Have you been dabbling in cryptocurrency and want to try something a bit more silly and risky? Are all your friends talking about their favorite meme coins and you want to get in on the action? Are you too intimidated to invest in Bitcoin (CRYPTO:BTC) but still want to participate in the cryptocurrency craze? Dogecoin (CRYPTO:DOGE) might be the answer you seek.
Every cryptocurrency has a specific function and purpose that its value is based on. This function can expand and grow as people adopt the currency and replace fiat currency with it. As the value grows, however, it becomes a valuable investment opportunity no matter what the original purpose of the cryptocurrency was at the beginning. This is particularly true of Dogecoin.
So, whether you have legitimate reasons to invest in Dogecoin, want to simply diversify your crypto portfolio, or want to buy it “for the meme”, you’re going to need to find a platform that fits your needs to do just that. In this guide, we will walk you through how to buy Dogecoin on eToro, step by step.
What is Dogecoin?
The technology, science, and details behind cryptocurrency as a whole are far too complicated for us to dive into here. Suffice it to say that Dogecoin is based on similar principles and processes as other popular cryptocurrencies.
Dogecoin was launched in 2013 as a joke. The creators of the cryptocurrency created it as satire to poke fun at the inflated value of other cryptocurrencies. It is now considered the very first meme coin but has earned significant value and has become a legitimate currency and investment option for many people. It has gained a following of fans and investors over the last several years, both from those who value the meme of the coin and others who want to see it become a more widely accepted currency.
With the help of online communities, Dogecoin has grown to become one of the biggest cryptocurrencies in the world and maintains an active and enthusiastic community around it.
According to its own website, Dogecoin is very aware of its beginnings as a joke and the founders refer to it as the “fun and friendly internet currency”.
What is eToro?
eToro is an Israeli financial company most widely recognized for its digital trading platform of the same name. eToro launched at a time when young, new investors were looking for easier, faster, and cheaper ways of entering the world of stock trading.
eToro offers a clean, simple, and easy-to-use app and website that makes it easy for new traders to get started. There are no complicated forms, interfaces, or jargon to intimidate younger and less wealthy investors. This made it an attractive option for the millennial and younger generations.
Additionally, eToro doesn’t charge any account fees, stock trading fees, or other expensive fees that larger brokers used to charge to earn record profits. There are many people who would love to trade stocks or cryptocurrency with just a few dollars in their account for fun, but steep fees and a high barrier to entry prevented them from doing so. eToro, like other recent digital-first trading platforms, was the remedy to this problem.
Along with its online trading platform, eToro also offers eToro Money, a way for users to manage their money and cryptocurrencies, eToro Options, a way for users to participate in options trading, and many other features available within these apps.
A host of online guides and videos are available on the platform to help you learn everything you need to know about trading. Additionally, eToro’s social trading feature allows you to share your trading activity with others, follow their activity, and even copy their trades if you like what they’re doing.
If you are already an eToro user, then buying Dogecoin is a simple and straightforward process, without any extra apps or applications. If you don’t have any investment background, or use another app that you are dissatisfied with, getting started with eToro takes all of five minutes.
Why buy Dogecoin on eToro?
It’s normal to feel apprehensive about anything involving cryptocurrency. When hardly anybody knows how it works or why it’s so valuable, it gets pretty difficult to find answers to assuage your fears. Add to that the fact that the crypto industry is filled to the brim with scams, cons, and bad actors, where should you go to invest in this new market?
While there are a few safe options you can pick to invest with, where you ultimately decide to go depends on what your goals are for your cryptocurrency and how to plan to expand into additional markets including traditional stock trades, and more.
If you plan to invest in just some of the most popular cryptocurrencies, then eToro is a great choice. It offers trades on the most valuable coins and an eToro crypto wallet for you to store and safely manage your digital currencies. You can buy and sell cryptocurrencies within the same app where you can buy and sell stocks, so if you get the urge to dabble on the stock market, it is only a few clicks away.
Also, eToro offers crypto staking rewards, which is a form of interest for crypto holdings, just for keeping your owned cryptocurrencies in eToro. Learn more if eToro is safe to use or not with our review here.
How to Buy Dogecoin on eToro
In order to get started investing in Dogecoin, you will need an eToro account. Before you begin, however, you should know that eToro is not available everywhere and does not operate in all U.S. states. It would be unfortunate to be excited to get started only to find out you can’t actually use the platform. In addition, not all tradeable assets are available in all regions, so we recommend you double-check what assets are available where you live to make sure your investment plans aren’t affected.
You can create your account on the mobile app or on the website. Either way, you will need to verify your identity and address and connect your bank account to the app. A minimum balance transfer is required to begin trading, of course.
Once your account is set up you will want to click on the Discover tab (depending on where you are in the app).
Then, click on the search box at the top of the screen and type in either the name of the coin you want (in this case, Dogecoin) or the symbol for that coin, DOGE.
A list of matching results will appear. It will include several tradeable assets and people or pages associated with the search. You will want to pick the first option of DOGE. You will know you’ve selected the right cryptocurrency by the coin name and the icon of the gold coin with the meme dog with it. You see buying other cryptocurrencies work the same way in our article here.
From here you will see the green TRADE button. It is hard to miss. Once you begin the trading process you can either choose to buy at the current market price or set a buy order. Whatever you choose to do, you can select the amount of Dogecoin you want to buy, and once you complete the process, the amount of currency you purchased will appear in your eToro account.
If you plan on trading frequently, you should keep the coins in your account. However, if you want to spend them, use them, or hold them for a long period of time, we recommend you transfer them to the eToro crypto wallet and either keep them there or move them to another wallet of your choosing. Learn more about how to use eToro’s crypto wallet here.
If you’re curious about any other part of eToro’s products and services, check out this page: a regularly updated list of all our eToro guides, news coverage, and lists of benefits.
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