Dogecoin, the cryptocurrency that started as a playful meme, has become a notable player in the digital currency market. eToro, a leading social trading platform, makes purchasing Dogecoin hassle-free, making it accessible to both experienced investors and newcomers to cryptocurrency. This article serves as a medium-level guide, providing step-by-step instructions on how to buy Dogecoin on eToro, as well as important considerations to keep in mind.
How do I buy Dogecoin on eToro?
Buying Dogecoin on eToro is a process that can be summarized in a few simple steps. Here is a guide to help you through the process:
- Create an account with eToro: Go to the eToro website and open an account. You can easily register with your Google or Facebook account or log in with your email address. As part of the registration process you will be asked to complete your profile.
- confirm your identity: To comply with Know Your Customer (KYC) regulations, upload government-issued identification (such as a driver’s license or passport) and proof of address. eToro must verify these documents before you can proceed with your cryptocurrency purchase.
- Fund your account: Deposit funds into your eToro account. The minimum deposit is $10 and you can use various methods such as credit cards, debit cards, PayPal, Neteller or a bank transfer.
- Search for Dogecoin: Once your account is setup and funded, use the search bar on the eToro dashboard to find Dogecoin (DOGE). Click on the “tradeClick the “Purchase” button to open the purchase window.
- Buy Dogecoin: Enter the amount of Dogecoin you want to purchase in dollars. With eToro you can set a stop loss or a take profit price if you wish. Complete your purchase by clicking “Open trade” Button.
After purchase: Store and sell Dogecoin
- Store Dogecoin: You can choose to keep your Dogecoin on eToro or transfer it to an external wallet or the eToro Money crypto wallet to have more control over your digital assets.
- Sell Dogecoin: If you decide to sell your Dogecoin, simply reverse the purchase process. Open a new order, select “Sell”, enter the amount you want to sell and confirm the trade.
eToro security measures
eToro has implemented measures to protect its users’ investments. While cryptocurrency investments are not FDIC insured, the money in your eToro account is held in FDIC insured deposit accounts.
Fees and other considerations
- fees: eToro charges a 1% fee for buying and selling cryptocurrencies, including Dogecoin.
- Account currency: All trades on eToro are settled in USD, so any currency conversion required will incur a fee.
- Inactivity Fees: A $10 monthly inactivity fee will be charged if you do not log in to your account for a year.
- Payout minimum: The platform has a minimum withdrawal amount of $30.
Buying Dogecoin on eToro is a straightforward process, making it accessible even to those new to cryptocurrency trading. However, as with any investment, it is important to invest responsibly and within your means. Always remember that cryptocurrencies are volatile and can fluctuate greatly in value.
FAQs about buying Dogecoin on eToro?
- Can you lose money with Dogecoin? Yes, Dogecoin is volatile and investing carries the risk of losing money.
- Where can I buy Dogecoin immediately? After account verification, you can buy Dogecoin on eToro.
- What fees does eToro charge for Dogecoin? eToro charges a 1% transaction fee for buying or selling Dogecoin.
- How safe is it to buy Dogecoin on eToro? eToro is considered safe, but cryptocurrency investments are not FDIC insured.
- Which payment methods can I use at eToro? eToro accepts credit/debit cards, PayPal, Neteller and bank transfers.
For more detailed information about purchasing Dogecoin and managing your investments on eToro, you can visit eToro’s official website or search for educational resources provided by eToro and other financial education platforms.