The first automated strategy released with AutoTrader is called ‘AutoBuy’, which allows customers to automatically purchase their preferred cryptocurrencies once money is deposited into their account.
Independent Reserve says it is the first order book exchange in Australia to release this feature.
Adrian Przelozny, CEO and founder of Independent Reserve said the new AutoBuy feature, coupled with scheduled bank transfers, would allow customers to Dollar Cost Average (DCA) their cryptocurrency purchases.
“Enabling our customers to dollar cost average their purchases will bring many benefits. Firstly, it means our customers don’t have to worry about trying to time the market when they make a purchase, which can be a big barrier to entry for new cryptocurrency investors in particular.”
Przelozny said Autotrader allows users to buy smaller parcels of cryptocurrency at regular intervals - for example daily or weekly or monthly - and this limits their exposure to price fluctuations, especially compared to customers that may enter the market in a large way, and then see the market move against them.
“Finally, we allow our customers to set spend and price limits which will reduce the burden on investors to keep up with price fluctuations, instead the AutoBuy feature will make sure they get what they want at the right price, without going over budget.”
While AutoBuy is currently the only strategy available on AutoTrader, Independent Reserve says it plans to add more in the coming months.
“This feature is something that many of our clients have been calling for, so I’m extremely pleased to be making this announcement. But we’re not stopping there. We’re actively reaching out to our userbase on which strategies they want to see next and welcome their feedback via IR’s social and customer support channels,” Przelozny added.
Founded in 2013, Independent Reserve has built a proprietary, institutional grade trading platform to allow Australians to buy, sell and invest in Bitcoin (XBT), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and other digital currencies.
The cryptocurrency exchange says it has also been working closely with various Australian regulatory bodies including AUSTRAC to formulate AML/CTF regulatory frameworks for the industry.