A “meme” cryptocurrency, it was first created in 2013. Mostly used as a tipping mechanism, meme coin got a new lease of life in 2021. Dogecoin’s resurgence was fueled by Elon Musk, Mark Cuban, and Snoop Dogg.
Its market capitalization was US$78 billion in May 2021, making it one of the most highly traded cryptocurrencies. However, this figure decreased to US$23 billion at the time of writing (late July 2021). In this guide, we have reviewed the best dogecoin trading platforms for you.
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75% of retail investor accounts lose money when trading CFDs with this provider.
72% of retail investor accounts lose money when trading CFDs with this provider.
83% of retail investor accounts lose money when trading CFDs with this provider.
Your money is at risk. The exchange holds an e-money license from the FCA.
Crypto assets are highly volatile, unregulated investment products. No EU investor protection
In This Guide
Our review of 50+ crypto day trading platforms for 2021 showed that eToro is by far the best. The site is heavily regulated, which may be the most important fact. That includes licenses from FCA, ASIC, and CySEC – but eToro is also registered with and authorized by FINRA.
EToro is therefore safe and secure for traders in the United States and around the world. There are 18 popular cryptocurrencies you can buy and sell on eToro, in addition to Bitcoin, EOS, BCH, Ethereum, Uniswap, Ripple, Cardano, and Binance Coin. The ability to trade derivatives related to cryptos may also be available depending on where you live.
The yen, euro, British pound, and U.S. dollar are all fiat-to-crypto pairs included in this category. In addition to crypto-to-crypto trades, you can also trade BTC/XRP and ETH/BTC. Most eToro customers can trade these crypto CFD derivatives – unless you are from the U.S., U.K., or Hong Kong. Nonetheless, with regards to fees, eToro is a 100% commission-free cryptocurrency day trading site. In other words, you are not charged any fees if you enter and exit the market as often as you like.
Registration and payment methods in USD are free. You will be charged a small currency conversion fee of just 0.5%. You will also be offered passive investment tools in eToro’s user interface, making it one of the best crypto day trading platforms around. CryptoPortfolios include a diversified basket of digital currencies with various weightings. eToro manages your portfolio for you not to have to worry about rebalancing your portfolio yourself.
Another option is to use the Copy Trading tool to buy and sell cryptocurrencies. eToro uses crypto traders who are skilled and proven investors. You will copy their trades. The minimum amount you need is $500. You only need $25 to make a crypto trade if you do it yourself. It takes minutes to open an eToro trading account – and you can deposit with a debit/credit card, bank transfer, or e-wallet like Paypal.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
You will likely have a chance of finding the cryptocurrency you are looking for on Binance. That is because a huge volume of transactions is conducted on this cryptocurrency exchange every day, worth billions of dollars.
It includes several small-cap coins as well as hundreds of pairs. There are hundreds of ERC-20 tokens included as well. Your debit/credit card might be accepted where you live.
Fees range between 3 and 4%, however. Even so, Binance's trading fees are exceptionally low. If you own Binance Coins (BNB), you'll pay even less - just 0.1% - on the platform. Besides offering various charting options and order types, Binance is a great option if you enjoy performing technical analysis.
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Your money is at risk.
You should consider Capital.com if you have no experience trading crypto assets, including trading dogecoin. There is no overly complex trading jargon on the platform.
The trading platform itself is clear and easy to use, so placing orders is a snap. A wide variety of crypto CFDs is available at Capital.com. Crypto-fiat and crypto-cross pairs covering various coins are included. Spreads on major pairs are competitive, and the platform charges no-day trading commissions.
As for Capital.com's minimum requirement of $20, we like it as well. The Capital.com demo account allows you to trade crypto in real-time without making a deposit. Before investing any money, you can learn the ropes of crypto trading with this. In addition, your money is always safe with Capital.com because it is heavily regulated.
76.25% of retail investor accounts lose money when trading CFDs with this provider.
