Dogecoin Trading – Tutorial and Brokers
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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
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1eToro USAInvest $100 and get $10https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
Ratings
$10$10SEC, FINRAStocks, Options, ETFs, CryptoeToro Trading Platform & CopyTraderACH Transfer, Debit Card, PayPal, Wire TransferUSD -
2DNA Markets
Ratings
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD -
3IGForex trading involves risk. Losses can exceed deposits.
Ratings
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
4Pocket Option50% Deposit Bonus
Ratings
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCashUSD -
5IQCent20% to 200% Deposit Bonus
Ratings
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
6CEX.IO
$20$1GFSCCryptosTradingViewDebit Card, Credit Card, Wire Transfer, Swift, Skrill, Visa, Mastercard, PayPal, Neteller, Apple Pay, Google Wallet, Bitcoin PaymentsUSD, EUR, GBP -
7UpholdTerms Apply. Cryptoassets are highly volatile. Your capital is at risk.
Ratings
$0$1CryptosDesktop Platform, Mobile AppWire Transfer, ACH Transfer, Bitcoin Payments, Debit Card, Credit Card, Mastercard, Visa, Ethereum PaymentsUSD, EUR, GBP -
8Videforex20% to 200% Deposit Bonus
$250$0.011:500Binary Options, CFDs, Forex, Indices, Commodities, CryptoTradingViewSkrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum PaymentsUSD, EUR, GBP, AUD, RUB -
9RevolutRevolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, Member FDIC. Securities products and services provided by Revolut Securities Inc, member FINRA/SIPC. Securities products are not insured by the FDIC or any federal government agency, are not bank deposits, are not obligations of or guaranteed by Metropolitan Commercial Bank and are subject to investment risks, including possible loss of the principal amount invested.
$0$1FINRA, SECStocks, CryptosOwnWire Transfer, Debit Card, Credit Card, Apple Pay, Google Wallet, Visa, MastercardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, NOK, DKK, CHF, HKD, PLN, CZK, HUF -
10FirstradeDeposit Bonus Up To $4000
$0$1SEC, FINRAStocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, FixedOwnACH Transfer, Wire Transfer, Cheque, Automated Customer Account Transfer ServiceUSD
Here is a short overview of each broker's pros and cons
- eToro USA - eToro US offers 24 tradeable cryptoassets, with just a 1% buying/selling fee added to the spread. Additionally, there are 80 different coins available through the broker’s proprietary wallet service. You can also practice your crypto strategies easily by switching between live and demo mode. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
- DNA Markets - You can trade a strong range of 120+ cryptos 24/7, surpassing alternatives like Vantage with its 40+ tokens. That said, the spread from 170 on Bitcoin is significantly higher than the cheapest crypto brokers.
- IG - IG's modest selection of 11 crypto CFDs trails top crypto brokers like Vantage which offers 40+ tokens. That said, it stands out with its crypto index, which tracks the value of the top 10 digital currencies by market cap and provides a holistic way to speculate on the value of the crypto market.
- Pocket Option - Pocket Option offers a modest crypto offering with 10+ digital currencies including Bitcoin and 65+ tokens if you deposit $1000. The integrated analytics feature in the platform is helpful for finding opportunities, while the daily signals service makes it straightforward to act on short-term crypto opportunities.
- IQCent - IQCent offers 17 crypto pairs through its proprietary terminal, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is capped at 1:10, whilst binary options payouts vary by token but remain competitive. OTC assets, for example, pay out up to 95%.
- CEX.IO - CEX.IO offers hundreds of popular cryptocurrencies including big names like Bitcoin, Ethereum and Litecoin. The trading platform is well-designed with sophisticated charting and analysis tools, including 50+ in-built indicators. Traders can also reduce their monthly volumes through the tiered pricing structure.
- Uphold - You can buy and sell 250+ crypto assets with fiat currencies or in crypto pairs using the straightforward mobile app or through Uphold's browser-based account homepage. This is significantly more than many rivals. You can also earn up to 16% APY by staking one or more out of 32 valid tokens, or send tokens to an external wallet.
