Emotions and myopia are two of the biggest vices an investor can have. Without a clear strategy and plan of action, your investment journey could end in tears. Of course, there are a few dozen investors who might do well accidentally but I am sure you don’t want to be beholden to luck!
Dollar Cost Averaging (DCA) is a strategy that some investors have stuck with and have built wealth over time.
DCA is the conscious act of investing a fixed amount of money into a particular investment at regular intervals. It’s basically the piggy bank concept but for adults. While you may be aware of this strategy, it just hasn’t been presented to you in crypto terms -yet.
Binance Recurring Buy
Enter Binance Recurring Buy. A new feature by the largest crypto exchange (Binance) that utilizes the DCA concept to grow your portfolio.
The recurring buy feature directs you to select the cryptocurrency you want to buy, the amount you want to secure, and how often you would like to purchase. The process is automated so you do not have to go on lengthy crypto e-shopping trips weekly, bi-weekly or monthly.
It’s subscribing to gain assets often instead of what you are used to, subscribing to give your money away with little or no return.
What Recurring Buy adds to your investment strategy
This is a feature designed as a hack against buyer procrastination and other human vices that may keep you behind the curve. Let’s itemize what you stand to gain.
1. Disciplined savings strategy
Even your most astute investor has a spending trigger every time they get a bank alert.
Resisting the urge to splurge on feel-good liabilities requires discipline and willpower. That’s energy you don't have to expend thanks to Binance recurring buy. Think of your 401K retirement contributions. It’s set up to have you automatically put money away for your grey days, you only have the option to max that out if you wish to.
Like superannuation contributions, recurring buy is automated to help you build a crypto portfolio without having to manually exert labour or willpower. And you have the opinion to pause, modify or cancel your contributions.
2. Steady portfolio growth
Sure, your portfolio can grow if you bought some ETH and BTC intermittently over a short period of time. That is no match for steady portfolio growth built from a system underpinned by consistency in both time and dollar amounts.
Recurring buy is a feature that helps build the consistency of billionaires. If you get spooked out during market downturns, the recurring buy feature can help you manage your emotions. It can help your money stay in the game even if you don’t want to.
A phenomenon that could lead to amazing outcomes over time.
3. Convenient, flexible, and easy
Not to belabour the point, but recurring buy’s automated function makes it easy, convenient, and flexible to build a portfolio. The concept of making money while you sleep is oversold without an agreed-on plan of action. Recurring buy provides a clear plan for building a portfolio while you sleep.
4. Access to a rich Binance ecosystem
After setting up your recurrent buy. Maximize your gains by patronising other Binance products such as yield farming, staking, trading launchpads/ pools, and purchasing non-fungible tokens (NFTs).
How to sign up to Recurring Buy
1. Choose your asset
Login to your account and select the debit/credit card option on the homepage. Choose your crypto and enable the recurring buy option. 2. Select your currency
You can choose from 40+ fiat currencies to make your purchases, exercise your options at this stage.
3. Choose frequency
Set up your frequency of purchase, either weekly, bi-weekly or monthly intervals. You can also select the time of day for these transactions.
4. Choose payment method
Your visa/MasterCard comes in handy here. You can save up to 5 cards for the recurring buy process.
5. Confirm your order
Confirm your order after checking all the details are correct. Your order history is a resource you can use to check your recurring buy plan as often as you need to. You can always modify, pause or cancel your plan.
Check out this detailed support article from Binance to learn more about how to set up Binance recurring buy.
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