In the crypto market Dogecoin started its journey as a joke (Doge meme) but after the Elon tweets it got huge popularity in social media and now its market cap volume is $12 billion which is not a joke anymore.
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| Buying Dogecoin on eToro (Image credit- Unsplash) |
If you're interested in joining the Dogecoin community and want to know how to buy this digital asset on eToro, you've come to the right place. In this guide, we will walk you through the step-by-step process of purchasing Dogecoin on the renowned eToro platform.
How To Buy Dogecoin on eToro Platform: 8 Easy Steps
If you are a beginner then follow these 8 simple steps to buy Dogecoin on eToro.
These are the step-by-step guides which will help you a lot.
Step 1: Sign up on eToro
Step 2: Complete your profile on eToro and verify identity
Step 3: Deposit funds into your eToro account
Step 4: Search for Dogecoin
Step 5: Analyze Dogecoin's market data
Step 6: Place a buy order
Step 7: Set your preferences and confirm the order
Step 8: Monitor your investment and consider a wallet
Here are the details of every step. Just read, learn and follow the guideline.
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| Signup on eToro (Image credit- eToro) |
Step 1: Sign up on eToro
To get started, visit the eToro website and sign up for an account by clicking on “Start Investing”. You will get a SignUp page where there will be some option to sign in with your Facebook or Google account.
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| Create account on eToro (Image credit- eToro) |
By clicking on the “Sign Up” option you can also create a new account giving Username, Email and Password.
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| Signup with mail on eToro (Image credit- eToro) |
Step 2: Complete your profile on eToro and verify identity
Upon signing up, you'll need to complete your profile by providing additional information. This step includes verifying your identity by submitting the necessary documents, such as a valid ID or passport or driver’s license.
eToro adheres to strict regulatory guidelines and requires these verification steps to ensure the security and integrity of its platform. After submitting your ID photo, you need to wait a minimum 24 hours to be verified by the eToro team.
Step 3: Deposit funds into your eToro account
After your profile is complete, it's time to deposit funds into your eToro account. Various payment methods are allowed in eToro platform like- bank transfers, credit or debit cards, and popular electronic wallets.
Choose the method that suits you best and follow the instructions to transfer funds into your eToro account. To purchase your first order you need to deposit a minimum 10 dollars.
Step 4: Search for Dogecoin
Once your account is funded, navigate to the eToro trading interface. In the search bar, type "Dogecoin" or its ticker symbol, "DOGE." The platform will display the available trading pairs related to Dogecoin.
Step 5: Analyze Dogecoin's market data
Before making a purchase, it's important to analyze Dogecoin's market data to make informed decisions. eToro provides a wealth of information, including price charts, historical data, and real-time market statistics.
This data will help you assess Dogecoin's price trends and make educated predictions about its future performance.
Step 6: Place a buy order
Once you're confident about buying Dogecoin, it's time to place a buy order. On the eToro trading interface, click on the "Trade" button next to the Dogecoin trading pair.
Specify the amount of Dogecoin you wish to purchase and review the transaction details. Take note of any fees or additional costs associated with the transaction.
Step 7: Set your preferences and confirm the order
eToro offers additional features to customize your trade. You can set stop-loss and take-profit levels to manage your risk effectively.
These options allow you to automatically close your position if the market moves unfavorably or take profits when it reaches your desired target. Adjust these preferences according to your trading strategy and risk appetite.
Once you've reviewed and adjusted all the necessary details, click on the "Open Trade" or "Buy" button to confirm your Dogecoin purchase.
Step 8: Monitor your investment and consider a wallet
After buying Dogecoin, it's crucial to keep track of your investment's performance. eToro provides a user-friendly portfolio interface where you can monitor your holdings, view real-time market data, and access advanced trading tools.
Pros and Cons to buy Dogecoin on eToro
Buying Dogecoin on eToro, like any investment, comes with its own set of advantages and disadvantages. Let's explore the pros and cons of buying Dogecoin on eToro:
Pros:
- eToro provides a user-friendly platform that is easy to navigate, making it accessible to both beginners and experienced traders.
- eToro supports various payment methods, including bank transfers, credit/debit cards, and popular e-wallets, offering flexibility and convenience when depositing funds.
- eToro is a well-established and regulated platform, ensuring a level of trust and security for users
- Trading fees of eToro are comparatively low. Minimum deposit fees for the first time is $10 then it's only $1.
- The unique social trading features of eToro are very helpful for users to interact with and learn from other traders.
- User friendly trading app available which is very easy to navigate.