- Videforex - Traders can speculate on crypto prices in pairs with USD and CNY through binary options and CFDs. The range of digital currencies is fairly narrow vs alternatives but major tokens like Bitcoin are available.
- Revolut - Invest in 100+ crypto tokens using 30+ fiat currencies. You can buy, sell and transfer cryptos on the iOS and Android app. We like that traders can also choose to round up leftover cash from card transactions in crypto and use their crypto balance to make card payments.
- Firstrade - Take positions on dozens of leading cryptocurrencies with low fees and 24/7 investing. Traders need just $1 to start speculating on popular tokens like Bitcoin. Clients can also buy cryptos instantly in a few straightforward steps.
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
Jemma Grist, Reviewer
eToro USA Quick Facts
Bonus Offer | Invest $100 and get $10 |
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Coins | BTC, ETH, BCH, DASH, LTC, ETC, MIOTA, XLM, EOS, NEO, ZEC, XTZ, MKR, COMP, LINK, UNI, YFI, DOGE, AAVE, ALGO, MANA, ENJ, BAT, MATIC, FLR, SHIBxM |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | BTC 0.75% |
Crypto Lending | No |
Crypto Staking | No |
Platforms | eToro Trading Platform & CopyTrader |
Minimum Deposit | $10 |
Regulator | SEC, FINRA |
Account Currencies | USD |
Pros
- The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
- Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
Cons
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
- Average fees may cut into the profit margins of day traders
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
DNA Markets
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
Jemma Grist, Reviewer
DNA Markets Quick Facts
Coins | BTC, ETH, LTC, XRP, 1INCH, AAVE, ADA, AGIX, ALCX, ALGO, ALPHA, APE, APT, ARB, ASTR, ATOM, AUDIO, AVAX, AXS, BADGER, BAND, BAT, BCH, BLUR, BNB, BNT, BTTC, CAKE, CELO, CFX, CHR, CHZ, CLV, COMP, CREAM, CRV, DENT, DODO, DOGE, DOT and many more |
---|---|
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | $28 (Bitcoin) |
Crypto Lending | No |
Crypto Staking | No |
Platforms | MT4, MT5 |
Minimum Deposit | $100 |
Regulator | ASIC |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- After a recent upgrade, there are now over 800 assets available to trade via CFDs, with a particularly impressive range of 120+ cryptos
- You can access low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
- Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
Cons
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
Christian Harris, Reviewer
IG Quick Facts
Coins | BTC, BCH, LTC, ETH, ADA, DOT, DOGE, LINK, UNI, XLM |
---|---|
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Variable |
Crypto Lending | No |
Crypto Staking | No |
Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
Minimum Deposit | $0 |
Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
Cons
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Jemma Grist, Reviewer
Pocket Option Quick Facts
Bonus Offer | 50% Deposit Bonus |
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Coins | BTC, ETH, BCH, LINK, AAVE, ALGO, TLM, ALPP, ANT, AVAX, AXS, BNB, ADA, CHZ, COMP, ATOM, DASH, MANA, DGB, DOGE, ENJ, EOS, FIL, GLMR, ILV, ICP, KAVA, LTC, MKR, MASK, MIOTA, XMR, ALICE, NEAR, NEO, NULS, OMG, DOT, MATIC, QTUM and many more |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | N/A |
Crypto Lending | No |
Crypto Staking | No |
Platforms | Web, MT4, MT5 |
Minimum Deposit | $50 |
Regulator | MISA |
Account Currencies | USD |
Pros
- The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
Cons
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
Jemma Grist, Reviewer
IQCent Quick Facts
Bonus Offer | 20% to 200% Deposit Bonus |
---|---|
Coins | BTC, ETH, LTC, ETC, DOGE, MATIC, QNT, SOL, XRP, USDT, XMR, BNB |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Variable |
Crypto Lending | No |
Crypto Staking | No |
Platforms | Online Platform, TradingView |
Minimum Deposit | $250 |
Regulator | IFMRRC |
Account Currencies | USD, EUR |
Pros
- The broker's 24/7 customer support is fast and reliable, responding within 1 minute during tests
- Keen traders can take part in trading contests with cash prizes
- There's an accessible $0.01 minimum stake for new day traders with a small budget
Cons
- The broker is not overseen by a respected regulator, though this is common among binary options firms
- The market analysis is very basic with limited technical summaries and insights from analysts
- There's no automated trading support for algo traders
CEX.IO
"CEX.IO continues to serve a range of crypto investors looking to buy, sell, trade, hold and earn with low fees. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education."
