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Cryptocurrencies have changed the way we handle money. These currencies have evolved to a point where we can instantly send money to other people, even if they are located in another country. Bitcoin was the very first cryptocurrency, with a value that has surpassed $34,000. Since 2009, several other virtual currencies have been developed.
It is easy to buy Dogecoin on Robinhood. It is enough to take a few steps. Check that your Robinhood account is set up and ready to use, fund your balance, search for Dogecoin and click the "Buy".
Dogecoin is a cryptocurrency that has made waves. While the value of Dogecoin is nowhere near that of Bitcoin, the cryptocurrency does have potential. In recent months, Dogecoin has gained significant interest - and was even added as a coin option on Robinhood. We take a closer look at what Dogecoin is and how you can buy this cryptocurrency when trading on Robinhood.
Dogecoin is one of the earlier cryptocurrencies that came into existence, just four years after Bitcoin. One thing that made Dogecoin popular is the fact that it originated from a joke. The joke was related to a meme that was popular a few years back - and this is also how the coin was named. Even though the origins of DOGE are related to a joke, the coin has gained significant popularity in the last few years. In 2023, Dogecoin is considered to be among the five major cryptocurrencies. Thus far, the coin had already increased by 5000% in value since the beginning of 2023. This was largely contributed to by a Tweet that Elon Musk, the CEO at Tesla, published. Elon mentioned DOGE as his personal favorite in the cryptocurrency market - which caused the coin to explode in the coming months.
Robinhood has been offering its users access to cryptocurrencies for a while now. Dogecoin was recently added to the list of cryptocurrencies that users can trade with on the platform. Thus, it is possible to trade with Dogecoin when you decide to join up with Robinhood as your preferred broker.
In addition to Dogecoin, several other cryptocurrencies are also offered on the platform. When trading with Dogecoin, the coin will usually be traded in pairs with the base currency that you use on the platform. By offering more than just DOGE as a tradable cryptocurrency asset, you get to expand your portfolio - diversity is critical when it comes to limiting risks and increasing your opportunity to turn a profit from your investments, after all.
What Are Robinhood Crypto Trading Fees?
One of the major benefits that attract many people to Robinhood as a trading platform is the low fee structure. It is important to note that Robinhood gives the user access to several commission-free trading opportunities. This means you get more for your money when converting from a base currency to a cryptocurrency. It should, however, be noted that there is a fee charged for sell orders. This is due to the regulators that are associated with Robinhood. The fees are generally very low, however. The specific fee you will pay when selling your crypto depends on a few factors, such as the amount of DOGE that you are selling in the order.
How To Buy Dogecoin (DOGE) On Robinhood? Beginner's Guide
The Robinhood platform was made to be simple yet powerful. The interface is easy to use, which is why many beginners feel welcome when using Robinhood. At the same time, there are powerful features that the more experienced trader can take advantage of.
In this section, we show you how you can buy Dogecoin on Robinhood through a step-by-step guide.
Open A Robinhood Account
Before you can buy Dogecoin on Robinhood, you first need an account on the platform. Thus, the first step is to register a new account if you do not already own one. Visit the official Robinhood website by going to https://robinhood.com and then click on the “Sign Up” Button.
This will take you to the registration page. On this page, you need to fill out a few personal details. Make sure the information you enter is correct, as this would avoid problems with your account later on.
Make sure your First Name and Last Name entered is the same as displayed on your local identity documentation - as you will need to confirm your identity in the next step.
Robinhood Account Opening
Verify Your Account
Once you have completed the signup process, you need to verify your account. There are two essential steps to follow when it comes to verification. The first step is to verify your email address. After the previous step, an email is sent to the email address you entered during registration.
Once your email address is verified, you also need to complete identity verification. This process requires you to upload your official government-issued identity document. You can also upload your driver's license or passport. An agent at Robinhood will need to verify that it is the correct document that you uploaded and ensure the details on the document matches what you entered during the registration process. You will receive an email once your account is verified - this will open up more features for you.
