BINANCE AUTO INVEST OVERVIEW

Binance doesn’t need any introduction in the crypto world. It is the exchange with the most significant trading volume globally and has been there for a long time since its inception in 2017. In 2021 alone, it raked in a total of 76 billion dollars worth of trading volume from its 28.6 million users. That’s impressive!

But this review is not really about Binance; I’m sure you know a lot about it. Today, we will be talking about the latest addition to Binance’s ever-growing range of financial products – the auto-invest program. What is it? Can it work for you? Stay tuned and find out. 

Binance auto-invest is an automatic investment program that allows Binance users to earn passive income with little or no stress. It was launched on November 23, 2021, and runs on the Dollar-cost averaging investment strategy. 

This strategy involves buying a specific amount of crypto at predetermined intervals regardless of the price. It is a well-known, less risky way of investing in cryptocurrencies over a protracted period.

Thus, the program allows users to purchase BTC, ETH, or BNB on a daily, weekly, bi-weekly, or monthly basis. For now, those are the only three coins that can be purchased with the program, and they can only be bought with USDT or BUSD. However, considering that the program is still in its infancy and that Binance keeps upgrading its product suite, it is safe to say that more options will be introduced as time goes on.

Once a purchase is made at the selected time interval, the purchased coins are transferred to your flexible savings account. This also ensures that your bought crypto continues to generate interest for you even without your supervision.

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Dollar-cost averaging has proven to be one of the best ways to manage the risk of cryptocurrency trading over the years. It works so well because it eliminates emotions from the trading process and protects users from extreme market reactions. 

Timing the market well is a delicate process. No one seems to have an almighty formula on how to do it, especially as the market seems to develop a mind of its own at times. With Binance Auto-invest, this process is taken care of automatically.

Your purchased coins are deposited into your flexible savings account, ensuring that you keep earning on your crypto assets even after purchase.

Easy to Manage: You can easily edit, pause, or unpause the program whenever you like.

Sometimes, it gets the timing wrong is mainly because the market seems to rise upwards in the long term. Therefore, if you had invested a considerable sum of money in the cryptocurrency of your choice instead of dollar-cost averaging, it is more likely to be profitable in the long run.

For example, if you purchased BTC with 100 dollars when it first crossed $1 on February 9, 2011, you would have 100 BTC, which would currently be worth about five million dollars at the current price. Meanwhile, if you had used that same amount to purchase BTC over ten years, buying with ten dollars every day, you would not have up to half that number of BTC.

You could catch a falling knife: Catching a falling knife in the investment world simply means buying a coin that will keep going down. If for some reason, a coin has lost its footing and is getting massively dumped, you could keep buying all the dumps and eventually end up as a bagholder(an owner of a lot of coins with negligible value).

Your money would be idle, gathering ‘dust’: Fiat tends to lose its purchasing power over time due to inflation.

The first step towards this would be creating a new Binance account and completing the required verification procedures. You can also download the mobile application for easier navigation. Once that is done, follow the outlined steps below:

You can view and manage your Auto-invest plans under ‘My Auto-invest plans’ under the Binance savings tab.

Yes, you can. This feature is known as Auto-invest on Binance saving and allows users to set up automatic recurring buys either daily, weekly, bi-weekly, or monthly. Currently, this service is available for investments in BTC, ETH, and BNB. Also, you can purchase these coins with only USDT and BUSD for now. More options will likely be added later.

This is a feature on Binance flexible savings in which a user’s spot BNB balance is automatically transferred to the flexible savings wallet at 2 pm UTC. The feature is available not only for BNB but also for other products on Binance Flexible savings and can be toggled on and off on your savings page. 

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