Binance has announced the launch of its Auto-Invest Index-Linked Plan for Binancians. Details from the announcement show that the plan will make it possible for users to buy the top ten cryptocurrencies, according to market capitalization, in the market periodically.
Prior to this, Binance had announced that there would be a Binance CMC Cryptocurrency Top 10 Equal-Weighted Index where users can comfortably track the top ten cryptocurrencies regularly.
To improve the service, the team added the Auto-Invest Index-Linked Plan, through which users can go beyond monitoring to automating regular purchases of the top ten cryptocurrencies that make up the index.
Furthermore, the Binance team narrated that a rebalancing system introduced in the Auto-Invest Index-Linked Plan updates the account of users regularly to reflect the index as the prices of cryptocurrencies change in the market. Also, users will receive data for a new rebalanced selection of assets to buy on the fourth Wednesday of the month, while the rebalancing will run from 02:00 to 08:00 (UTC+0) on the Friday of the same week.
The description of the process shows that users cannot view, edit, redeem, or remove the plan during the rebalancing period. The list of assets may differ after rebalancing because of the volatility of crypto assets.
Setting up Auto-Invest Index-Linked
A breakdown of how to set up an account for this plan shows that users can only use the Binance App to create an Auto-Invest Index-Linked Plan while being able to view the plans on the Binance website.
To create a plan:
- Log in to your Binance account on the Binance App and tap More, then Auto-Invest.
- Click on Subscribe and tap Index-Linked. Then click on Create a plan to start an account after seeing a display of the top 10 Equal-Weighted Index stats and constituents.
- Select the number of assets you want to buy and the stablecoin you want to use to buy it from USDT or BUSD.
- Choose your recurring circle (daily, weekly, or monthly) and time for purchase. Then Confirm after reviewing your plan.
- You can enable Use Flexible Balance which takes money from your Simple Earn Flexible Products in situations where your Spot Wallet balance is insufficient to buy assets.
- Once done, your Auto-Invest Index-Linked Plan will start on your chosen date.
The Binance team said that from 2023, users would have access to Auto-Invest Index-Linked Plan subscriptions and edits, as well as ongoing Auto-Invest Index-Linked Plan subscriptions on the Binance website.
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