Trading platform Robinhood is rolling out a new feature that allows crypto investors to buy digital assets commission-free on a recurring basis.
The firm behind the popular trading app says that the feature enables investors to regularly buy coins for as little as $1 on a daily, weekly, biweekly or monthly schedule.
The new feature introduces dollar-cost averaging, which involves investing money gradually at regular intervals regardless of the price of the asset. The strategy can reduce the impact of price fluctuations in the volatile crypto markets.
“Saving is a habit and recurring investments introduce a strategy to grow holdings over time while potentially reducing the impact of market volatility. The crypto markets can be volatile due to the nature of the industry. Investing on a recurring basis can help you focus on long-term growth, reduce risk, and reduce the stress of timing the markets.”
The company says its new crypto recurring investment tool will be a more efficient way to gain exposure to digital assets. Robinhood says they are rolling out the new feature to all customers this month.
In January, Robinhood restricted its customers from buying crypto altogether, citing “extraordinary market conditions.” The firm also halted its users from buying shares in Gamestop (GME), which rapidly rose in price partially stemming from the retail trading buzz on Reddit.
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