Binance, the world’s largest cryptocurrency exchange has launched a new solution for spot traders that would allow them to dollar-cost average their Bitcoin purchases. With this new feature called Spot DCA, traders and investors will have the possibility to automatically buy or sell a fixed amount of assets with the desired frequency. The information was announced by Binance a few hours ago in a recent press release.
Binance Spot DCA for Cryptocurrencies
Cryptocurrency users on the Binance platform will have the possibility to buy Bitcoin (BTC) and other virtual currencies by applying a dollar-cost averaging strategy. This is a unique opportunity for users that don’t want to speculate with the price of the digital currency moving higher or lower and simply buy regularly BTC.
#Binance launches Spot DCA.
This new dollar-cost averaging strategy allows users to automatically buy or sell a fixed amount of assets at a designated price deviation and desired frequency.
Find out more 👇
— Binance (@binance) June 19, 2023
In order to get access to the new Spot DCA bot, users will have to follow the next steps:
- Go to Trade → Trading Bots → Spot DCA
- Select the trading pair of your choice and select whether you want to BUY or SELL
- Set up your trading bot
- Confirm your Spot DCA bot
The process is quite simple and it will allow users to build their portfolios without having to be worried about volatility or price changes. Additionally, this bot will let users take profits at desired levels if they consider the value of their investments has gone up enough to execute a sell order.
The press release published by Binance reads as follows:
“In addition, Spot DCA bots can help users to automatically take profit at a desired take-profit percentage, allowing users to enjoy a more fuss-free trading process.”
In the future, other exchanges could add similar solutions such as the dollar-cost averaging strategy.