Introduction
Cryptocurrencies are infamous for experiencing volatile price movements leading some investors to constantly hunt for a great investment opportunity. Not everyone can dedicate the time to keep up with the price action of thousands of the available crypto assets. Despite the wild price movements, crypto assets are generally appreciating over long periods. It means that if a casual investor can acquire these digital assets regardless of the current price, they stand a chance of earning substantial returns down the road. One way to invest in crypto assets with minimal effort is to automate the purchase process. Binance, the leading cryptocurrency exchange by daily trading volume, recently launched a new feature that enables users to perform automated crypto purchases.
What is Binance Recurring Buy
Binance announced the Recurring Buy feature in September 2021 in a post stating that the new service “allows users to easily buy a fixed amount of cryptocurrencies over time at set intervals.” In a nutshell, Binance users now have the option to specify which asset they wish to buy, the amount they are willing to spend and how frequently they want to spend that amount. For example, a customer can set up a $100 purchase of the Binance Coin (BNB) every Sunday morning for an indefinite amount of time. The service is available both on the Binance mobile app and through its web interface. We will guide you on setting up an automated crypto purchase plan on Binance in this article, and it’s worth noting that the configuration process is similar across all interfaces, i.e., web, mobile or desktop. According to the announcement, users can only set up Recurring Buy settings using credit or debit cards as payment methods, specifically through Visa (NYSE: V) and MasterCard (NYSE: MA). There is no information about plans to expand the payment methods in the future.
Benefits of Binance’s Recurring Buy Feature
There are several benefits accrued from using Binance’s Recurring Buy and generally using automated crypto purchase services. They include the following:
Convenience – there are two methods to buying crypto with fiat – manually or automatically. The former is more common, and it entails logging into your Binance account to make purchase orders, while the latter involves specifying purchase rules and letting the platform execute the purchases.Dollar-cost averaging (DCA) – DCA is a common investment strategy in which a trader buys an asset in multiple stages as its price fluctuates, enabling the trader to smooth out their purchase curve and reduce the acquisition cost. Executing this strategy through automated crypto purchases is not just convenient, it’s highly recommended.Flexibility – Binance’s Recurring Buy feature enables users to make regular crypto purchases daily, weekly, bi-weekly (every two weeks) or even monthly, providing customisation flexibility. There are thousands of crypto assets to purchase through Binance.Utility – Binance, the largest and most ubiquitous crypto exchange, has invested a lot into expanding its product lineup. The automated cryptocurrency purchases have more utility within the Binance ecosystem where an investor has access to services such as staking, yield farming, trading, lending, donating or investing in blockchain startups.Reliability and security – Binance is a leading exchange offering a reliable service, and the number of users it serves is a testament that its customers trust the platform. Despite a few prior security incidents, Binance has invested in the safety and security of its users’ assets, making it one of the safest places to set up an automatic crypto purchase scheme.Supports Visa/MasterCard – the two payment processing companies are the most common debit and credit card providers, making the service accessible to most people globally.
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How to use Recurring Buy on Binance
The Binance Recurring Buy feature is accessible on all Binance interfaces, including mobile, web, and desktop. NOTE: Only logged-in users can see the toggle function to enable the Recurring Buy feature.
How to Create a Recurring Buy Plan
Alternatively, you can visit the Buy Crypto page directly using this link. Once you locate the button, click on the [Enable] link to the right of the button. The feature is now enabled for your account, and you can then set up recurring purchases. Essentially, you are buying crypto as you usually would by specifying the amount you want to spend and picking the asset you wish to buy, then directing the platform to perform the same transaction multiple times on a predetermined schedule. After specifying your spending amount and picking the cryptocurrency to buy, click on [Recurring Buy] to set up the buying schedule. The dialogue box below will pop up with two sections – the one above for selecting the frequency of your recurring purchases and one below for selecting precisely the time and day for executing the transactions. Click [OK] once you are done configuring the repeated purchase. Here you can pick from one of the cards you have added to your account that you wish to use to make the first and future payments for your Recurring Buys. You can add a new card by clicking [+Add new card] if you are yet to add any cards or [Change Card] if you want to use a different card than the one selected by default. Binance allows the addition of up to five Visa or MasterCard payment cards to your account with the option to delete and add new cards. Select your preferred card from the list and click [Confirm]. NOTE: You cannot delete a payment card already linked to an active Recurring Buy plan. You must first cancel the plan before deleting the card. Once you choose the credit/debit card you want to use to make the recurring payments, you will be returned to the [Pay with Credit/Debit Card] page. Confirm that your preferred card is selected by checking the last four digits and clicking [Continue]. If the details are correct, click [Confirm] within 1 minute; otherwise, the cryptocurrency price will be updated, and you’ll need to confirm whether you accept the new quotation. Binance will process your order and provide a success message once done. If your order has not been successfully processed, Binance will provide an updated quotation requiring fresh confirmation from you. Usually, the reason for failed orders are insufficient funds in your card or clicking the [Confirm] button in the order confirmation screen too late. Binance will display this screen if it fails to process your Recurring Buy order. At this stage, you can choose between accepting the new quotation provided or canceling the order entirely.
How to Manage Recurring Buy Plans
Three reasons necessitate the management of Recurring Buy plans on Binance. These are:
To update payment methods, i.e., change, add, delete credit/debit card.To stop recurring purchase plans.To update purchase frequency.
The process of managing your plans is simple, and it entails the following steps: The Buy Crypto History page lists all the orders processed by Binance within your account. Finally, you can opt to stop a Recurring Buy plan by clicking the [Stop Recurring Buy Plan] located below the [Continue] button. NOTE: The plan manage function is disabled while Binance is processing an already executed order. At this stage, the [Manage] button on the ‘Recurring Buy Plan’ page will be grey in colour and unclickable. Wait for five minutes for the button to turn orange before clicking it to edit your Recurring Buy plan.
Final thoughts
Binance’s Recurring Buy feature is an excellent addition to the exchange’s suite of innovative crypto-related products. Automating your crypto purchase according to your investment goals has several benefits, including the convenience of buying your assets without having to log in to your account to do it and encouraging a dollar-cost averaging investment strategy. [binance] Conventionally, users have to log in to buy digital assets on the platform but with the introduction of Recurring Buy, logging into Binance is no longer necessary. [Binance Homepage] > [Buy Crypto] > [Credit/Debit Card] > [Enable Recurring Buy] > [Configure Buy Schedule] > [Provide Payment Method] > [Confirm Order] NOTE: You have to log in to your Binance account to see the Recurring Buy button.
