Dogecoin, the cryptocurrency that started as a joke but gained immense popularity, has become a favorite choice for crypto investors and traders. If you’re interested in buying Dogecoin, eToro is one of the user-friendly platforms that make it relatively easy to get started. In this step-by-step guide, we’ll walk you through the process of buying Dogecoin on eToro.
Step 1: Sign Up for an eToro Account
If you don’t already have an eToro account, the first step is to sign up. Visit the eToro website (www.etoro.com) and click on the “Join Now” button. You’ll be asked to provide your email address, create a username and password, and agree to the terms and conditions. Afterward, eToro will send a verification link to your email. Click on the link to verify your email address and complete the registration process.
Step 2: Verify Your Identity
To comply with regulatory requirements, eToro requires users to verify their identity. You’ll need to provide personal information, including your full name, date of birth, address, and phone number. You may also need to upload a valid government-issued photo ID, such as a passport or driver’s license, as well as proof of address, like a utility bill or bank statement. The verification process usually takes a few hours to a day.
Step 3: Deposit Funds into Your eToro Account
Before you can buy Dogecoin on eToro, you’ll need to deposit funds into your account. eToro accepts various payment methods, including credit/debit cards, bank transfers, and e-wallets like PayPal and Skrill. Choose the payment method that works best for you and follow the instructions to deposit your desired amount of funds into your eToro account.
Step 4: Search for Dogecoin
Once your eToro account is funded, you can search for Dogecoin. In the eToro trading platform, click on the “Trade Markets” button, and in the search bar, type “Dogecoin” or its ticker symbol “DOGE.” Click on the Dogecoin listing that appears in the search results.
Also Read: Why Cryptocurrency is Becoming so Popular?
Step 5: Analyze the Dogecoin Market
Before you buy Dogecoin, it’s essential to analyze the market and make informed decisions. eToro provides valuable information on the Dogecoin page, including price charts, market statistics, and recent news. Take your time to review this information and consider your investment strategy.
Step 6: Place an Order
To buy Dogecoin on eToro, click on the “Trade” button on the Dogecoin page. This will open a trade order window where you can specify the details of your order. You can choose between two order types:
a) Market Order: This type of order allows you to buy Dogecoin at the current market price. Simply enter the amount you want to invest and click “Open Trade.”
b) Limit Order: With a limit order, you can set a specific price at which you want to buy Dogecoin. If the market reaches your chosen price, the order will be executed. Enter the price and the amount you want to invest, then click “Set Order.”
Step 7: Review and Confirm Your Order
Before finalizing your Dogecoin purchase, review the order details to ensure they are accurate. Make sure you are comfortable with the investment amount and order type you’ve chosen. When you’re ready, click “Open Trade” to confirm your order.
Step 8: Monitor Your Investment
After placing your Dogecoin order, you can monitor your investment in the eToro trading platform. eToro provides real-time price charts, portfolio tracking, and news updates to help you stay informed about your Dogecoin holdings.
Buying Dogecoin on eToro is a straightforward process that involves signing up, verifying your identity, depositing funds, and placing an order. Remember that cryptocurrency investments carry risks, and it’s essential to do your research and make informed decisions. Consider your investment goals and risk tolerance before buying Dogecoin or any other cryptocurrency. Additionally, keep in mind that cryptocurrency prices can be highly volatile, so it’s crucial to stay updated on market trends and news. With the right approach and knowledge, eToro can be an excellent platform for buying and trading Dogecoin and other cryptocurrencies.