Launching to the Moon: How to Buy Dogecoin on eToro
If you’ve been following the cryptocurrency market, then you might have heard about Dogecoin. Originally created as a joke by two software engineers in 2013, Dogecoin has emerged as a serious contender in the cryptocurrency world. Today we’re going to show you exactly how to buy Dogecoin on eToro! Dogecoin’s meme-inspired logo and friendly dog mascot have helped it gain a devoted following, and it has recently enjoyed a surge in value thanks to support from high-profile figures such as Elon Musk. As of June 2023, Dogecoin sits as the 8th largest crytpocurrency by market capitalization at over $8.5 Billion.
On the other hand, eToro is one of the leading platforms for trading cryptocurrencies. Founded in 2007, eToro has become a well-established name in online investing thanks to its user-friendly interface and innovative social trading features.
As an investor interested in cryptocurrencies, knowing how to buy Dogecoin on eToro is important because it gives you access to one of the most popular coins on one of the most reputable trading platforms. But why should you bother with Dogecoin?
After all, there are plenty of other cryptocurrencies out there with more established track records. One reason is that Dogecoin has proven to be remarkably resilient despite its origins as a joke currency.
Another reason is that it has some unique features that set it apart from other coins – for example, its fast block times and low transaction fees make it ideal for microtransactions and tipping. There’s simply no denying that Dogecoin has captured people’s imaginations in a way that few other things can – if you’re looking for an investment opportunity with some real character and personality behind it, then this might just be the coin for you!
Setting up an eToro account
The first step to buying Dogecoin on eToro is setting up an account. It’s a straightforward process that takes only a few minutes. You can sign up using your email address or connect via your Google or Facebook account.
Once you’ve entered your name, email address, and password, you’ll be prompted to verify your email. After verifying your email, the next step is to fill out some personal information.
This includes your full name, date of birth, mailing address, and phone number. You’ll also need to select a username for your profile.
Verifying Your Identity and Adding Funds to Your Account
Now that you have created an eToro account, it’s time to verify your identity. This step is crucial because it helps ensure the platform’s security and prevents fraud.
To verify your identity, click on the “Complete Profile” button in the top right corner of the screen. You’ll be asked to provide additional information such as your government-issued ID number and a picture of yourself holding that ID next to your face.
Once verified, you’re ready to add funds! There are various funding methods available including bank transfer or debit/credit cards with a minimum deposit requirement of $50.
Setting up an eToro account is simple but important if you want to buy Dogecoin or any other cryptocurrency on this platform. Remember that verifying your identity is necessary for security purposes and adding funds should be done through reliable sources only.
Finding Dogecoin on eToro
Dogecoin, like many other cryptocurrencies, can be traded on eToro. Once you have set up your account and verified your identity, you can start looking for Dogecoin. The easiest way to find it is by using the search bar at the top of the screen.
Simply type in “Dogecoin” and it should pop up as one of the results. Once you’ve found Dogecoin, you can click on it to see more information about the cryptocurrency.
This includes its current price, market cap, trading volume and a chart displaying its price history. You can also see what percentage of eToro’s users are currently buying or selling Dogecoin.
Navigating the platform to find Dogecoin
If you’re new to eToro and feeling a little overwhelmed by all of its features, don’t worry – finding Dogecoin is easy once you know where to look. The main navigation menu is located on the left-hand side of the screen. Click on “Trade Markets” to open a dropdown menu with all of the different assets that are available for trading.
Next, click on “Crypto” to see all of the cryptocurrencies available for trading on eToro. From here, you can scroll down until you find Dogecoin or use the search function again to locate it more quickly.
Understanding the market data and trends
Before investing in any asset – including cryptocurrency – it’s important that you understand its market trends and how it has performed historically. When viewing Dogecoin’s chart on eToro, pay attention to factors such as volatility and volume.
You can also view technical indicators such as moving averages or RSI (Relative Strength Index) to help determine whether buying or selling at a given time may be optimal. It’s also worth noting that Dogecoin is a meme-inspired cryptocurrency, which means it can be highly volatile and prone to sudden fluctuations in price.
Keep an eye on news and social media trends related to Dogecoin, as these can often have a major impact on the coin’s value. By staying informed and remaining vigilant, you’ll be better equipped to make informed trading decisions when investing in Dogecoin on eToro.
Buying Dogecoin on eToro
Congratulations! You’ve made it this far and now you’re ready to buy some Dogecoin on eToro. The process is relatively simple, but there are some important factors to consider before placing your buy order.
First, you need to navigate to the trading panel for Dogecoin on eToro. This can be found by searching for “DOGE” in the search bar.
Once you have located the DOGE trading panel, select the “Buy” button. Next, choose how much Dogecoin you want to purchase and at what price point.
You can either choose a market order or a limit order. A market order will buy Dogecoin at the current market price while a limit order allows you to set a specific price at which your buy order will execute.
