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 - eToro USA

eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.

"eToro is a top pick for traders looking for social investing and copy trading. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer traders."

- DayTrading Review Team
  • Crypto Spread: BTC 0.75%
  • Crypto Lending: No
  • Platforms: Own
  • Crypto Staking: No
  • Minimum Deposit: $10
  • Regulator: SEC, FINRA

About eToro USA

eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.


  • eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
  • A free demo account means new users and prospective traders can try the broker risk-free
  • The $10 minimum deposit and straightforward account opening process means beginners can get started quickly


  • Execution speeds trail the fastest brokers
  • Narrower range of instruments than some competitors
  • No MetaTrader 4 platform integration

#2 - Webull

Webull offers trading on 8 popular cryptos through its Webull Pay app. With premium analysis tools, traders can review market trends and identify opportunities in a few taps.

"Webull is best for traders looking to buy and sell stocks on a user-friendly platform with zero commissions. The intuitive app also makes this broker great for mobile investors."

- DayTrading Review Team
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Platforms: Desktop App, Web Terminal
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: SEC, FINRA

About Webull

Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous welcome bonuses have made the discount broker popular with online investors.


  • Fractional shares available
  • Zero commissions or inactivity fees
  • Promotions with free stocks


  • No MetaTrader 4 access
  • Sometimes sudden changes in trading conditions
  • High deposit and withdrawal wire fees for non-US residents

#3 - IG Group

11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.

"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."

- DayTrading Review Team
  • Crypto Spread: Variable
  • Crypto Lending: No
  • Platforms: MT4, AutoChartist, TradingCentral
  • Crypto Staking: No
  • Minimum Deposit: $0
  • Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA

About IG Group

IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.


  • 24/5 customer support is available
  • Over 17,000 assets are available spanning stocks, forex, commodities, baskets, futures, options and more
  • IG offers great educational materials including an extensive library of training and support on how to day trade successfully


  • Inactivity charge
  • No copy trading platform

#4 - 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.

"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 are also higher than most alternatives climbing to 98%."

- DayTrading Review Team
  • Crypto Spread: Floating
  • Crypto Lending: No
  • Platforms: TradingView
  • Crypto Staking: No
  • Minimum Deposit: $250

About Videforex

Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.


  • Videforex regularly runs trading contests, offering great practice and cash prizes
  • Mirror the trades of experienced investors with low fees
  • Videforex offers transfers via a wide range of payment types, from credit cards to cryptocurrencies


  • No MetaTrader 4 integration
  • The broker isn’t overseen by a trusted regulatory agency
  • US clients aren’t accepted due to legal restrictions

#5 - 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. Traders can also reduce their monthly volumes through the tiered pricing structure.

"CEX.IO will serve a range of crypto investors looking to buy, sell, trade, hold and earn. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education."

- DayTrading Review Team
  • Crypto Spread: 0.15% maker & 0.25% taker (Standard)
  • Crypto Lending: Yes
  • Platforms: TradingView
  • Crypto Staking: Yes
  • Minimum Deposit: $20
  • Regulator: GFSC

About CEX.IO

CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.


  • Trusted crypto exchange with 5+ million users
  • Charting package from TradingView
  • Low minimum deposit of $20


  • No demo account
  • Limited regulatory oversight
  • A maintenance fee applies after 12 months of no activity

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

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 2023, 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.


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 2023 Dogecoin forecast extremely difficult to predict.