FAQ — Recurring Buy

What is Recurring Buy?

Recurring Buy is a feature that allows users to automate the purchase of crypto. It eliminates the need to manually place each order, making it easier for users to invest in crypto. Recurring Buy uses a dollar-cost averaging (DCA) investment strategy that can help reduce the risk of investing by spreading out purchases over time.

 

 

 

What are the risks associated with Recurring Buy?

Recurring Buy itself does not pose any risks, as it is simply a method of scheduling future crypto purchases. However, investing in cryptocurrencies can be volatile, resulting in potential losses. It's important to research and understand the risks before investing in cryptocurrencies. 

 

 

 

Is there any fee associated with Recurring Buy?

There are no fees associated with scheduling your purchases through Recurring Buy plan. However, after the investment plan is triggered, the system will initiate a transaction, which will be subject to Bybit EU transaction fees.

 

 

What are the supported currencies in Recurring Buy?

Click on the Recurring Buy Currency dropdown list to find out the available Fiat currency.

 

 

 

 

Are there any Identity Verification requirements for Recurring Buy?

Yes, Identity Verification is required to schedule a purchase with Recurring Buy. For more information on how to verify your account, please visit here. 

 

 

 

Which account is used for Recurring Buy?

To purchase Recurring Buy plan, you will need to use your Funding Account. It is important that you have sufficient fiat balance available in your Funding account or bank account to ensure the successful processing of your scheduled purchases. To learn more about how to make a fiat deposit, please visit here.

 

 

 

How is the quote used for purchasing crypto determined when using Recurring Buy?

When using Recurring Buy, the quote used for purchasing crypto is based on real-time market conditions at the time of the scheduled purchase. As a result, the price of the crypto being purchased may fluctuate between each purchase, which is why it is important for users to keep this in mind when scheduling their recurring purchases and monitor the market conditions accordingly.

 

 

 

What are the limits for buying crypto with Recurring Buy?

Yes, the limits of buying with Fiat in Recurring Buy align with those of the Fiat Balance payment method in One-Click Buy. Check here for more information. 

 

 

 

How do I subscribe to Recurring Buy plan?

Subscribing to Recurring Buy plan is a simple process that will only take you a few minutes to complete. For more information, please refer to How to Get Started With Recurring Buy.

 

 

 

What is the maximum number of plans I can subscribe to?

Each user is limited to a maximum of 20 Recurring Buy plans.

 

 

 

Will my funds be automatically deducted from my Funding Account when a scheduled purchase is processed?

When a scheduled purchase is processed for your Recurring Buy plan, your fiat balance or the payment from your bank account will be automatically deducted if you have sufficient funds available.

 

Please note that we will not partially deduct any funds, and your order will only be successfully completed if you have sufficient balance in the fiat currency you would like to pay for your Recurring Buy plan.

 

 

 

Where will I receive my purchased crypto?

You will receive the purchased crypto in your Funding account.

 

 

 

Can I cancel my Recurring Buy plan?

Yes, you can cancel your plan at any time under Plan Details.

 

 

 

 

 

Can I cancel one specific Recurring Buy order?

No, you cannot cancel a single Recurring Buy order. However, you can cancel the entire Recurring Buy plan, which will stop all future scheduled purchases from being processed.

 

 

 

Can I modify my Recurring Buy plan?

Unfortunately, the Recurring Buy plan parameters cannot be modified. If you wish to make changes, please terminate the current plan and create a new one.

 

 

 

Can I get a refund for my order?

Once your Recurring Buy order goes through successfully, it cannot be refunded. However, you can terminate your Recurring Buy plan at any time.

 

 

 

Will the system automatically purchase the next order if I fail to purchase the current specific Recurring Buy order?

If the order fails due to insufficient funds, the system will only attempt to charge again on the next scheduled purchase. After three (3) consecutive unsuccessful attempts, the plan will be automatically terminated. 

 

 

 

What should I do if my Fiat balance or payment has been deducted from my bank account, but the Recurring Buy order failed?

If your order failed to be created but the payment was successful, the purchased coins will still be credited to your Funding account at the quoted price. Since the order creation failed, no further deductions will occur. Please create a new Recurring Buy plan.

 

 

 

Why are there restrictions on the dates I can select when using the Recurring Buy feature in a monthly subscription?

For monthly subscriptions, the restrictions are in place to ensure the consistency of your Recurring Buy plan. By limiting the date selection to the 1st to 28th day of each month, we can guarantee that your plan will execute consistently on the same day every month.