What is Recurring Buy?
The Recurring buy feature allows you to set up automatic cryptocurrency purchases at regular intervals into any cryptocurrency or CoinJar Bundle of your choosing, using your debit or credit card, to ensure your portfolio is diversified.
You can easily set up a recurring buy schedule from within the CoinJar app and begin adding funds to your bundle using the Dollar Cost Averaging (DCA) method.
Note: Recurring Buy is only available to CoinJar members who have completed ID Verification (KYC).
Benefits of Recurring Buy with CoinJar:
- Allows you to spread your purchases across high and low prices, which reduces your chances of buying at market tops
- Set, schedule, forget: CoinJar will automatically charge your selected debit or credit and buy into the cryptocurrency or CoinJar Bundle at the frequency you have selected
- Start with small amounts: DCA does not require a large upfront investment
How do I set up my first Recurring Buy?
If you're using CoinJar app:
Tap Build your portfolio now
Then tap Set up your first recurring buy
If you're using CoinJar web:
Click Build your portfolio now
Alternatively, you can also Select the Buy/Sell tab...
... then select the cryptocurrency you want to set up a recurring buy for.
Select the Buy button.
On the Order type screen, select Recurring.
Select an existing cash account or add a new debit or credit card.
Enter the amount you want to spend for each recurring buy interval. The minimum amount is $20 AUD. Then click the Next button.
The Recurring Buy start date will be today's date and will default to a Weekly interval.
After your initial payment today, your recurring payments can be changed to a date that best suits you.
The date of the next Recurring Buy in the schedule is also shown.
To change the interval, click on Weekly and you will be able to choose from Every two weeks or Monthly.
Once you have set your desired recurring interval schedule, click Continue.
Review the Recurring Buy details and click Confirm.
A screen will appear showing the Recurring Buy you have just set up. Click the cross at the top right to close this screen.
How do I edit a Recurring Buy?
To view and edit your existing Recurring Buys, click Buy schedules on the Home screen.
Here you can view your existing Recurring Buy schedules or set up a new schedule.
In this example, we will click the BTC Weekly schedule from the list.
More detail about the Recurring Buy schedule is shown here as well as options to edit, pause or cancel it.
Clicking Edit schedule allows you to change the amount, interval or next payment date.
If you make any changes here, be sure to click Save changes.
Clicking Pause will put a temporary hold on new payments. You can resume at any time.
You can also Edit the schedule instead by clicking the Edit schedule button.
After clicking the Pause button, the next screen will show the status of the Recurring Buy is Paused and you will also see an option to Resume or Cancel Recurring buy.
Clicking Cancel recurring buy will show you a screen asking if you are sure you want to proceed.
If you are sure, click the Confirm button.
Frequently Asked Questions
Can I set up Recurring Buy for CoinJar Bundles?
Yes. Check out our Knowledge Base, which contains more information on the available Bundles, including breakdowns of the allocation splits for each cryptocurrency.
Which payment methods are available for Recurring Buy?
CoinJar currently supports recurring schedule purchases from linked debit or credit cards as well as from your CoinJar cash account.
For CoinJar Bundles, recurring schedule purchases are supported from linked debit or credit card.
How often will purchases be made?
Recurring buy can be configured for weekly, fortnightly and monthly schedules at this time.
When will my purchase be processed?
Your first transaction will take place when you set up the transfer schedule. After your initial purchase, your recurring transfers can be changed to a date that best suits you. You'll find these transfer schedule settings in your bundle under the "Recurring buy" section.
How many recurring buys can I set up?
You can only set up one recurring buy per single asset at this time.
What’s the minimum amount for Recurring Buy?
The minimum recurring buy amount is $20.
What’s the maximum amount for Recurring Buy?
A maximum recurring buy limit of $2,000 per transfer (regardless of the transfer frequency selected) applies.
Can I set the exact amount of crypto that I want to purchase?
At this time, it's not possible to set an exact amount of cryptocurrency to be purchased. CoinJar automatically calculates the cryptocurrency amount to be credited to your Bundle on the day and time that the purchase takes place. The dollar amount is set based on the Transfer Schedule when you set up the recurring buy.
At what price will CoinJar place a buy order?
The price that’s displayed in the CoinJar App on the day, and at the time, that the purchase takes place, is the price CoinJar places a buy order at.
What happens if a scheduled transfer fails?
If a scheduled transfer fails the recurring buy schedule will be paused and you will be notified via email and push notification regarding the failed recurring buy.
Will I be alerted when a purchase doesn’t execute?
We will notify you via email and push notification if a scheduled transfer fails.
What are the fees for Recurring Buy purchases?
Recurring buy carries a low 1% fee.*
CoinJar's fees are available on our Knowledge Base. See the below article for more information regarding Instant Buy and the associated fees.
*Please note that CoinJar recommends using debit cards as credit card purchases might incur additional fees if your financial institution chooses to classify these transactions as cash advances.
Can a Transfer Schedule wait until the price of a cryptocurrency reaches a certain level before buying?
The purchase transaction occurs at the same time that the scheduled transfer is processed, which means it's not possible to wait until the price of a cryptocurrency is at a certain point.
Disclosures
All investments involve risk and loss of principal is possible. Investors should consider their investment objectives and risks carefully before investing. Recurring buy does not ensure a profit or guarantee against loss. This is not investment advice, a recommendation, an offer to sell, or a solicitation of an offer to buy any security.