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How To Invest in Dogecoin – Elon Musk’s Favorite Coin

How-To-Invest-in-Dogecoin-Elon-Musk’s-Favorite-Coin

This Dogecoin article exists with the intention to answer the question “How to invest in Dogecoin.” Also, in this post, you will know the ins and outs of Dogecoin, and how its native token DOGE is performing among others within the crypto market.

As a reminder, please note that our How to Invest in Dogecoin tutorial is not financial advice. Instead, this piece only exists to give you information and to educate anyone interested in the Dogecoin crypto.

To begin with, there are other popular cryptocurrencies in the world of digital finance today but Dogecoin (DOGE) has momentarily become the talked-about meme coin out of nowhere. Famous people like Tesla CEO Elon Musk seem to be on board with Dogecoin and push it toward success.

It is worth mentioning that the DOGE token is well-known to be a fan-favorite crypto. Aside from this, the DOGE token has skyrocketed to about 50 times over in value. This clearly shows that Dogecoin is ever-ready to go higher than what we are seeing now.

Moreover, Dogecoin started its all-time high gains of $0.20 specifically back in April. This surge in price represents the first time in the history of cryptocurrency that Dogecoin began to see such momentum. Since then, Dogecoin is still working harder to achieve higher highs. Also, it’s not out of the question for DOGE to reach $1 if the crypto bull market resumes.

Based on our brief Dogecoin descriptions above, if you have the intention to invest in Dogecoin. you must understand the risks associated. As we always say, never invest money you can’t afford to lose. Don’t stop reading, continue to learn more in this beginner guide to know more about Dogecoin. 

What Is Dogecoin?

Dogecoin is a peer-to-peer and open-source digital coin launched in 2013. Besides, it brands itself as a fun and friendly digital currency. Moreover, Dogecoin was created in the early days of crypto, soon after major players like Bitcoin and Ethereum.

The real idea behind Dogecoin was to create a unique cryptocurrency project to help the public understand the technology behind blockchains. Since then, Dogecoin has grown in the internet-powered retail investor era we live in today. As a result, the meme coin’s logo, the Shiba Inu, has been hard to avoid in 2021.

Dogecoin is created on the same basic technology as other cryptos like Bitcoin. However, DOGE contains a few Bitcoin technology changes to allow users access quicker and more affordable trading.

While this is the case, other cryptos offer better, more innovative solutions to lessen transaction costs. Likewise, Dogecoin isn’t new by any means, but Dogecoin investors aren’t betting on crypto. Instead, the so-called “Doge Army” is betting on the great society around DOGE.

Brief History of Dogecoin

Dogecoin was started in 2013 as a joke to help promote public awareness of the abilities of blockchain technology. Shiba Inu mascot replicates the famous “DOGE” internet meme, where the crypto gets its name.

At the same time, DOGE quickly started gaining fame, though Dogecoin is initially proposing as a joke. Thanks to its active and inspiring online community. Besides, Dogecoin appears in many highly public news stories, including its successful $50,000 fundraiser to send the Jamaican Bobsled Team to the 2014 Winter Olympics after they qualified but could not afford to attend.

At the time of writing, DOGE ranks seventh on the CoinMarketCap. In addition, the current Dogecoin value is $0.3143, with a 24-hours volume of $2.18 billion.

How to Invest in Dogecoin: Several Options

These days, it has become amazingly easy for you to get your hands on crypto. Besides, various ways are possible, but it is up to you to choose which method is preferable.

Regardless, you admit all features, such as the security and fees associated when you make your Dogecoin purchase.

Below you will find the most popular way on how to invest in Dogecoin.

Dogecoin ATMs

There are over 12,500 ATMs located in over 71 countries that give out Bitcoin and other Altcoins. In addition, most of the Dogecoin ATMs are placed in the USA, Canada, Mexico, and Europe — largely concentrated in major cities.

In easy terms, certain ATMs let you buy crypto by inserting cash into the machine.

