For a limited time, Binance has decided to waive trading fees on Auto-Invest, its cryptocurrency DCA tool. Let’s go over the details and how this service works.
Binance temporarily waives fees on Auto-Invest
Auto-Invest, the product of cryptocurrency exchange Binance, will operate without trading fees until June 18.
The service enables dollar cost averaging (DCA) strategies to be implemented on a number of cryptocurrencies that can be purchased from several currencies:
“With over 210 cryptocurrencies available on Auto-Invest, as well as over 15 fiat currencies and stablecoins supported for purchases […], Binance is pleased to launch a new promotion at no cost to all users […]. “
For a quick reminder, DCA involves investing a fixed sum at regular intervals, in order to smooth the cost of acquisition to mitigate volatility.
Use Auto-Invest
The Auto-Invest concept is simple and allows you to shape your strategies as you wish. First, go to the appropriate menu:
Figure 1 – Accessing the Binance Auto-Invest menu
You can then create a personalised plan or select one of the pre-configured strategies. Among the latter, there are a multitude of plans such as ‘The Big 3’ containing BTC, ETH and BNB or a top 10 containing the largest capitalisations.
For the example below, we have set up a strategy consisting of buying $5 every day at 8am on 60% BTC and 40% ETH:
Figure 2 – Creating a strategy on Auto-Invest
Of course, each user is free to set up the allocation of their choice, for the amount and frequency they wish. On the subject of frequencies, the classic monthly, weekly and daily recurrences are available, but other intervals can be selected such as biweekly, hourly, or every 4, 8 or 12 hours.
Each investor can create several plans according to their own strategy, as long as their account is funded for purchases. What’s more, these strategies can be paused at any time or even deleted.
