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The rise of Dogecoin from its beginnings as a meme coin to having a current market cap of around $25 billion has surprised many, to say the least. 2023 has been a record-setting year for Dogecoin, thanks in no small part to its public endorsement by Elon Musk. For some, DOGE represents the volatility of the cryptocurrency market as a whole – a risky gamble that can either erupt or crash due to a single social media post. For others, it’s an investment opportunity that has led to wildly profitable returns.
Seeing as Dogecoin has attracted so much attention, you may be asking yourself: is it possible to buy DOGE on the popular trading platform, Webull? Keep reading to find out.
Does Webull do Dogecoin? Yes, Webull supports Dogecoin (DOGE) trading. This opportunity has been available since April 20, 2023.
Yes! As of April 20 this year, Dogecoin is fully available to buy and trade on Webull.
Before purchasing, make sure that you are approved for trading cryptocurrency on the platform. You can learn more about applying here.
How Do You Buy Dogecoin (DOGE) on Webull?
Once you’ve been approved to trade crypto, you can begin buying and selling Dogecoin, given that you have adequate buying power (BP). Just type Dogecoin (DOGEUSD) into the search bar and head to the Dogecoin quotes page.
Below, you’ll find a step-by-step breakdown of how to join the Webull platform and buy Dogecoin.
Step 1. Download the App and Register Your Account
The Webull trading platform is available as a web platform, desktop app, or mobile app. For this tutorial, we’ll be looking at the web version.
Webull makes it easy to open a trading account in just a few steps. When you visit their homepage, simply click the Get Started button to begin.
Start registration on Webull
Even without fully opening your account, you can access the trading view and technical analysis charts. This portal is helpful if you just want to look around before committing to the platform.
Webull Trading Platform
However, if you want to fund your account and make DOGE trades, you’ll need to click Open Account in your account dashboard.
Funding Account on Webull
Before signing up, be aware that you are required to provide some identification documents such as a driver’s license or passport. You must also meet the following criteria to register:
Be 18 years of age or older
Possess a valid Social Security Number (SSN)
Occupy a legal residential address within the US or US territories
Be a US citizen, permanent resident, or hold a valid US visa
Verification on Webull
After verifying your identity, you’ll be asked what kind of account you’d like to open. There are two options: cash accounts or margin accounts.
Cash accounts enable you to make trades with your settled funds. So, if you have $500 settled funds in your account, you can only make day trades worth up to $500. Margin accounts allow you to borrow against your funds to make leveraged trades.
Since you cannot use a margin account to trade cryptocurrency, you should choose the cash account option if you’re interested in trading DOGE. Also, don’t forget to tick the box Apply For Crypto Trading.
Account Types on Webull
Next, you’ll need to provide some information regarding risk disclosure. First, answer some basic regulatory questions, such as whether you are a politically exposed person (PEP) or connected to a financial institution. Then, fill out a short questionnaire regarding your investment profile – your experience, expectations, and financial means.
After you’ve completed this step, you can sign and submit your application! Most accounts are approved within 1-2 business days or sooner. You’ll receive notification about the status of your application via email.
Submitted account on Webull
Step 2. Fund Your Webull Account
To fund your account, first make sure that your bank can perform ACH transfers. Then, transfer directly to your Webull account.
Webull’s trading platform has a minimum deposit requirement of $0. The one condition regarding funding your account is that you must trade in USD.
Step 3. Determine Your Entry Point
Webull has a wide range of technical analysis tools at your disposal. Please do your own research before using these tools to make any trades. As a general rule, you should never invest money that you can’t afford to lose.
The trading view allows you to view the market broken down into different time segments. In the example below, the timeframe in the top bar is set to days. In addition, you will find options for drawings, indicators, line style, comparison, and settings in the upper right-hand corner.
For this tutorial, we’ve selected three of the most frequently used technical indicators to appear on the chart, but there are many more to choose from in the menu.
Moving Average (MA) calculates the average price over a specified period. As a result, it can help identify market trends by smoothing out random, short-term fluctuations.
Exponential Moving Average (EMA) displays a moving average of the asset’s price, but with a greater weight placed on recent data. This indicator is useful in determining market trends and is more responsive to new information than simple moving averages.