How to Invest in Dogecoin Using Crypto ATMs.

  1. Find your nearest crypto ATM.
  1. Select Dogecoin from the list of cryptos.
  1. Specify the amount you want to spend in DOGE – let’s say you wish to invest $500.
  1. The ATM shows you how many DOGE you will get for $500, also the fee involved in making the purchase.
  1. For example, if the crypto ATM deducts you a 5% fee, you will get $475 worth of Dogecoin at the current DOGE/USD rate.
  1. You insert $500 into the ATM.
  1. Then, the ATM will print out a receipt with all the details of the Dogecoin wallet and how you can claim the digital coins.

Now, at first glance, using a crypto ATM will strike as a very convenient choice. The process is quick and hassle-free, notably if there is a machine close to your location.

That said, there are also certain extra aspects that you should evaluate first. Most importantly, crypto ATMs often charge exorbitant fees for transactions. You could find yourself paying everywhere between 5% to 20% every time you make a purchase.

Furthermore, your purchase process is not complete at the machine. Therefore, when you have inserted the money, you have only invested the respective amount, as you have yet to claim your coins.

To do that, you will have to access them into another third-party crypto wallet. While experienced crypto investors will have no trouble with this step, it might confuse beginners.

On the other hand, there are more convenient ways on how to invest in Dogecoin than an ATM.

Dogecoin Broker

You can find regulated online brokers that offer cryptos alongside traditional markets like stocks and ETFs. So if you are wondering how to invest in Dogecoin online, no other method is more convenient than using a brokerage platform.

As we mentioned above, the whole process often takes less than 10 minutes to finish. The entire process includes signing up on the website, adding your funds, and buying Dogecoin. Crucially, you can do this without leaving the convenience of your home.

Online brokers also offer flexible options on how you can pay for crypto. For instance, you will be able to deposit funds using a debit and credit card or through a bank transfer. On some brokers, you will also see choices for e-wallets such as PayPal and Neteller.

Most importantly, the best online brokers will also hold licenses from regulatory bodies that authorize them to function in the respective jurisdictions. Also, this will serve as an extra layer of security and protection when it comes to your crypto transactions.

In addition, online brokers’ fee is much lower than other channels when investing in Dogecoin.

Choosing a Great Platform to Invest in Dogecoin

To help you get started, we explain how you can locate a well-regulated broker when you decide to invest in Dogecoin.

Furthermore, it is no surprise that there are many brokers and exchanges in the online cryptocurrency trading scene. When so many of them compete for your attention, it can be daunting to know which platform to opt for.

This section describes the most important parameters you need to consider when choosing a brokerage platform for your Dogecoin needs.

Licensing and Reputation

If you choose between a regulated platform and an unregulated one, the choice is obvious. But, at the same time, the same goes for online brokers as well. No matter how cheap the fees are or what attractive features they offer. If the platform does not hold a permit from at least one financial regulatory body, it is the best shop elsewhere.

The reason is simple. There is no lack of crypto exchanges in the online trading place. However, the lion’s share of them is unregulated. Meaning, you will be committing your funds to a platform that does not give proper care to its regulatory duties nor the security of your money.

As such, the risks of getting scammed on such sites are almost high.

On the other hand, opting for a regulated broker means that you are using your business to a platform that takes the customers’ interest seriously, keeps your find secured in segregated accounts, and submitting itself to regulated audits.

Therefore, it would be best to reduce your search to platforms that hold a license from a well-respected body, such as the FCA in the UK, ASIS in Australia, and CySEC in Cyprus. This will assure that you can invest in Dogecoin without treating yourself with any cases of fraud or malpractice. 

Fees to Invest in Dogecoin

Next to regulation, fee formation is another viewpoint you need to consider closely. Despite which online broker you want, you will be liable to pay a fee for them to fulfill your Dogecoin purchase on your behalf.