- eToro provides access to a diverse selection of cryptocurrencies, including Dogecoin.
- eToro offers advanced trading tools and features, such as real-time market data, price charts, and risk management tools.
Cons:
- eToro allows you to buy and sell cryptocurrencies, including Dogecoin, in USD currency but if you trade in other currencies you need to convert it at a fee.
- eToro charges various fees for trading activities, including spreads, overnight fees for holding positions, and withdrawal fees.
- When buying Dogecoin on eToro, you do not have direct control over the private keys associated with the cryptocurrency.
- The price of Dogecoin can fluctuate significantly, and there is a possibility of losing your investment.
- Depending on your region and local regulations, eToro's availability and functionality may be limited or restricted.
How to Store Dogecoin?
While eToro offers a secure platform to store your Dogecoin, some enthusiasts prefer using external wallets for added security.
If you're planning to hold a significant amount of Dogecoin or want full control over your digital assets, consider transferring them to a personal wallet specifically designed for cryptocurrencies.
You can follow some easy steps to transfer dogecoin. Follow the process:
- First, Login into your account.
- Select “Dogecoin” which you will get under the “Crypto” tab
- Click on the “Send” button. Select the amount and recipient’s address.
- A verification code text will come into your phone from the eToro team.
- To complete the process click on the “Verify” button.
How to sell Dogecoin on eToro?
Now you know the buying process of Dogecoin on eToro, right? The action of selling Dogecoin on eToro is just the opposite of the buying process.
The steps of selling Dogecoin on eToro are given below.
- After login to the eToro website click on the "Trade Markets" or "Trade" tab.
- In the trading interface, look for the Dogecoin position in your portfolio. You can find it under the "Crypto" or "Cryptocurrencies" section.
- Click on the Dogecoin position you want to sell. This will open a new window with details about your Dogecoin holding.
- In the Dogecoin details window, look for the "Sell" or "Close Trade" button and click on it. This will initiate the selling process.
- Enter your expected selling amount of Dogecoin. You can choose to sell the entire position or a specific portion of it. Make sure to review the amount carefully before proceeding.
Alternative Platform to Buy Dogecoin
This article is based on the eToro platform but you can buy Dogecoin from other places.
Binance, Kraken, Coinbase, KuCoin, Bithumb and Gemini are the famous cryptocurrency exchanges from where you can buy Dogecoin.
Buying Dogecoin on eToro is a straightforward process that involves signing up, completing your profile, depositing funds, searching for Dogecoin, analyzing market data, placing a buy order, and setting your preferences.
Final Word
Remember to conduct thorough research, understand the risks associated with cryptocurrency investments, and only invest what you can afford to lose. By following this comprehensive guide, you can embark on your journey of buying Dogecoin on eToro with confidence and convenience. Happy investing!
Is eToro safe to buy Dogecoin?
eToro was founded in 2007 from then it is considered a safe platform to buy crypto coins. It is a reputable and regulated platform that prioritizes user security. It has an excellent user-friendly interface to trade crypto currencies. So Yes, eToro is a safe platform to buy Dogecoin.
Can I buy Dogecoin on eToro?
Yes, you can buy Dogecoin on eToro crypto exchange by following these 8 easy steps: 1: Sign up on eToro 2: Complete your profile on eToro and verify identity 3: Deposit funds into your eToro account 4: Search for Dogecoin 5: Analyze Dogecoin's market data 6: Place a buy order 7: Set your preferences and confirm the order 8: Monitor your investment and consider a wallet
How can I buy Dogecoin directly?
You can buy Dogecoin directly from any trusted cryptocurrency exchange. Trusted crypto exchanges are- eToro, Binance, Coinbase and more. At first you have to create and verify an account on these platforms to purchase your first order.
What are the fees to buy Dogecoin on eToro?
Purchasing fees of eToro is comparatively lower than other platforms. For the first purchase the minimum deposit amount is $10 and it charges 1% of your total purchase. If you buy 100 dollars worth of Dogecoin then it will charge only 1 dollar. The selling fees are also the same as buying fees 1%.
In which app can I buy Dogecoin?
Here is the list of popular apps to buy Dogecoin. Coinbase Uphold Binance eToro Kraken Swapzone KuCoin Ledger Robinhood.
Should I Buy Dogecoin?
Investment is always risky. But you need to research a lot before investing. Cryptocurrency is a volatile market but your proper research on the coin and trading strategies can save you from loss. Before buying Dogecoin do your research on the market then if you think Dogecoin is worth buying you can buy it. Decision is yours.