Placing a buy order for Dogecoin
Placing a buy order on eToro is easy and straightforward. Once you have selected how much DOGE you want to purchase and at what price point, simply click on the “Open Trade” button. Your trade will then be executed according to your chosen parameters.
It’s important to note that there may be some additional fees associated with buying and selling cryptocurrency on eToro. These fees vary depending on multiple factors such as location and payment method used.
Setting stop-loss orders to minimize risk
When investing in cryptocurrency, it’s always wise to set up stop-loss orders as a way of minimizing potential losses. Stop-loss orders allow traders to automatically sell their holdings if prices drop below a certain level.
On eToro, setting up stop-loss orders is easy and can be done during the initial trade setup or at any time during open trades. Simply select your position, choose “Edit Trade,” and then adjust your stop-loss parameters accordingly.
By setting up stop-loss orders, you can protect your investment in case of price drops or sudden market changes. This is an important strategy for investors looking to minimize their risk and protect their assets.
Storing your Dogecoin
Now that you’ve purchased some Dogecoin on eToro, it’s important to think about how you plan to store it. There are a few different options available, and each has its own pros and cons.
Options for storing your purchased coins
The most popular option for storing Dogecoin is in a digital wallet. There are many different wallet options available, both online and offline. An online wallet is a good choice if you plan to use your coins frequently, as it allows for easy access from any device with an internet connection.
However, this convenience comes at a cost – online wallets are generally considered less secure than offline options. If security is your top priority, an offline or “cold” wallet may be a better choice.
These wallets store your coins on a device that is not connected to the internet, making them much less vulnerable to hacking attempts. However, they can be more difficult to set up and use than online wallets.
The importance of securing your coins
No matter which storage option you choose, it’s crucial to take steps to secure your Dogecoin. This means taking precautions like enabling two-factor authentication (2FA) on your wallet account and keeping backups of all important information related to your coins. You should also be aware of common scams and phishing attempts related to cryptocurrency.
Scammers often try to trick people into giving up their private keys or other sensitive information by posing as legitimate companies or individuals in the industry. By taking these steps and remaining vigilant against potential threats, you can help ensure that your Dogecoin investment stays safe and secure over the long term.
Selling or Trading Your Dogecoin
What to Consider Before Selling or Trading
So, you’ve invested in Dogecoin on eToro and now you’re wondering when to sell or trade your coins. One thing to consider is the current market trends.
You should always keep an eye on the price of Dogecoin and look for changes in market conditions that could affect the value of your investment. Another consideration is why you bought Dogecoin in the first place.
If you invested because you believe in its long-term potential, then holding onto your coins may be the best choice for you. If, however, you are more interested in making a profit quickly, then selling or trading your coins may be a better option.
Make sure to weigh any transaction fees against potential profits. This will ensure that selling or trading makes financial sense for you.
How to Sell Your Coins
To sell your Dogecoin on eToro, navigate back to the trading screen where you purchased them. Here’s how:
- Click on “Portfolio” at the bottom left corner of your screen.
- Find “Dogecoin” under “Crypto” and click on it.
- Click on “Sell” to open up a new order form.
- Enter how much of your Dogecoin holdings that you’re willing to sell.
- Review all details and click “Place Order”. Once confirmed, eToro will execute the sale order at that moment’s market price.
How To Trade Your Coins
Trading is quite similar with buying process except opposite actions are executed:
- Click on “Portfolio” at the bottom left corner of your screen.
- Find “Dogecoin” under “Crypto” and click on it.
- Click on “Trade” button located at the top right of the page.
- Choose whether to go long (Buy) or short (Sell).
- Enter how much Dogecoin you’d like to trade.
- Review all details and click “Place Order”. When you close a trade, either by selling or buying back the traded asset, your account balance will reflect your profit/loss from that position.
Selling or trading is a personal decision and depends heavily on your investment goals. By following these steps, you can sell or trade your Dogecoin on eToro with ease.
Key Takeaways: How To Buy Dogecoin on eToro
Congratulations, you are now equipped with all the required knowledge to buy Dogecoin on eToro. Investing in cryptocurrency can be a daunting task, but familiarizing yourself with the right tools and information can make all the difference. Remember that investing always carries some degree of risk, so always invest what you can afford to lose.
Overall, the process of buying Dogecoin on eToro is straightforward but requires some basic knowledge of investing in cryptocurrency. If you’re new to investing or just starting with crypto, it’s essential to take things slow and gradually build your understanding and experience.
Tips for successful investing
Investing in cryptocurrency can be incredibly lucrative if done correctly. However, it’s essential to remember that investing always carries risk; therefore, never invest more than what you can afford to lose.
When it comes to crypto investments like Dogecoin, it’s always recommended that you diversify your portfolio by investing in different cryptocurrencies instead of putting all your eggs in one basket. Additionally, staying up-to-date with market trends is crucial so that you can make informed decisions about when to buy or sell your investments.
We hope this article has been helpful in guiding you through how to purchase Dogecoin on eToro successfully. With patience and diligence, anyone can start investing in cryptocurrency and potentially reap great rewards.