Bollinger Bands (BOLL) show bands the width of two standard deviations from the price’s simple moving average. Investors typically use this range to determine when an asset is overvalued or undervalued. If the price is closer to the upper band, then it may be overvalued. If it is closer to the bottom of the band, it may be undervalued.
Trading Indicators on Webull
Another available function is the ability to draw on the charts directly. If you select the pencil icon in the top right, you’ll find an extensive list of drawing tools. Use these tools to place trendlines or notes directly onto the chart.
In the example below, we’ve used the trend channel tool to highlight a chart section.
Technical Analysis on Webull
Technical Analysis on Webull
After completing your technical analysis and feeling confident in your entry position, you can place an order.
Step 4. Buying Dogecoin (DOGE) On Webull
For buying cryptocurrency, Webull offers both market and limit orders. As far as time-in-force (TIF) goes, both day and immediate or cancel (IOC) are available.
Market orders allow you to execute a buy or sell order at the current available price. In the example below, placing a market buy order for 100 DOGE at the current price would cost an estimated $18.68.
Market orders are preferred if you want to make an immediate trade at the current market price. Click open now, and your order will be executed immediately.
Buying DOGE on Webull
Limit orders allow you to buy or sell at a specified price. The order will only be executed once the price reaches your set limit. In the example below, the limit sell order for 100 DOGE will only occur once the price of DOGE reaches $0.20.
Limit orders are preferred if you want to make a trade at a set price, allowing you to have greater control over your trading prices. However, there is no guarantee that the market price and your limit price will match. Click open now, and your limit order will be active until the end of the day. If the market price reaches your limit price, your order will be executed. If it does not match by the end of the day, Webull will cancel your order.
Perhaps the biggest benefit of using Webull to purchase cryptocurrency is that all of your assets are on one platform. Many other popular cryptocurrency trading platforms do not allow you to trade stocks or other securities.
Is Webull Crypto Trading Legit?
Webull is a popular, trusted name in the online broker space. It is registered with the SEC and is a member of FINRA, SIPC, NYSE, and NASDAQ. The platform offers traders extensive market assets alongside a professional suite of tools and technical analysis options.
Is Webull Crypto Trading Safe?
It should be noted that Webull has established a separate entity for its cryptocurrency operations: Webull Crypto LLC. The rest of the platform is registered with the SEC under the name: Webull Financial LLC.
The SIPC protects other stocks and securities that you trade on Webull’s platform, but that’s not the case with cryptocurrency. Since crypto is decentralized, no regulatory authority can protect investors who decide to buy or sell crypto.
Instead, Webull offers access to crypto trading through Apex Crypto, which is not a registered broker-dealer. Nor is it insured by the FDIC or SIPC.
Webull Crypto Fees
Webull charges zero fees for trading crypto. There is also no minimum amount of equity needed to trade. Instead, Webull has a built-in 100bps markup included in the price of crypto that you buy or sell.
When Can I Buy Dogecoin on Webull? Trading Hours
Whether you’re a night owl or an early riser, you’ll be able to trade Dogecoin around the clock. Unlike the traditional stock market, crypto trading on Webull occurs 24/7. The only off hours are between 5:30 pm – 6:30 pm ET when the platform conducts account settlements and maintenance. Any outstanding orders that are still pending will be canceled at 5:30 ET.
Transferring Dogecoins (DOGE) From Webull
At this time, Webull only supports buying and selling Dogecoin directly on the platform. Transferring cryptocurrency into or out of your Webull account is unsupported.
What is Dogecoin (DOGE)?
Dogecoin launched in December 2013 as an open-source, peer-to-peer cryptocurrency. Its creation was initially considered a joke, drawing inspiration from the famous “Doge” meme that featured an image of a Shiba Inu. However, it quickly became a hit on sites like Twitter and Reddit, leading to a series of significant jumps in value over the next few years.
Dogecoin key features:
Proof-of-work cryptocurrency
Unlimited supply
High mining issuance rate
Widely used as a tipping currency on social media
One of its most influential advocates is Elon Musk, who was voted the coin’s CEO in a 2019 Twitter poll. In 2023, DOGE had an explosive growth run to an all-time high of $0.7376, partially fuelled by Musk’s support. Even as the broader crypto market has experienced a downturn over the past couple of months, Musk’s tweets still lead to boosts in Dogecoin’s value.
