In an effort to boost its presence in the crypto market, it told Robinhood that it has launched a dollar average cost (DCA) feature for investors wanting to buy cryptocurrencies at regular stages and intervals that they specify.

Promoting long-term cryptocurrency investments:

The new service will enable Robinhood users to schedule purchases of their favorite cryptocurrencies automatically and at regular intervals.

The new feature was announced in a recent post, in which the trading platform revealed that users can automatically schedule to buy any cryptocurrency on their account regularly for $1 on a daily, weekly, biweekly or monthly basis.

What is stated in statement “Robinhood” reads:

Read:Report: Ransomware grabs $81 million in crypto since early 2021

Our mission is to democratize finance for all.

No matter what your goal is to grow your cryptocurrency portfolio, turn it into full cash, or create a long-term investment plan, recurring investments can help you get there with less stress.

Although the company did not say which cryptocurrency will be integrated into the new service, the platform is expected to allow its users to use this feature in any supported cryptocurrency such as:

Bitcoin, Ethereum, Dogecoin…

The announcement added that the initiative will be launched to enable users to develop better saving habits and grow their investments over time.

Frequent purchase of cryptocurrencies without fees:

Robinhood believes that the new service will help reduce the impact of high market volatility on investors because they will be more focused on long-term growth, while always reducing the inconvenience of tracking cryptocurrency prices.

According to the company, interested traders can buy their favorite currencies at regular intervals without incurring any transaction fees, as the platform explained by saying:

If you place an order and spend $100 to buy bitcoin, you will get $100 worth of bitcoin after a while.

Read:Blockchain.com sets its sights on the IPO…Details here

The company added that the new crypto investment strategy will be rolled out to all Robinhood clients later this month except for New York users.

Read:Cryptocurrencies will not work in emerging economies like India, according to the central bank governor

As per the details provided by Robinhood, all recurring orders will be processed between 6:30 PM and 8:00 PM UTC.

In addition, during market fluctuations, users may receive coins less than the amount specified when setting up the service.

While this is the first time Robinhood has launched a service to limit the impact of high market volatility, the US financial services firm took extreme measures earlier this year by restricting cryptocurrency trading due to unusual market conditions. What I explained at the time.

Read also:

Lost and Stored Bitcoins Reach 34% of Total Supply…What Does This Mean?

The Swiss Stock Exchange “SIX” gets regulatory approval to launch a digital exchange