How to buy Dogecoin? Tutorial for trading DOGE crypto

Dogecoin was basically just a joke. Over the years, however, it has established itself as one of the most popular cryptocurrencies in this ecosystem. Do you want to invest in this digital asset? We will explain to you below how to buy Dogecoin (DOGE) in a simple and fast way. But before, we have seen fit to tell you a little more about this crypto.

What is Dogecoin (DOGE)?

As said in the introduction, the birth of the cryptocurrency Dogecoin (ticker: DOGE) was basically just a joke, hence its nickname within the community, “meme coin”.

This virtual currency is the creation of Billy Markus and Jackson Palmer. Dogecoin has been around since December 2013 and is what is called a “fork” of the Litecoin crypto. If you don’t know what the term “fork” means, it means copying the code of an existing software.

Although this cryptocurrency has now been around for several years, it has only recently gained momentum, driven by (many) tweets from Elon Musk. The president of Tesla has effectively become the greatest ambassador of this crypto, bringing with him a veritable armada of fans.

Trade Dogecoin here

At eToro, 68% of retail investor accounts lose money when trading CFDs. You need to know if you understand how CFDs work and if you can afford to lose your money. On eToro, cryptocurrency trading is done in CFDs.

Just like Litecoin or Bitcoin, it is possible to mine Dogecoin. The blockchain works thanks to the consensus of proof of work (PoW or Proof of Work in English).

How many Dogecoin tokens are there? The number is simply unlimited. Currently it amounts to more than a hundred billion tokens.

Wondering what Dogecoin is for? It is good to ask the question if you want to invest knowingly. For traders, it is less important. Dogecoin is intended to be a virtual currency for carrying out transactions or sending money to other people.

Now that you know a little more about this cryptocurrency, we will explain where and how to buy it.

On which site to buy Dogecoin?

To buy Dogecoin, you are going to need to create an account on a specialized cryptocurrency platform (sometimes called an “exchange”).

But which one to choose? It is true that there are so many that it is difficult to navigate.

After taking the time to test more than a dozen platforms and exchanges , we have come to the conclusion that eToro is the reference at the moment.

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The reasons for this are many but the most important for us is that it is a broker that is very easy to use. You can take advantage of eToro’s services on mobile, tablet and computer.

The interfaces are perfectly understandable even if you have never had the opportunity to invest in crypto-currencies like Dogecoin. Although simplicity is at the rendezvous, the eToro platform is not devoid of features.

eToro platform
© eToro

You will find a lot of trading tools, you will have the possibility of doing copy trading (a technique that consists of replicating the trades of other investors), or even applying leverage to each of your trades. However, remain measured vis-à-vis this last feature because it is not without risk.

Visit eToro

At eToro, 68% of retail investor accounts lose money when trading CFDs. You need to know if you understand how CFDs work and if you can afford to lose your money. On eToro, cryptocurrency trading is done in CFDs.

Faced with platforms like Binance, Coinbase, or even Kraken, eToro has another major advantage: the fact that it is a regulated broker in Europe. First of all know that it is made possible because eToro is a company registered in Cyprus. It must therefore meet the requirements of the competent authority on site, the CySEC. In addition to this, eToro is registered with the ACPR, an entity of the Banque de France.

All this will guarantee you better protection as an investor and therefore peace of mind. To support our words, the fact that eToro is regulated in Europe will, for example, give you the possibility of benefiting from the Deposit Guarantee and Resolution Fund (FGDR) . This fund provides protection up to 100,000 euros in the event of default by eToro’s partner bank.

By way of comparison, opting for Binance or Coinbase, if such a thing were to happen, you would not benefit from any protection. It’s up to you what risks you’re willing to take.

One last thing before explaining how to trade Dogecoin, know that the purchase of crypto-currencies on eToro will be done through CFDs. CFD stands for contract for difference. This method means that you will not have the crypto in your possession directly. You are going to enter into a contract on the evolution of the price of Dogecoin with eToro. Your exposure will be exactly the same as what you can get by actually owning the DOGE crypto.

The advantage of CFDs is that it makes the purchase of crypto-currencies much simpler and above all more secure (you don’t have to manage storage).

Buy Dogecoin (ticker: DOGE): tutorial

Now that you know our opinion on the preferred platform, we will be able to explain to you how to buy and trade Dogecoin.

For us eToro is a site of choice because it is extremely easy to use. In addition, you will also be able to trade Ether, Bitcoin, and over 30 other cryptocurrencies.

Even if you don’t have the slightest experience with investing in digital assets, you will get there. All you have to do to invest in the Dogecoin cryptocurrency is to follow the four steps that we present to you below.

Step 1: Create an eToro account

The process to create an account with the online broker eToro is simple. Go to its official website, then click on the button corresponding to the creation of an account.

Create an eToro account

At eToro, 68% of retail investor accounts lose money when trading CFDs. You need to know if you understand how CFDs work and if you can afford to lose your money. On eToro, cryptocurrency trading is done in CFDs.

