Purchasing Dogecoin With Ally Invest: A Step-By-Step Guide

Dogecoin is a unique cryptocurrency with a light-hearted origin. It was created as a joke in 2013, inspired by a popular internet meme featuring a Shiba Inu dog. Despite its playful beginnings, Dogecoin has developed a strong community and is now used to tip other internet users for their content on forums such as Reddit.

If you want to buy Dogecoin, you can do so through a cryptocurrency exchange such as Binance, Livecoin, Kraken, Coinbase, or LocalBitcoins. These platforms allow you to purchase Dogecoin with a credit or debit card, or by exchanging other cryptocurrencies such as Bitcoin.

It is important to note that Dogecoin is different from other cryptocurrencies like Bitcoin. There is no limit to the number of Dogecoins that can be created, and regular computers can be used to mine Dogecoin, unlike Bitcoin, which requires specialised systems.

How to buy Dogecoin with USD

Dogecoin is a cryptocurrency based on the "doge" internet meme featuring a Shiba Inu dog. It was created by Billy Markus and Jackson Palmer and introduced in December 2013 as a lighthearted alternative to traditional cryptocurrencies like Bitcoin. Dogecoin is intentionally abundant, with 10,000 new coins mined every minute and no maximum supply.

• Choose a Cryptocurrency Exchange: Select a platform that offers Dogecoin, such as Binance, Coinbase, Webull, Robinhood, or Crypto.com. These platforms provide user-friendly interfaces and convenient options for purchasing Dogecoin.
• Create an Account: Sign up by providing your personal information, including your name, email address, and setting up a password. Some exchanges may also require additional verification steps for security purposes.
• Fund Your Account: Connect your bank account or a payment method, such as a credit or debit card, to your newly created exchange account. This will allow you to deposit funds into your account, which you can then use to purchase Dogecoin.
• Place a Buy Order: Once your account is funded, you can place a buy order for Dogecoin. Specify the amount of USD you want to spend, or the amount of Dogecoin you want to purchase. Review the order details, including the price and any associated fees, before finalizing the transaction.
• Store Your Dogecoin: Consider storing your Dogecoin in a secure wallet. You can choose between a hot wallet, which is a trusted online or cloud-based wallet, or a cold wallet, which is an offline, portable device to store your cryptocurrency.

Remember to do your research, understand the risks associated with cryptocurrency investments, and only invest what you can afford to lose. The value of Dogecoin can be highly volatile, and it is not backed by any central authority or government.

How to buy Dogecoin with a credit card

Dogecoin is one of the oldest cryptocurrencies, starting as a joke but quickly gaining traction and a loyal community. It is well known for its meme-inspired logo of a Shiba Inu dog. Dogecoin is a first-generation cryptocurrency that can be used to transfer value globally in a secure manner.

There are several ways to buy Dogecoin with a credit card. Here are some of the most popular options:

Binance

Binance is a leading cryptocurrency exchange that supports the purchase of over 200 cryptocurrencies. It has been around since 2017 and is supported worldwide. Users can buy Dogecoin with a credit card or a variety of other traditional currencies and payment methods.

Bitpanda

Bitpanda is an Austrian exchange founded in October 2014. It allows residents of the EU and a few other countries to buy Dogecoin and other cryptocurrencies through various payment methods such as Neteller, Skrill, and SEPA. The daily limit for verified accounts is €2,500 for credit card purchases.

Uphold

Uphold is a New York-based platform offering trading in cryptocurrencies, commodities, equities, and fiat currencies. It provides a user-friendly trading platform and is highly innovative. While Uphold doesn't offer any fancy crypto features like lending or staking, it is a simple and straightforward option for buying Dogecoin with a credit card.

Kraken

Kraken is a US-based exchange founded in 2011, offering a wide range of cryptocurrencies, including Dogecoin. It allows users to deposit funds via credit card or wire transfer. Users in Europe can benefit from fast and free SEPA deposits.

Changelly

Changelly is a conversion service that works relatively quickly and only requires an email to sign up. It is one of the few places that allow users to buy Dogecoin with almost any currency (fiat or crypto). However, it can be quite expensive in terms of fees, especially when using a credit card.

Gemini

Gemini is a New York-based exchange founded by the Winklevoss twins. Traders can make instant purchases using a bank card or deposit fiat currency via wire transfers or ACH.

Paybis

Paybis is a trustworthy and simple platform for buying Dogecoin and other cryptocurrencies. It has been operating since 2014 and assists traders in starting their crypto journey. It offers the convenience of purchasing with just a credit or debit card, and you buy tokens directly from the exchange, making the process smoother.

