The Systematic Investment Plan is one of the best ways to invest money and in short we call is SIP in the traditional world of investment. SIP word is mostly used with mutual funds and in this way we invest a certain amount on a fixed interval. This way we also can invest in small parts and in a disciplined manner, we can buy anything on different pricing which helps us to have the lower average pricing.
In crypto space, this method is called DCA (Dollar Cost Average) and this entire method is the same as SIP. I have already been doing it for more than a year and it has helped me to buy bitcoin and some ethereum at much lower prices. I started my bitcoin DCA when its price was less than 10k USD and now when its price is more than 45K then I can see some good returns in my SIP wallet. Traders prefer to buy and sell but holders prefer to buy and hold for a long time so that they can earn a better profit as they have the power to hold. I am very good in holding and generally don't sell off unless there is an emergency or I meet the target price.
I wanted to start DCA with DOT coin which is also known as Polkadot and I could not find any Indian exchnage offering this option. I use bitbns exchnage and they only provide 2 coins for SIP and these are Bitcoin and Ethereum. Now there is great news that one of the Indian exchnage named as BuyUCoin has launched SIP plans for 10 coins and it includes DOT.
The exchange offers investments in options like Bitcoin, Ethereum, Litecoin, Chainlink, and Polkadot. BuyUcoin said bundled SIP insulates investment against market volatility and ensures safety for investors. There is no entry or exit load for investing in BuyUcoin SIP. Founded in July of 2016, BuyUcoin today has more than one million customers.
This is great news for me because now I can buy some coins other than Bitcoin and Ethereum using these exchanges. Although there are some international exchanges that provide DCA it works only on the crypto to crypto model and my reason is to invest my saving and I want to do it using fiat. With Bitbns I am able to run my crypto SIP using fiat currency and whatever money I save, I put in SIP. I was also expecting that they will add more coins but they have not done it yet. With this lanched of 10 coins under DCA, I am happy to know and I will try to create my account with these exchanges.
BuyUCoin is a known Indian exchnage and they have more than 1 million users and this was founded in the year 2016. I don't have an account with this exchnage but I will have it soon with verified KYC and will start some SIP for DOT for sure.
I will go through the process and try to start my additional sip journey soon. The KYC process takes some time which could be probably a couple of days and I will share my experience further about this new setup.
Thank you so much
Stay Safe