Introducing the recurring buy trading bot

Published on Jun 09, 2023
Updated on Apr 25, 2024

OKX offers a variety of automated trading functions as part of our trading bot. Among them is recurring buy — a tool enabling you to automate your purchases regularly.

Our recurring buy bot allows crypto traders to simultaneously set a regular buy order for up to 20 different digital currencies, and select the time, frequency, amount, and even relative percentage asset allocation of the purchases.

This tutorial explains:

  • What trading bots are
  • How to set up recurring buys on the OKX mobile app
  • How to check and cancel recurring buys on the app
  • How to set up recurring buys on the OKX website

A quick intro to trading bots

Before we jump in, what are trading bots?

Have you ever thought about what it would be like to have a crypto trading assistant without hiring someone? A trading bot could be your answer.

Trading bots are automated software programs designed to assist traders in managing their crypto trades. These bots offer several advantages that can enhance trading strategies and potentially increase portfolio growth.

They are based on predefined algorithms and strategies; trading bots make objective decisions without being influenced by fear, greed, or impatience. This reduces the risk of impulsive trading moves and potential losses.

Real-time monitoring is another valuable feature of trading bots. They continuously track market conditions, price movements, and other relevant data, using technical indicators to identify trends and potential opportunities. This enables traders to make informed decisions based on up-to-date information.

Trading bots often use advanced algorithms to analyze market data and identify patterns. These algorithms can help you create customized trading strategies and automate trade executions, aligning with your preferences and goals.

How to set up recurring buys on the OKX app

Step 1

To set up an automatic dollar-cost average, log in to your account on the OKX mobile app. When logged in, tap Trade at the bottom center of the homepage.

Access trading bots on the OKX app

Step 2

In the Trade menu, select Trading bot. Note: Recurring buy is only available for the spot market, so make sure to choose a spot trading pair from the trading pair menu.

Select the trading bot on the app

Step 3

Click on the menu at the left corner of the screen, it is set to Spot grid by default. Use the highlighted menu to select Recurring buy from the bot list.

Select the trading bot menu

Select the recurring buy bot

Step 4

Enter the details of your recurring buy. First, select the asset you want to purchase. Then, choose the frequency, purchase time, and purchase amount. For frequency, the options are:

  • Daily
  • Weekly
  • Monthly

If you select weekly or monthly buys, you can also choose which day of the week or month your purchase will be executed.

Set recurring buy parameters

Step 5

Our recurring buy function also lets you buy up to 20 crypto assets simultaneously with each regular purchase. To add more assets to your order, tap the Add crypto button and select the assets you want from the menu.

Add more crypto assets to the recurring buy bot

Step 6

You can set percentages of your total recurring buy to be allocated to different cryptocurrencies. For example, with a 100 USDT monthly buy, you could allocate 50% USDT to BTC, 30% USDT to ETH, and 20% USDT to OKB. If you want to remove an asset from your allocation, tap the trash can icon.

Set asset allocation percentages

Step 7

Check the details on the order confirmation screen. When you're satisfied, tap Done to confirm your order.

Confirm order details

How to check and cancel recurring buys on mobile

Each time the recurring buy bot makes a purchase, your assets will appear in your trading account. You can then withdraw them to a wallet you control or use them for trading.

You can check on a recurring buy in the section at the bottom of the trading screen. Tap Bot and then Recurring buy to see order details, including profit and loss, and the total amount allocated. You can also close the order at any time using the Stop button.

Check or cancel an order

OKX recurring buy does not distinguish between funds in your trading account and those used for future regular purchases. If your trading account runs out of money, your recurring buy automatically pauses. It will resume according to the parameters set when creating it and/or when you have enough funds in your trading account again.

How to set up recurring buys on the OKX website

Step 1

To set up an automatic recurring buy on the website, log in to your OKX account. Then, click on the Trade tab of the navigation bar and select Trading bots.

Access trading bots

Step 2

Select DCA bots from the available trading bots tab. Then, click the Create button on the Recurring buy tab.

Select the recurring buy bot

Step 3

Click on the Recurring buy tab in the Select a bot menu.

Click on the recurring buy bot

Step 4

Select the bot's parameters:

  • Pick the cryptocurrency you want to purchase from the Crypto allocation menu.
  • If you want to set recurring buys for multiple assets, click Add crypto below the menu. You can add up to 20 different cryptocurrencies.
  • If you’re dollar-cost averaging into multiple cryptocurrencies, you can also select percentages of your buys to be allocated to each crypto asset.

Step 5

In the Basic information section, pick a frequency and time for the recurring buys. Then, enter the total amount of USDT you want to allocate to the bot. Verify the parameters. If you're satisfied, click Create to continue.

Create the recurring buy bot

Step 6

A pop-up will show you a breakdown of the order you are placing. If you're satisfied, click Confirm to confirm the order and launch the bot.

Confirm your order

How to check and cancel recurring buys on the website

You can check your open recurring buy positions in the trade history section under the Bots tab at the bottom of the Basic Trading page.

Check or cancel an order

Click Stop next to the relevant order will cancel future buys.

THIS BLOG IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

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