Crypto.com users can now automatically buy Bitcoin as well as easily convert their dollars into Bitcoin on a recurring basis.
This is made possible by the newly introduced recurring buy feature on the Crypto.com App.
According to the official announcement, the recurring buy feature was introduced majorly because of customer requests. Now users can automatically purchase Bitcoin with as low as $50 for up to 5 times in a month. The purchases can be scheduled to take place on a weekly, biweekly or monthly basis. Crypto.com, however, only accepts recurring buy payments made with credit cards. For now, the platform only supports Bitcoin (BTC), however, plans are in place to add more crypto in the near future.
To make use of the recurring buy feature, users need to download and install the App version 3.64 on both Android and iOS devices.
Modus Operandi
This recurring purchase feature makes use of a popular investment strategy known as Dollar-cost averaging (DCA).
DCA is an investment technique, requiring an investor to split up the total amount he/she is looking to invest in. The divided asset is then invested at an interval in a chosen investment asset. The scheduled investment takes place irrespective of the asset price. This strategy furthermore helps to lower the effects of volatility while purchasing assets.
The crypto fintech platform recurring buy feature provides the same opportunity to its Crypto.com Pay App users. Helping to mitigate volatility the crypto space is known for. All scheduled purchases (weekly, biweekly, and monthly) will be carried out at the end of the day in the user’s local time.
The monthly limit, however, will be “reset at the end of the first day of each month”. Remember that users have a maximum number of 5 recurring purchases every month.
The app screenshot below provides details of users’ respective monthly limits based on CRO token staked.
Source: Crypto.com app
Prior to the introduction of the recurring buy feature on Crypto.com, several other crypto platforms like Coinbase and Gemini already offer this feature.
Coinbase vs Crypto.com
Although both platforms offer recurring buy features, there are a few distinguishing features in their mode of operations.
- Tokens supported – Coinbase users can schedule recurring buys for Bitcoin, Ethereum, and Litecoin. However, for now, users can only purchase Bitcoin using the recurring buy feature on Crypto.com.
- Payments methods – Coinbase supports several payments like direct bank transfers, credit and debit card payments, SEPA transfers. Crypto.com, on the other hand, only accepts credit card payments for now.
- Recurring buy interval – Crypto.com users have the option of scheduling recurring purchases on a weekly, biweekly, and monthly basis. Coinbase users can choose between the daily, weekly, every 1st or 15th of the month, or monthly purchase schedule.
- Transaction fees – Coinbase charges $2.99 for transactions between $50-200 dollars. And 1.49% of funds for transactions larger than that stated above.Although both platforms operate reliable recurring buy features, Crypto.com offers a few extra perks. The platform allows for Bitcoin purchases as low as $50. It’s transaction fees are also quite lower than that offered by Coinbase.
In Conclusion
The Recurring Buy feature is a welcome development on Crypto.com. Now users can easily carry out trade without the hassles of worrying about when is the best time to buy Bitcoin. The entire process is very easy to navigate via the Crypto.com Pay app, making it a great feature for those looking to set aside an amount to invest long term.
Crypto.com has recently announced the integration of its MCO token with the technology and utility of its native token CRO. The MCO token Swap program which will render its first native token completely replaced by the CRO coin.
