had been recovered, but the $4 million transferred to Malaysia still remained outstanding.
Crypto.com had launched legal action to recover the funds. The prosecutors did not receive information about the outcome of the recovery action.
The court sentenced Manivel to 209 days in prison, recognizing this time as already served. She also received an 18-month community corrections order.
Conclusion
The case highlights the significant consequences of a very simple mistake. Singh and Manivel’s situation serves as a cautionary story.
It underscores the importance of verifying unexpected gains. People should understand the legal implications of spending money that doesn’t belong to them.
Square continues to warn about sharing profiles from tertiary networks, however we need to admit the fact that many people spend their time here and are taking advantage of this.
Well, being sincere, square would be a great social media for everyone who is committed to financial markets and cryptocurrencies
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Main TakeawaysFake token attacks represent a widespread type of cryptocurrency scams where criminals create fraudulent tokens that mimic legitimate cryptocurrencies, using them to steal users’ money or sensitive data.This type of attack generally uses communication tools such as Telegram, WhatsApp or WeChat to spread misinformation. A common tactic is running token “pre-sales,” attracting victims with the promise of a much higher future “listing price” compared to the current “pre-sale price.”In most cases, the losses of digital assets are irreversible. Binance encourages users to constantly learn to protect themselves, staying vigilant and aware of common threats.A fake token attack is a type of cryptocurrency scam where malicious actors create counterfeit or fraudulent tokens that mimic legitimate cryptocurrencies. These fake tokens are designed to deceive investors and traders into believing they are purchasing or trading a genuine asset, often leading to financial losses or other negative consequences such as identity theft.How Scammers Use Fake TokensReal tokens and fake ones mimicking them can exist on the same blockchain but with different smart contract addresses, or on different blockchains. Fake tokens can be used in a variety of fraudulent schemes.Initial Coin Offerings (ICOs) and Token Sales: Attackers may launch fake ICOs or token sales, enticing investors with the promise of getting in early on a groundbreaking project. Once they collect funds, they disappear, leaving investors with worthless tokens.Airdrops and Giveaways: Fake tokens are sometimes distributed through airdrops or giveaways, where users are asked to provide personal information or pay a small fee to receive the tokens. This can lead to further scams or identity theft.Pump and Dump Schemes: Scammers may artificially inflate the price of a fake token through coordinated buying (pump) and then sell off their holdings at the peak (dump), leaving other investors with devalued assets on their hands.Launchpool Token Scams: The schemes described above can be complicated and costly to pull off, so scammers can choose to resort to lower-cost attacks, such as those using fake Launchpool tokens attacks. In this type of scams, criminals capitalize on the publicity that the promotion and dissemination of an asset by a reputable exchange creates, claiming, for example, that they can offer such tokens at a discount through unofficial channels that are not associated with the platforms like Binance that do the original promotion. Real token launch announcement on Binance LaunchpoolFor example, Binance promotes official Launchpool tokens ahead of launch, and the attackers often seek to capitalize on it. When a fake token is designed to mimic such a well-publicized asset, scammers’ promotional costs can be greatly reduced, and the only thing they have to do is convince potential victims that the token they are pushing is the same as the one promoted via Binance Launchpool.Real-Life CasesBOOMIn July 2024, Binance’s Risk Intelligence team identified a DEX-listed asset called BOOM as a fake token. The asset exhibited several red flags at once, which makes it an excellent example of such tokens.Liquidity: A BOOM pool on PancakeSwap had a meager $3.38K liquidity, all provided by the contract deployer. The market value of this token is very low.BOOM’s page on CoinMarketCap, showing total liquidity and the number of holdersSuspicious Transfers: While the token’s liquidity amounts to just several thousand dollars, there are over 11.18M addresses that have received this token. This is abnormal: with legitimate tokens, liquidity should be proportional to the number of holders.BOOM’s page on Dextools, showing sell taxSell Tax: A token's sell tax is a fee imposed on each sale of the token, set by the project developers. In BOOM’s case, sell tax is set at 100%, which means that whenever someone tries to sell this token, the entire amount of the sale will be deducted as tax, and the seller will not receive any funds.In this case, scammers have set sell tax at 100% and airdropped the fake token to more than 11 million addresses. Had the trading of this asset taken off, the people behind the token would have pocketed 100% of each sale via a built-in smart contract. This case stands as a reminder that users should closely scrutinize the tokens they receive via unsolicited airdrops.Fake OMNIIn 2024, Binance has promoted multiple new tokens via its Launchpool program. Scammers around the globe have attempted to use these opportunities to create fake tokens to defraud users. For example, a popular scheme has been setting "pre-purchase" programs through unofficial channels such as Telegram or WeChat groups. Remember that overly attractive prices on much-anticipated tokens before they launch should be considered a red flag.Real OMNI’s page on CoinMarketCapOMNI has been one of such Launchpool tokens, which the crypto community has eagerly anticipated. Criminals were quick to launch several imposter tokens, including the one in the screenshot below, which originated in Turkey.Fake “OMNI’s” BscScan pageAs you can see, this fake “OMNI” has zeroes in its price and on-chain market cap metrics, and only has a few holders and total transfers.Tips for Identification and AvoidanceVerify the Contract Address: Every digital token has a contract address associated with it. Always obtain the contract address from official sources such as the project's official website, verified social media accounts, or reputable cryptocurrency listing platforms like CoinMarketCap or CoinGecko. Cross-check the contract address across multiple official sources to ensure consistency.Use Risk Assessment Tools: Contract code analysis, swap analysis, and liquidity analysis are the most basic methods to detect token risks, but these can present technical barriers as they require a certain level of coding and blockchain-specific skills. Users who are less familiar with the technical aspects of digital assets can rely on consumer tools designed to help assess risk probabilities. For example, Token Sniffer is an easy-to-use and convenient tool that can help in risk identification.Screenshot of Token SnifferStay updated with Risk News: The best way to mitigate scam-related risks in the crypto space is staying on top of the latest developments in the industry. Following specialized risk-focused blogs and security news will help you get better at identifying red flags and avoiding scammers.Final ThoughtsFake tokens are a significant threat in the cryptocurrency space, preying on the enthusiasm of investors and their willingness to explore new opportunities when it comes to emerging tokens. By staying informed, conducting thorough research, and exercising caution, you can protect yourself from falling victim to these scams. Always remember the old adage: if something sounds too good to be true, it probably is.Further ReadingKnow Your Scam Stay Safe: How to Spot and Avoid Telegram Scams4 Critical Tools to Enhance the Security of Your Binance Account
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Since Banana was listed on #Binance , there are plenty of telegram bots claiming they are the official banana airdrop, however the reality is completely different, check the image
**Opportunities And Challenges Presented By Cryptocurrencies**
Cryptocurrencies represent a significant innovation in the financial sector, offering potential benefits such as increased financial inclusion, lower transaction costs, and enhanced privacy. However, they also come with risks, including volatility, regulatory uncertainty, and the potential for misuse in illegal activities. Their decentralized nature challenges traditional financial systems and regulatory frameworks, sparking debates about their future role in the global economy. Overall, cryptocurrencies present both opportunities and challenges that require careful consideration and regulation. $BNB $PEPE $SOL
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