Introducing the "fun and friendly" digital currency Dogecoin in December 2013 is a peer-to-peer, open-source cryptocurrency that promotes social interaction. The Dogecoin trading project was launched soon after Bitcoin and Litecoin, two of the major players of the early crypto era. Dogecoin was originally intended to help the general public understand the technology behind blockchains by creating a more memorable cryptocurrency project. However, with its emergence in the internet-driven era of retail investors, Dogecoin has become an icon. In 2021, the Shiba Inu, the logo of the meme coin, has been hard to avoid.
Dogecoin's technology is similar to other cryptocurrencies such as Bitcoin. In addition, DOGE introduces several improvements to Bitcoin's technology to make transactions faster and more affordable. In addition to this, other cryptocurrencies offer better, more innovative solutions that reduce transaction costs. Even though Dogecoin trading isn't revolutionary, the cryptocurrency's investors aren't banking on the blockchain. Doge Army members are instead counting on the vibrant community around DOGE.
Dogecoin can be purchased by opening an account on a cryptocurrency exchange that supports DOGE. Several exchanges support Dogecoin trading, including Coinbase, eToro, Robinhood, Gemini, SoFi, and Webull.
One of the best options is SoFi. SoFi members will receive free bitcoin for a limited time, allowing you to gain exposure to cryptocurrencies without risking your own money. As well as buying and selling IPOs and exchange-traded funds, SoFi lets investors invest in many other assets.
You can purchase DOGE after you have opened your wallet and exchange account. You can view the DOGE price on your exchange dogecoin trading platform by opening it first. It is important to monitor the DOGE price and watch how it moves to ensure you don't overpay for your coins, though cryptocurrencies' prices always change.
If you use the best exchanges, you will have the option of choosing from a wide range of order types. The basic types of orders you might already know if you've traded stocks before. Make sure you have a solid understanding of the most common order types before investing. Determine your available funds and how much DOGE you want to buy by choosing one of the order types available.
After you have placed your order with your broker, they will fulfill it as soon as possible. It indicates that your order has been completed when you see your DOGE in your exchange wallet. Your broker may cancel your order during the day trading dogecoin if they cannot fulfill it according to your specifications.
A cryptocurrency wallet gives you the ability to store DOGE off of exchange by giving you a set of keys. Then, if your exchange is hacked or stolen, you are protected against losing your investment.
Currently, users cannot transfer their assets from or to another wallet on Robinhood. Using a wallet that lets you control your private key is the best way to hold your cryptocurrency. All three exchange wallets, Coinbase, eToro, and Gemini, allow sending and receiving. To ensure your private keys are secure, use a wallet that allows you to manage them yourself.
A cryptocurrency wallet is either a hot software wallet or a cold hardware wallet. For access to your investments, you must be connected to the internet with a software wallet. To achieve maximum security, hardware wallets store your coins offline, but the cost may be over $50. So if you're looking for storage for your DOGE, check out our favorite software and hardware wallets.
Many exchanges offer the option of selling DOGE as well as buying. So you can trade the crypto easier and cheaper in such cases. However, if your exchange does not support buying and selling currencies, you may sometimes have to move between exchanges.
Check out this list of the best Dogecoin trading exchanges and sites:
The cryptocurrency exchange Binance is one of the biggest and most popular outsides of the U.S. In addition to being the world's largest exchange in terms of volume for a long time now. If your country allows it, Binance offers you a wide range of ways to buy crypto, including bank transfers, credit cards, and peer-to-peer trading (P2P).
The exchange offers major currencies as funding options, including the U.S. dollar, the British pound, the euro, the Canadian dollar, the Australian dollar, and a range of minor currencies. In addition, Binance also offers a range of cryptocurrencies for you to fund your account with, including Bitcoin and Ethereum, as well as Binance Coin.