EXMO

EXMO is another option to buy Dogecoin with a credit card. It has integrated all the required measurements to protect users' personal and financial information. Users can also enable two-factor authentication for added security.

When buying Dogecoin with a credit card, it is important to note that purchases usually incur higher fees than with a bank transfer but are processed faster. It is also worth checking reviews of cryptocurrency exchanges before signing up and buying.

Ally Invest and Dogecoin

Ally Invest is a low-fee broker that does not currently support cryptocurrency trade. However, it offers a wide array of other investment options, including stocks, options, ETFs, mutual funds, and forex. It also provides free robust financial tools, free trading, and a $0 account minimum.

Ally Invest offers two investment approaches: self-directed trading and managed portfolios. With self-directed trading, there is no account minimum, while managed portfolios provide access to a team of investment specialists with a minimum deposit of $100 and no advisory fees.

There are numerous reputable exchanges that allow users to buy Dogecoin with a credit card, each with its own features, fees, and supported countries. It is important to research and choose an exchange that suits your specific needs and requirements.

How to buy Dogecoin with Bitcoin

As of February 2020, Ally Invest does not support cryptocurrency trading. However, here is a general guide on how to buy Dogecoin with Bitcoin:

Step 1: Set up a cryptocurrency wallet

You will need to download a cryptocurrency wallet. This can be done on the official website of the platform you choose. Examples of platforms that support Dogecoin include Coinbase, Robinhood, and Kraken.

Step 2: Choose a payment method

Each platform will have its own set of payment options. For example, Coinbase provides a variety of payment options and fast deposits.

Step 3: Place an order

Once you have set up your wallet and chosen a payment method, you can place an order for Dogecoin on the platform.

Step 4: Secure your Dogecoin

After purchasing your Dogecoin, be sure to secure it in a wallet. You can use the wallet provided by the platform or transfer it to an external wallet for added security.

It is important to note that cryptocurrency is a highly speculative asset and there are risks associated with investing in it. It is always a good idea to do your own research and understand the potential risks before investing.

How to buy Dogecoin using PayPal

Unfortunately, it is not possible to buy Dogecoin directly through the PayPal app. However, you can use PayPal to buy Dogecoin on third-party platforms such as eToro and Coinbase.

Using eToro to Buy Dogecoin with PayPal

EToro is a licensed broker that allows users to connect their PayPal accounts to buy Dogecoin. Here is a step-by-step guide to buying Dogecoin with PayPal using eToro:

• Create an account on eToro and complete the verification process.
• Enter the amount of money you want to deposit.
• Connect your PayPal account and deposit your selected fiat currency.
• Find Dogecoin on the list of cryptocurrencies and proceed with the transaction.

Other Options for Buying Dogecoin with PayPal

You can also use other third-party services, such as Crypto.com, Binance, and Kraken, to buy Dogecoin with PayPal. These platforms offer a wide range of cryptocurrencies and low trading fees. However, it is important to note that not all Dogecoin exchanges accept PayPal as a deposit method, so it is crucial to confirm the available deposit options before registering.

How to buy Dogecoin on Binance

Binance is a safe and secure platform to buy and sell cryptocurrencies quickly using its "streamlined buy/sell process". The platform accepts a wide range of currencies and makes it easy to buy crypto using US Dollars, Euros, Pound Sterling, and other fiat currencies.

Step 1: Create an account on Binance

Before you can use the Binance platform, you will need to open an account and verify your identification. You can register via the Binance App or the website using your email and mobile number.

Step 2: Choose your payment method

There are multiple ways to buy Dogecoin on Binance. You can use a debit or credit card, Google Pay or Apple Pay, or a third-party payment channel. If you are a new user, the easiest option is to use a debit or credit card.

Step 3: Navigate to the Buy Dogecoin with USD page on Binance

On the Binance website or app, go to the Buy Crypto page and select Dogecoin and USD from the dropdown menu.

Step 4: Select your payment method and confirm

Choose your preferred payment method and click "Confirm". If you are using a debit or credit card for the first time, you will need to add your card details. Review the payment details and confirm the order within the time limit.

Step 5: Verify the payment

Follow the instructions to verify the payment. This may involve entering a code sent to your phone or email. Once the payment is verified, the Dogecoin will be deposited into your Spot Wallet.

Step 6: Store or trade your Dogecoin

You can choose to store your Dogecoin in your Binance account or transfer it to your personal crypto wallet. You can also trade Dogecoin for other cryptocurrencies or stake it on Binance Earn for passive income.

Frequently asked questions