• Binance has launched a new tool on its app in South Africa that it says make it easier for users to invest in cryptocurrency.
• The tool is called Auto-Invest and can be set up to automatically buy crypto for you in a timely manner.
• Cryptocurrency is well known for having a highly volatile market and Binance says it isn’t liable for any losses.

The world’s largest crypto exchange Binance has launched a new tool on its platform in the hopes of making it easier for users to invest in crypto, and thus increase onboarding. The new tool is called Auto-Invest, which makes it possible to automate crypto purchases on its app.

With the well-known and documented volatility of cryptocurrencies, a feature that uses your money on an app to buy crypto without your direct intervention seems like an enormous risk.

For example, what if an automated purchase is made when a certain token has exploded in price over a short period and you hadn’t realised? What will happen to your money then?

“This is the easiest, most stress-free way to invest in crypto,” promises Hannes Wessels, general manager for Binance in South Africa.

“Once you’ve set up your plan, your work is done. You don’t have to watch the charts or time the market – Auto-Invest does it all for you so that you can sit back and enjoy watching your wealth grow,” he adds.

In a press release, Binance says that with Auto-Invest users can fine-tune how they want the purchases and investments to work. The process begins with a user first choosing which crypto they would most like to invest in. Then, they create a plan to buy this currency – although they’re also able to add a number of different currencies to their purchase.

The next step sees them selecting a recurring cycle, based on how often they wish to purchase (daily, weekly, bi-weekly or monthly). All of this can be executed in minutes on the Binance app, or by logging on to the user’s Binance account.

“We understand that many people regard the world of cryptocurrency bewildering and inaccessible. That’s why we’re always looking for ways to simplify it,” explains Wessels. Adding that Auto-Invest currently supports more than 200 crypto assets, as well as a number of stablecoins and fiat currencies.

“The tool functions according to a dollar-cost averaging strategy,” he says.

Once a currency has been selected, Binance will make your purchase, then deposit it in your BNB Vault (if you are purchasing Binance Coins) or Simple Earn Flexible Products account (for other currencies).

Users can create as many Auto-Invest plans as they want, and plans can be edited or even erased as necessary.

The exchange makes sure to include a hefty risk warning with the press release detailing Auto-Invest, namely that “digital asset prices are subject to high market risk and price volatility,” it writes.

“The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance.”

We have reached out to Binance about how it intends to protect users from losing their money due to market volatility.

On Monday, Binance temporarily paused the withdrawals of Bitcoin on its platform, doing so twice in less than 12 hours.

The exchange cited “a large volume of pending transactions” of the token. “Our team is currently working on a fix and will reopen BTC withdrawals as soon as possible.”

It also recently began allowing bank transfers in South Africa.

[Image – Photo by Kanchanara on Unsplash]