How To Invest In Dogecoin Using E-Trade

Dogecoin, the cryptocurrency inspired by an internet meme, has gained a lot of traction and a loyal community since its inception in 2013. It is now a very popular cryptocurrency, with a passionate community that enjoys fundraising and using Dogecoin to tip other users on Reddit and Twitter.

Dogecoin can be purchased online using a cryptocurrency exchange, which is the easiest way to buy and sell cryptocurrencies. There are several platforms that allow you to buy Dogecoin with USD, including Binance, Bitpanda, Uphold, eToro, and Kraken. It is important to note that not all exchanges are created equal, and some may have higher fees or less security than others.

When buying Dogecoin, it is recommended to use a platform that is well-established, has low fees, and offers a wide range of cryptocurrencies. Additionally, it is crucial to withdraw your Dogecoin from the exchange to a secure wallet that you control to reduce the risk of losing your cryptocurrency in the event of a hack or bankruptcy.

While Dogecoin has gained mainstream attention, its future remains uncertain due to the volatile nature of the cryptocurrency market. Investing in Dogecoin or any other cryptocurrency carries risks, and it is important to educate yourself about the market before making any investment decisions.

Dogecoin's origins and purpose

Dogecoin is a peer-to-peer, open-source cryptocurrency created by software engineers Billy Markus and Jackson Palmer. It was introduced on 6 December 2013 and was based on the same basic technology as other cryptocurrencies like Bitcoin and Litecoin. However, Dogecoin was created as a joke – a parody of the crypto market and a way to satirize the hype surrounding cryptocurrencies. It was also designed to be a peer-to-peer digital currency that could reach a broader demographic than Bitcoin.

Dogecoin's logo is based on the popular 'doge' meme of a Shiba Inu dog. The meme featured the deliberately misspelled word 'doge' to describe the dog and was often accompanied by Comic Sans thought bubbles containing near-monosyllabic ideas. The meme could be used to express anything from jokes about naps and early mornings to diets and even space exploration.

Dogecoin was also designed to be faster and more affordable than other cryptocurrencies. It uses a simplified variant of the hashing algorithm, Scrypt, and the proof-of-work protocol, which enables it to receive work from other Scrypt-based networks. Dogecoin mining is also less power-intensive than Bitcoin.

Dogecoin quickly gained popularity and developed its own online community. Within two weeks, it had established a dedicated blog and forum, and its market value reached $8 million. It has since become one of the leading cryptocurrencies in use today, with a market capitalization of nearly $24.39 billion as of May 2024.

Where to buy Dogecoin

Dogecoin is a cryptocurrency that was inspired by an internet meme and is considered a light-hearted alternative to traditional cryptocurrencies like Bitcoin. It is an open-source, peer-to-peer digital asset. Dogecoin is intentionally abundant, with 10,000 new coins mined every minute and no maximum supply.

EToro

EToro is one of the best platforms for buying Dogecoin, especially for investors new to the cryptocurrency space. It offers a simple, intuitive interface that makes buying Dogecoin easy. eToro also offers competitive pricing, with a transaction fee of just 1% on trades and reasonable spreads. It also allows you to trade more than 60 other crypto coins, as well as non-crypto assets like stocks and forex. The platform offers a wide range of payment options, including PayPal, bank transfer, credit card, debit card, and wire transfer.

Binance

Binance is a good choice for more experienced or frequent traders looking to buy Dogecoin. It offers some of the lowest trading fees in the crypto market, with fees as low as 0.1% for regular users. Binance also has the largest range of cryptocurrencies available, with over 600 tokens to choose from. You can buy Dogecoin on Binance using a debit or credit card, Google Pay, Apple Pay, or a third-party payment channel.

Coinbase

Coinbase is a user-friendly exchange that is suitable for both new and experienced traders looking to buy Dogecoin. It has a strong reputation and a good regulatory record. Coinbase offers more than 50 coins in addition to Dogecoin. However, fees can be high, sometimes reaching 4% with certain payment methods, so be sure to check the fee schedule before buying. You can buy Dogecoin on Coinbase using a variety of payment methods, including credit and debit cards.

Kraken

Kraken is a trusted global exchange that is highly rated for its security and low fees. It offers a minimum order size of 50 DOGE, making it a good option for those looking to buy Dogecoin on a budget. Kraken provides advanced charting tools, 24-hour global client support, and access to margin trading. You can fund your Kraken account using various methods, depending on your location and preferences.

Robinhood

Robinhood offers a sleek interface that allows users to trade crypto alongside stocks and options. It offers 17 cryptocurrencies, including Dogecoin. However, users currently cannot withdraw their Dogecoin holdings from the platform.

How to buy Dogecoin with USD

Dogecoin has become one of the most talked-about cryptocurrencies, thanks in part to its celebrity endorsements and its origins as a joke based on a viral dog meme. If you want to invest in Dogecoin with USD, here is a step-by-step guide:

Step 1: Choose a Crypto Exchange

Firstly, you need to find a reputable platform that allows you to buy Dogecoin with USD. Some of the most popular platforms include eToro, Binance, Coinbase, Robinhood, and Kraken. These platforms offer different features, fees, and levels of user-friendliness, so it is worth researching which one best suits your needs.

Step 2: Create and Fund Your Account

Once you have chosen your platform, you will need to sign up and verify your ID to unlock your account. You will then need to fund your account by making a deposit.

Step 3: Buy Dogecoin

With your account verified and funded, you can now search for Dogecoin on the platform and make a purchase.