Tobias Robinson, Reviewer
CEX.IO Quick Facts
Coins | ZRX, 1INCH, AAVE, BTC, BCH, ADA, LINK, COMP, ATOM, DAI, DOGE, ETH, GUSD, ICP, LTC, LRC, MATIC, MKR, DOT, SHIB, SOL, XLM, SUSHI, SNX, USDT, XTZ, USDC, UNI, WBTC, ZIL |
---|---|
Crypto Mining | Yes |
Auto Market Maker | No |
Crypto Spread | 0.15% maker & 0.25% taker (Standard) |
Crypto Lending | Yes |
Crypto Staking | Yes |
Platforms | TradingView |
Minimum Deposit | $20 |
Regulator | GFSC |
Account Currencies | USD, EUR, GBP |
Pros
- High quality educational materials are available through the University feature
- CEX.IO continues to offer competitive pricing with 0.01% taker and 0% maker fees for high-volume traders
- The range of 200+ cryptocurrencies is competitive and will serve more experienced traders
Cons
- It's a shame that there's no demo account for traders looking to practice strategies
- The Exchange Plus platform delivers a cluttered interface compared to competitor platforms
- The broker has limited regulatory oversight
Uphold
"Uphold remains a top choice for crypto investors looking for a one-stop-shop solution to accessing the markets. There are over 250 tokens to buy, sell and trade through flexible platform options."
William Berg, Reviewer
Uphold Quick Facts
Coins | BTC, BTCO, AAVE, ALCX, DYDX, INH, XYO, API3, GHST, LSK, AUDIO, GLMR, NMR, CAKE, GODS, REQ, CHR, TRB, DAO, ROOK, XRP, ETH, BAT, ADA, ALGO, ATOM, AVAX, AXS, BCH, BAL, BTG, CSPR, COMP, CRV, DASH, DCR, DGB, DOGE, DOT, EGLD and many more |
---|---|
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Up to 1.5% |
Crypto Lending | No |
Crypto Staking | Yes |
Platforms | Desktop Platform, Mobile App |
Minimum Deposit | $0 |
Account Currencies | USD, EUR, GBP |
Pros
- Crypto staking is available on 30+ tokens with above-average rates up to 16%
- UK users can get the Uphold card with up to 2% cashback in XRP
- Over 250 cryptos are available including major tokens like Bitcoin and Ethereum
Cons
- Uphold operates with limited regulatory oversight
- The charting analysis features on the platform trail specialist exchanges
- There is a 2.49% fee if you want to use debit or credit cards
Videforex
"Newer traders will find a lot to enjoy about trading binary options on Videforex's easy-to-use proprietary platform, as well as the broker's copy trading solution. Payouts also remain higher than most alternatives climbing to 98%."
William Berg, Reviewer
Videforex Quick Facts
Bonus Offer | 20% to 200% Deposit Bonus |
---|---|
Coins | BTC, ETH, QUANT, UNI, SOL, BNB, DOGE, XRP, XMR, MATIC, USDT |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Floating |
Crypto Lending | No |
Crypto Staking | No |
Platforms | TradingView |
Minimum Deposit | $250 |
Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Videforex allows you to enter positions with just ¢0.01
- Global clients can make free and fast transfers via a wide range of payment types, from credit cards to cryptocurrencies
- You can easily mirror the trades of experienced investors with low fees
Cons
- No MetaTrader 4 integration
- US clients aren’t accepted due to legal restrictions
- The broker isn’t overseen by a trusted regulatory agency
Revolut
"Revolut is suitable for casual stock traders looking for an easy-to-use app with transparent fees and a low minimum investment."
