Beginner’s Guide to Automating Your Crypto Orders
At Easy Crypto, we like to simplify every process. The Auto Buy feature allows you to buy cryptocurrencies even without having to visit our website. With a few taps on your mobile device (or even without doing anything at all), you can have your chosen coins and tokens sent to your crypto wallets whenever you like.
Many of our customers use the Auto Buy feature to automate their investments. By linking their bank account to Easy Crypto, they’re able to periodically execute their custom orders while saving time and mental space.
How does the Auto Buy work?
The Auto Buy essentially reduces the need to sign in to Easy Crypto every time you want to make an order. Instead, you create one or more custom order templates, each with a unique reference code associated with them.
An order template is made up of the type(s) of crypto you’d like to buy, and their proportion (in percentage). For example, you can create an order template for buying 30% Polkadot and 70% Dogecoin.
Whenever you want to execute the order, you first make a transfer to Easy Crypto along with the reference code, to tell us which order template you’d like us to use.
You can send us any amount of money, and we will split the funds in proportion with the percentage values of each coin.
If you send $400 to execute this order (reference code EC4084578 in this example), then you will receive $120 worth of Polkadot, and $280 worth of Dogecoin.
Is there a minimum purchase for using the Easy Crypto Auto Buy?
You can transfer any amount of money to execute your Auto Buy orders. However, we have a minimum order policy of $100 per coin. If you have chosen only one coin for the Auto Buy, it is possible to deposit $100 and receive $100 worth of coin.
However, if there aren’t sufficient funds to buy at least $100 worth of coins, the Auto Buy will prioritise coins with the highest percentage.
For example, say we have an order template of 65% Bitcoin, 25% Ethereum, and 10% Cardano. Transferring $100 isn’t enough to buy all the coins with the minimum purchase amount.
So, we will prioritise sending Bitcoin over to you.
If you increase the purchase amount to $360, you could have the minimum amount of Ethereum included in your purchase.
To include Cardano and still maintain the balanced amount of coins in your portfolio, you could do a single transfer of $1000.
How to use the Easy Crypto Auto-Buy Order
To create your first order template, sign in to your account, click on Buy & Sell in the navigation menu, then click on Auto Buy. If you haven’t made any order template, you will be greeted with this page.
Select from 100+ coins and tokens
You can choose as many coins and tokens as you like. Don’t worry about getting all the percentages to add up to 100%. We don’t look at the nominal percent value, but the relative proportions of each coin.
Add a delivery address for each coin
Each coin will be delivered to a unique address. Although both Chainlink tokens and Ethereum exist in the same network, each is stored in different wallet addresses. So, be sure to check that they both do not share the same address.
If a coin is delivered to the wrong address, we cannot recover it as we make the transaction on the blockchain, which is immutable and final.
The best practice is to use the click-to-copy feature in your wallet or take a snapshot of the QR code that the wallet provides.
Never copy your wallet address by click-and-drag, and please do not type them down by hand to avoid making any errors. It’s a good practice to save your addresses to the address book and give them a unique name.
Once you’ve inserted the corrected addresses, click Confirm order and your order template is ready.
Executing orders
You can have multiple order templates waiting to be executed. Simply send any amount of fiat money to Easy Crypto (keep in mind the minimum order rule), and we’ll do the rest.
You can set a regularly scheduled payment, or you can pay whenever you feel like it with that reference code — it’s entirely up to you! Whenever a payment arrives using that reference number, we’ll make the trades and send them your way.
What are the benefits of a regular investment vs one-time investment?
Auto Buy is a great way to practice one of the best strategies of investing, namely the Dollar Cost Averaging strategy. Using this approach, investors buy a basket of assets with a consistent amount of (fiat) money periodically (e.g. spending $400 every month on three digital currencies).
The buy price may be lower at one time and higher in another, but over a long enough period of time, the average buy price will settle at a stable price. So, even if the market price experiences a huge increase, the average buy price of the asset will not change much. This will give you enough room to make a decent profit.
Now, let’s compare that with a one-time investment. Unlike the Dollar Cost Averaging method, making a one-time investment has a high level of reward as well as a high level of risk.
If someone were to travel back in time to 2009 and invest in millions of Bitcoin at once, that person would probably be the richest person on Earth.
Of course, very few people in 2009 actually invested thousands of dollars in Bitcoin (which was less than a dollar a piece), because they didn’t know how much it would be worth in the future.
That being said, a one-time investment could work for you if you truly believe in the future value of an asset — and if you can afford to potentially lose a lot of money.
For regular folks who use the Dollar Cost Averaging method, more benefits can be felt — less stress from timing the market, and more time and energy to do other productive things!
Automate your crypto investment with Auto Buy!
Originally published at https://learn.easycrypto.com on September 8, 2021.
