Australian crypto exchange Independent Reserve has introduced the AutoTrader feature for its clients to allow the execution of automated trading strategies.
Per Monday’s announcement, the exchange has only introduced the AutoBuy feature for the time being, which will allow customers to automatically purchase their preferred cryptocurrencies once the money is deposited into their account.
Commenting on the new feature, Adrian Przelozny, founder and chief executive of the new exchange, said: “The launch of AutoTrader is a significant milestone for Independent Reserve. As the name suggests, the feature will allow customers to set automated rules and strategies for trading cryptocurrency. It’s been a popular request from our customers for some time now, and we’re proud to be the first Australian exchange to launch a valuable service like this.”
The feature is also coupled with scheduled bank transfers, which would allow customers to dollar cost average (DCA) their cryptocurrency purchases.
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“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 added.
Recuring crypto purchases
Founded in 2013, Independent Reserve is one of Australia’s oldest digital asset exchanges. Along with trading facilities with major cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, it allows customers to purchase a small number of cryptocurrencies at regular intervals to minimize the market risks.
According to the exchange, it currently has over 100,000 customers across Australia and New Zealand, and services around 8,000 self-managed super funds (SMSFs).
“Autotrader allows users to buy smaller parcels of cryptocurrency at regular intervals, for example daily or weekly or monthly. 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,” the CEO stated.
Meanwhile, last month, Australian fintech firm InifiniGold revealed its plans to launch a gold-backed digital currency on the Ethereum network.