What is a recurring order?
Recurring orders allow you to deposit money to Swyftx on a regular basis and automate the purchase process across multiple crypto assets at once. Basically, you can now automatically buy all your favourite cryptos at once, however often you like!
Why should I use them?
Dollar cost averaging is a commonly used investment strategy, especially in volatile markets. The key idea is that its about "time in the market, rather than timing the market". It allows people to invest smaller amounts over longer period of times, averaging the investment costs. Similar to the way you might put a portion of your paycheck each week into a savings account, you can now invest quickly, easily, and automatically in crypto.
How do I set one up?
Start by clicking the + New button above, enter a name for your strategy and pick the cryptos you'd like to purchase. Once that's done, login to your internet banking, and create a new recurring bank transfer to your Swyftx account, using the reference of your recurring order, in the description field for the bank transfer. You can set any frequency and amount (above the displayed minimum) that your internet banking will allow. When your transfer lands at Swyftx, we'll check the reference, find your recurring order instructions, then execute the order for you.
(Please note, the reference used must be only the reference and no extra characters or words ie. if reference is XHE73E, then the reference entered on your bank's withdrawal page must be 'XHE73E' not 'XHE73e Swyftx' or anything other than the reference provided. Please make sure to double check this as if the reference is not exact then the deposit will come through as a regular bank deposit instead of a recurring order).
For a more detailed article on How to set up a Recurring Order, follow the link below:
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