For a limited period, 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 Auto-Invest Fees
Auto-Invest, the product of the Binance cryptocurrency exchange, will operate without trading fees until June 18.
The service allows implement dollar cost averaging strategies (DCA) on many 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 brief reminder, the DCA consists in investing a fixed sum at regular intervals, so as to smooth the cost of acquisition to mitigate volatility.
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Use Auto-Invest
The concept of Auto-Invest is simple and allows you to shape the strategies as you wish. First, go to the appropriate menu:
Figure 1 — Accessing the Binance Auto-Invest menu
Then it will be possible to create a custom plan or select one of the preconfigured strategies. Among these, there are a multitude of plans such as “The Big 3” containing BTC, ETH and BNB or a top 10 with the largest capitalizations.
For the example below, we have implemented a strategy of buying $5 every day at 8 a.m. on 60% BTC and 40% ETH:
Figure 2 — Creating a strategy on Auto-Invest
Of course, each user will be free to set up the allocation of their choice, for the amount and at the desired frequency. Speaking of frequencies, the classic monthly, weekly, and daily recurrences are available, but other intervals can be selected such as bi-weekly, hourly, or every 4, 8, or 12 hours.
Every investor can create multiple plans according to its own strategy, as long as its account is funded to make purchases. Moreover, these strategies can be paused at any time or even deleted.
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Source: Binance
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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