The Bitpanda cryptocurrency exchange has announced a new savings feature for its platform which allows users to establish a personal savings plan for Bitcoin and other cryptocurrencies.
The new feature will allow users to build up their portfolio and invest automatically without the added stress of timing the market.
To celebrate the launch, Bitpanda will be rewarding verified users who create a savings plan with crypto prizes up to the value of €200.
Bitpanda has added the feature to enable its 900,000 users as “much flexibility as possible”. It wants to present its users with a simple and convenient way to build up their investments.
Bitpanda has stated the savings feature will allow users to purchase crypto on a regular basis. To do so, all users must do is configure their savings options.
For example, users will be able to set a purchase order of one Bitcoin on a specific day and time each month. Effectively, they will be establishing a direct debit for purchasing crypto at designated times of their choosing.
Bitpanda has noted that users will be able to benefit from the “cost average effect”. This means that when prices are down, users will obtain more of their specified crypto-asset.
However, if the prices go up, they will have still invested in a designated amount. As a result, over time, users will have invested in an average price which “flattens out short-term price movements up or down”.
Bitpanda believes that through this savings feature, users will not need to be concerned about whether the time is right to purchase a crypto-asset or not.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.