To dollar-cost average (DCA) using Convert Recurring (like on platforms such as Coinbase or Binance), you set up automatic, scheduled purchases of a cryptocurrency at regular intervals (daily, weekly, monthly), regardless of the price. This reduces the impact of volatility by spreading your investment over time.
Here’s a general step-by-step guide:
How to Set Up DCA Using Convert Recurring:
1. Choose a Platform: Use an exchange that offers "convert" or "recurring buy" features (e.g., Binance, Coinbase, Kraken).
2. Select Asset Pair: Decide which fiat or crypto asset you want to convert from (e.g., USDT or USD) and which asset you want to convert to (e.g., BTC or ETH).
3. Set Frequency: Choose how often you want to convert — daily, weekly, or monthly.
4. Set Amount: Define the fixed amount you'd like to convert each time.
5. Enable Recurring Convert: Confirm and activate the plan. The platform will then execute the trade automatically based on your settings.
6. Monitor & Adjust: Periodically review your DCA plan and adjust frequency or amount as needed.