How to use Crypto.com to automate the purchase of your Bitcoins
I am a huge proponent of automation, especially for personal finances. I am also a huge fan of cryptocurrencies. Therefore, when Crypto.com recently introduced its new “Recurring Buy” feature, I knew I had to give it a try. In this article, I will first go through Crypto.com’s Recurring buy feature, followed by my thoughts and review of it.
I’ve recently wrote an article about Crypto.com’s CRO-MCO swap program and my thoughts about it.
RSP into Bitcoins
Yes, you’ve heard that right! With this new feature, you can now set up regular savings plans for Bitcoins. You can set the amount of Bitcoins you would like to purchase in a regular interval. This effectively allows you to employ the tried and tested dollar-cost average strategy into Bitcoins.
If you’re a long-term believer of Bitcoins, I believe that this is a very good feature to take advantage of. It can not only smoothen out the price volatility of the asset, but it can also ensure that you’re constantly invested in it.
Setting up a schedule
First navigate to the main page in the app where you’ll see all the functionalities that Crypto.com provides. With the latest app version, you’ll be able to see a new banner at the bottom.
Once you’re in, you’ll be able to see all the recurring plans that you’ve set up. Tap the “+” icon at the top right corner of the page to set up a new plan.
Once you’re in, you can set the specifics of your recurring buy plan. That’s it! It’s that straightforward.
Supported cryptocurrency: BTC
Payment methods: Credit/Debit Card
Minimum amount: $50 USD
Maximum no. of recurring buys per month: 5
|MCO Staked Level||Monthly Limit|
|0 CRO||$500 USD|
|1,000 CRO||$1,000 USD|
|10,000 CRO||$2,500 USD|
|100,000 CRO||$10,000 USD|
|1,000,000 CRO||$20,000 USD|
For more information, check out crypto.com’s official blog post on the feature.
Overall, I think this is a very useful feature that the company has introduced. Crypto.com is currently still one of the cheapest ways for anyone to purchase cryptocurrencies. Its main competitor, Coinbase, charges purchase fees that make the entry into cryptocurrency a lot more expensive.
As someone who gets emotionally affected when I look at the prices of Bitcoin fluctuating, this feature helps in making sure I stay invested in it. It also ensures that Bitcoin remains a small but non-negligible portion of my overall portfolio.
After using this feature for about 2 weeks, I noticed that the purchases tend to occur right at midnight. The timing is not arbitrary, unlike some other RSP services that I’ve used in the past before. This certainty might be good for people who dislike unknowns.
If you’re looking for a way to automate your crypto purchase, Crypto.com’s recurring buy feature is definitely a viable option.
Currently, this feature only allows for Credit/Debit card purchases. As Crypto.com is currently having a fee waiver for all card transactions, this is not that an issue. However, this situation will change after September 2020 when the waivers cease. Having a 3.5% fee will not make sense for me to just take part in a cryptocurrency recurring buy/automation program.
I hope that the company either permanently waives the card fees for the recurring buy feature, or allow customers to use other forms of payment methods such as Xfers.
Also, this feature also only supports Bitcoins and not other coins such as Ethereum or even its own CRO coin. However, I do see this program being expanded to support coins as time passes.
If you like my article and would want to support my blog, you can choose to sign up with Crypto.com using my referral code here! We’d both get US$50 worth of CRO coins when you stake some coins with them.