Dogecoin is the original meme-based cryptocurrency, sparking the meme coin market that has grown into a multi-billion-dollar crypto market segment. Two software engineers, Jackson Palmer and Billy Markus, launched Dogecoin in 2013. They drew inspiration from the trendy “Doge” meme with the Shiba Inu, a Japanese dog breed. It has now become a prominent feature of the Dogecoin logo. Read on to learn how to buy Dogecoin on eToro and everything you need to know about the trading platform.
Methodology
While this article concentrates mostly on how to buy DOGE using eToro, we also recommend a number of other platforms users can utilize to purchase the well-known memecoin. All platform’s have been tested extensively by BeInCrypto product teams for a period of six months. Here’s why each was highlighted.
OKX:
• Established in 2017, OKX is a major crypto exchange with high trading volume.
• Offers a wide range of trading options and supports over 300 cryptocurrencies globally.
• Suited for advanced traders but provides demo accounts for beginners to practice trading strategies.
Binance:
• Leading global exchange since 2017, offering trading for over 350 digital assets.
• Various trading options include spot, P2P, cross, and margin trading.
• Allows USD deposits/withdrawals via debit cards or bank transfers, catering to a broad user base.
Kraken:
• Founded in 2011, Kraken is one of the oldest globally available crypto exchanges.
• Supports over 200 cryptocurrencies and offers more than 600 trading pairs.
• Features advanced trading options like staking, margin, and futures trading, making it suitable for
experienced traders and investors.
Recommendation rationale:
• These platforms are chosen for their established reputations, high trading volume, and wide range of supported cryptocurrencies.
• Each platform offers various trading options catering to both novice and experienced traders.
• Accessibility to USD deposits/withdrawals on Binance provides convenience for users seeking fiat-to-crypto trading.
• Kraken’s longevity in the market and extensive range of trading pairs make it an attractive option for diverse investment strategies.
To learn more about BeInCrypto’s verification methodology, click here.
- How to buy Dogecoin (DOGE) on eToro
- What is eToro?
- Pros of using eToro to trade Dogecoin (DOGE)
- Risks of using eToro to trade Dogecoin (DOGE)
- How do Dogecoin (DOGE) fees and limits work on eToro?
- How much does it cost to buy Dogecoin (DOGE) on eToro?
- Mistakes to avoid when buying Dogecoin (DOGE) on eToro
- Alternative platforms to buy Dogecoin (DOGE)
- Why does the Dogecoin community think DOGE is valuable?
- Exercise caution when buying any crypto
- Frequently asked questions
How to buy Dogecoin (DOGE) on eToro
Buying Dogecoin on eToro is a straightforward endeavor. Let’s dive right in and look at the steps you must take to purchase DOGE on the eToro trading platform.
- Account sign-up: Start by creating an account on the eToro website. To start the registration process, click the “Join Now” button, then fill in the required details, including your name, email address, and password.
- Identity verification: You will be prompted to verify your identity for security purposes. This standard procedure helps deter fraudulent activities. You can use a valid passport, driver’s license, or proof of address. Submit the documents and await eToro’s verification.
- Deposit funds: The next step is to deposit funds into your eToro account. The platform supports bank transfers, credit/debit cards, and e-wallets. Use your preferred payment method and transfer funds to your account. Ensure your amount meets the minimum deposit requirement.
- Buy Dogecoin: On the search bar, type “Dogecoin”. The platform will display DOGE’s current market price. Choose the amount you want to buy and select your preferred order type from the provided options. Choose your option based on your investment strategy and click “Buy” to complete the transaction.
Once you have purchased DOGE, your holdings will appear in your eToro account wallet.
What is eToro?
Now that you know how to buy Dogecoin on eToro, you might be looking for a little more information about the platform of choice.
eToro is a reputable, secure, and user-friendly trading and investment company launched in 2007. The multi-asset brokerage and social trading platform allows users free access to real-time news, market data, and trading options for various assets, including commodities, currencies, indices, stocks, and digital assets.
eToro introduced cryptocurrency trading in 2013 and allows users to trade in over 80 digital currencies. The online brokerage company is regulated by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC) as well as by FinCEN in the United States, where it also holds Money Transmitter Licenses in a range of states.
Pros of using eToro to trade Dogecoin (DOGE)
Now, let’s look at the benefits of trading DOGE on the eToro platform.
- Ease of use: The platform offers a user-friendly interface; both beginners and savvy traders can use the platform.
- Regulation: eToro is regulated, and its robust security measures ensure transparency and security of your Dogecoin.
- Powerful tools: Offers users cutting-edge technology and educational resources to help them access global markets and optimize the platform.
- Mobile App: Users can trade on the web or use the intuitive mobile app.
- Low fees: Trading fees are transparent and relatively low.
- Social trading: The platform’s social trading features allow users to automatically copy trades of successful crypto traders on the platform.
Did you know? DOGE, the popular dog meme-inspired cryptocurrency, has no supply cap.
Risks of using eToro to trade Dogecoin (DOGE)
Now, let’s take a look at the risks of trading DOGE and other cryptocurrencies on eToro.
- Cryptocurrency prices can be very volatile
- All eToro trades are in USD, so if you hold other currencies, e.g., the Euro, you must convert to USD — at a fee.
- A monthly inactivity fee applies if you fail to log into your eToro account for 12 consecutive months.
- On eToro, cryptocurrencies aren’t covered by any financial compensation schemes.