You will see a registration form appear. eToro needs a username, an email address and a password to create your investor account.

eToro account creation form
Form to create an account © eToro

Step 2: verifying the account and your identity

Once your account has been created, eToro will ask you a few questions in order to determine your investor profile. You can answer these questions directly or come back to them later.

Be aware, however, that verifying your identity is a step that will have to be carried out as soon as possible. Indeed, as long as your account is not verified, you will not be able to withdraw your funds or make substantial deposits in order to invest in Dogecoin.

To verify your identity, all you need to do is provide two documents about yourself:

  • Copy of your identity document (passport, identity card, etc.)
  • Proof of address

Once you have been able to send these documents, you will have to wait for their validation by the eToro teams. This is usually done quickly.

Step 3: deposit funds

To buy Dogecoin, you will necessarily need to have funds available in your eToro account. And at this level, you will be served.

As we noted during our test of the eToro broker, it offers a lot of different methods. You will be able to deposit funds by card (Visa and MasterCard), bank transfer, PayPal, Neteller, or even Skrill.

You read that right, eToro allows you to trade Dogecoin with funds from PayPal. It is one of the only platforms to offer such a thing currently.

To deposit funds into your account, simply click on the “Deposit Funds” button. From there it will be possible to determine the amount to deposit as well as the method to use.

Trader South eToro

At eToro, 68% of retail investor accounts lose money when trading CFDs. You need to know if you understand how CFDs work and if you can afford to lose your money. On eToro, cryptocurrency trading is done in CFDs.

Deposit-funds-eToro
Deposit funds on eToro © Journal du Geek

Step 4: placing a buy order on Dogecoin

Once your funds have arrived on eToro, you will be able to place a buy order on Dogecoin.

How to do it ? From your eToro account home page, do a search for Dogecoin. You will then see the cryptocurrency appear. Click on the blue “Invest” button (see the screenshot below).

Search crypto Dogecoin eToro
© Journal du Geek

eToro will then redirect you to the DOGE trading interface. It is from this interface that you will be able to personalize your purchase. The platform allows you to place two types of purchase order: at the market price (option: Invest) and at a limit price (option: order).

Wondering which one to choose? Our advice is to opt for placing a limit order. So you will avoid being a victim of the volatility of this crypto-currency. It takes a few seconds for the purchase order to be validated and if ever the price were to change significantly during this period of time, your purchase price may be much less attractive.

Placing a buy limit order saves you that. Now if you don’t want to bother because you are investing a small amount, then you can also place an order at the market price (the “Invest” option in the drop-down menu).

Trade the DOGE on eToro

At eToro, 68% of retail investor accounts lose money when trading CFDs. You need to know if you understand how CFDs work and if you can afford to lose your money. On eToro, cryptocurrency trading is done in CFDs.

In the case of placing a limit order, you will have to select the price not to be exceeded (“Rate” line) as well as the amount to invest in Dogecoin. Once everything is ready, click on the “Place Order” button.

Acheter Dogecoin eToro
Interface for trading Dogecoin © eToro

Following this, eToro will send you a message confirming the placement of your buy order.

How to buy Dogecoin with ZenGo?

If you don’t want to simply trade Dogecoin and want to buy it in order to own it (to make transactions for example), then we can recommend that you turn to ZenGo.

ZenGo has the advantage of greatly facilitating the process. Indeed everything will happen on its application. We would also like to point out that the latter is mentioned in our comparator of the best crypto applications.

To download the application on the device of your choice, you just have to click below:

Download ZenGo

Once the application is installed on the device of your choice (iOS, Android, tablet or smartphone), you will need to create a ZenGo account. In total the process will not take you more than 20 seconds. Indeed ZenGo only requires an email address.

After that, and in order to secure your application (which also serves as a crypto wallet), you will need to configure facial recognition. This is the means that will be used to guarantee that only you can access your wallet. ZenGo will also help you configure a backup to your personal online storage. This way you can easily restore your wallet on another device (smartphone, tablet, etc.).

And after that, how to buy Dogecoin? It’s child’s play, the proof with the following screenshots.

From the home page of the ZenGo application, click on the “Actions” menu (at the bottom) then select the “Buy” option. After that ZenGo will display the list of all the crypto-currencies it allows to buy. Find the Dogecoin (ticker: DOGE) in order to click on the corresponding line.

You will be taken to MoonPay (ZenGo’s payment management partner). It is from there that you will be able to select the amount to spend to buy Dogecoin. Note that the minimum amount is €80.

Acheter crypto Dogecoin ZenGo
Steps to buy Dogecoin on ZenGo © Journal du Geek

Once the amount is entered, ZenGo will tell you how many DOGE tokens it corresponds to. Click the “Continue” button to proceed with the purchase. A verification code will now be sent to you by email to ensure that the transaction comes from you.

All you have to do is fill it in, then proceed to payment. Note that ZenGo supports several payment methods. It is possible to buy Dogecoin by credit card, bank transfer, or even with Apple Pay. Available methods may vary from country to country.