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How to buy dogecoin on eToro?
In this article, I will guide you through the entire process along with some necessary information that you should know.
The rise of cryptocurrencies has taken the financial world by storm, and among the notable players is Dogecoin. Initially started as a lighthearted joke, Dogecoin has now become a significant digital asset, capturing the attention of investors worldwide.
If you’re intrigued by the meme-inspired cryptocurrency and want to invest in it, eToro, a leading social trading platform, offers a user-friendly way to do so.
In this comprehensive guide, we’ll walk you through the process of buying Dogecoin on eToro, allowing you to join the thrilling world of crypto investing.
Table of Contents
- Dogecoin: A Brief Introduction
- History of Dogecoin:
- Pricing and Market Performance:
- Keep in Mind!
- eToro: All About It
- Features of eToro
- How To Buy Dogecoin on eToro?
- Step 1: Create An eToro Account
- Step 2: Verify Your Identity
- Step 3: Deposit Funds into Your eToro Account
- Step 4: Search For Dogecoin on eToro
- Step 5: Analyze Dogecoin’s Performance
- Step 6: Set Your Parameters
- Step 7: Place Your Order
- Step 8: Monitor Your Investment
- Play Smart!
Dogecoin: A Brief Introduction
Dogecoin is a cryptocurrency that started as a lighthearted joke in December 2013. It was created by 2 software engineers Jackson Palmer, and Billy Markus was inspired by a popular Doge meme. That meme was featuring a funny Shiba Inu dog.
Initially meant to be a fun parody of the growing crypto craze, Dogecoin gained unexpected popularity due to its enthusiastic community.
Despite its humorous origins, Dogecoin evolved into a legitimate digital asset, gaining widespread adoption and becoming a significant player in the cryptocurrency market.
Its simple and friendly branding, along with a strong sense of community, helped Dogecoin stand out among other cryptocurrencies. With a fast block time and low transaction fees, Dogecoin has been used for various tipping and microtransaction purposes.
It has also been involved in charitable efforts, supporting causes like helping communities in need and funding initiatives.
Due to its rising popularity and recognition, Dogecoin has attracted investors and traders worldwide, seeking to participate in the dynamic and ever-evolving world of cryptocurrencies.
As a result, platforms like eToro have made it accessible for users to buy and trade Dogecoin, allowing them to explore the potential benefits and excitement that come with investing in this beloved digital asset.
History of Dogecoin:
Dogecoin, the cryptocurrency that began as a lighthearted joke, was introduced in December 2013 by software engineers Billy Markus and Jackson Palmer.
It was created as a fun and friendly alternative to the more serious and complex cryptocurrencies that were gaining popularity at the time.
Inspired by the popular “Doge” meme featuring a Shiba Inu dog, Dogecoin quickly gained traction on social media and garnered a strong community of enthusiasts.
The lighthearted and inclusive nature of the community contributed to the rapid growth of Dogecoin’s popularity.
Despite its humorous origins, Dogecoin’s unique branding and the support from its community helped it become a legitimate and widely used cryptocurrency.
Over the years, Dogecoin has been involved in various charitable initiatives and tipping campaigns, reflecting the community’s generous and compassionate spirit.
Pricing and Market Performance:
In its early days, Dogecoin’s value was very low, with a price of fractions of a cent. However, as its popularity grew, so did its value. Dogecoin’s price experienced significant fluctuations, responding to market sentiment and news events.
In early 2021, the cryptocurrency market witnessed a surge in interest and investment, often driven by celebrities’ endorsements and social media trends.
Dogecoin was no exception.
Tweets and public endorsements from high-profile figures contributed to major price spikes for Dogecoin.
During the first half of 2021, Dogecoin’s price skyrocketed, reaching an all-time high of over $0.70 in May.
However, such rapid price increases were also accompanied by sharp corrections and volatility.
As with many cryptocurrencies, Dogecoin’s market performance is highly speculative, influenced by various factors such as market sentiment, media coverage, regulatory developments, and broader trends in the cryptocurrency space.
It’s essential to recognize that the cryptocurrency market is known for its inherent volatility, and investing in cryptocurrencies carries significant risks.
Prices can experience substantial swings within short periods, making it crucial for investors to conduct thorough research, exercise caution, and consider their risk tolerance before investing.
Please note that the information provided here is based on historical data up to September 2021.
For the most current and accurate information regarding Dogecoin’s pricing and market performance, it is recommended to check real-time cryptocurrency data sources and market analysis platforms.
Keep in Mind!
The supply of Dogecoin started with 100 billion coins in 2015.
Since then, 5 billion new DOGE coins have been added each year.
Currently, there is no fixed limit for Dogecoin, and it is projected to reach 200 billion coins by the year 2035.
Due to the removal of the original 100 billion coin limit, Dogecoin’s inflation rate is expected to decrease over time.
In 2015, the inflation rate was 5%, but by 2027, it is estimated to be 3%. By the year 2035, the inflation rate is predicted to be 2%.
eToro: All About It
eToro is a leading social trading platform that revolutionized the way people invest in financial markets.
Founded in 2007, eToro has emerged as a prominent online brokerage firm, offering users a wide range of investment opportunities, including stocks, cryptocurrencies, forex, commodities, and more.
The platform’s unique and user-friendly interface sets it apart from traditional trading platforms.
One of its notable features is “CopyTrading,” which allows users to follow and replicate the trades of successful investors in real-time.