How do Dogecoin (DOGE) fees and limits work on eToro?
eToro charges a 1% flat fee for trading crypto assets. The amount charged is a percentage of the transaction amount. eToro adds the 1% fee to the bid-ask spread, so the spread becomes part of the trading costs.
eToro also charges a currency conversion fee when you deposit or withdraw your funds in a currency other than USD. Additionally, there’s a $5 withdrawal fee, and the minimum withdrawal amount is $30.
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If you wish to transfer Dogecoin from eToro to eToro Money crypto wallet, you will pay the blockchain transaction cost and an additional 2% fee.
How much does it cost to buy Dogecoin (DOGE) on eToro?
eToro will charge you a 1% flat commission when you buy DOGE on the platform. This fee is a percentage of the transaction amount. The platform will also charge you a spread for every trade.
Mistakes to avoid when buying Dogecoin (DOGE) on eToro
Investors often make mistakes when buying cryptocurrencies. Here are some you need to avoid when using eToro to buy DOGE.
- Being unrealistic: Cryptocurrencies can be extremely volatile and may experience considerable price fluctuations. Only invest what you can afford to lose. Besides, there is a lot of hype around DOGE, and many people have FOMO-bought cryptocurrencies for that reason but have ended up losing money.
- Failing to conduct research: Do thorough research before investing. Ensure you understand the market thoroughly and analyze potential risks before formulating your investment strategy.
- Not being vigilant: While eToro is a regulated platform, you need to be vigilant when using it. For extra security, use strong passwords, activate two-factor authentication (2FA), or consider using an air-gapped crypto wallet to store your Dogecoin for the long term. In the case of a joint account, go for a multisig wallet.
Alternative platforms to buy Dogecoin (DOGE)
Now that you understand how to buy Dogecoin on eToro, let’s have a quick look at other platforms you can use to buy the memecoin.
Ideal for demo and spot trading
Trustworthy exchange with complete crypto ecosystem
Reputable trading platform for advanced traders
OKX
Like Binance, OKX was founded in 2017 and is now one of the largest crypto exchange platforms by trading volume. The platform offers various trading options and supports a global trading market of over 300 cryptocurrencies. Although OKX is more suited to advanced traders, the exchange offers demo accounts that amateur traders can use to practice their trading strategies.
Binance
Binance is a leading global cryptocurrency exchange launched in 2017. The popular platform’s users can trade over 350 digital assets, although US traders have more limited options. You can buy, sell, and trade Dogecoin and other cryptocurrencies through spot, peer-to-peer (P2P), cross, and margin trading options. Binance allows traders to deposit/withdraw USD through debit cards or bank transfers.
Kraken
Founded in 2011, Kraken was one of the first cryptocurrency exchanges to launch globally. The crypto exchange supports over 200 cryptocurrencies, and users get to choose from more than 600 trading pairs. Like the other alternatives on our list, Kraken offers various trading options, including staking, margin, and futures trading. The exchange’s advanced features make it ideal for experienced crypto traders and investors.
Why does the Dogecoin community think DOGE is valuable?
Dogecoin and other memecoins remain largely controversial for many people in the crypto community. However, Dogecoin has a vibrant and enthusiastic community despite starting as a joke. Although many people still think memecoins have no value, the “Doge Army” has rallied behind Dogecoin and do consider it valuable. Below are some of the reasons why.
- Endorsements: The Shiba-Inu-themed crypto has received endorsements from renowned people like Elon Musk and celebrities like Snoop Dog. Their public support typically leads to price surges.
- Tipping tool: Reddit has helped buoy the digital currency’s market value, as Redditors were able to tip other users on the platform using DOGE. Dogecoin was also used for the crowdfunding of certain events via online donations, such as the 2014 funds drive to sponsor the Jamaican Bobsled team to the Olympics.
- Means of payment: Following Musk’s endorsements, many vendors including, including Tesla, Twitch, and Microsoft, accept Dogecoin as a mode of payment. Additionally, it offers quicker and less costly on-chain transactions than either Bitcoin or Ether.
- Meme culture: Doge is a memecoin, and because it’s a community-centric digital asset, leveraging social media has helped heighten awareness around the cryptocurrency.
- Speculation: Musk may incorporate Dogecoin into the X App, raising speculation amongst investors about DOGE’s future potential.
If you plan to hold on to your Dogecoin for speculative purposes, consider storing the crypto in a non-custodial wallet. This also makes it easier to make digital asset transfers.
“Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
Elon Musk tweeted in 2019.
Exercise caution when buying any crypto
Dogecoin, cryptocurrency’s debut memecoin, was meant to poke fun at the then-wild speculation in digital currencies. Today, this incredibly popular digital asset continues to attract individuals who are eager to invest in the memecoin.
If you have been considering adding Dogecoin to your crypto portfolio, you now know how to buy it on eToro. Still, you need to exercise caution when buying cryptocurrencies. Always conduct thorough research, keep up with the latest market trends, and only invest as much as you are willing to lose.
Frequently asked questions
How do I purchase Dogecoin?
Can you buy crypto on eToro?
How do I buy Dogecoin from Binance?
How can I buy Dogecoin on Coinbase?
How can I buy Dogecoin in the U.S.?
Can I directly buy Dogecoin?
Is Dogecoin a good investment?
What is the fastest way to buy Dogecoin?
Can I withdraw Dogecoin from eToro?
