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Dogecoin Trading – Tutorial and Brokers

Dogecoin is a booming cryptocurrency based on the popular Doge meme. Originally created as a joke, Dogecoin trading has seen record growth that has resulted in many investors taking this crypto seriously. In this review, we cover what Dogecoin is, how to buy and store the token, and the pros and cons of trading this popular crypto.

DogeCoin Brokers

  1. Pepperstone
  2. Eightcap
  3. Exness
  4. eToro
  5. Skilling

#1 - Pepperstone

Why We Chose Pepperstone

Pepperstone continues to prove itself as one of the most trusted crypto brokers. Although its selection of digital tokens is average, you can trade popular cryptos like Bitcoin and altcoins like Ripple with up to 1:10 leverage, while its crypto indices provide a holistic view of the digital currency markets not found on most day trading platforms.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team
  • Coins: BCH, BTC, ETH, LTC, DASH, ADA, LINK, DOGE, EOS, DOT, XRP, XLM, XTZ, UNI, BNB
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 30, ETH 0
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
  • Minimum Deposit: $0
  • Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.

Cons

  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
Visit Pepperstone

#2 - Eightcap

Why We Chose Eightcap

Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

- DayTrading Review Team
  • Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: $12 (BTC)
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: MT4, MT5, TradingView
  • Minimum Deposit: $100
  • Regulator: ASIC, FCA, xCySEC, SCB

Pros

  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
  • Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.

Cons

  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
Visit Eightcap

#3 - Exness

Why We Chose Exness

There is a small range of popular crypto tokens paired with fiat currencies available, with zero swap fees and no commissions in the Standard account. Trading is available via desktop or mobile apps, and deposits via crypto are also available in some countries.

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."

- DayTrading Review Team
  • Coins: BTC, LTC, ETH, XRP, BCH, SOL, SNX, UNI, BAT, DOT, XTZ, ADA, BNB, ENJ, FIL, DOGE, COMP, THETA, AAVE, LINK, IOST, CAKE, MATIC, HT, MANA, HBAR, INCH
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Exness Trade App, MT4, MT5, TradingCentral
  • Minimum Deposit: $10
  • Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS

About Exness

Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.

Pros

  • There's a strong range of account types for all experience levels and requirements, including Cent, Pro and Raw spread solutions
  • Exness is the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes
  • There's excellent 24/7 multilingual customer support via telephone, email and live chat

Cons

  • There are no promotional deals or loyalty schemes for high-volume day traders
  • Unlike most competitors, Exness doesn't provide its own education section
  • There are several regional restrictions for retail traders including the USA, Europe and the UK
Visit Exness

#4 - eToro

Why We Chose eToro

eToro leads the way in cryptocurrency trading, offering competitive spreads and a fixed 1% commission, plus their own wallet service. The broker offers a vast list of 95+ tokens which is continually being updated. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."

- DayTrading Review Team
  • Coins: BTC, ETH, BCH, XRP, DASH, LTC, ETC, API3, CRO, SKL, IMX, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ, DOT, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, FIL, ALGO, ATOM, MANA, APE, LRC, ENJ, BICO, BAT, BNT, OGN, MATIC and many more
  • Crypto Mining: No
  • Auto Market Maker: No
  • Crypto Spread: BTC 1%
  • Crypto Lending: No
  • Crypto Staking: Yes
  • Platforms: eToro Web, CopyTrader, TradingCentral
  • Minimum Deposit: $50
  • Regulator: FCA, ASIC, CySEC, FSA, FSRA, MFSA

About eToro

eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail accounts lose money.

Pros

  • The copy trading app facilitates a best-in-class social environment, with an engaging social feed and community chat
  • Charts are powered by TradingView and offer strong technical analysis features, including 9 chart types and over 100 indicators
  • The broker's services are great for beginners, with commission-free stock trading, a low minimum deposit and an unlimited demo

Cons

  • There is a $30 minimum withdrawal amount and a $5 fee, which will affect novices with low capital
  • There are limited contact methods aside from the in-platform live chat
  • The lack of additional charting platforms like MT4 will reduce the appeal for seasoned day traders accustomed to using third-party software
Visit eToro

#5 - Skilling

Why We Chose Skilling

You can trade 50+ crypto pairs via leveraged CFDs. The list of tokens is longer than many rivals, including Vantage with only 30+, and you can get started easily with just $100.

"Skilling maintains its position as a top pick for beginners looking for a competitive zero commission account with direct access to a copy trading feature. It will also serve experienced strategy providers looking to earn commissions, or anyone looking to trade forex during extended hours."