William Berg, Reviewer
Revolut Quick Facts
Coins | ZRX, 1INCH, AAVE, ALGO, AMP, ANKR, BNT, BAND, BAT, BTC, BCH, ADA, CTSI, CELO, LINK, CHL, COMP, ATOM, CRV, MANA, DOGE, ENJ, EOS, ETH, FIL, RLC, ICP, KEEP, KNC, LTC, LRC, MATIC, MIR, NKN, NU, NMR, OMG, OXT, OGN, DOT and many more |
---|---|
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | 2.5% commission for standard profiles |
Crypto Lending | No |
Crypto Staking | No |
Platforms | Own |
Minimum Deposit | $0 |
Regulator | FINRA, SEC |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, NOK, DKK, CHF, HKD, PLN, CZK, HUF |
Pros
- Good range of account types with different perks and fees
- 24/7 live chat support
- No inactivity charge
Cons
- Relatively narrow product range
- No advanced trading platform
- No margin trading
Firstrade
"We recommend Firstrade for beginner investors looking to trade US stocks with no commissions. There is a wealth of free education plus premium-quality research and trading ideas from Morningstar, Briefing.com, Zacks and Benzinga."
William Berg, Reviewer
Firstrade Quick Facts
Bonus Offer | Deposit Bonus Up To $4000 |
---|---|
Coins | ALGO, AVAX, BAT, BTC, BCH, ADA, LINK, ATOM, CRO, CRV, MANA, DOGE, ETH, ETC, FTM, LTC, LRC, MATIC, REN, SHIB, SOL, XLM, SUSHI, GRT, UNI, YFI |
Crypto Mining | No |
Auto Market Maker | No |
Crypto Spread | Variable |
Crypto Lending | No |
Crypto Staking | No |
Platforms | Own |
Minimum Deposit | $0 |
Regulator | SEC, FINRA |
Account Currencies | USD |
Pros
- Commission-free investing
- Regulated by SEC and FINRA
- Premarket trading
Cons
- No copy trading
- Visa Credit/debit card deposits and withdrawals not accepted
- No 24/7 customer support
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 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
Pros Of Trading Dogecoin
There are several reasons to trade Dogecoin:
- Doge’s block production rate is just 6 minutes, making it a great option for payments and transfers.
- Doge has a highly active online network, resulting in plenty of readily available trading tips and resources.
- Ranked in the top 50 cryptocurrencies, Dogecoin is an extremely popular crypto that can be traded on many platforms and exchanges.
- Though the price of Doge has increased exponentially in recent months, its cost is still low vs other cryptocurrencies such as Bitcoin.
Cons Of Trading Dogecoin
However, traders should be aware of the risks associated with trading Dogecoin:
- Doge is very sensitive to inflation as there is no limit on the number of coins that can be produced. This differs from most other cryptocurrencies which are deflationary.
- The price of Dogecoin is volatile and highly affected by influencers such as SpaceX CEO Elon Musk tweeting about the cryptocurrency. This means the price is not necessarily a reflection of its underlying value.
- The technology isn’t unique and lacks development, with Doge having gained a lot of success through its branding and publicity instead.
- Dogecoin customer support and user guides are limited.
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.
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:
- The price of Dogecoin is mainly driven by the activity of other retail investors, so as well as following the latest token news on outlets such as Yahoo, look out for updates across social media and community forums.
- Be aware of any cryptocurrency regulation changes and the effect this may have on Dogecoin.
- Keep an eye on the Doge price using a tracker. Traders can set notifications for when the price hits a pre-defined limit using the TradingView app.
- As with all types of trading, manage risk by using stop losses and investing only a small percentage of your capital in a single trade. Dogecoin investment calculators can be used to predict the monetary gain or loss for a trade that moves by a certain number of pips, including if the price hits the stop-loss limit.
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.