You can now buy cryptocurrencies as often as you like by setting up a repeat buy. These recurring purchases will automatically buy your desired crypto at a frequency of your choice.
What are repeat buys?
Setting up a repeat buy to make monthly, weekly or daily contributions can reduce the risk of one poorly timed crypto purchase and help make the crypto market volatility work in your favour. This is known as Dollar Cost Averaging (DCA), a strategy that ensures your investment costs are averaged out over time.
How to set it up
Sign in to Luno and go to your Wallets
Select your desired crypto and then Buy
Choose the amount you wish to buy in local currency
Choose the frequency (once-off, daily, weekly or monthly), and select Next
Choose your repeat day
And lastly, confirm your repeat buy
Mission success! You’ve set up a repeat buy.
Viewing your repeat buys
You can view all the repeat buys that you’ve scheduled. Here’s how:
Choose any crypto from your available wallets
Below your balances, you’ll see a list of Repeat buys
Select any of these to view more details of your repeat buy
Managing your repeat buys
You’ll need to make sure there are enough funds in your local currency wallet to cover your purchase. You can either set up a repeating bank transfer to put this amount in automatically, or we’ll send you an alert to remind you to top up.
If you’re setting up a repeating bank transfer, be sure to set it up to transfer 2 or 3 days before, to make sure the funds reach your Luno wallet in time.
Frequently asked questions
Can I set up multiple repeat buys?
Yes. You can set up as many types of repeat buy (daily, weekly or monthly) for as many of Luno’s supported cryptocurrencies (currently BTC, ETH, BCH, LTC, XRP) as you like.
How do I remove my repeat buys?
From Wallets, choose the wallet with the Repeat buy icon (in the app). In the wallet, you’ll see your list of Repeat buys for that crypto in the REPEATING section. Select the repeat buy you’d like to remove, and on the next screen, you’ll see an option to remove it.
Can I pay for my repeat buys using other cryptocurrencies?
No. Currently, you can only make repeat buys from your local currency wallet. Please remember to deposit enough money into your wallet so that your daily, weekly or monthly transaction is successful.
What happens if I don’t have enough money in my wallet?
That specific transaction will not execute and you’ll receive an email informing you of the failed transaction. This repeat buy will be skipped and the next one will execute as planned if you have sufficient money in your local currency wallet.