How To Buy Dogecoin on eToro

Talon Abernathy
Adrian Black / Getty Images
Adrian Black / Getty Images

Dogecoin might’ve started as a joke, but with a market cap of more than $9 billion, this internet meme coin is serious business. In this comprehensive guide, you’ll learn everything you need to know about purchasing dogecoin on eToro, a cryptocurrency broker and stock trading website.

Read: 3 Things You Must Do When Your Savings Reach $50,000

How To Buy Dogecoin on eToro: 5 Easy Steps

Here is a quick look at the steps you can take to buy dogecoin on eToro.

  1. Create an eToro account

  2. Upload your ID and proof of address

  3. Fund your account

  4. Locate DOGE on your eToro dashboard

  5. Make your purchase

Keep reading to learn more about each of these steps.

1. Create an eToro Account

Go to the eToro website and click on the “Start Investing” button. You’ll be taken to a signup page where you have the option of signing in with your Google or Facebook account. You can also create an account using just your name and email address. A series of prompts will guide you through the rest of the profile creation process.

2. Upload Your ID and Proof of Address

Before you can start buying crypto, you have to verify your ID. You can upload a government-issued ID, such as your driver’s license, passport or state ID by taking a picture with your smartphone. While eToro also asks for proof of address, your driver’s license or ID card suffices. After this step has been completed, you’ll have to wait for the eToro team to process your documents.

3. Fund Your Account

You must deposit at least $10 before making your first purchase. EToro accepts the following funding methods:

  • Credit cards

  • Debit cards

  • PayPal

  • Neteller

  • Bank wire

4. Locate Dogecoin on Your eToro Dashboard

Now that you’re all set up, it’s time to go off in search of dogecoin. Navigate to the search bar located at the top center portion of your screen and type in “dogecoin” or just “DOGE.” When it appears, click on the “Trade” button to get started.

5. Make Your Purchase

Enter the amount of dogecoin that you’d like to purchase. You can enumerate this sum in dollars. EToro gives you the option to open up a stop loss or take profit price. Select the “Open Trade” button when you’re ready to finish buying.

Other Things To Consider

When buying dogecoin, it is important to know all the details about the eToro platform and also what to do with your DOGE after your purchase.

How Can You Store Dogecoin?

Cryptocurrency is stored in digital wallets. You can transfer your dogecoin to an external wallet, or you can create an eToro digital wallet.

Transferring dogecoin is a relatively simple process.

  • Sign into your account.

  • Under the “Crypto” tab select “Dogecoin.”

  • Tap the “Send” button. You can select the amount of dogecoin you’d like to transfer and the recipient’s address.

  • EToro will send you a verification text message.

  • Hit the “Verify” button to complete the process.

Liquidate Your Assets

Selling off your dogecoin is simple. To complete this transaction, reverse the actions you took during the purchasing process.

  • Open up a new order form and click the “Sell” button near the top.

  • Enter the amount of dogecoin you’d like to sell before hitting the “Open Trade” button.

eToro Safety

Although crypto has gone mainstream in the past several years, the new technology still has some potential users hanging out on the sidelines. With the collapse of FTX — a major cryptocurrency exchange that went bust in November of last year — still lingering over the world of crypto, you may be wondering if it’s secure to buy crypto on eToro.

The answer is a qualified yes. Cryptocurrency is a volatile asset class meaning the value of your holdings could go to zero. However, eToro has taken certain safeguards to protect your money. The cash held in your eToro account is deposited into FDIC-insured deposit accounts. However, your cryptocurrency holdings are not insured.

Final Take

If you are interested in purchasing dogecoin, it can be done very easily on eToro by following the steps outlined above. However, as with any investment, you should never invest more than you can afford to lose.

FAQ

Here are the answers to some of the most frequently asked questions about buying dogecoin on eToro.

  • Can you lose money on dogecoin?

    • As with any asset class, it's possible to lose money trading dogecoin. Never purchase more cryptocurrency than you can afford to lose.

  • Where can you immediately buy dogecoin?

    • You can buy dogecoin without delay on virtually any major cryptocurrency exchange. That includes eToro, Binance, CoinZoom and more. Keep in mind that if you don't have an account, you may need to wait for the identity verification process to conclude before you can make a purchase.

  • How much does it cost to buy dogecoin on eToro?

    • EToro charges 1% of your total purchase price when you buy dogecoin. So, if you buy $100 worth of dogecoin then you can expect to pay $1 in fees. You also have to pay a 1% fee when you sell dogecoin on eToro.

  • Can you purchase dogecoin on eToro?

    • Yes, you can purchase dogecoin easily on eToro. To get started, you can follow these five easy steps:

      • -Create an account

      • -Upload your ID and proof of address

      • -Add funds to your account

      • -Locate DOGE on your dashboard

      • -Make your purchase

  • What broker can you use to buy dogecoin?

    • You can use almost any major cryptocurrency exchange to purchase dogecoin. Some to consider would be eToro, Kraken, Gemini and Coinbase.

This article originally appeared on GOBankingRates.com: How To Buy Dogecoin on eToro

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