Dollar-cost averaging is a commonly used strategy when investing in Cryptocurrency due to the market's volatile price action. As such, Swyftx has provided you with a way to take advantage of this strategy in the form of setting up a 'Recurring order'.
To setup a Recurring Order, you will need to navigate to the Recurring Orders Tab.
From here, you will be greeted with an information screen, please take the time to read this page. Once ready, you will be able to click the '+ NEW' button to display the following page:
As shown above, you will be able to:
Choose which Crypto asset you want to purchase automatically.
Label the order (e.g 'John's Moon Order').
What percentage you want to allocate to this asset (5% being the minimum).
Add additional Crypto's to the order (Note: there is a cap of 20 assets per order as the minimum allocation per asset is 5%. However, you will be able to add more assets by making another order).
Create the order (Once steps 1-4 have been completed).
Once created, an instruction box will open with the necessary details needed to create the order from your internet banking portal.
Please ensure the following is included:
The correct payment details as displayed.
The amount specified (This is necessary as there is a minimum order spend of $25).
The description/reference for the Recurring Order
(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).
NOTE: You will also be able to top up your account manually using these details to make an automatic purchase once the money lands in your Swyftx account.
Once you've included this info into the recurring transfer from your bank, please click the 'I Understand' button. Once pressed, a breakdown of your recurring order will appear.
You will also be able to click the icon displayed next to the name of your order to view some further particulars of your Recurring Order.
The % devoted to each asset.
The average price paid for the asset.
The amount deposited into each asset.
If you have any further questions, or would like a hand setting up a Recurring Order, please don't hesitate to get in touch via live-chat.