Introduction of Recurring Orders

MaiCoin

Modified on: Mon, 27 Mar, 2023 at 3:54 PM

Introduction of Recurring Orders
- Equivalent to the dollar-cost-averaging strategy in traditional finance that enables recurring purchases of ETFs and blue-chip stocks, MaiCoin Recurring Orders allows you to set the parameters and fully automate this strategy.
- Simply set the amount you’d like to invest, frequency, and fund your account before the order date, and this trading bot will be ready to implement your customized DCA strategy to accumulate your holdings. MaiCoin offers daily, weekly, and monthly recurring orders, providing the maximum level of flexibility.
- To automate the experience, please refer to the steps below:
  - Setting the recurring order parameters:
    - Input the amount of base (i.e. buy 1 BTC per month etc.) or quote currency (i.e. invest 3,000 TWD per month etc.). The minimum required investment shall be at least 100 TWD or equivalent.
    - Choose the frequency of the purchases, only one day is allowed for weekly and monthly intervals.
  - Set recurring automated bank transfers to your MaiCoin virtual account number on your banking app. The dates of the bank transfers should be earlier than the dates of each upcoming order.
Eligibility: Lv1 accounts.
MaiCoin Recurring Orders service does not guarantee the execution of orders.
- Although we work diligently to ensure the uptime of our services, the requests may not be fulfilled due to the expected or unexpected maintenance. As stated earlier, we will avoid such incidents occurring to the best of our ability.
- We embed a 2-attempt mechanism to first execute the orders between 10-11am; if the order does not go through due to maintenance or reasons attributable to MaiCoin, we will re-attempt between 10-11pm the same day. If both attempts fail, the request for today’s orders will be skipped. New attempts will be reinitiated in the next cycle.
Order price
- Prices of the orders are based on the time of request submissions. You can search for the order price under History.
Insufficient Funds
- Please ensure sufficient funds are on balance for the execution of the requests.
- 5 failed requests consecutively will result in the cancellations of the requests. This only applies to reasons that are attributed to the users.
Inception date of the recurring order requests
- MaiCoin executes all requests accepted before 11:59pm on T-1 day the next trading day (T).
- For instance, on Monday, a user submits a request to buy 1,000 TWD worth of BTC every Tuesday. The request has to be received by MaiCoin by 11:50pm on Monday in order to have the first trade executed on Tuesday 10-11am.
Sequence of request executions
- The following sequence will be applied to the funds on balance cover some but not all of the recurring order requests.
- First layer of priority: monthly requests → weekly requests → daily requests.
- For requests follows the same time intervals, the second layer of priority is first created, first served. This means the earlier request created is executed first.
Canceling recurring orders
- Please navigate to the page with all active requests listed, and select the request you’d like to cancel. You will soon receive a confirmation email that acknowledges your request.
Calculation of Total Value Change
- ((buy price + sell price)/2 - average recurring order filled price) / average recurring order filled price * 100%.