What Is Recurring Buy?
Recurring buy allows users to automate the buying of crypto and can be used as part of a dollar-cost averaging (DCA) strategy. Recurring buy provides users with the ability to select which cryptos they want to purchase, the amount they want to buy, and how often they would like to buy. After the order is executed, the customer will receive an email notification.
Types of Recurring Buy:
Let’s say if you plan to sign up for the recurring buy on Monday, and check the Orders start from today, your first order will be on Monday.
|Frequency||Selected Date of Purchase||First Purchase||If "Order starts from today" is unchecked||Subsequent Recurring Purchases|
|Daily||Monday, May 2nd||Monday, May 2nd||Tuesday, May 3rd||Every day at the same time|
|Weekly||Monday, May 2nd||Monday, May 2nd||Monday, May 9th||Every week at selected day|
|1st and 15th of the months||Sunday, May 1st||Sunday, May 1st||Sunday, May 15th||Selected Date (1st and 15th) of each month|
|Monthly||Monday, May 2nd||Monday, May 2nd||Thursday, June 2nd||Selected Date (2nd) of each month|
|Tuesday, May 31st||Tuesday, May 31st||Thursday, June 30th||Last day of each month|
**Please note that all recurring buy orders are market orders with a minimum total of 5 CAD.
How to Use Recurring Buy?
Log in to your VirgoCX account, and go to the Recurring Buy section, choose which crypto you want to set up for recurring buy.
For example, if you want to set up a recurring buy for BTC, choose one of the frequencies and the amount you are willing to pay repeatedly and click “Proceed”.
After you review the recurring buy information, click “Buy” to process. The 1st transaction will take place instantly. If you do not want to make the 1st transaction now, please uncheck the “Order starts from today” button.
How to Fund My Recurring Buy?
Recurring buy will be funded from your available CAD balance. You need to pre-fund your VirgoCX account to successfully execute the transactions.
You can choose to fund your account using Interac E-transfer or Wire Transfer.
How to Check My Recurring Buy?
Please go to the Account Activity section. Select Trade, and under the Recurring Buy Orders tab, you can view all the ongoing recurring buy orders and make changes to your orders by either skipping or cancelling them.
How to Skip the Recurring Buy?
VirgoCX provides the availability for customers to skip one period of the recurring buy instead of cancelling the entire order.
Please go to the Account Activity section and choose which recurring buy you want to skip. The presented order will be skipped when you click "Confirm," and the system will automatically go on to the next effective order.
For example, if you skip the 2021/08/24 order, and your recurring buy frequency is daily, the recurring buy order will be placed on 2021/08/25.
How to Cancel the Recurring Buy?
Please go to the Account Activity section and choose which recurring buy you want to cancel. After you click “Confirm”, you can check your recurring buy transaction details and press “Confirm” again to cancel your recurring buy.
How to View Recurring buy details:
Please go to the Account Activity section and choose which recurring buy you want to see the details of. Click “View Details” to view the detail transaction history of under that recurring buy series.
Automatic Cancellation Policy
Your order can get automatically cancelled if,
- You were unable to fund your VirgoCX account in a timely manner and the orders failed to execute due to unavailable funds. You will receive a reminder email to fund the account, however if the order fails 3 times in a row, your recurring buy order will be terminated.
- When VirgoCX delists any crypto asset, all open orders of the crypto asset will be terminated. You will receive separate electronic messages for the termination.
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