How does it work?
Create recurring purchases of BTC on a weekly, bi-weekly or monthly basis on the App.
Dollar-cost averaging (DCA) is an investment strategy in which an investor divides up the total amount to be invested across periodic purchases of a target asset in an effort to reduce the impact of volatility on the overall purchase. The purchases occur regardless of the asset's price and at regular intervals.
Recurring Buy gives App users the ability to apply this investment strategy DCA to cryptocurrency by creating recurring purchases of cryptocurrencies.
Accepted cryptocurrencies to purchase:
You can set up recurring crypto purchases using credit card in the App wallet
Maximum number of recurring purchases per month:
5 per user
-set as day of the week
-set as day of the week
First day of each month
Last day of each month
Specific day of each month
Minimum trading limit:
$50 USD worth of crypto
Credit card purchase monthly limit
When will the credit card purchase monthly limit be reset?
The monthly limit will be reset at the end of the first day of each month.
When will the scheduled purchase be executed?
The scheduled purchase will be executed by the end of day in user's local time.
Can I set the exact amount of crypto that I want to purchase?
You can only set the amount of the scheduled purchase in USD equivalent. The amount of crypto you’ll receive will be based on the rate at the time the scheduled purchase is executed.
How to cancel a recurring purchase?
First scheduled purchase is on the same day of creation
If your first purchase is on the date of creation then it will be charged immediately and it can not be cancelled.
First scheduled purchase is within 7 days of creation
Your first purchase can only be cancelled within 7 days from the schedule creation date.
I set up my first weekly purchase on Monday, schedule is set to purchase on Saturday of every week, it will be charged on Saturday and I can only cancel the first purchase before Saturday.
First scheduled purchase is more than 7 days from creation
If your first purchase is set to a date more than 7 days from the schedule creation date, it will be charged on the 8th day from creation date and it can only be cancelled before the 8th day
I set up my first monthly purchase on 1 July., schedule is set to purchase on the last day of every month, to be executed on 31 July, my credit card will be charged on 8 July and I can only cancel the first purchase within 1- 8 July.
For subsequent purchases, the payment will be charged on the scheduled date and you can cancel anytime before the execution date.
How is the maximum number of recurring purchases per month calculated?
Given the weekly occurrence could be different in each month, to ensure each weekly/bi-weely purchase happens every time under the monthly limit, we assume weekly occurrence of each month is 5 when determining the usage of weekly purchase.
- When creating a weekly recurring purchase, the purchase amount has to be less or equal than remaining monthly purchase limit / 5 occurrences
- When creating a bi-weekly recurring purchase, the purchase amount has to be less or equal than remaining monthly purchase limit / 3 occurrences
- When creating a monthly recurring purchase, the purchase amount has to be less or equal than remaining monthly purchase limit
Let’s assume the following:
- For a 500 MCO staked user, the monthly purchase limit is $2500 USD
Example A - Create a recurring purchase of BTC with $100 USD on a weekly basis
- Max weekly purchase limit: $2500 / 5 = $500
- Monthly purchase limit remaining after creation of purchase: $2500 - ( $100 x 5 ) = $2000
Example B - Create a recurring purchase of ETH with $200 USD every two weeks
Given you have created a weekly recurring purchase of BTC with $100 USD, the monthly limit remaining will be $2000
- Max bi-weekly purchase limit remaining: $2000 / 3 = $666.67
- Monthly purchase limit remaining after creation of purchase: $2000 - ( $200 x 3 ) = $1400
Example C - Create a recurring purchase of MCO with $1400 USD every month
Given you have created two recurring purchases, the monthly limit remaining will be $1400
- Monthly purchase limit remaining: $1400
- Monthly purchase limit remaining after creation of purchase: $1400 - $1400 = $0
Example D - Cancelled all scheduled purchases before next purchase
- Monthly purchase limit remaining after cancellation: $2500 - total amount of scheduled recurring purchase = $2500 - $2500 = $0
Example E - Cancelled all scheduled purchases after first purchase happened
- Monthly purchase limit remaining after cancellation: $2500 - total amount of successful purchase of that month = $2500 - ( $100 + 200 + $1400 ) = $800