Part of Crypto.com’s goal is to ascertain customer satisfaction when using all of its products and services. The crypto exchange works on ways to make conducting transactions and trading faster and easier. One of the tools to ensure that users have an effective trading experience is a recurring buy.
What is Recurring Buy
A recurring buy is a tool that allows Crypto.com users to buy various cryptocurrencies across different times. With recurring buy, you can buy crypto across different purchase frequencies; daily, weekly, bi-weekly, and monthly. So, for recurring buy-listed cryptocurrencies, you don’t have to purchase your crypto at once.
For instance, if you want to buy $100 worth of CRO, initially you will have to buy it at once. But with the recurring buy, you can spread your purchasing power ($100) across different purchase frequencies. With a daily purchase frequency, you will buy a certain amount of CRO every day till you exhaust your $100. When you use a monthly recurring buy, your purchasing power is spread across purchasing CRO in minute quantity every month.
How does it work?
Recurring buy makes use of the Dollar-Cost Averaging (DCA) investment strategy to spread the purchasing power across different intervals. DCA works to allow an investor to reduce the effect of volatility on a purchase. With DCA, you don’t have to buy a whole quantity of the asset you want at once but rather spread the purchase across different periods.
So, if you need to purchase an asset, BTC, for example, while the market is very high, buying at once means you are buying at a possible top. However, with DCA, you can create a spread across multiple periods and purchase your desired asset at different prices.
With recurring buy, you have the power over how your purchasing power is spent but not the quantity of a token you will receive after all purchases have been made.
How to set up recurring buy
There are only selected tokens available for recurring buy on Crypto.com for now. You can use recurring buy for over 60 cryptocurrencies on the crypto.com app. You can pay for recurring buys with your crypto wallet, fiat wallet, and Crypto.com credit card.
To set up recurring buys on the Crypto.com app;
- Click on the super button with the crypto.com logo on your Crypto.com app
- Under trade, select ‘Recurring Buy’
- Click on ‘setup recurring buy’
- Select the cryptocurrency you want to purchase
- Choose the frequency and what you want to pay with (crypto wallet, fiat wallet, or credit card).
- Confirm the transaction
How to cancel a recurring buy
To cancel a recurring buy order;
- Click on the “Super Button.”
- select “Recurring Buy” in the trade section.
- Click on “Schedule Details.”
- Select “Cancel Schedule.”
- Confirm the cancellation.
A pending order can not be canceled. If your pending order is set to execute on the same day, then you will not be able to cancel the buy order. To cancel a recurring buy, it has to be within the days of the creation of the order to the execution of the order.
Things you should know about recurring buying before you start
About purchase frequency
Crypto.com offers four purchase frequencies for recurring buying; daily, weekly, bi-weekly, and monthly.
- Daily: the recurring buy order is set to execute every day. A certain quantity of the selected token will be bought every day.
- Weekly: for weekly recurring buy, you will set a day in the week to purchase your selected token. You can choose any day from the 7 days of the week.
- Bi-weekly: with the bi-weekly recurring buy, you can select any two days in a week to execute a buy order for your selected token.
- Monthly: with a monthly recurring buy, you will select any day within a month to make a purchase every month till you exhaust your purchasing power.
Trading limit
The minimum trading limit for a recurring purchase is $15. If you buy your selected cryptocurrency via fiat or crypto wallet, your trading limit will depend on the amount you dedicate for purchase. However, if you choose to use a credit card to purchase cryptocurrency, depending on the card, you will have a monthly cap.
Credit card monthly limit
- For the Midnight Blue Visa card, there is a monthly cap of $1,000
- For the Ruby Steel Visa card, there is a monthly cap of $2,000
- For the Jade Green/Royal Indigo Visa card, there is a monthly cap of $5,000
- For the Icy White/Rose Gold Visa card, there is a monthly cap of $20,000
- For the Obsidian Visa card, there is a monthly cap of $40,000
The number of recurring buys you can make per month
For a weekly recurring purchase, the order will execute five times within a month. You can choose to execute multiple recurring buy orders.
For instance, if you choose to use $2000 for recurring buying of multiple cryptocurrencies. You can decide to set a recurring buy for BTC with $500. From the remaining $1500, you can set a bi-weekly recurring buy for ETH with $1000.
Bottom line
The recurring buy gives you the power to leverage on the DCA tool hereby reducing the impact of cryptocurrency market volatility on your purchase. While you might not have control over the quantity of a token you get after a recurring buy, if used right, you can accumulate more of a token. Follow our page for more crypto.com product and services news and help articles,