Home » Here’s How You Can Invest in Dogecoin

Here’s How You Can Invest in Dogecoin

by Uneeb Khan

Dogecoin is currently one of the popular cryptocurrencies in the market, with a market capitalization that places it in the top projects. Diversifying your crypto portfolio by adding some Dogecoin can allow you to take advantage of market volatility. Let’s look at the process of investing in Dogecoin so you can accumulate some like the thousands of its fans across the world.

Choose Your Point of Purchase

There are different types of places you can go online to purchase Dogecoin. Cryptocurrency exchanges are markets where you can buy, sell and trade various cryptos. Depending on the size of the exchange, the platform will include a selection of the thousands of cryptocurrencies in existence.

Most of the major exchanges list Dogecoin, but you’ll want to check with the platform before signing up. You can find centralized exchanges that are tightly regulated and decentralized exchanges that allow for freer peer-to-peer crypto trading.

Besides exchanges, you can purchase Dogecoin from online stock trading platforms. Many of these platforms have included crypto in their assets after realizing the opportunity presented by the growing market. These apps are easy to use but offer fewer options and functionality than exchanges.

Fund Your Account

Once you open your account, you will have to fund it. Exchanges and stock trading apps both follow regulations set forth by governing bodies. As such, you will have to undergo KYC, short for Know Your Customer, verification as you would with any other financial institution.

Verification doesn’t take long and you will soon receive a notification that all is in order. You can fund your account in several ways, as outlined by the service you have chosen.

Purchase Your Dogecoin

With exchanges, your funds will either be made available to you as dollars or in the form of a chosen cryptocurrency, usually Bitcoin. To purchase Dogecoin, you will have to trade your Bitcoin for Doge on the market. Exchanges provide you the opportunity to place a market order or to set a price and wait for your order to be filled.

If you choose to set a price that is lower than the spot price, you will have to wait for the market to drop and meet your price. This poses the risk that the price may continue to rise, leaving your order unfulfilled.

Look at the current price and estimate where the trend is going. Offer to buy at a price where you are comfortable buying.

Store Your Dogecoin

Big crypto exchanges are generally safe for leaving your cryptocurrency on them. For maximum security, a wallet for downloading your crypto is safer.

While on the exchange, your crypto resides in a pool along with others’ coins. Choose a Dogecoin wallet that suits your needs and transfer your crypto from the exchange to your wallet.

Buy Dogecoin Today

As per the experts at SoFi Invest, “The process of purchasing DOGE is similar to that of buying other cryptocurrencies.” Once you understand how to invest in dogecoin, you’re ready to make your purchase like an expert.

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