This innovative approach has made trading accessible even to those with limited experience, as they can learn from and mimic the strategies of seasoned traders.
eToro is also known for its social aspect, with a vibrant community of investors who interact, share ideas, and collaborate on various investment opportunities.
Users can follow each other, comment on posts, and discuss market trends, fostering a collaborative and educational environment.
Furthermore, eToro provides a comprehensive range of research and analytical tools, empowering users to make informed investment decisions.
With real-time price charts, historical data, and market insights, users can monitor and analyze the performance of assets they are interested in.
Another key aspect that appeals to users is the platform’s broad selection of supported assets.
Whether it’s popular stocks, top cryptocurrencies, or traditional currencies, eToro offers a diverse portfolio of investment options to cater to various interests and risk appetites.
For those new to trading, eToro provides a virtual demo account with virtual funds, allowing users to practice and familiarize themselves with the platform without any financial risk.
In addition to its user-friendly features, eToro is also regulated and complies with financial standards, ensuring a safe and secure trading environment for its users.
Overall, eToro’s combination of social trading, educational resources, and an extensive range of investment options has made it a favored platform for both novice and experienced investors seeking a dynamic and interactive trading experience.
Features of eToro
Here are some of the key features of eToro:
Social Trading: eToro’s standout feature is its social trading platform, where users can follow and copy the trades of successful investors in real-time. This allows inexperienced traders to learn from seasoned professionals and potentially replicate their success.
CopyTrading: With eToro’s CopyTrading feature, users can automatically copy the portfolio and trading activities of other traders they choose to follow. This enables beginners to benefit from the expertise of more experienced investors without actively managing their trades.
Diverse Investment Options: eToro offers a wide range of financial instruments for investment, including stocks, cryptocurrencies, forex, commodities, indices, and more.
This diversity allows users to build a diversified investment portfolio that aligns with their financial goals and risk tolerance.
Virtual Portfolio (Demo Account): For users who want to practice trading without risking real money, eToro provides a virtual portfolio or demo account. This feature allows beginners to test trading strategies in a risk-free environment.
Social Interaction: eToro fosters a social trading community, allowing users to interact, follow each other, and exchange ideas. Users can comment on posts and share insights, creating a collaborative and educational environment.
Research and Analysis Tools: eToro provides users with access to various research and analytical tools, such as real-time price charts, market data, and historical performance data. These tools help users make informed investment decisions.
Regulated and Secure: eToro is a regulated platform, that adheres to financial standards and security protocols to protect users’ interests and personal information.
Mobile App: eToro offers a mobile app for both iOS and Android devices, enabling users to access the platform and trade on the go.
CopyPortfolios: eToro offers thematic investment portfolios called CopyPortfolios, which bundle together various assets based on specific themes or investment strategies.
Educational Resources: eToro provides educational resources and trading guides to help users learn about trading and investment strategies.
These features make eToro an attractive option for traders and investors looking for a user-friendly platform with a social trading element and a diverse range of investment opportunities.
How To Buy Dogecoin on eToro?
You just need to follow these steps to buy Dogecoin on eToro.
Step 1: Create An eToro Account
To begin your Dogecoin investment journey, visit eToro’s website and click on “Join Now.” Follow the prompts to create your account by providing the necessary details. You may also choose to sign up using your Google or Facebook account for added convenience.
Step 2: Verify Your Identity
As a regulated platform, eToro requires users to verify their identity for security and compliance purposes. Upload a clear photo of your government-issued ID, such as a passport or driver’s license, along with proof of address, like a utility bill.
Step 3: Deposit Funds into Your eToro Account
Once your account is verified, it’s time to fund it. Click on the “Deposit Funds” button and choose a payment method of your preference. eToro supports various options, including credit, and debit cards, bank transfers, and e-wallets. Enter the desired amount you wish to invest in Dogecoin and follow the instructions to complete the deposit.
Step 4: Search For Dogecoin on eToro
After depositing funds, head to the eToro trading platform and enter “Dogecoin” into the search bar. Click on the asset’s name to access its trading page.
Step 5: Analyze Dogecoin’s Performance
Before making an investment decision, it’s crucial to analyze Dogecoin’s performance. On eToro, you’ll find real-time price charts, historical data, and other valuable insights to help you make an informed choice.
Step 6: Set Your Parameters
Decide on your investment amount and consider implementing risk management tools like Stop Loss and Take Profit to protect your investment from sudden market fluctuations.
Step 7: Place Your Order
Once you’ve determined your parameters, you can place your Dogecoin order. eToro offers two types of orders: Market Order (buy at the current market price) and Limit Order (set a specific price for purchase). Choose the one that aligns with your strategy and confirm your trade.
Step 8: Monitor Your Investment
Congratulations, you’re now a Dogecoin investor! Keep an eye on your investment’s performance and stay updated with market trends. eToro’s user-friendly interface makes it easy to track your portfolio’s progress.
Play Smart!
So, now you know how to buy Dogecoin on eToro.
Buying Dogecoin on eToro opens up a world of exciting opportunities for both novice and experienced investors.
With its user-friendly interface, social trading features, and diverse investment options, eToro provides a seamless and secure platform to venture into the world of cryptocurrencies.
By following the step-by-step guide provided, you can confidently start your Dogecoin investment journey and join the vibrant crypto community.
Embrace the thrill of crypto trading on eToro and unlock the potential for financial growth and success in this dynamic digital asset market.
