How you can buy multiple crypto with Binance Auto-invest's portfolio plan.
Table of contents
Main Takeaways
Introduction
What is Binance Auto-invest?
What is Binance Auto-invest’s portfolio plan?
What is unique about Binance Auto-invest’s portfolio plan?
Benefits of portfolio plan
Is Binance Auto-invest’s portfolio plan right for you?
How to set up Binance Auto-invest’s portfolio plan to buy multiple crypto-assets
Conclusion
Main Takeaways
- Auto-Invest enables Binance users to harness passive income earning through an investment strategy called DCA. DCA means dollar-cost averaging.
- Binance Auto-Invest has of recent been added with yet another feature known as the portfolio plan which gives the user the freedom to customize his multiple crypto investment without the slightest difficulty.
- You, as the user of the portfolio plan feature, only need to select the crypto-assets you want to purchase, allot the amount you need and then automatically set up the frequency at which you want investment buy to recur.
Introduction
The Portfolio plan feature of the Binance Auto-Invest gives you the ease to do two things: to customize your multi-crypto portfolio and to automate your recurring buys.
Portfolio plan as a novel feature introduced by Binance into the Auto-invest gives you the power to build your crypto portfolio of multiple crypto-assets from the very beginning.
Previously, you could only Auto-invest on a single crypto-asset at a time. The portfolio plan feature has done away with this and now you can Auto-invest up to 10 crypto-assets right from the start.
Users of Auto-invest have been able to set up more than 100,000 auto-invest plans since the product was launched and over 10million USD in trading volume was made.
The portfolio plan feature encourages and enhances the diversification of your crypto investment, allowing you to spread your risks as your assets grow.
If you are a very busy person who would want to earn a passive income, the Binance Auto-invest’s portfolio plan is a tailor fit as it does not entails regular effort and time to sustain.
What is Binance Auto-invest?
It is an investment product launched by Binance in November 2021 and was aimed at simplifying Dollar-Cost Averaging (DCA) on auto-pilot. This means it allows Binance users to invest on their choice crypto-assets without regular manual manipulation. The Binance auto-invest product supports up to nine cryptocurrencies.
To keep your buying cycle active, you should enable the use of your flexible savings wallet. By so doing, the assets in your flexible savings wallet could be used when there are none in your Binance spot wallet. Your Binance Auto-invest plan will keep on purchasing crypto-assets at the intervals and duration you have customized it to and you are free to get unlimited numbers of auto-invest plans.
However, even when your Auto-invest plan is active but you lack funds in your wallets to buy more, purchase will fail. It is then a good idea to keep sufficient funds in your wallets to keep your Auto-invest cycles running. Spot and flexible savings wallets should contain your funds that would feed your Auto-invest cycles.
Auto-invest example.
Example: if you subscribed to a six month Auto-invest plan and you customized your buying of a certain crypto-asset to 'every 14 days' and the fund set for each purchase is $100, it means that you should at least have $1200 as fund in your wallets for your six months plan for this crypto-asset.
Duration of auto-invest.
Auto-invest plans on Binance are of 3 ,6,9 and 12 months durations. At anytime, you can discontinue your Auto-invest plan by tapping the ' Redeem' button on your Binance flexible savings account. Auto-Invest on its own, beside it’s ability to automate your crypto-assets purchases, provides a passive income stream for you.
You pick and create a plan that runs on auto-pilot till when you want it terminated. Auto-Investing on your selected assets has helped to breach the gap that forgetfulness and busy lives have on us. Auto-Invest also allocates your purchased crypto-assets in an automatic fashion into flexible savings and in the case of BNB, to BNB vault which allows users to generate extra income on their idle BNB.
What is Binance Auto-Invest’s Portfolio Plan?
It is the easiest way to buy multiple crypto at once on Binance. You can buy and manage multiple cryptocurrencies in one portfolio instead of several portfolios with a single asset in each. Having multiple portfolios enables you to compare performance between individual crypto assets.
USDT and BUSD are supported across all cryptos for purchase funding. You can track your profit and loss of your portfolios at any point in time. Cryptos of portfolio plans are individually subscribed to flexible savings and redemptions are possible at any time you want it. To create your portfolio plans, you need to choose at least 2 and up to 10 crypto-assets per plan.
