Investing in cryptocurrency has become a norm now, with the rise of crypto options like Bitcoin and Ethereum. However, another cryptocurrency platform that has become quite popular in the last few years is Dogecoin due to it being a peer-to-peer, decentralized cryptocurrency. If you want to purchase Dogecoin, eToro is a great platform to utilize. If you want to know how to buy Dogecoin on eToro, read on through to the end of the article.
eToro is a popular platform through which you can buy, sell, store, and stake cryptocurrencies. Hence, people who are new try to learn how to buy Ethereum on eToro, or even Bitcoin, or something less popular like Dogecoin. In this article, you will basically learn how to buy Dogecoin on eToro. Apart from that, you will also learn some essential details about why eToro is a great platform for buying Dogecoin.
A Few Details About Dogecoin
is that a community drives it and is fully decentralized.
However, some people, including Elon Musk, took the joke seriously. Hence, it quickly became one of the major cryptocurrencies to have. The platform runs with the help of the Scrypt algorithm. This algorithm has a block time of only one minute. This leads to the transaction processes to complete pretty quickly.
The denotation of Dogecoin is DOGE. If you want to buy Dogecoin, one of the best platforms is eToro. Here, you can quickly buy, sell, and hold DOGE.
What Is eToro?
According to Bitcoinist.com, “eToro is a popular social trading platform that was founded in 2007. The platform allows you to invest in a wide range of assets, including cryptocurrencies, stocks, and indices. One of the reasons why eToro is an excellent platform for buying Dogecoin is the social trading feature.”
eToro has over 30 million users and around 3 million active accounts. Hence, one cannot deny that eToro is one of the best trading platforms. The company started in 2007 and is known for social or copy trading. Hence, with the help of eToro features, you will be able to copy the positions and techniques of other successful traders.
Copy trading is a process where you open every trade position a successful trader opens. However, the trader does not stay here. As a result, you can reap the benefits of the investing experience of the trader. Furthermore, you can access advanced trading strategies.
Hence, a beginner investor who is in the learning phase can reap the benefits of social investing. Therefore, beginner investors can quickly learn how to trade with financial assets and crypto.
What Makes eToro a Great Platform for Buying Dogecoin?
The social trading feature of eToro makes it a great platform for trading with cryptocurrencies like Dogecoin. This is great for people with little to no experience in investing in crypto. The user-friendly interface and ease of usage of the platform really help newcomers.
eToro is also a safe and authoritative platform. According to Cashify, “(eToro) It is regulated by financial authorities like the Financial Conduct Authority (FCA) in the UK and the Securities and Exchange Commission (SEC) in the US.”
If you want seamless crypto transactions, eToro is one of the best online brokerage platforms. Furthermore, you will also have the ability to deal with other financial assets like ETFs, stocks, and currencies.
The following are some of the major benefits of buying Dogecoin on eToro:
- Consists of a user-friendly interface.
- Comes with features of social trading.
- eToro comes with strong regulations and security measures.
- A strong and community-centric platform to share ideas, updates, and strategies.
- Different types of assets are available, which enables an investor to diversify their portfolio.
- There are plenty of educational resources present on the platform for someone to learn.
How To Buy Dogecoin On eToro?
Once you are convinced of the usefulness and utility of Dogecoin, it is time for you to buy it. There are a variety of options available to you on eToro. The steps include creating an eToro account, uploading and verifying your address proof, and putting money inside your account. After that, you need to find Dogecoin by the name ‘DOGE’ on eToro. Only by clicking on the option can you make your purchase.
However, if you want to start practicing buying Dogecoin on eToro, you can use a demo account. Here, you can use virtual cash before you start using your capital. Nevertheless, the cost of buying and selling Dogecoin is quite low and transparent.
The following are the steps you need to follow to buy Dogecoin from the eToro platform:
Step 1: Create Your eToro Account
To create your eToro account, you will need to go to the official website. Here, click on the “Start Investing” button. You will then get to a signup page on the platform. Here, you can sign up either through Google or Facebook. You can also create your account by just filling out a small online form. Don’t worry here, as many prompts will help you in filling all the essential details on your profile.
Step 2: Make Your eToro Account Verified Through Your ID
To use the eToro platform, buy crypto, or take any other form of financial asset, you need to verify your account first. You can do this through ID verification. To upload any ID, you must consider uploading something that the US Government issues.
Your verification document can be your passport, driving license, state ID, or anything else. You can also use your driver’s license or your ID card as your address proof. After you upload your documents, you will have to wait for them to be verified by the other side.
Step 3: Deposit Funds On Your eToro Account
To make your first purchase on the eToro platform, you need to have at least $10 in your account. To put some funds in your eToro account, you can use various popular payment methods. The payment methods available on eToro are credit cards, debit cards, PayPal, Neteller, and bank wire.
Step 4: Locate Dogecoin On The eToro Platform
Once you have funds in your eToro account, you are fully ready to invest in anything. Go to the search bar on the eToro dashboard, which is located at the top of the eToro homepage. Just type “Dogecoin” or just DOGE. Once the DOGE option appears, you will just need to click on it. Then, click on the “Trade” button to start buying.
Step 5: Purchase The Dogecoin
The price of Dogecoin, towards the end of May, is near about US $0.073. When you hit the “Trade” button, you will have to mention the amount of Dogecoin you want to purchase. You can buy in terms of the number of coins and dollars. You can also open up a stop loss or take the profit price on the eToro platform. To finish your purchase, select the “Open Trade” option.
The eToro platform also allows you to diversify your investment portfolio. This is because there are a lot of options for investing in the stock market through its platform. You can also check various stock prices, such as Tesla’s price and the Apple stock price on eToro and more.
Summing Up
Hope this article helped you in learning how to buy Dogecoin on eToro. If you follow the aforementioned steps, you will be able to buy Dogecoin on eToro easily. Apart from that, you can follow similar steps to buy any other crypto and financial assets from the platform. However, before you buy, you need to verify your account and also put some funds inside your eToro wallet to use when buying any asset. Do you know of any other platforms that work similarly to eToro? Share your answer in the comments section below.