There's one caveat for U.S. residents who want to purchase Dogecoin through Binance. U.S. residents are not allowed to use Binance's main platform because of regulatory uncertainty. To cater to U.S. citizens, Binance has created an exclusive version of the platform, Binance.US. Nonetheless, this option is unavailable for Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
Coinbase, the largest crypto exchange in the U.S., didn't add DOGE support until June 2021 due to customer requests. However, fans of Dogecoin trading can now purchase them on both Coinbase.com, Coinbase's simpler trading interface, and Coinbase Pro, the platform's more advanced trading interface.
Since 2012, Coinbase has been the only publicly listed crypto exchange in the United States. Deposits can be made using credit or debit cards and bank transfers for residents of the United States and the E.U., including ACH and SEPA.
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Kraken is a U.S.-based crypto exchange, according to CoinMarketCap, that was launched in 2011. The exchange currently supports funding in the following currencies: USD, EUR, CAD, AUD, GBPI, Swiss franc, and JPY. Wire transfers and credit cards are supported. Residents of the E.U. can use SEPA for free and fast payments.
Alternately, if you already possess crypto, Kraken lets you deposit BTC, ETH, LTC, QTUM, ADA, ZEC, and XMR into your account.
By clicking the "Buy Crypto" tab after funding your account, you can buy DOGE in under 10 minutes.
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Bitcoin and other altcoins, which it supports over 200, are available on Binance, the largest crypto market by volume, and is also good as a dogecoin trading app.
Binance's Secure Asset Fund for Users keeps 10% of all trading fees in a cold wallet (not connected to the internet) kept by its app. As well as offering savings, the application claims to earn interest above 5%.
It is worth noting that Binance has developed its "lite" interface, which is designed specifically for beginners to the crypto world. If you are new to crypto, you might want to give it a shot.
Binance is available for iOS and Android.
One of the larger cryptocurrency trading platforms, Coinbase, offers a smaller selection of coins but does offer several security features and the opportunity for new users to receive $5 in Bitcoin when they register.
Coinbase's supported coins are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Basic Attention Token, 0x, and USD Coin, and customers can trade using their bank account or debit card. A knowledge base is also available for learning more about what cryptocurrencies are and how to use them. The company also offers smart tools that provide updates on coin performance and news.
Users can even disable Coinbase's app if they lose their devices to avoid theft since Coinbase claims bank-level security.
Coinbase is available on iOS and Android. So there is no excuse for not having it as your dogecoin trading app.
When it had frozen sales of GameStop stocks early in 2021 amid a Reddit-backed surge, Robinhood came under fire. The app also crashed during a recent surge in Dogecoin trading prices.
However, Robinhood is a user-friendly and beginner-friendly app that supports both cryptocurrency and traditional stock trading. Several cryptocurrencies can be traded in the app, including Bitcoin, Bitcoin Cash, Bitcoin S.V., Dogecoin, Ethereum, Ethereum Classic, and Litecoin. In addition, it is another excellent dogecoin trading app.
As a final point to consider, you will be restricted by Robinhood's ability to purchase and sell cryptocurrency. So, if you want to store your crypto locally rather than withdraw it from your exchange, it isn't the right place for you.
Robinhood is available on iOS and Android.
Unlike other crypto trading apps, Sofi does offer not only crypto but also stocks and futures. In addition, it is an app that allows you to manage investments, bank accounts, credit cards, and everything else related to your finances in one place.
The firm offers crypto, stocks, fractional shares, ETFs, IPOs, a debit card, and credit monitoring, and even a "claw game" contest for new customers with the chance to win $1,000. In addition, spending money with Sofi's debit card can earn points redeemed for cryptocurrencies such as Bitcoin and Ethereum.
If you want to invest without micromanaging your holdings, Sofi offers automated investing, in which algorithms identify the best ways to turn investments into profits. With all that being said, it is another excellent dogecoin trading app to consider.
Sofi is available on iOS and Android.
