In this article we will see how to make regular purchases (Dollar Cost Averaging) using FTX. Coinbase or Binance do not allow for regular purchases. Instead FTX has this useful feature. I remember that FTX fees are similar to Binance (very low), plus all withdrawals are free (for Bitcoin only one per day).
Here are the trading fees and all the benefits of owning their FTT token:
Deposit transfers and SEPA withdrawals are free. I remember that FTX is one of the biggest exchanges (also for Future) as well as the official sponsor of the Miami Heat arena! (called FTX Arena)
DOLLAR COAST AVERAGING
What are we going to do? Dollar Coast Averaging is a Bitcoin accumulation plan or an altcoin. For example, I might decide to buy $ 10 worth of Bitcoin every hour if the price is below $ 45,000 (example). Or I could buy $ 100 every 72 hours IF the price is less than $ 48,000, etc.
What is the difference? The difference is that the purchases are automatic so I don't have to do them manually!
And if you are also passionate about the Solana blockchain... FTX is a fundamental exchange for you because you can find all the hottest tokens that run on the Solana blockchain: from Oxygen to Mercurial Finance, passing through Step or Saber! (also IEO for Star Atlas!)
LET'S BEGIN
First you need to register: FTX (Signing Up) (with the ref link you will get discounts on fees). Then do the KYC.
Then from the main menu (pictured below), go to "Quant Zone".
The Quant Zone are bots inside the exchange, where by creating certain conditions ("Create New Rules") purchases are made (quantity, price, purchases based on moving averages, etc). In reality, sales, take profits, etc. can also be set! Everything is customizable.
CREATE NEW RULES
First I deposit and set the condition (here are two examples):
price("BTC / USD") > 50000
price("BTC/USD") < 50000
In this case, I will make the purchase ONLY IF BTC exceeds $ 50000 (clearly it would be better to put "buy BTC if it is less "<" than XXX digit"). Below I read "false" (because right now, BTC is no more than $ 50000).
Below I will go to choose "Place Custom Order" (Dollar Coast Averaging) and the market (trade with which I will make purchases over time).
I am assuming that I have deposited USD so I will choose the BTC / USD market (I can also choose other fiat currencies, obviously I will change USD with EUR, etc for example BTC / EUR) and I want to apply Dollar Cost Averaging on BTC (I can also choose ETH, Solana and any altcoins).
Instead in "set variables" I can set "order size" (for example 20 $ of BTC for each purchase).
Other options: "reduces only" (it concerns the closing of the position so we don't care), "post only" and "IOC" (they are for limit orders). At this point I press on "add action" and septum as condition "Pause Rule". Here I can digital a number: for example 30.
I can set an order every 30 seconds (minutes, hours or days). Finally "save and run". Let's recap the general rule:
"I am buying $ 20 of BTC / USD every 30 seconds (or minutes or hours or days) IF the price of BTC is over $ 50000"
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