It is an undisputed fact that Dogecoin was and is still one of the best-performing meme coins. The popularity of Dogecoin went over the moon in 2021, and since then, Dogecoin has remained one of the digital assets to contend with. There is no need to bore you with stories. Let us get into the details, as today’s post will show you how you can add dogecoin to your portfolio.
Rundown of how to buy dogecoin
Buying dogecoin is as easy as buying other cryptocurrencies. While there are tons of exchanges where dogecoin is listed, we like to use eToro, because of their unique proposition. So in case, you’re looking for a reliable brokerage company where you can seamlessly buy dogecoin, you’re welcome to give eToro a try. Here is how to buy dogecoin from this exchange.
Create an account and attach a photo ID: You first need to go to the eToro website and click the “Join Now.” To complete this phase, please enter your personal information and other details. You will be prompted to upload a legible copy of your passport or driver’s license. Additionally, you will be required to upload a copy of a recently issued bank account statement or utility bill to validate your residential address.
Deposit Money: To proceed with the Dogecoin purchase procedure, eToro will prompt you to deposit money. The minimum is a mere $50 if you are in the United States as opposed to $200 in most other nations. Debit and credit cards, electronic wallets, and bank transfers are acceptable payment methods.
Look for Dogecoin: You can use the search box at the very top of the screen to look for “Dogecoin” now that you have money in your eToro account. Click the Dogecoin icon that appears in the search box as soon as it loads. To proceed, select the “Trade” tab on the following page.
Learn how to buy dogecoin: You will now see a box for placing your order. All that is required of you is to submit your stake, but you must ensure that you invest at least $25. To submit your order, you will need to click the option labeled “Open Trade.”
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Learn how to sell dogecoin: Following the conclusion of your Dogecoin investment, your tokens will be stored in the eToro portfolio you previously established. When you decide to withdraw your money, you must click the “Sell.” When you have finished confirming the sale, the funds from the transaction will be available for you to withdraw to your bank account, debit or credit card, or electronic wallet.
Where Can I Buy Dogecoin?
Now that we’ve gone over the nuts and bolts of how this cryptocurrency asset operates from an investment point of view, it’s time to speak about the different places you can get your hands on some Dogecoin. After all, if you want to purchase Dogecoin most securely and efficiently, you must go through a reputable brokerage website. This is the only way to achieve these goals.
In the following paragraphs, you will find a limited selection of websites and services that enable you to acquire dogecoin without paying a commission.
eToro: the best trading platform overall to purchase Dogecoin in 2022.
eToro is an online broker that provides access to a comprehensive database of markets and assets. This encompasses not only cryptocurrencies such as Dogecoin but also thousands of equities, ETFs, currency pairs, and indexes. When purchasing Dogecoin using eToro, the transaction shouldn’t take more than ten minutes of your time.
Simply search for Dogecoin, make a deposit into your account, register for an account, and pick how much money you want to invest. You can instantly make a deposit using an e-wallet, which includes PayPal, a debit or credit card, or any combination of the three. A minimum deposit of only $50 is required from traders in the United States (no transaction fee). Users who reside in other countries are often required to make a minimum deposit of $200 (0.5% FX cost). Even at the reduced rate of 0.5%, this is still a considerable saving compared to Coinbase’s fee of 3.99%.
Regarding trading fees, you will be pleased to learn that eToro does not charge commissions, and spreads are usually reasonably tight. This will make you very happy. Investing in Dogecoin requires only a $25 minimum stake for every transaction. This is fantastic for taking what could be considered a risk-averse approach to Dogecoin, which is plagued by extremely high levels of volatility. eToro provides trading marketplaces for various cryptocurrencies in addition to Dogecoin, including Bitcoin, Ethereum, EOS, Cardano, Ripple, Litecoin, Ethereum Classic, and others.
eToro’s Copy Trading feature, which enables you to trade in a hands-off manner, is another reason we prefer the platform. You just need to pick an expert trader you like and choose your investment (at least $500), and then all their future trades will be mirrored in your account. There is no further work involved. It is essential to add that eToro is a social trading platform subject to a stringent regulatory framework. As discussed earlier, this entails registering with the SEC and FINRA and obtaining regulatory approval from the FCA, CySEC, and ASIC.
- Incredibly user-friendly internet broker and trading platform
- Trade a wide variety of assets with minimal spreads
- No commission is necessary
- You can trade indexes, cryptocurrencies, ETFs, stocks, and more.
- Use a debit/credit card, an e-wallet, or a bank account to make deposits.
- Copies and social trading
- Accepts PayPal
- In addition to being governed by the FCA, ASIC, and CySEC in the United Kingdom, the company is registered with FINRA in the United States.
- It is not suited for experienced traders interested in performing technical analysis.
Binance: the best trading platform for advanced traders looking to trade Dogecoin
Binance is one of the best platforms available if day trading Dogecoin is something you’re interested in doing and you want the most control possible over your transactions. This trading platform provides a straightforward and rapid buy and sells interface; however, the extensive web and mobile trading desk that Binance offers is where the platform’s actual value lies. Binance grants you access to the Dogecoin order book and depth chart, allowing you to keep tabs on price movements and trends using dozens of technical indicators and sketching tools available.