- DayTrading Review Team
  • Coins: ACM, APE, AVE, ATM, AVA, AXS, BTC, BAR, BNB, BTC, BSV, XBN, ADA, CHZ, ATOM, CRO, DASH, MANA, DOGE, EOS, ETH, ENJ, XET, ETC, FTM, ONE, HT, IOTA, JUVE, LTC, LNK, XLC, XMR, NEO, OMG, PSG, CAKE, DOT, MATIC, QTUM and many more
  • Crypto Mining: No
  • Auto Market Maker: Yes
  • Crypto Spread: BTC 0.5
  • Crypto Lending: No
  • Crypto Staking: No
  • Platforms: Skilling Trader, MT4, cTrader, TradingView
  • Regulator: CySEC

About Skilling

Skilling is a multi-asset broker founded in 2016 and based in Cyprus. The brand offers hundreds of day trading instruments with competitive spreads from 0.1 pips and beginner-friendly platforms. Skilling are also regulated in Europe and beyond with a transparent pricing structure. You can sign up and start trading in three easy steps.

Pros

  • Excellent third-party charting platforms are available for serious day traders, with dozens of technical indicators and advanced order types
  • Skilling continues to strengthen its investment offering recently introducing weekend forex trading on 7 currency pairs
  • The Skilling Copy solution is accessible directly from the cTrader web terminal, making it easy for strategy providers to manage their portfolios

Cons

  • You can only access shares in the Skilling Trader platform and fewer instruments are available overall in the MT4 accounts
  • Skilling trails alternatives like IG when it comes to research tools that can help day traders make informed decisions
Visit Skilling

What Is Dogecoin?

Originally a satirical cryptocurrency based on the Shiba Inu dog breed meme, Dogecoin (abbreviation DOGE) has now become one of the leading altcoins, regularly reaching new record prices. In May 2021, it was announced as the fourth most valuable cryptocurrency, with a market capitalisation of $69 billion – up from $2 billion just three years ago.

Its huge popularity has resulted in fans downloading Dogecoin Zoom backgrounds, the Doge Reddit community raising money to sponsor a NASCAR driver, and even using fundraisers to send the Jamaican bobsled team to the Winter Olympics.

Dogecoin trading

Dogecoin History

Dogecoin was developed by Jackson Palmer and Billy Markus using the same underlying algorithm as Litecoin. It was originally created as a solution to internet banking fees rather than a competitor to other mainstream cryptocurrencies such as Ethereum and Bitcoin. The official website describes Dogecoin as an ‘open-source peer-to-peer digital currency’, with developers able to contribute to the code on Github. However, its recent price surges have exceeded all expectations, shown in Dogecoin one year charts.

Like many other cryptocurrencies, Dogecoin is based on blockchain technology and uses the proof-of-work mechanism. This requires members to solve complex algorithms for verification, known as mining. The Scrypt algorithm which it shares with Litecoin makes it easy to mine without complex equipment and has a lower hash rate, which means it uses less computational power. However, its transaction confirmation time of just 6 minutes (compared with 15 minutes for Litecoin and 60 minutes for Bitcoin) is what makes Dogecoin so suitable for payments and transfers.

Another unique element of Doge is its unlimited supply. This is a bonus for miners as the reward does not decrease with the number of coins already mined. However, it does make Dogecoin very sensitive to inflation (while most other currencies are subject to deflation).

The founders’ goal is to keep the same quantity of Dogecoins in circulation (approximately 100 billion), with new coins replacing those that have gone missing in lost crypto wallets.

Dogecoin Price Chart

DOGEUSD Chart by TradingView

Pros Of Trading Dogecoin

There are several reasons to trade Dogecoin:

Cons Of Trading Dogecoin

However, traders should be aware of the risks associated with trading Dogecoin:

Future Price Forecasts

The rapid increase in Dogecoin price has resulted in many traders suddenly taking an interest in this crypto. So what is the Dogecoin 2024, 2022, 2025 or even 2030 price prediction?

Currently, Doge has a highly active community, across sites such as Reddit, Discord, Quora and YouTube, so it’s unlikely that interest in this cryptocurrency is likely to dwindle anytime soon. In particular the community is focussed on getting Dogecoin ‘to the moon’ – a goal of a single Dogecoin being worth 1 dollar. Dogecoin also has a very valuable use case, being a fee-free method of making internet payments, meaning it does have some underlying worth.

Many people carry out analysis on Doge, such as Zakaria M, a well know-crypto trader, who in 2020 predicted that the value of a single Dogecoin would be 1 dollar within 5 years.

