Dogecoin might have started as a joke but it’s gaining popularity day-by-day. Dogecoin is a top trending memecoin and many people are searching for a Dogecoin buying guide, especially ‘How to buy Dogecoin on eToro’.
If you wanted to invest in Dogecoin & interested in knowing how to buy Dogecoin on eToro, then you are at the right place. In this article, we will show you a step-by-step procedure to purchase Dogecoin on eToro.
Before going through buying guide, let’s first explore basic details about eToro and Dogecoin.
What is eToro?
eToro was founded in January 2007. eToro is one of the top social investment networks in the world. eToro aspires to revolutionize the way people invest and improve investors’ financial literacy.
A community where users may interact, share, and learn has been developed by eToro as a multi-asset investment platform. This platform is based on social collaboration and investor education.
Through its cutting-edge investment platform, eToro offers a large range of equities, currencies, commodities, cryptocurrencies, ETFs, and indices for manual investing. Users of eToro may follow and invest in several financial assets using the expert tools and analysis available on the platform.
With social investing, users of eToro may observe the trading activity of other users and utilize the CopyTraderTM technology to copy it all in real-time. The eToro platform runs with complete openness and displays each client’s relevant information, such as gain percentage, risk score, and portfolio composition, to facilitate this process.
Additionally, eToro has created a cutting-edge platform for long-term investments called Smart Portfolios. Smart Portfolios are pre-built investment portfolios that are made up of either the platform’s top investors or a variety of financial assets that follow a predefined market strategy.
What is Dogecoin (DOGE)?
Like Bitcoin or Ethereum, Dogecoin is a cryptocurrency, although it is fundamentally distinct from both of these well-known currencies. Dogecoin, which derives its name from a once-famous meme, was developed as a fun joke for cryptocurrency fans.
Dogecoin was developed by software developers Billy Marcus and Jackson Palmer in late 2013. Palmer used a joke from the era that contained the purposefully misspelled term “doge” to refer to a Shiba Inu dog to brand the cryptocurrency’s logo.
From a value of slightly under one penny at the start of the year, Dogecoin increased to a high of $0.68 by May 2021. After declaring Dogecoin his preferred cryptocurrency, Tesla CEO Elon Musk contributed to the enormous growth of Dogecoin. Dogecoin was often ranked among the top five cryptocurrencies by total market cap by the middle of 2021.
The Dogecoin blockchain has a proof-of-work consensus mechanism, in which miners use computers to execute transactions and log them on the blockchain by solving challenging mathematical problems. Miners receive more Dogecoin in return for assisting the blockchain, which they can keep or trade on the open market.
Despite being created as a joke, Dogecoin has gained a devoted following of fans who exchange it and use it as tipping currency for social media content. High-profile persons like Elon Musk, who has tweeted about it frequently, have also brought it to their attention. In addition, Elon Musk briefly replaced Twitter’s logo with the Dogecoin one to revive interest in the coin.
How to Buy Dogecoin on eToro
Follow the below-given steps to buy Dogecoin on the eToro platform.
- Create an account on eToro
- Upload your ID & address proof for verification
- Deposit money to buy Dogecoin
- Locate Dogecoin on the eToro dashboard
- Buy DOGE
Let’s check out each of these steps in detail.
1. Create an account on eToro
Visit the official website of eToro and click on the “Start Investing” button to create a free investing account. After clicking on the button, you will see a form to create a new account. You can either signup with Facebook/Google account or create an account by submitting details like Username, Email, and password. After reading and accepting the Terms and Conditions, click on the “Create Account” button to complete the process.
2. Upload your ID & address proof for verification
Click on the link received in the email from eToro to verify your account. Additionally, you must provide your full name, date of birth, address, and phone number to complete your profile.
To start investing in eToro, you need to verify your identity and address. By taking a photo with your smartphone, you can submit a government-issued ID, such as your driver’s license, passport, or state ID.
Due to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations, eToro gathers this information just like any other trading platform.
3. Deposit money to buy Dogecoin
To deposit money to your eToro account, click the “Deposit Funds” button and select your local currency. You have to enter the amount you wish to deposit. eToro accepts different funding options which are listed below:
- Credit card
- Debit Card
- Bank Transfer
Choose your preferred payment option and complete the transaction to add funds to your eToro account.
4. Locate Dogecoin on the eToro dashboard
You will find a search bar at the top of your eToro account dashboard. Click on the search and type “Doge” or “Dogecoin”. After locating Dogecoin, click on the “Trade” button that appears next to the Doge.
5. Buy DOGE
Input the amount you want to use to purchase Dogecoin on the eToro platform. Click on the “Open Trade” button to complete the transaction. You will be able to see Dogecoin added to your portfolio after the completion of a transaction.
Why Invest in Dogecoin?
Due to its distinctive features and potential for large returns, Dogecoin has attracted the interest of investors all around the world. Listed below are a few justifications for why buying Dogecoin would be a good idea:
Dogecoin has a very strong and active community that supports charitable initiatives and displays its love for Dogecoin through social media accounts.
Dogecoin has gained significant popularity. Support from Elon Musk and other influential figures, social media trends, and meme culture helps Dogecoin to be in the limelight every time.
The volatility of Dogecoin gives good opportunities for traders to profit from short-term price fluctuations.
Some investors believe that Dogecoin has long-term potential due to its growing acceptance and utility in online transactions.
Tips for Successful Dogecoin Trading on eToro
Here are a few tips to enhance your Dogecoin trading experience on eToro:
- Stay Informed: Keep yourself updated with the latest news, market trends, and developments in the cryptocurrency space, specifically related to Dogecoin.
- Diversify: Consider diversifying your investment portfolio by including other cryptocurrencies and traditional assets to manage risk effectively.
- Set Realistic Goals: Define your investment goals and establish a clear strategy. Avoid impulsive decisions based on short-term market fluctuations.
- Follow Experienced Traders: eToro allows you to follow and copy the trades of successful and experienced traders. Utilize the social trading features to learn from their strategies and insights.
Congratulations! You now know how to purchase Dogecoin on eToro. You may complete the steps involved in setting up an eToro account, funding it, and buying Dogecoin by carefully following the detailed instructions provided in this article. Never forget to keep aware of the risks of investing in cryptocurrencies and to do extensive research before making any decisions.
Q1: How long does it take to create an eToro account?
A: Creating an eToro account is a quick and straightforward process. It typically takes only a few minutes to complete the registration and verification steps.
Q2: Is eToro a reliable platform for buying Dogecoin?
A: Yes, eToro is a reputable and regulated platform that offers a secure environment for buying, selling, and trading cryptocurrencies, including Dogecoin.
Q3: Can I buy Dogecoin on eToro with a credit card?
A: Yes, eToro offers the option to purchase Dogecoin using a credit card. When funding your eToro account, you can select a credit card as your preferred payment method and proceed with the transaction.
Q4: Can I buy Dogecoin on eToro with fiat currency?
A: Yes, eToro allows you to deposit funds in various fiat currencies, such as USD, EUR, GBP, and more. You can then use these funds to buy Dogecoin.
Q5: Can I sell my Dogecoin on eToro?
A: Yes, you can sell your Dogecoin holdings on eToro whenever you want. Simply place a sell order, and your holdings will be sold at the prevailing market price.