Fund Your Account
Now that you have a verified account on Robinhood, you do need to add some funds before you can buy Dogecoin. Robinhood offers multiple deposit options. Be sure to take a closer look at the options that are available, and choose the one that suits your preferences. Add the funds that you would like to convert to Dogecoin and then proceed to the next step once the funds reflect in your account.
Buying Dogecoin (DOGE)
The final step is to actually initiate a buy order for Dogecoin. You need to visit the Dogecoin section on the platform - this can be done from the mobile app or directly on the web system. Enter the amount of DOGE you want to buy. You will be presented with the price in your base currency. Simply confirm the order to buy the Dogecoin.
How to Buy DOGE on Robinhood
Can I Withdraw Dogecoin From Robinhood?
When buying cryptocurrency on Robinhood, it is important to note that you do not gain access to a crypto wallet. In order to withdraw Dogecoin and send it to a different wallet, you will need access to the wallet where the coins are being stored at the moment. With this in mind, it is important to note that you cannot withdraw Dogecoin directly from the Robinhood platform - since you do not get access to the wallet where the coins are stored. If you have a specific action that you want to perform with Dogecoin, then you will need to buy coins on a platform that gives you access to such a wallet.
How To Sell Dogecoin (Cash Out) On Robinhood?
While it is not possible to make a direct withdrawal with Dogecoin on Robinhood, this does not mean you cannot withdraw at all. It is possible to cash out when you decide to make an investment in Dogecoin. This process involves the submission of a sell order - which means you need to sell the Dogecoin that was purchased on the system.
The process is relatively straightforward. You simply need to visit your portfolio on Robinhood. Choose the Dogecoin holding and then initiate a sell order. You will be presented with a quotation, which tells you how much you will be paid for the Dogecoin you want to sell. Robinhood will usually attempt to present the quotation in your base currency. If you are happy with the quotation, you can proceed with the sell order. Take note that the regulatory organizations associated with Robinhood demand that the company charges a transaction fee for sell orders. Robinhood focuses on being transparent regarding its pricing, which means you will see all fees charged for the transaction on the quotation.
Should You Buy Dogecoin Now?
Since 2013, when Dogecoin was started, the coin didn't have significant movement in its price. One year ago, the coin was worth just over $0.003 per DOGE. Early in 2023, however, things started to change. On the 8th of may, DOGE reached a value of $0.7 per coin. This was the highest point that the coin had reached since its founding date. The value of the coin did fall quickly after this achievement but still held some value. Currently, Dogecoin has a value of over $0.2.
Experts in the cryptocurrency industry are optimistic about the future of Dogecoin. Currently, many experts believe that the coin will hit $1 in due time, although it may still take quite a while for this goal to be achieved.
As you can see, Dogecoin has a lot of potentials. At the same time, it is a very volatile cryptocurrency. The price has gone up and down in the past few months - and this means there are both opportunities and risks linked to DOGE.
When we consider the expert opinion, then it seems like now is a good time to invest in Dogecoin. The coin's value is expected to continue rising in the future. Still, due to the volatility, it is important to avoid investing more than you can afford to lose.
Where To Buy Dogecoin? Robinhood Best Alternatives
Robinhood is a trusted platform. The platform offers the user access to a wide selection of cryptocurrencies, as well as additional asset options. As with any company or platform, however, there are both pros and cons when it comes to buying Dogecoin on Robinhood. With this in mind, it is important to explore all of your options - remember that Robinhood is not the only broker that gives the user access to DOGE.
The experts at Traders Union have been analyzing a wide selection of brokers in the past. We have looked at brokers that give the user access to cryptocurrencies. Due to the increased popularity of Dogecoin, our experts recently decided to take a look at which brokers allow users to trade with the cryptocurrency. Below, we present our findings - this is a list of excellent alternatives to Robinhood. It is always a good idea to have more options to choose from, as this allows you to make an unbiased decision based on facts.