However, there’s no doubt that the value of Dogecoin has increased exponentially due to its novelty factor and publicity, including the impact of influencers, which is extremely difficult to predict using fundamental trading analysis. It’s more likely that big names such as Elon Musk will have more influence on the price of cryptos in the short term, with the longer 5 and 10-year forecast more likely to reflect the actual underlying value of Doge, so traders should set their expectations accordingly. For example, there is a lot of speculation around whether Amazon founder Jeff Bezos will back Dogecoin, which could cause the price to skyrocket.

How To Buy, Store & Trade Dogecoin

Now we’ve explained what Dogecoin is, we’ll cover how to buy, store and trade it.

Crypto wallets are used to store cryptocurrency and can be either hardware or software, online or offline. Each wallet has a public key that is used to identify the wallet (and therefore the Dogecoins), enabling payments to be received. It is used in combination with a private key which only the owner has access to, to send transactions.

Traders can buy cryptocurrency through an exchange. Some exchanges offer a wallet as part of their service, though these may not be as secure as using a personal crypto wallet. An exchange is a simple way to buy and own the underlying asset, with the exchange facilitating the trade between the buyer and seller at an agreed rate and charging a fee for the service. An example of this is exchanging GBP for Dogecoin. Exchanges are the most common choice for crypto holders that are looking to buy and hold Doge for a set period of time.

How to start trading Dogecoin

Another option is to use a broker to trade cryptocurrency. When using a broker, the trader can deposit funds in return for access to more trading tools such as leverage and additional asset options. Brokers are the best choice for higher deposit amounts, or if more trading flexibility is required. For example, a trader could deposit USD and use it to speculate on the price of DOGE/XRP, without owning the underlying currency.

Here we discuss some of the specific options available:

Trading Wallets

Dogecoin Core is the official Doge wallet that has a high level of security, but offers limited features via a basic user interface. Alternatively, The Trezor Model T is one of the most popular hardware wallet options that supports Dogecoin. The highly-rated Ledger Nano X hardware wallet is also a great choice for traders looking to manage their Dogecoin through a dedicated app, which makes the public key accessible for payments via QR code.

Zengo is the first keyless crypto wallet that also offers Dogecoin storage, available as an app on Android and iOS. Funds are encrypted using a 3D biometric face scan, removing the need to remember passwords at login.

Look out for updates on the digital bank Revolut, which plans to support Dogecoin soon.

Trading Brokers

One of the best platforms to buy Dogecoin on is Binance, which offers an e-wallet accessible by app, called the Trust Wallet. Alternatively, Kraken is a trusted exchange that offers Doge to traders in countries including the UK and US, however it does not provide a wallet service. In India, Zebpay is a popular option to purchase Dogecoin. Unfortunately, Doge is not yet supported on Coinbase.

Dogecoin is also available on eToro, or US customers can buy and trade Doge for free on Robinhood. However, it is not possible to buy Dogecoin on Trading 212.

See our top list of DogeCoin Brokers for all brokers that are available in your location.

Trading Tips

Here we list some top tips for trading Dogecoin:

Final Word On Trading Dogecoin

Dogecoin is a cryptocurrency that has seen soaring prices in a short period of time. Originally created as a joke using the Shibu meme logo, its huge price jump has placed it among the top crypto rankings, catching the attention of day traders in particular. However, traders should beware of the effect influencers can have on the Dogecoin price, which is extremely volatile and unreflective of its underlying value.

FAQ

Is Dogecoin Trading A Joke?

Dogecoin is a real cryptocurrency, though it was originally created as a joke using the Shibu meme logo. One of its strengths is the ability to make fast internet payments without transaction fees.

Is Dogecoin A Good Buy?

Dogecoin may be a good investment for day traders because of its high volatility. However, its potentially high reward comes with equally high risk and is difficult to predict using fundamental analysis. Traders should therefore chance only a very small proportion of their capital on Dogecoin.

Is Dogecoin Trading Halal?

The general consensus is that storing Dogecoin and using it for payments is Halal. If attempting to trade Doge without any analysis, this could be classed as gambling which is Haram. However, scholars have different views on whether crypto trading is Halal so consult your religious leader first.

How Can I Start Buying Dogecoin?

Dogecoin can be purchased on an exchange or traded using a DogeCoin broker. If you want to get started as soon as possible, Binance and Kraken are two leading exchanges where it is possible to buy Doge.

Is Dogecoin Going Up?

While Doge continues to maintain a strong online community presence, it’s likely that the price will remain high. However, its strong dependence on high profile influencers makes even the 2024 Dogecoin forecast extremely difficult to predict.