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Is it cheaper to buy an annual plan?

Yes, it is.

When signing up for an annual plan, you get a 20% discount on the pricing plan. You can also use your sessions throughout the whole year, not limited by a certain number of sessions each month.

You can see the plans for yourself, by logging in to the dashboard and click "Pricing plan":



In the checkbox at the top, it shows you annual plans with a 20% discount applied: