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If you’re interested in trading cryptocurrency, the most important thing to keep in mind is that it’s not regulated largely or backed by any government. Therefore, investing in crypto comes with some risks, and the prices of almost all cryptocurrencies can be very volatile as well. It means that along with their inherent risks, cryptocurrencies have the potential to generate higher returns. Dogecoin (DOGE), which is one of the most popular cryptocurrencies, is no exception. If you're interested in Dogecoin, then choosing the right platform to buy this cryptocurrency is critical. In this article, we’ll discuss the best online platforms with their features to buy, sell, and trade Dogecoin (DOGE).
Dogecoin, which is listed as DOGE on exchanges, is one of the most popular cryptocurrencies with the current (on 25th July) market capitalization of about 26 billion US dollars. It was founded as a joke back in 2013 by two software developers who modified the Bitcoin source code. However, with time this cryptocurrency has shown impressive growth to draw the attention of more and more investors. Dogecoin is based on the same blockchain technology, but it offers some advantages over other popular cryptocurrencies such as Bitcoin and Ethereum. For example, it offers faster transaction confirmation time and a very affordable transaction cost.
Dogecoin History
The idea of Dogecoin was proposed by Jackson Palmer in a Tweet in 2013 where he shared a picture featuring Shiba Inu Dog and cryptocurrency. Both of these concepts were trending at that time, and Palmer intended to make fun of those. But the community took it very seriously by missing out on the joke. Billy Markus contacted Palmer to actually launch the project, and he also altered the Bitcoin source code within a matter of several hours. He decreased the Dogecoin block generation time and increased the total supply to 100 billion DOGE tokens.
Because of the most popular concepts of that time, Dogecoin immediately started gaining fame. Moreover, the Dogecoin community also started participating in humanitarian causes such as sponsoring sportspersons and giving away Dogecoin for non-profit development projects. Finally, the cryptocurrency hit the one billion US dollars market capitalization milestone in 2017.
Dogecoin Performance in 2017
In 2023, the tweets of Elon Musk (CEO of Tesla) showed his interest in Dogecoin took the cryptocurrency to the next level. Resultantly, Dogecoin (DOGE) reached its all-time high market capitalization of 88 billion US dollars. The value of one DOGE token at that time was around 0.6 US dollars.
Dogecoin Performance in 2023
Dogecoin 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
Where to Trade Dogecoin? Top 5 Best Options
As mentioned, choosing the right online platform is one of the most critical steps that you need to take before buying Dogecoin. Not only does it ensure that your investments are in safe hands, but it also allows you to keep yourself from internet scams. The best places to trade Dogecoin are the regulated online brokerages or the reputable and leading cryptocurrency exchanges. You can choose from the list that we have compiled based on the best trading features, reliability, daily trading volume, and performance. Consider reading the following table carefully in order to choose the online platform that suits your needs the best.
As mentioned, primarily, there are two different options that you can choose to buy and sell Dogecoin (DOGE). If you're interested in active trading, then it's best to choose an online broker. Moreover, if you're aiming to invest in Dogecoin for the long term, then working on a crypto exchange can be a better option. The following are the best options for both that you can choose to buy, sell, and trade Dogecoin.
Webull Crypto
Webull is one of the best online brokerages, which is highly regulated and offers great features and a trading environment. It supports multiple cryptocurrencies, including Dogecoin, and offers commission-free cryptocurrency trading.
Binance, by far, is the most popular and largest cryptocurrency exchange that supports over 500 cryptocurrencies, including Dogecoin. As you can see in the image below that, it flaunts about 18 billion US dollars of daily trading volume with well over 44 million weekly visits.
Binance on Coinmarketcap
The trading fee on Binance is also very low as you only need to pay 0.1 percent of a flat spot trading fee. Moreover, you can also get further discounts by holding BNB tokens. All you need to do is to choose BNB tokens to pay for your trades, and you'll receive a 25 percent discount. Moreover, it offers 12 different DOGE pairs that you can choose for trading.
Dogecoin on Binance
Top 3 Best Strategies to Trade Dogecoin (DOGE)
Just like any other type of trading, you’ll need to follow a well-defined strategy while trading Dogecoin or any other cryptocurrency. The following are the best ones that you can choose.
Buy Dogecoin and Hold
If you're a beginner, then the best strategy that you should follow is buy and hold. All you need to do is to buy DOGE tokens using the desired online trading platform and hold them.
