Dogecoin, or simply $DOGE, is a digital currency that was created in 2013 as a joke by two software engineers, Billy Markus, and Jackson Palmer. The currency is based on the popular “Doge” internet meme, featuring a Shiba Inu dog, which explains its name and logo.
New traders/investors are more inclined toward penny stocks and the same psychological analysis is valid in the crypto world. Buyers love to buy cheap fun coins like $DOGE and here is a guide to buy Dogecoin on eToro.
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How To Buy Dogecoin On eToro?
Initially, DOGE was intended to be a fun and light-hearted alternative to other cryptocurrencies such as Bitcoin. However, its popularity quickly grew after Elon Musk portrayed himself as the ‘DOGE Father’. And since then $DOGE became a serious contender in the digital currency world.
Unlike Bitcoin and other cryptocurrencies, DOGE has a high circulating supply of over 130 billion coins. This means that its value per coin is relatively low which makes it easier for people to buy and trade DOGE without having to invest large sums of money.
Dogecoin has a very active and supportive community which has helped it to promote the currency. This has created a culture of generosity and kindness with many of its members participating in multiple charity fundraisers and other good causes.
However, note that most meme cryptocurrencies like DOGE are highly volatile and can experience significant price swings in a short amount of time. This means that investing in DOGE can be risky, and it’s important to do your own research and understand the potential risks before investing.
What is eToro?
eToro is a social trading and multi-asset brokerage platform that was founded in 2007. The platform is based in Israel and has since expanded its operations to other parts of the world, including the United Kingdom, Australia, and the United States.
It allows users to invest in various financial instruments, including stocks, cryptocurrencies, exchange-traded funds (ETFs), commodities, and more. The platform is known for its user-friendly interface and social trading features, which allow users to follow and copy the trades of other successful investors.
It is regulated by financial authorities like the Financial Conduct Authority (FCA) in the UK and the Securities and Exchange Commission (SEC) in the US. This means that it must adhere to strict rules and regulations to ensure the safety and security of its user’s funds.
eToro is well known for its cryptocurrency trading capabilities. The platform allows users to buy and sell a range of cryptocurrencies, including Bitcoin, Ethereum, DOGE coin and Litecoin.
It also offers a range of educational resources like courses and guides to help users learn more about investing and trading in its eToro Academy. Make sure to check it out if you are starting you’re your investing and trading journey.
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How to Buy Dogecoin on eToro?
If you’re interested in buying Dogecoin on eToro, you can follow these steps:
Step 1: Sign up for an eToro account
The first step is to sign up for an eToro account. You can do this by visiting the eToro website and creating an account. You will need to provide your personal information, such as your name, address, and email address. Also you need to verify your identity by providing a copy of your ID through your smartphone’s camera.
Step 2: Fund your account
Once you’ve created your eToro account, you’ll need to load fiat currency. Etoro accepts several payment methods, including credit/debit cards, bank transfers, and e-wallets. Choose the method that works best for you and follow the prompts to complete the transaction.
Step 3: Search for Dogecoin
On the eToro trading platform, use the search bar to look for Dogecoin. Once you’ve found it, click on the “Trade” button to open the order window.
Step 4: Place an order
In the window, you can choose how much Dogecoin you want to buy and what type of order you’d like to place. For example, you could choose a market order, which means you’ll buy Dogecoin at the current market price. Alternatively, you could choose a limit order, which means you’ll set a specific price at which you want to buy Dogecoin. Make sure to review the order details carefully before clicking “Open Trade.”
Step 5: Review and confirm your order
Before your order is executed, you’ll need to review and confirm the details. Make sure the amount of $DOGE and the order type are correct. Once you’re satisfied, click on “Confirm Trade” to complete the transaction.
Step 6: Monitor your investment
After you’ve bought Dogecoin, you can track your investment in the “Portfolio” section of the eToro platform. This will show you how much Dogecoin you own, as well as any profits or losses you’ve made. You can also set up alerts to notify you when Dogecoin reaches a certain price.
With that said, Buying Dogecoin on eToro is a straightforward process. However, it’s important to remember that investing in cryptocurrencies can be risky and volatile. Do your own research and invest only what you can afford to lose. Additionally, eToro charges fees for certain transactions and services, so make sure to review their fee schedule before making any trades.
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