As with other businesses, the fees can vary notably from one broker to another. Below is a practical example to offer some insight. Moreover, if you want to cash out, you will have to pay this fee again.

In addition to the trading commission, you will also have to admit any transactional fees you are liable for. These will be applied every time you deposit to your trading account or withdraw cash to your bank.

Dogecoin Minimum Investment and Payments

In most cases, your preferred broker will ask you to invest a minimum amount in Dogecoin. However, considering that the all-time high price of Dogecoin stands at $0.3153, it allows you to purchase a high volume of this crypto without burning a hole in your wallet.

However, considering how volatile the crypto market is. It would help if you chose a broker that allows you to stake a small amount. At the end of the spectrum, you will also find exchanges with no minimum investment in place. But, likely, any small investment amounts will also be accompanied by high trading commissions.

But it is not uncommon for an online broker to offer you zero commissions and low minimum investment. If such a platform also holds regulatory licenses.

It is also equally important that you note what payment methods are available for you to make any deposits. The best brokers will offer you a variety of options ranging from bank cards and e-wallets.

If you pick a platform that only holds bank transfers, you might have to wait a few business days for the money to find its way to your trading account.

Storage and Cashing Out

Lastly, purchasing in Dogecoin is only one-half of your investment plan. It would help if you also contemplated how to keep your digital asset safe until you are ready to cash out.

Some online brokers offer you digital wallet services on their platform. This way, you do not have to worry about keeping your fund safe or go through the border of finding a third-part crypto wallet. The only thing is to make sure that this chose broker is regulated.

Once you have made the purchase, you can withdraw your Dogecoin investment to a private wallet, alternatively. If you already have another crypto wallet, this option is worth considering.

Steps on How to Invest in Dogecoin

If you are investing in crypto for the first time, here is how you can complete the process in just 10 minutes.

Step 1: Open an Account

When you decide which online broker to use, head over to its website, you can create an account by entering your data and required contact information.

After entering the data, you will receive a confirmation email, and you need to verify it. Then, you are all set.

Step 2: Upload Some ID

Beyond all regulated online brokers, you need to complete a KYC process to verify your identity. In fact, this will be mandatory to make a deposit.

Although it might sound complex, the process might be pretty simple. First, you are required to give a valid photo ID and upload a copy to the website. But, this could be a passport, driver’s license, or any other valid government issue ID. Moreover, if you need to add proof of residence, you can add a utility bill or bank account statement.

Some platforms have automated systems. Hence, you will be able to verify your account almost directly.

Step 3: Make a Deposit

The following step is to put some funds into your trading account. First, choose one of the payment modes carried by the platform. Then, ensure you reach the minimum deposit amount needed and complete the transaction.

Step 4: Search for Dogecoin

When the funds are available in your trading account, you have everything ready to invest in Dogecoin. First, search Dogecoin on the brokerage platform. Then, you will redirect to the page of digital asset trading.

Step 5: Complete Dogecoin Investment

Enter the sum you wish to spend in Dogecoin. Then, once you are ready to complete the purchase, confirm the order. After that, the Dogecoin will appear in your wallet.

Step 6: Cash Out Your Dogecoin Investment

If your chosen broker has digital wallet functionality, it will directly add the coins. If not, the website will provide you with directions on withdrawing the coins to your private wallet.

When is the time for you to cash out? Then, you can exchange your Dogecoin back to the broker where you acquired them. Will send the profits from the trade back to the payment method you used to make the first Dogecoin purchase.

How to Invest in Dogecoin – Conclusion

Does Dogecoin have a bright future ahead? The question is a tricky one to clarify. With that said, you might want to trade carefully before making any big purchases solely based on the current market scenario. If you have read our article thoroughly, you now know how to invest in Dogecoin when you are ready.

The method is easy: choose an online broker, add funds, and specify the amount you want to invest in Dogecoin to complete the purchase. For those excited to start right away, make sure you understand our guidelines on picking the right online broker to protect your trading capital.

A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.