Utilize the Bitpanda savings feature
Let’s take a look at the Savings feature on the Bitpanda platform and how you can utilize it properly
What is the savings feature on the Bitpanda platform?
Simply put, it’s an automated purchasing feature offered by the team of Bitpanda. It allows you to place a set target price of a commodity, and when that commodity reaches the said price a purchase will occur. Setting it up as quantity can be risky due to price fluctuations. However, price targets are extremely safe.
Why should you use the savings feature?
This feature is amazing for building up your portfolio. To have a strong portfolio, it’s best to purchase at a low price for higher quantities. Over time, the crypto and precious metals price will inevitably rise. If you start early and give the savings account a year to purchase certain products at penny on the dollar prices, within a year or two it can net a pretty decent profit. However, you need to pay attention from time to time on the prices and adjust your savings account.
Who should use the savings feature?
The smartest way to use this feature, is as a side investment. However, if you are a full-time crypto trader, you will find this slow and uninteresting. On the other hand, if you have some money just sitting around, this can be quite the opportunity. You do not need to be a crypto expert, simply put the lowest price a commodity has been in the past year and place that money into the account. Come back every now and then to check how your portfolio has grown and what are the current prices. This can be a smart, safe and easy entry point to the world of crypto trading.
Most importantly, before you set up your Savings account, I strongly recommend getting acquainted with the Bitpanda Platform. There are some excellent Bitpanda reviews out there.