How does the AutoBuy strategy work?
27 Oct 2019 16:00
The AutoBuy strategy allows you to automatically buy one of our supported cryptocurrencies
whenever a deposit is credited to your account. You can choose a maximum percentage of your deposit to be used,
and you can also set a hard upper limit on the size of the buy order and the price you wish to pay. Read below
for more information.
For more information on the AutoTrader system, see the AutoTrader help page.
Creating a new AutoBuy Strategy
Choose the cryptocurrency you wish the strategy to buy when your deposit is credited.
To choose the fiat currency this strategy will trigger from use the fiat currency selector at the top left of the page.
Reduces the amount of fiat used in the crypto purchase. Most people leave this at 100%.
This will cap the strategy's buy order fiat amount. This cap is applied after the Deposit Percentage adjustment. This is the most common way to limit your strategy order size.
This allows you to set a maximum limit on the buy price for the crypto you're auto-buying. Be aware that if the current market price for the crypto you're buying in this strategy is above your Price Limit then the strategy will not execute, and your deposit will remain in your account. Setting this field to 0 will mean there is no limit, and your strategy will always execute. A standard dollar cost averaging strategy would set this to 0.
Creating multiple AutoBuy strategies
Creating multiple AutoBuy strategies is allowed, but the cumulative Deposit Percentage must not add up to more than 100%. There is no set order in which the strategies execute in, and as such each strategy uses the initial deposit amount when calculating how much of the deposit to use. If you create a strategy with a Deposit Percentage of 100%, no other AutoBuy strategies can be created.
What if I want to make a once off deposit that doesn't get picked up my AutoBuy strategy?
You can disable the strategy before making the deposit, and then re-enable it after this special deposit is credited to your account. To do this go to the AutoTrader page, and in the Strategies section select the Action button next to the AutoBuy strategy you wish to disable, and select Disable. To re-enable select the Action button and choose Enable.
Will I be alerted when a strategy doesn't execute?
Yes, you will be sent an email when a strategy fails to execute. You will also be sent an email when a strategy successfully executes.
At what price will AutoBuy place a buy order?
AutoBuy will place a market order. This will buy selected cryptocurrency at the current market price at the time the strategy executes.
Can I create strategies via the API?
No. If you're using the API, you can create your own API driven strategies.
Can Independent Reserve make deposits for me on a schedule?
No. To schedule deposits from your bank account, you will need to setup a recurring/scheduled transfer from your internet banking platform. Here are some links to the major banks for doing this:
- CBA - in the "Transfer & BPAY" screen choose "Set up regular payments" option under "When"
- Westpac - in the "Make a payment" screen select "Recurring payment" in the "Payment details" section
- NAB - in the "Pay Anyone" screen, choose the "Pay when" drop down menu
- ANZ - in the "Pay Anyone" screen choose "Recurring" use the "Transfer type" field when making a payment
Can I use this strategy to do dollar cost averaging (DCA)?
Definitely! Simply create a recurring deposit from your internet banking platform, and your AutoBuy strategy will do the rest, set and forget.
Are there any fees charged for using the AutoBuy strategy?
There are no additional fees charged for using the AutoBuy strategy. Your standard brokerage fees are charged on any trade that the AutoTrader system places on your behalf.
Can AutoBuy wait until the price gets down to X before buying?
It can, but remember that if the price is above X when your deposit comes in, then the AutoBuy strategy will not execute. If you want to buy at a certain price, it sounds like you're just after a Limit buy order. You can create this directly on our order book trading page by selecting the BUY (LIMIT) button.
Does AutoBuy take into account deposit fees?
AutoBuy will always buy using the deposited amount (up to your Spend Limit). If your deposit incurs a deposit fee, this will be taken out of your existing fiat balance if there is one, and if not it will be reduce the amount AutoBuy buys with.