Recurring purchases allow you to recur a Bitcoin or Ethereum buy automatically and on a regular basis. Find out why it can be useful and how to activate it!
In this guide, you will learn how to activate the recurring purchase functionality on Young Platform, and choose the option that suits you. But first of all, what is a recurring crypto purchase? It is a feature that makes crypto purchases automatic. Once you set up a recurring purchase, the Young Platform app will buy your chosen cryptos for you, in the amount and frequency determined by you. This way, you won’t have to do it manually.
Why set up a recurring purchase?
Beyond convenience, why is it be useful to set up a recurring purchase? Often, recurring purchases is chosen by those who don’t feel like as confident as experienced trader ready to intercept the best time to buy. By setting up a recurring purchase, you buy crypto consistently, regardless of price changes. Whether the price is at its highs or its lows! Generally buying when prices are high is not very profitable, so why is the practice of recurring purchases used? Some people choose to buy on a regular basis to try to minimise price volatility. For example, say you buy BTC on a monthly basis, albeit at different prices. By the end of the year, you will have bought BTC at the yearly average price. All without the stress of having to interpret charts. In other words, with recurring purchases you are not trying to guess the right time to buy.
Recurring purchases are also a feature used to avoid buying crypto impulsively, avoiding getting caught up in excessive enthusiasm or incurable defeatism. Ever heard of behavioural finance? With recurring buying you can keep your cool during even the worst bear markets.
How do I activate a recurring purchase?
You can set up a recurring purchase directly on the Young Platform app, in the Spot Wallet section of your chosen cryptocurrency (on Young Platform you can set up a recurring buy of Bitcoin or Ether), or in the Money Box section of your chosen cryptocurrency. If you use the web platform, start from the trading panel on the Home Page.
Choose a frequency option:
- Weekly;
- Biweekly;
- Monthly.
Select a payment method by which you will use for your crypto recurring purchase:
You can activate it on two type of wallets:
- Moneybox;
- Spot Wallet.
That’s right: it is possible to set up a recurring purchase to the Spot Wallet but also to the Young Platform Moneybox.
We prepared a tutorial for each one!
Recurring Purchase on the Spot Wallet
The Spot Wallet is what you use to trade and transfer in the short term.
The recurring purchase on the Moneybox
The Moneybox allows you to leave your crypto untouched that you want to keep aside for the medium to long term. But for what purpose?
The Moneybox works just like a real piggy bank. You can store your cryptocurrencies that you don’t want to allocate to your more frequent buying and selling activities.
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