In the end, we came to an agreement on a particular skill after considerable deliberation and a lengthy procedure.
There was a lack of discipline in the situation at hand.
The basic old-school discipline of investing or creating money, in general, may perform wonderfully with little or no effort on the side of the investor or producer when it comes to making money or investing.
Consequently, we began looking for ways, tools, and services that would aid us in keeping discipline during the course of our bitcoin investment process.
This specific circumstance seems to call for the use of Dollar-Cost Averaging (DCA), often known as the Systematic Investment Plan (SIP).
Instead of buying an item in a single major transaction, you split your total investment into several smaller purchases over some time using a dollar-cost averaging strategy, also known as dollar-cost averaging, which is a kind of cost-sharing arrangement.
Consider the following scenario: you wanted to buy $10,000 worth of bitcoins in a single transaction. You would use a cryptocurrency exchange.
A second option is to split the $10,000 into ten separate purchases of $1,000 each over the course of ten weeks, for a grand total of $10,000.
This reduces the influence of volatility on the overall buying value of your investment’s entire purchasing value, hence increasing its overall buying value.
For this technique to be successful, you would need to place a large number of orders on certain days, which depending on your circumstances, maybe time-consuming or even impossible.
In order to assist you, we discovered a fantastic tool that can take care of everything.
What is Binance Auto Invest Plan?
According to the World Cryptocurrency Index in 2022, Binance is the world’s leading cryptocurrency exchange. They provide several sophisticated capabilities to retail customers like you and me that were previously only accessible to institutional users. If you are new to Binance, we recommend that you read Humbaa.com previous evaluation of the Binance exchange.
You can also watch the video below for a free instructions on how to get started with Binance: How to Get Started with Binance.
Now, let’s talk about the Binance auto-investment plan option.
In order to automate your cryptocurrency investments, you may use the Binance Auto-Invest Plan, which is a free option accessible to everyone. As a result, you will be able to regain control over your cryptocurrency investing game.
You may choose the token that you desire to purchase on a regular basis from the list of tokens that are currently accessible. Aside from that, you have the opportunity to personalise your investments by deciding on the amount, frequency, and specific time at which your contributions will be sent.
All of your bitcoin assets will be deposited into your Flexible Savings Account, where you will receive interest as a passive income in addition to the amount you paid for the cryptocurrency assets.
The benefits of implementing the Binance Auto Invest Plan will be discussed in more detail later.
Benefits of Binance Auto Invest Plan
Binance Auto Invest Plan is a great feature that automatically allows you to invest in cryptos. It has a lot of benefits, and it can be used by anyone who wants to invest in cryptos but doesn’t have time for all the research.
Key Binance Auto Invest Plan:
It is extremely convenient – You have to set up your preferences and leave it for a while
You don’t need to worry about missing any opportunities because it will buy at all times during the day.
You can set a maximum amount you want to spend every month or year, and it will only buy when you reach your limit
It is easy to use – You need to create an API key and follow some simple steps on the Binance website
Binance Auto Invest Plan is a feature where you can set up automated cryptocurrency investments. The plan allows you to set your investment strategy and recurring purchases at a specified time interval.
The Benefits of the Binance Auto Invest Plan
There are several benefits to using Binance Auto Invest:
There is no need to make trades manually – You can set up your strategy, and the platform will execute it automatically.
There’s no need to create multiple accounts or log into different exchanges every time you want to trade.
Flexibility: You can choose how much money you want to be invested in each currency at any given time and how often it should be executed. You can also set up recurring investments if you want to keep buying more of a certain crypto asset every month or year.
Convenience: Setting up an automatic investment plan takes just a few minutes, and then all you have to do is follow along with the progress of your funds online.
Investments on Autopilot
The following are some of the benefits of using the Binance Auto Invest Plan rather than manually putting buy orders on the cryptocurrency exchange:
With the Binance Auto Invest Plan, you may put your cryptocurrency investments on autopilot, which would bring a significant amount of concentration to your cryptocurrency investing process.
Dollar-Cost Using an average to determine the cost of something is a way of cost estimation.
In addition to protecting you from price volatility, the monthly contribution would also keep your overall investment cost on the lower end of the range.
It prevents the occurrence of a bad event from occurring.
Remember when you purchased a cryptocurrency token, and it started to track you down quickly after obtaining it? I’m certain this has happened more than once, if not multiple times, in the past.
Prevents bad timing
As a result of the Auto Invest Plan’s inability to make your entire investment in a single transaction, you are safeguarded in the case of a sharp decline in the value of your assets.
Make sure you keep control of your emotional investing.
Putting your assets on autopilot has another advantage: it removes your emotions from the decision-making process when making financial decisions.
The assets with passive income that you acquire through the Binance Auto Invest Plan would be automatically placed into your Flexible Savings Wallet. You would receive interest income on your investment.
The assets with passive income that you acquire through the Binance Auto Invest Plan would be automatically placed into your Flexible Savings Wallet. As a consequence, you will get an additional source of passive income.
Now that you’ve decided to use the Binance Auto Invest Plan, you’ll need to follow the steps listed below to put the plan into effect. Complete the processes outlined below.
How To Use Binance Auto Invest Plan – Tutorial
Step 1 – After logging into Binance, follow the on-screen instructions to complete the process. After selecting “Earn,” choose “Auto-Invest” from the drop-down option that appears.
You will be sent to the Binance Auto-Invest website after clicking on this link.
Step 2 – Once you have reached the Binance auto-invest page, just follow the on-screen instructions. Choose the token in which you want to make an investment from the list of available possibilities.
Step 3 – Follow the instructions indicated below to complete the process.
To begin, type the name of the cryptocurrency token in which you desire to invest into the search space provided.
Let us consider the following scenario: you are interested in making an investment in MANA (Decentraland) tokens.
Make a decision on the total amount of time that your investing strategy will endure. Three years, one year, six months, three months, and so on are all possible time spans.
Click on the “Create a Plan” option in the drop-down menu.
Step 4 – After you click on the “Create Plan” button, a new window will emerge. Follow the steps given in the next section.
Select the stablecoin (USDT / BUSD) that you intend to use for the plan (if applicable) (if applicable).
To complete each transaction, enter the amount in each field. Ten USDT will be used in this example since it is a reasonable figure.
From the drop-down menu, choose Recurring Cycle as the cycle type. Regularly scheduled (daily, weekly, bi-weekly, monthly, or more often)
Date and time of the transaction must be specified.
Accept the terms of the Binance Auto Invest Agreement in its entirety.
To confirm your selection, choose “Confirm” from the drop-down option.
When you click on the Confirm button, you will be completed with your task.
Step 5 – An Addendum to the previous step
Alternatively, you may browse all of your currently active Auto Invest Plans on the same page.
Binance may be a smaller company when compared to the others, but they are still making progress and becoming stronger by the day.
The benefits of Binance Auto Invest Plan aims to benefit investors, when compared to other investment options.
I hope that my review of Binance Auto Invest Plan has given you a better understanding of what this program is all about – remember, use this program at your own risk, and make wise decisions before investing in anything.