👍 Pros of Buy and Hold Dogecoin Strategy
• You don’t need to monitor the performance of the cryptocurrency frequently.
• This strategy also doesn’t require advanced trading skills.
• There is also minimal chance to make emotional decisions.
👎 Cons of Buy and Hold Dogecoin Strategy
• It involves the likelihood of a strong capital drawdown
• Potentially lower profitability than active trading.
Dogecoin Swing Trading
Swing trading is a strategy where you aim to earn profit in a short period by buying and selling Dogecoin. The main concept of this strategy is to catch market swings taking place over the course of days, weeks, or months. There are two main features of swing trading.
Swing high: It provides you with the opportunity to trade on a short-term basis when the market peaks.
Swing low: It provides you with the opportunity to trade in the long-term when the market dips.
👍 Pros of Dogecoin Swing Trading
• As compared to other trading strategies, you don’t need to monitor your trade for hours.
• You can swing trade Dogecoin part-time with any other full-time job.
• Because of the volatility, you find many opportunities to earn a profit.
👎 Cons of Dogecoin Swing Trading
•Swing trading involves overnight risks as you need to hold your assets for a longer period of time as compared to day trading.
• You might need to experience price gaps by holding Dogecoin over the weekend because of the after-market development.
• Swing trading Dogecoin requires trading skills, and making a profit can be very tricky.
Dogecoin Day Trading
Day Trading, as the name suggests, is the strategy where you buy and sell DOGE tokens within the same working day to earn profit. It comes with its own advantages, but it also has its downsides as well.
👍 Pros of Dogecoin Day Trading
• High volatility brings more opportunities to earn profit
• You can perform Dogecoin day trading 24/7
• The market offers clear patterns when it’s rising
• The crypto market is still developing, and it also means that it has a huge potential
👎 Cons of Dogecoin Day Trading
•Market manipulation is possible
• Many people consider that Dogecoin is associated with pump and dump schemes
• The crypto market has unpredictable news cycles that affect the performance of even the most popular assets. For example, the effect of Elon Musk’s tweets on Dogecoin which although it went in a positive direction. But it can go in the other direction as well.
Should You Buy Dogecoin?
If you’re wondering whether you should buy Dogecoin or not, then you’ll need to define your trading and financial goals. After that, you’ll need to perform Dogecoin market research in order to find out if it’s aligned with your needs or not. The most important thing that you need to keep in mind while performing your market research is the volatility of cryptocurrency. Dogecoin, just like most cryptocurrencies, is highly volatile. It undoubtedly brings opportunities to earn more profit, but at the same time, it also means that investing in Dogecoin is very risky.
One of the biggest opportunities for investing in Dogecoin is the overall crypto market potential, as it's still in its development stages. Moreover, the Dogecoin project specifically is very active, and its community is known as one of the most passionate ones. Moreover, Dogecoin also has the active support of most influential figures such as Elon Musk. In simple words, Dogecoin undoubtedly has potential, but it’s important to make sure whether investing in this cryptocurrency is in your interest or not.
How to Buy Dogecoin (DOGE): 3 Steps Algorithm
If you’ve decided to buy Dogecoin, it’s important to follow the right course of action to avoid all unwanted situations.
Step One: Perform Market Analysis
Whether you’re interested in buying Dogecoin or any other asset, the first and perhaps the most critical step is to perform market analysis. Not only does it allow you to ensure that the asset you're interested in is aligned with your financial objectives.
Step Two: Funding an Account
Once you have performed market analysis, the next step is to fund your account that you'll use to buy Dogecoin. As mentioned, Binance is one of the best online platforms for that purpose, and before funding your account, you'll need to register yourself on Binance. For that, you'll need to go to the official Binance website and click on the big "Register Now" button, as the following picture illustrates.
How to Register on Binance
Then you’ll need to enter your phone number or email address along with a strong password to complete the registration process.
Once your account has been created, the next step is to add funds. Binance allows you to use both fiat currency and cryptocurrency to fund your account. First, you’ll need to go to the “Wallet” option available in the top right corner and then choose the "Fiat and Spot" option.
How to Fund Account on Binance
The system then will redirect you to another page, and from there, you'll need to simply click on the "Deposit" button.
