Dogecoin has gained a lot of attention in recent years due to its unique branding and meme-inspired origins. As a result, many people have become interested in buying dogecoin as an investment. One of the well-liked websites where dogecoin can be purchased and sold is eToro. In this article, we will guide you through the process of buying dogecoin on eToro, step by step.
How to Buy Dogecoin on eToro?
Well, buying a dogecoin on eToro is quite simple. Here’s a step-by-step guide on how to buy Dogecoin on eToro:
- Sign up
The first step in purchasing Dogecoin on eToro is to create an account. Go to eToro’s website and click on the “Join Now” button in the top right-hand corner of the screen. Personal information such as your name, email address, and phone number will be required. In addition, you must create a username and password for your account.
Once you have completed the sign-up process, you will be asked to verify your email address and phone number. This is a standard security measure that eToro uses to protect its users.
- Verify your account
You must first validate your account on eToro before you can begin trading. This is another security measure that eToro uses to ensure that its platform is not being used for illegal activities.
To verify your account, you will need to provide some additional personal information, including your address and a government-issued ID. eToro will review your information and verify your account within a few days.
- Fund your account
Once your account has been verified, you can fund it with money. eToro supports a variety of payment methods, including credit/debit cards, bank transfers, and e-wallets like PayPal and Skrill.
To fund your account, click on the “Deposit” button in the bottom left-hand corner of the screen. Select your preferred payment method and enter the amount to be deposited. To complete the purchase, simply follow the on-screen instructions.
- Search for Dogecoin
Now that your account is funded, you can start buying dogecoin. To do this, you will need to search for dogecoin on eToro’s platform.
To search for dogecoin, click on the “Trade Markets” tab in the top left-hand corner of the screen. Then, type “Dogecoin” into the search bar and hit enter. eToro will display a list of results related to dogecoin.
- Buy Dogecoin
To buy Dogecoin, click on the “Trade” button next to the Dogecoin symbol. This will bring up a new window where you can enter the details of your trade.
In the trade window, you will need to choose the amount of dogecoin you want to buy and the price at which you want to buy it. You can choose to buy dogecoin at the current market price, or you can set a limit order to buy dogecoin at a specific price.
Once you’ve entered all of the necessary information for your trade, click the “Open Trade” button to proceed. eToro will deduct the cost of the trade from your account balance and add the dogecoin to your portfolio.
- Monitor your investment
After you have bought dogecoin, it’s important to monitor your investment regularly. Dogecoin, like all cryptocurrencies, is known for its volatility, and its value can fluctuate rapidly.
To monitor your investment, go to the “Portfolio” tab on eToro’s platform. Here, you can see a detailed breakdown of your investments, including the value of your Dogecoin holdings.
You can also set up price alerts to notify you when Dogecoin reaches a certain price point. To set up a price alert, go to the dogecoin page on eToro and click on the “Set Price Alert” button. Choose the price at which you want to be notified and eToro will send you an email or push notification when Dogecoin reaches that price.
Additionally, you can use technical analysis tools to help you make informed decisions about when to buy or sell dogecoin. These tools can provide insights into market trends and help you identify potential buying or selling opportunities.
- Withdraw your funds
If you decide to sell your dogecoin or withdraw your funds from eToro, the process is straightforward. Go to the “Portfolio” tab and click on the “Sell” button next to your Dogecoin holdings. Enter the details of your trade and click on the “Close Trade” button to execute the trade.
To withdraw your funds, go to the “Withdraw Funds” page on eToro’s platform. Select your preferred payment method and enter the amount to be withdrawn. To complete the transaction, simply follow the on-screen instructions.
Conclusion
Overall, purchasing Dogecoin on eToro is a straightforward procedure that can be accomplished in a matter of minutes. By following the steps outlined in this article, you can start investing in dogecoin and monitor your investment using eToro’s platform. Remember to always do your research and only invest what you can afford to lose, as cryptocurrencies are highly volatile and their value can fluctuate rapidly.
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