DOGE’s Explosive Growth In 2024
DOGE Performance
2023 has been a record year for Dogecoin so far, blowing away any of the coin’s previous price movements.
In January, the WallStreetBets frenzy that disrupted the traditional stock market shifted towards cryptocurrency. This spurred Dogecoin towards a new high of $0.087, representing a 1,100% jump. After that, the price continued to ride a surging wave of social media influence until reaching its all-time high of $0.7376 on May 8.
Since then, in conformity with broader crypto market trends, the price of Dogecoin has dipped considerably to where it currently sits at around $0.20. Still, this represents a year-to-date return of almost 4000%. In fact, if you had invested in Dogecoin since its launch, you would be up over 35,000%.
Dogecoin (DOGE) Profile
Ticket
DOGE
Max supply
N/A
Total supply
130,063,646,536
1-year price low
$0.0074524
1-year price high
$0.68144
Current Price
$0.16
Market cap
$0
Markets
Binance, Huobi Global, Coinbase
Should I Buy Dogecoin (DOGE) On Webull?
Webull’s platform makes it easy to get started in crypto trading because it keeps all of your assets in the same place. It also offers a professional range of analytics and technical indicators.
While DOGE has experienced periods of explosive growth, it is also highly volatile and susceptible to external influences. Therefore, you should always do your own research before putting money into any asset, regardless of its recent publicity.
Dogecoin is fundamentally a meme coin that relies heavily on public sentiment to give it value. As history has shown, a single tweet by influential figures like Elon Musk can potentially cause its price to skyrocket or plummet. As such, investors stand to make significant profits or losses when trading in Dogecoin.
Ultimately, only you can decide whether to invest in Dogecoin on Webull. Never forget one of the fundamental rules of investing: only invest what you can afford to lose. This rule is especially relevant to cryptocurrency.
Top 4 Dogecoin Alternatives on Webull
There are several alternatives to Dogecoin available on Webull. Here, we’ve presented the top 4 alternatives as rated by our experts.
Our team considers many factors to develop these ratings, including the underlying technology, practical application, price action, and more. Click on review to learn more about each of these cryptocurrencies.
Dogecoin’s meteoric price action this year has attracted a broad audience of both fans and critics. Its detractors will point to the coin’s wildly unpredictable price swings, seemingly set off on a whim by tweets from high-profile celebrities like Elon Musk.
However, Dogecoin supporters who still hold their DOGE investments from the beginning of this year might be content to let their immense returns speak for themselves.
Does Dogecoin have a profitable future, or has that ship already sailed? A passionate community fronted by Elon Musk still beats the drum for this cryptocurrency, but it remains to be seen whether DOGE’s value can regain its past momentum. If you’re interested in adding Dogecoin to your investment portfolio on the same platform that manages your other assets, then you may want to utilize Webull’s professional trading platform.
The Webull broker is characterized by low-quality execution of transactions. Transactions revolve within the company. If you compare trading here with trading in other companies, the difference will be very noticeable. I do not advise.
I have been cooperating with Webull for the third month. It seems to me that this is a sufficient period to see all the obvious advantages and disadvantages of the company. First, about the cons, which, perhaps, only catch me. I don't like their terminal from the word "generally". It lacks tools for analysis, and performance leaves much to be desired. Another disadvantage is that access to margin trading is opened from $2,000 in the account balance. But still, I lingered here, because there are pluses: trading without spreads, increased leverage on intraday trading and a demo account for testing strategies. I don’t see a worthy replacement among competitors yet, I stay with Webull until better times.
I won’t complain about Webull either. My homie advised me to cooperate with this broker and I immediately checked its legal documents. It’s as clear as day, the company operates in the legal field. Trust my experience, there are a lot of scammers these days but Webull is not one of them. The broker's terminal is rock-solid, and after the last update, it became even more convenient to use it compared to before. Everything is smooth with payments and the company strives to make the process even better.
I opened an account with Webull a year ago, the company's experts helped to develop a strategy and decide on financial instruments. I cannot say that I am very impressed with the results, but there is an indisputable plus from our cooperation. Transactions are well protected, there is no commission for withdrawing funds from the account.
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