The Winklevoss twins founded the Gemini exchange as a security experiment. There are two-factor authentication requirements for all accounts, and most deposits are airtight cold storage (hot storage assets are insured). Access to production is controlled through the least privilege. It is one of the first exchanges to obtain SOC1 Type 1 and SOC2 Type 2 certifications for its hardware security modules, generating and storing keys internally. As a result, Gemini has one of the best security levels in the crypto market.
Gemini also has a Gemini Pay service, allowing users to spend crypto at more than 30,000 business locations in the U.S.
Gemini is available on iOS and Android. So there is no excuse for not having it as your dogecoin trading app.
As the most popular cryptocurrency, Dogecoin also has an unpredictable future due to its high ranking. In general, the higher the value of a coin, the greater the chance of sudden increases or decreases in its value.
Because of the popularity of Dogecoin trading, there is also a chance that a third party could accidentally raise or lower the price. For example, the mere presence of Elon Musk on Twitter can drastically change the price of Dogecoin because people will buy or sell it depending on his tweet.
As a result, buyers of Dogecoin must also keep up with what people are saying about it. For example, celebrities can influence the way their fans feel about currency, in addition to the normal differences in value.
There is no scam in Dogecoin trading technically. The coin is simply another cryptocurrency that has gained popularity. However, in terms of the fundamentals of investing, Dogecoin trading is a poor choice - other cryptocurrencies are better.
Retail investors can purchase Dogecoin on Robinhood, making it easily accessible. It is similar to Gamestop in that it is not a scam, but its value is dependent on speculation.
In light of Dogecoin's steep price rise since 2018, it is an extremely risky investment. Further, the cryptocurrency does not have any utility after considering its lack of value.
A key feature of Dogecoin trading is its use of the same consensus model as Bitcoin, making it relatively secure. Despite this, the cryptocurrency has been unceremoniously hacked. In just a few weeks after launch, hackers seized 21 million Dogecoins, which at the time were worth $12,000 each.
The blockchain of Dogecoin trading wasn't compromised; the hackers only compromised Dogecoin's website so that payments were directed to their wallets. Thus, making Dogecoin trading platforms very safe.
On your eToro dashboard, click "Trade Markets." Select "Crypto." Then scroll down to look for "DOGE" and click "Buy" and set the amount you want to invest. Click "Open Trade" and there you go!
In case you are interested, you are now able to join the Dogecoin bandwagon easily. When you decide to make investments with eToro, you will not need to pay commissions as you can invest as little as $25.
The process of opening an account takes only a few minutes, and fund deposits can be made via debit/credit cards or e-wallets. In order to protect yourself against extreme market volatility, it is important that you diversify well if you decide to buy Dogecoin.
A product manager at Adobe Inc.'s Sydney office, Jackson Palmer, created Dogecoin in 2013 as a way to ridicule the hype associated with cryptocurrencies.
Dogecoin can now be traded on the most basic Coinbase platform, following the cryptocurrency's integration into Coinbase Pro in June. Thus, making it another dogecoin trading platform that traders can use.
The process is also smooth and fast with exchanges like Coinbase and Coinmama, but you'll need a Dogecoin wallet before you purchase since some exchanges require it. As soon as that step is complete, Dogecoin trading will be available.
In exchanges such as Kraken, Coinbase, Binance, eToro, Voyager, or Gemini. Dogecoin trading can be done.
Investors take Dogecoin trading a lot more seriously now than when it started as a joke. Yet, investing in it is still extremely risky. Investing in cryptocurrencies should not exceed 3% to 10% of your portfolio, according to experts.
Dogecoin trading volume usually is $3.3 billion.
Due to its high volatility, Dogecoin may be a good investment for day traders. However, while its potential reward is high, its risk is also high, and it is difficult to predict using fundamental analysis. Trading Dogecoins should, therefore, only be done with a very small proportion of capital. In other words, day trading dogecoin could be either beneficial or risky for traders.
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