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.
How do I set up recurring buy for CoinJar Bundles?
- After opening your CoinJar, select CoinJar Bundles under the "Your CoinJar" section.
- Select a Bundle that you are interested in.
- Select "Add Funds/Add Funds to Bundle"
- Select "Set up recurring buy"
- Choose your Transfer method, If you are yet to add a debit/credit card to your CoinJar you will be presented with the option to add one.
- Create your Transfer Schedule (amount, starting date, and frequency)
How do I edit a CoinJar Bundle recurring buy?
Editing the schedule of your recurring buy is an easy process, simply:
- Tap on the bundle you wish to edit the schedule of.
- Under the Recurring buy section tap on your current scheduled transfer, this will take you to the Recurring buy screen.
- Tap on the "Edit schedule" button to bring up the editable elements of the recurring buy.
You are able to adjust the following elements of the recurring buy:
- Amount
- Frequency
- Next transfer date
Frequently Asked Questions
Which CoinJar Bundles can I purchase?
You can find the available Bundles in the CoinJar, or check our Knowledge Base, which contains more information on the available Bundles, including breakdowns of the allocation splits for each cryptocurrency.
What transfer methods are available for recurring buy?
CoinJar currently supports recurring transfer schedules with linked debit and credit cards.
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 buy can I set up?
You can only set up one recurring buy per Bundle at this time.
How do I cancel a recurring buy?
You can cancel your recurring purchase in CoinJar at any time.
- After opening the CoinJar, select CoinJar Bundles.
- Select a Bundle
- Under the Recurring buy section tap on your current scheduled transfer, this will take you to the Recurring buy screen.
- Tap on three horizontal dots in the bottom right.
- Select Cancel recurring buy
- Select Confirm
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. At this time, CoinJar only supports one recurring buy schedule per CoinJar Bundle.
Why can't I unbundle or sell my bundle?
Your account may be affected by the reserved balance period. Your first Instant Buy/Recurring Buy purchase with a particular debit or credit card will be held in the reserved balance for 7 days. After 7 days have passed, all future Instant Buy purchases, made using the same card will not be reserved. For more information about this essential security feature please see the following article:
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 buying through a Transfer Schedule?
Recurring buy carries a low 1% debit/credit card 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.