What is crypto saving?
Firi is launching “Kryptosparing” – a product that makes it even safer, easier and more engaging to buy cryptocurrency and invest long-term. It make it easier for you as a customer to save money in crypto, almost like a regular savings account.
History shows that saving in cryptocurrency provides a better return than traditional bank savings. Usually, it also gives better results than buying and selling based on price, i.e. trading.
“Kryptosparing” aims to make it easier for our customers to easily set up a savings account for cryptocurrency. You choose whether you want to set up automatic transactions on set dates, or whether you want to transfer a lump sum of money.
Dollar cost averaging
Investing at fixed times in this way without paying much attention to the price is called "dollar cost averaging", or "DCA". This is a well-known strategy for investing in cryptocurrencies.
This strategy has historically provided very good results over time when it comes to cryptocurrency, although there is no guarantee of future returns.
The reason it pays off to buy small-scale over time is that the price fluctuations in the market are evened out and a good average purchase price is achieved. Crypto saving will help you achieve just that. It is an easy way to implement "dollar cost averaging".
How a crypto savings account works
When you set up automatic transactions from your online bank, you choose the amount you want to save. You choose how much you want to put into your savings, whether you want to make withdrawals daily, weekly or monthly, and which cryptocurrencies you want to save in. The amount deducted from your account is in Norwegian kroner, and will be automatically traded to cryptocurrencies through Firi.
Exchange trading costs 0.7% in fees. See our prices here.
Remember that buying and selling cryptocurrencies involves a high risk, and that historical returns are never a guarantee of future returns.
To learn more about savings and investment in cryptocurrency, please click here.