What is unique about Binance Auto-invest’s Portfolio Plan?
The ability to buy multiple crypto-assets in a portfolio is what differentiates portfolio plan from the existing Auto-invest plan.
Benefits of Binance of Auto-invest portfolio plan
- Multi-crypto portfolio: You now have freedom to create a portfolio of up to 10 crypto-assets as a form of investment
- Risk reduction: Buying up to 10 crypto-assets per portfolio plan is spreading your risks
- Diversification: Getting multiple portfolio plans diversify your investment
- Flexibility: you can adjust the percentages of your crypto-assets in your portfolio plan.
- Infinite number of portfolio plans: there’s no limit to the numbers of portfolio plans you want to have. You have have as many as possible
- Effective Customization: You can customize your dollar cost averaging, the type of crypto you need and the percentage of crypto, all to your taste.
- Passive income generation: with flexible savings and BNB vault, crypto-assets in your portfolio plan will accrue interest that is passively generated on a daily basis
- Easy-to-manage portfolio: you can monitor all aspects of your portfolio plan from your Binance app Auto-invest page.
Is Binance Auto-invest’s Portfolio Plan Right for you?
Having read through the benefits of the portfolio plan, do you think it is the right feature for you? If you understand Binance Auto-invest, you can tell if portfolio plan is or is not the appropriate feature for you. Automation and customization of trades appeal to many busy traders and you might not be an exception.
- Click on Finance on your Binance app or web page
- Click on 'Earn'
- Click on ‘Auto-Invest’
- Select coin you want to invest in and select your auto-invest plan:3,6 and 12 months
- Create a portfolio plan: click on ’create plan’ and ’add coins’ to create your auto-invest portfolio plan. Fill out other necessary details
- Allocate percentage for each selected coin. Grand percentage is 100
- Add your subscription amount i.e. the quantity you want to invest with
- Fund your account with a stable coin, BUSD or USDT: you will use this to buy your crypto-asset.
- Pick your recurring cycle: from daily, weekly, bi-weekly and monthly.
- Customize your ‘repeat on’ time to your own time zone.
- Confirm your customized plan subscription details: ‘create time’, ‘amount per period’ and ‘first auto-invest date’.
- Once you are satisfied with details, agree to Binance terms and conditions.
- Tap on the ‘flexible saving balance’ button to start using your source of fund wallet.
- Click on ‘ Confirm’ to activate your auto-invest subscription.
- You can check the active status or success of your subscription in ‘Earn’ and 'history' respectively
- Set up post-confirmation conditions: you can set up and forget knowing well the Auto-invest automation feature is working for you. You might decide to monitor activities on your portfolio plan such as unrealized gains, unrealized losses, return on investment (ROI), percentages and next purchase date. You may yet as well pause your portfolio plan or rebalance it in accordance to prevailing market conditions.
- Withdraw your crypto any time you are no longer interested in auto investment.
Binance Auto-invest’s portfolio plan is an easy way to manage multiple crypto-assets in a single portfolio. It saves users the prolong time they would use to initiate individual transaction for every coin they want to buy for investment.
With the already existing Auto-invest mechanism, Binance portfolio plan has made Binance Auto-invest the most viable product in the cryptocurrency ecosystem.
If you are interested in using the Binance Auto-invest’s portfolio plan, you can get started here: https://www.binance.com/en/savings/Auto-invest/?ref=11515767
You can read more about Binance Auto-invest’s portfolio plan here:https://www.binance.com/en/blog/earn/how-to-customize-your-crypto-portfolio-with-autoinvests-portfolio-plan-421499824684903520/?ref=11515767
Disclaimer
Cryptocurrency trading or investment just like any other financial product or activity could be a risky endeavor. Do your own research or consult your financial adviser before indulging in any cryptocurrency activity.
Note
This piece was featured by me on medium and can be accessed there via: https://medium.com/@mikhailikpoma/how-you-can-buy-multiple-crypto-with-binance-auto-invests-portfolio-plan-49922e3449ea