Binance stands out from other cryptocurrency exchanges because it provides additional services in addition to the regular trading of cryptocurrencies. The digital asset trading platform offers a variety of crypto derivatives, including leveraged tokens, cryptocurrency futures, and more. You can speculate on the timing of changes in the price of Dogecoin and open up options for hedging strategies by using these instruments, although these instruments can be complex.
The fact that trading on this platform is not overly pricey is another advantage offered by Binance. Whether you add or take liquidity from the Dogecoin order book, you will still be subject to the same 0.10% commission fee for every trade. In addition, if you maintain a balance in your Binance account denominated in BNB (the exchange’s coin), you are eligible for a fee reduction.
Binance is not regulated, often regarded as a warning sign in our industry. Binance, on the other hand, is not only one of the most popular but also one of the largest cryptocurrency exchanges in the world. The platform complies with all anti-money laundering regulations and collaborates with governing bodies in the United States and the United Kingdom to formulate trading guidelines for cryptocurrencies.
- Trade more than 500 cryptocurrencies, including Dogecoin
- Comprehensive web and mobile trading platform
- Access to the Dogecoin order book and depth charts
- Supports trading in cryptocurrency derivatives
- 10% commission with a discount for using BNB
- Buy non-fungible tokens on their NFT Marketplace
- Top-rated platform used all over the world
- Not regulated in the United States or the United Kingdom
- The trading platform may be challenging to understand for newcomers
- Fees for crypto derivatives may be difficult to comprehend
Robinhood: the Best Trading Platform for Dogecoin If You Are Interested in Making Micro Investments
Robinhood is another trading site you may want to consider while researching how to buy Dogecoin. This well-known online broker is probably most recognised for its supply of stock trading services. In light of this, more and more investors in the United States are turning to Robinhood to invest in digital currencies such as Dogecoin.
There are two components to the explanation for this. Like eToro, Robinhood allows you to purchase Dogecoin without paying commissions or transaction costs. Second, the broker makes it possible for you to invest in cryptocurrencies with very small sums, with the minimum investment amount being just one dollar. Therefore, even if you only have a few bucks to spare, you don’t need to worry about Robinhood because it has you covered.
Robinhood accepts a wide variety of cryptocurrencies, including Dogecoin. Some of these are Bitcoin, Litecoin, Ethereum, Ethereum Classic, and others. Robinhood only handles bank transfers within the United States when making payments. When you use ACH, you won’t be required to make a minimum deposit and won’t have to pay any costs. It should be no surprise that Robinhood is subject to stringent regulations, given that it is a brokerage firm based in the United States. As a result, your financial asset is protected at all times.
- Extremely well-liked trading platform in the United States
- Allows for the purchase of more than 5,000 stocks listed in the United States
- It also supports exchange-traded funds, cryptocurrencies, and stock options
- Does not impose any commission fees
- Requires no minimum initial investment
- It is straightforward to use and is an excellent choice for beginners *
- Highly regulated in the United States
- Fewer than 250 international equities are available for trading
- Deposits cannot be made via debit card, credit card, or electronic wallet
- Margin trading rates are unclear
What exactly is a Dogecoin?
Dogecoin is a form of cryptocurrency that was introduced in the year 2013. The Dogecoin network, which acts as a cryptocurrency, functions in a manner that is quite similar to that of other digital coins in this field. For instance, it is possible to send and receive dogecoin tokens from one wallet to another, and the value of the coins will fluctuate according to how they are traded on the open market.
The image of a meme depicting a Shiba Inu puppy that became widely popular in 2013 serves as its native logo. The processing of a Dogecoin transaction reportedly only takes one minute, as stated by commentators in the blockchain space. This is a significantly quicker alternative than Bitcoin, which takes ten minutes. Additionally, the maximum number of transactions that can be processed in one second with Bitcoin is just seven, whereas the limit for Dogecoin is forty. Dogecoin is one of the digital currencies that is the most speculative on the market; hence, most individuals will purchase the crypto asset to make money.
Why Should You Get Dogecoin? An Analysis of Dogecoin
As was just mentioned, the primary reason why the vast majority of people who invest in Dogecoin do so is that it features a highly high risk-to-reward ratio. After all, the cryptocurrency is expected to be one of the coins with the highest returns in 2022.
The introduction of Dogecoin into the market has a great many advantageous effects. To begin, you can send value to anyone in the world swiftly and securely, using this cryptocurrency in the same way that you would use Bitcoin. Throughout the past few years, the coin’s network has expanded, and now, an unprecedented number of retailers are accepting this one-of-a-kind token.
If you are interested in joining the Dogecoin bandwagon, the procedure of doing so has never been more straightforward than it is right now. You only need to make a minimum investment of $25 to use the well-regarded broker eToro, and the platform does not charge any commission fees.
You may open an account in a matter of minutes, and you can make deposits using a debit or credit card, as well as an electronic wallet. When investing in Dogecoin, ensure that you have a well-diversified portfolio to mitigate the additional risk posed by the excessive volatility of the market.