Storing Your Dogecoin

After purchasing your Dogecoin, it is important to consider how you will store it. While you can leave it in your exchange account, it is generally recommended to transfer it to a private wallet for better security and control. There are several types of wallets to choose from, including web, mobile, desktop, and hardware wallets. Each has its own pros and cons in terms of security, convenience, and suitability for different use cases.

Additional Considerations

When buying Dogecoin, it is important to be aware of the fees involved, such as deposit, withdrawal, and transaction fees. Additionally, as Dogecoin is known for its highly volatile price, it is crucial to be prepared for sharp fluctuations in value. Finally, remember that investing in cryptocurrencies carries financial risks, so only invest what you can afford to lose.

How to buy Dogecoin with a credit card

Step 1: Get a Dogecoin Wallet

There are several types of Dogecoin wallets, including hardware wallets, software wallets, and mobile wallets. Hardware wallets are considered the safest type of wallet, but they require an initial investment. Software wallets are almost always free and store the private key to your Dogecoin on your device. Mobile wallets allow you to store your coins privately on your phone.

Some popular Dogecoin wallets include:

• Ledger Nano S and Nano X
• TREZOR One and Model T
• MultiDoge (for Windows, Mac, and Linux)
• Exodus or Coinomi (multi-currency wallets)
• Dogecoin Mobile Wallet (for Android devices)

Step 2: Locate Your Dogecoin Address

Once you have your Dogecoin wallet, you'll need to find your Dogecoin address. This is a long string of letters and numbers that starts with a capital "D" followed by a number or another letter.

Step 3: Find a Doge Exchange

There are several reputable exchanges that allow you to buy Dogecoin with a credit card, including:

• Binance: A leading cryptocurrency exchange that supports the purchase of over 200 cryptocurrencies. Binance has some of the lowest trading fees in the market, but its interface may be intimidating for new users.
• Bitpanda: An Austrian exchange that allows residents of the EU and a few other countries to buy Dogecoin with a credit card. The daily limit for verified accounts is €2,500 for credit card purchases.
• Uphold: A New York-based platform that offers trading for Dogecoin and other cryptocurrencies, commodities, equities, and fiat currencies. Uphold does not charge trading fees, but there are hidden spreads for each trade.
• EToro: A user-friendly platform that allows you to exchange Dogecoin for fiat currency (USD, EUR, etc.). eToro is great for those who are only interested in profiting from Dogecoin's price changes and not in owning the coins themselves.
• Kraken: A US-based exchange that allows users to deposit funds via credit card or wire transfer. It uses the XDG ticker symbol for Dogecoin instead of the widely accepted DOGE ticker symbol.
• Changelly: A conversion service that allows you to buy Dogecoin with almost any currency (fiat or crypto). Changelly works quickly and only requires an email to sign up, but it can be expensive if you use a credit card.
• Gemini: A New York-based exchange that allows instant purchases using a bank card or fiat currency deposits via wire transfers or ACH.
• Coinbase: A regulation-friendly, US-based cryptocurrency exchange that has been around since 2012. Coinbase is one of the only publicly-traded crypto exchanges in America and offers an intuitive interface for new users. However, fees can be high, especially with certain payment methods.

Step 4: Buy Dogecoin

Once you've chosen an exchange, follow the platform's instructions to make your purchase. Remember to always do your research and check reviews of cryptocurrency exchanges before signing up and buying. After purchasing Dogecoin, it's generally recommended to store your coins in a private wallet instead of leaving them on the exchange.

How to buy Dogecoin with PayPal

Unfortunately, it is not possible to invest in Dogecoin on Etrade. However, if you are interested in investing in Dogecoin with PayPal, here is a step-by-step guide:

Step 1: Create an eToro Account

Go to the eToro website and click 'Join Now' to create an account. You will need to fill in your personal details, such as your name, phone number, address, and birth date, and provide a valid email address. To verify your account, you will need to upload a photocopy of your passport or driver's license.

Step 2: Fund Your Account with PayPal

On the eToro dashboard, click on 'Deposit' and select PayPal as your desired payment method. Follow the instructions to connect your PayPal account and enter the amount of money you want to transfer. The minimum deposit amount for new users is $50.

Step 3: Purchase Dogecoin

Use the search bar to find Dogecoin, then click on 'Trade' and enter the amount of Dogecoin you wish to buy. Finalize the purchase by clicking 'Open Trade'.

Benefits of Buying Dogecoin with PayPal

PayPal offers several benefits for users looking to invest in Dogecoin:

• Quick Deposits and Withdrawals: PayPal allows for almost instantaneous deposits and withdrawals, which is crucial for traders who want to act quickly on new opportunities in the fast-paced world of crypto.
• Advanced Safety Measures: PayPal is known for its stellar security measures, including a high-quality data encryption system that makes accounts hack-proof.
• Supports Numerous Currencies: With support for 25+ currencies, PayPal provides flexibility when it comes to purchasing Dogecoin in a cost-efficient manner. It is easy to receive payments in dollars and then exchange them for other currencies with just a few clicks.

Other Options for Buying Dogecoin

While there are not currently any options for buying Dogecoin with PayPal on other crypto exchanges, you can use LocalCoinSwap to buy Bitcoin with PayPal. You can then transfer the Bitcoin to Changelly and trade it for Dogecoin.

Final Thoughts

While there are multiple platforms that support Dogecoin purchases, eToro stands out as one of the leading crypto exchange platforms, offering low fees, a simple interface, and strong security measures.

Frequently asked questions