Best Options to Buy Dogecoin (DOGE) on Binance

How to buy Dogecoin on Binance

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Binance is a user-friendly crypto exchange, so placing trades on it takes only a few easy steps. Start on the dashboard on the home page. Below is a step-by-step guide for buying Dogecoin on Binance.

Step 1 (You can skip this if you’ve already added funds to your account.)

Hover over the ‘Buy Crypto’ tab and select your preferred method for adding funds to your Binance e-wallet. Trades can only be placed from the funds placed in your wallet. Note that different methods attract different deposit charges, so make sure you consider this while choosing your preferred method.

Step 2

Once you’ve added the funds, click on the ‘Markets’ tab in the top panel. This will take you to the crypto market page where the price for all tokens would be quoted.

Step 3

When you land on the ‘Markets’ page, you’ll find a search bar near the table that shows the quote for all cryptocurrencies. Click inside it and search for Dogecoin. You’ll then find the DOGE token. In its quote, you’ll find the ‘Trade’ button. Click on it.

Step 4

Once you click on the ‘Trade’ button, you’ll be redirected to the spot trading page of Binance. Scroll down and you’ll find the trading terminal. If you want to place a normal trade, you can choose between the limit/market/stop-limit order types.

For a limit order, enter the limit price, which is the price at which you want to execute the order. Once that’s done, enter the amount of Dogecoins you’d like to purchase. You can also use the slider to use the pre-sets provided by Binance, which correspond to 25%, 50%, 75%, and 100% of your wallet value. Then, click on ‘Buy DOGE’, and your order will be placed. You can see if it’s open or executed in the ‘Open Orders’ tab.

How to withdraw Dogecoin (DOGE) from Binance

Withdrawing Dogecoin on Binance is an even easier process. Follow the same steps till you get to the trading terminal. Then, follow the guidance provided below.

In the terminal, enter the amount of Dogecoins that you want to sell in the ‘Amount’ tab on the sell side. If you want to sell them at a specific price, use the limit order option and enter the desired price in the ‘Price’ tab above it. In case you want to sell all of your holdings, simply use the diamond-shaped slider and slide it to the far right. Then, confirm the details and click on ‘Sell DOGE’. You can check the status of your orders in the same ‘Open Orders’ tab. Selling DOGE will convert your coins into BUSD (if you’ve chosen DOGE/BUSD), which you can then withdraw to your bank account.

What is Dogecoin (DOGE)?

Dogecoin is the first meme coin that started out with no other purpose than being a “joke.” Its founders Billy Markus and Jackson Palmer launched it in 2013 as a humorous attempt to replicate Bitcoin. However, the crypto community welcomed this joke with open arms and this token became highly popular in no time. Its name and symbol are both based on the Japanese dog breed Shiba Inu. Many experts term it to be an ‘influenced’ token, the one whose movement is powered by the commentary of influential people. Here’s a brief overview of Dogecoin prepared by the Traders Union:

Should I Invest in Dogecoin?

Although quite popular, Dogecoin has no real utility in the actual world. And while the profits generated from it are high, the losses are equally dangerous. This makes it a highly volatile option for investment. So, the experts at TU suggest only investing the amount you can afford to lose in this token.

Where can I buy Dogecoin? Binance alternatives

Many crypto exchanges provide support for Dogecoin trading. Apart from Binance, exchanges like Kraken, Coinbase, and Huobi can be considered noteworthy alternatives for investing in Dogecoin.