How to Make Deposit on Binance
The next page will have both options. If you want to use your preowned cryptocurrency, then you'll need to click on the "Deposit Crypto" option. Then on the next page, you’ll need to attach your crypto wallet and add the desired amount of the desired cryptocurrency.
On the other hand, you’ll need to choose the currency and the bank if you want to fund your Binance account using fiat currency. Then you'll need to click on the "Continue" button, and the system will ask you to attach your bank account details. All there's left is to enter the amount you want to add, and that's about it.
How to Fund Account Using Fiat Currency
Step Three: Buying Dogecoin (DOGE)
After funding your account, you'll need to install the Binance application on your smartphone and log in to your account. From the main page, you'll need to choose the trading option by tapping on the double arrow button, as shown below.
How to Buy DOGE on Binance
Then you’ll need to choose DOGE from the list of supported cryptocurrencies and enter the Dogecoin amount that you want to buy. After that, you’ll need to click on the continue button and choose the “Cash Balance” option from the next page. The desired Dogecoin amount will be bought, and you'll be able to see it in your account.
How to Select Payment Method on Binance
Direct Method to Buy Dogecoin (Doge)
You can also buy Dogecoin by simply opening the Binance web app and clicking on the "Credit/Debit Card" option, as shown below.
How to Buy DOGE with Direct Method
After that, the system will ask you to choose the desired cryptocurrency (which is DOGE in this case) along with the amount that you want to spend to buy Dogecoin. After that, you’ll need to click on the continue button and add your bank account details to complete the process.
How to Buy DOGE with Debit/Credit Card
Dogecoin (DOGE) Performance
Dogecoin currently flaunts the status of the 8th best cryptocurrency in the whole world in terms of market capitalization. Recently, it has shown impressive performance, and more and more investors are being attracted towards it. However, you must bear in mind that being a cryptocurrency, Dogecoin is a highly volatile asset. You can read the following chart that shows the performance of Dogecoin from 2020 to the current date (25th January 2023).
DOGE Performance
DOGE
1m return
3.44%
1y return
178.19%
Top 10 Best Cryptocurrencies to Invest In
If you want to diversify your portfolio by investing in more than one cryptocurrency, then the first step is to find the most suitable candidates. The only way to filter out the cryptocurrencies that possess the highest potential for profits is to perform in-depth and comprehensive market research. It can be both a tiring and time-consuming process that requires advanced technical skills as well. Therefore, we have compiled a list of the 10 best cryptocurrencies that you can choose for investment.
We have ranked these crypto assets with the help of our specialized criteria that includes examining the historical data, popularity, technology, and market performance. Make sure that you understand the following table properly to choose the cryptocurrency that suits your financial goals and needs the best.
There you have it. We hope this guide will help you to understand how and where to buy Dogecoin to start your trading journey with this cryptocurrency. Bear in mind that learning Dogecoin trading can take time. That’s why we recommend you buy a few coins if you’re just starting out to understand the market performance and behavior of Dogecoin. Because of the performance and the potential of the crypto market, trading Dogecoin can be very profitable. Consider sticking with the regulated brokers or reputable and reliable online crypto exchanges while trading or buying Dogecoin online.
FAQ
Is trading Dogecoin online safe?
Yes, as long as you’re working with a regulated broker or a reputable crypto exchange, trading Dogecoin online is completely safe.
How long does it take to start Dogecoin trading?
Starting your Dogecoin trading journey is very simple, and it takes a couple of days at max. All you need to do is to choose the online platform, create your account and start trading Dogecoin.
Is trading Dogecoin legal in the US?
Yes, trading Dogecoin in the US is completely legal. However, it’s not yet possible to access leveraged crypto CFDs.
Can I store my DOGE tokens in my Binance account?
Yes, you can store your Dogecoin (DOGE) token in your Binance account. However, we recommend you store them in your crypto wallet and keep only the amount that you want to actively trade on your online 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.
Jeremy Flint is an MBA graduate and freelance finance writer primarily emphasizing content creation for wealth managers and investment funds. A former U.S. Army officer, he brings strategic vision to content development and tactical analysis to stock picking and economic assessments.
He’s been obsessed with the markets since he was a teenager and is passionate about spreading financial literacy by using his expertise to break down obscure market concepts for retail traders. His main focus areas are fixed-income investing, alternative investments, macroeconomic news, and the oil, gas, and utilities sectors.
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.