Top 10 Best Cryptocurrencies to Invest In
Dogecoin is currently considered to be among the major cryptocurrencies. The coin offers an
excellent investment opportunity but, of course, also has risks. We have recently seen just how volatile
DOGE is, and this is causing concern among people who wish to invest in cryptocurrencies. Fortunately,
DOGE is not the only cryptocurrency that is showing potential. Several other cryptocurrencies are available,
which gives you an opportunity to expand your portfolio.
Traders Union did extensive research to bring you a list of the top 10 cryptocurrencies you
should consider investing in. Each of the cryptocurrencies you find in the list below has shown significant
potential recently. Cryptocurrency experts have weighed in on all of these cryptocurrencies too, with many
believing they are the ones that will be trending in the upcoming years.
Dogecoin is trending, with an estimated 130 billion coins currently in circulation. The coin has not yet reached the $1 mark but is still considered a cryptocurrency people should keep a close eye on. Buying Dogecoin on Robinhood is now possible - and the steps are relatively simple. With this in mind, it is important to note that the Dogecoin cannot be withdrawn from Robinhood but rather only used for trading purposes. Still, this can be a good opportunity for people who want to catch the Dogecoin wave. Never invest more than you can lose, however, as the volatility we have seen in DOGE recently does show that there are risks involved in this opportunity too.
FAQs
Can I still buy Dogecoin on Robinhood?
Robinhood has been offering its users access to cryptocurrencies for a while now. Dogecoin was recently added to the list of cryptocurrencies that users can trade with on the platform.
Why can't I buy Doge on Robinhood right now?
You won't be able to place a trade and buy Dogecoin if you don't have enough purchasing power.
How can I buy Dogecoin stock?
You can buy Dogecoin on the Robinhood platform, as well as on one of the cryptocurrency exchanges that support this coin.
Does Robinhood charge to buy Dogecoin?
Robinhood does not charge any fees when buying Dogecoin. Transactions with the coin can be carried out through an account in Robinhood Crypto.
Is it safe to buy Dogecoin on Robinhood?
Robinhood is a trusted platform that is used by millions of people. With this in mind, it is considered safe to buy Dogecoin on the Robinhood platform. Individuals should, however, note that they will not gain access to a wallet address when they buy Dogecoin on the platform - but can still make future trades on the position they have opened.
How much Dogecoin can I buy on Robinhood?
There is no limit on the maximum number of DOGE that can be bought on Robinhood. You are able to buy a number of Dogecoins based on the funds that are available in your account. There is, however, a minimum number of DOGE that needs to be purchased in a single transaction. Robinhood previously only allowed for transactions where a minimum of 10 DOGE was bought. Recently, however, the company announced that its users will now be allowed to buy DOGE with a minimum of one coin per transaction.
Will Dogecoin reach $100?
Dogecoin has a very low value per coin. In fact, the coin still needs to reach a $1 value. With this in mind, experts do not believe Dogecoin will reach the point where one DOGE is worth $100. Many do believe that the coin will eventually hit the $1 mark - but there are a lot of mixed opinions in terms of where Dogecoin will go from there.
Is there a monthly fee for Robinhood?
Robinhood is considered one of the more affordable brokers. The company does not charge monthly or annual account fees.
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
Volatility refers to the degree of variation or fluctuation in the price or value of a financial asset, such as stocks, bonds, or cryptocurrencies, over a period of time. Higher volatility indicates that an asset's price is experiencing more significant and rapid price swings, while lower volatility suggests relatively stable and gradual price movements.
Bitcoin is a decentralized digital cryptocurrency that was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.
Johnathan M. is a U.S.-based writer and investor, a contributor to the Traders Union website. His two primary areas of expertise include finance and investing (specifically, forex and commodity trading) and religion/spirituality/meditation.
His experience includes writing articles for Investopedia.com, being the head writer for the Steve Pomeranz Show, a personal finance radio program on NPR. Johnathan is also an active currency (forex) trader, with over 20 years of investing experience.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
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).
