This step-by-step guide will provide you with everything you need to know to easily buy Dogecoin on Etoro. As a popular social trading platform, Etoro offers the ability to invest in major cryptocurrencies like Dogecoin in a simple and secure manner. We’ll cover the registration process, identity verification, depositing funds, and executing Dogecoin purchases on Etoro’s intuitive platform. With cryptocurrency adoption growing rapidly, platforms like Etoro allow even novice investors to gain exposure to the crypto markets.
Summary
Most banks do not yet enable direct purchases of cryptocurrencies like Dogecoin. Therefore, a specialized platform like Etoro must be used instead. Etoro is one of the easiest ways for beginners to invest in Dogecoin, with the ability to copy expert crypto traders or buy DOGE directly. This guide will focus specifically on buying Dogecoin on Etoro alongside traditional banking services. However, users should keep existing bank limitations and regulations in mind when using external crypto platforms.
Dogecoin Market Overview
Before investing in Dogecoin, it’s essential to understand its market performance and key metrics. These metrics provide valuable insights into Dogecoin’s market performance, liquidity, and overall position in the cryptocurrency market. By considering these factors, investors can make more informed decisions when buying Dogecoin on eToro.
- Previous Close: 0.14502
- Today’s Range: 0.14488 – 0.15830
- 52 Week Range: 0.05361 – 0.20429
- 1-Year Return: 104.62%
- Market Dominance: 0.87%
- Market Rank: #9
- Market Cap: 21.46B
- Volume (24H): 3.04B
- Volume (24H) / Market Cap: 14.17%
How to Buy Dogecoin on Etoro
Etoro is one of the top online trading platforms, offering both cryptoassets as well as stocks and ETFs. With over 27 million users globally, it provides a simple yet powerful investment interface in major digital currencies. This guide uses Etoro due to its popularity, ease of use, and security.
Step 1: Register an Account on Etoro
The first step is to visit Etoro.com and register for a new account. The sign-up process only takes a few minutes. You’ll need to enter your basic personal information and verify your identity later.
Click here to register your Etoro account.
Step 2: Complete Identity Verification
To ensure security and prevent fraud, you must complete Etoro’s Know Your Customer (KYC) verification process. This involves submitting your ID documents such as a driver’s license or passport. The verification procedure is typically completed within 1 business day.
Step 3: Link Your Bank Account
In order to deposit funds to buy DOGE, you must connect your bank account to Etoro by providing your account details. Supported banks include top names like Chase, Wells Fargo, Bank of America, and others.
Step 4: Make a Deposit
Use your linked bank account to make a deposit, with minimum and maximum amounts depending on your verification level. Debit card deposits clear almost instantly. Bank transfers take 1-3 days but have higher limits.
Step 5: Buy Dogecoin
Once your deposit clears, using your Etoro fiat wallet you can easily buy DOGE coins. On Etoro’s Markets screen, search for “DOGE” and enter your desired investment amount. Finally, click “Open Trade” to complete your purchase.
While the sign-up process differs slightly across exchanges, the crypto purchase process itself tends to be quite uniform. So once your Etoro account is funded, buying DOGE or other coins is straightforward.
Benefits of Buying Dogecoin on eToro
There are several advantages to buying Dogecoin on eToro:
- eToro is a regulated platform that ensures a secure and transparent trading environment.
- It allows users to trade Dogecoin with leverage, potentially amplifying profits under favorable market conditions.
- eToro’s social trading features enable users to engage with a thriving community of traders and learn from their experiences.
How to Avoid Mistakes Buying Dogecoin on eToro
While the process of buying Dogecoin on eToro is straightforward, it’s crucial to avoid common mistakes that could impact your investment:
- Neglecting thorough research before investing. Take the time to understand the cryptocurrency market, assess risks, and develop a well-informed investment strategy.
- Failing to set realistic expectations and invest only what you can afford to lose. Cryptocurrency markets are known for their rapid price fluctuations, so maintaining a long-term perspective is essential.
- Not enabling two-factor authentication and using weak passwords to protect your investments. While eToro prioritizes security, it’s important to take additional measures to safeguard your account.
What is Etoro’s Stance on Cryptocurrency?
Etoro fully embraces cryptocurrency as an asset class, offering a wide variety of popular digital tokens to buy and sell. Beyond DOGE, investors can trade major coins like Bitcoin, Ethereum, Cardano, XRP, and more.
Etoro also uniquely enables users to copy the live crypto trades made by seasoned investors on the platform. This simplified social trading approach appeals to beginners in particular.
In summary, Etoro is a crypto-friendly platform catering specifically to casual investors and those new to digital currency.
What If My Bank Isn’t Crypto Friendly?
If your existing bank places restrictions around cryptocurrencies, you essentially have two options:
1. Open an Account at a Cryptocurrency Friendly Bank
Banks like Simple, Ally, and USAA are popular choices that allow interfacing with crypto exchanges and platforms. The sign-up process is similar to traditional banks. Just link your new crypto-compatible bank account to Etoro instead.
2. Use a Cross-Border Payment Service
Companies like Wise let you cheaply convert currencies and send/receive funds abroad. This provides an intermediary step to link your bank with Etoro for buying crypto, though it involves some additional fees.
Conclusion:
Investing in speculative assets like Dogecoin does come with higher risk compared to traditional stocks. However, by using Etoro’s user-friendly platform, both novice and experienced investors can gain exposure to the potentially lucrative crypto markets. Following the steps outlined in this guide, anyone can learn how to buy Dogecoin safely.
FAQs
How do I purchase Dogecoin?
Sign up for an account on a platform like Etoro. Verify your identity and connect a payment method. Search for DOGE market and enter your investment amount, then complete the crypto purchase.
How do I start trading Dogecoin?
After buying DOGE coins on Etoro, you can hold them long-term or begin trading crypto CFDs based on Dogecoin price fluctuations without owning the asset directly.
Which app can I buy Dogecoin?
Etoro provides a popular trading app for Android and iOS devices from which users can invest in major cryptocurrencies including Dogecoin. Other well known apps supporting DOGE purchases include Coinbase, Kraken, and Binance.
How do I use Etoro for crypto?
As outlined in this step-by-step guide, you must sign up for an Etoro account, link a compatible payment method, make a deposit, and then use the Markets screen to search for and directly invest in the desired crypto asset like Dogecoin.
