Dogecoin may have started as a joke, but it has become a peer-to-peer cryptocurrency. Like other crypto assets, DOGE’s transactions can move directly from person to person without the need for a centralized middleman.
The token is increasingly gaining more attention as a transactional cryptocurrency used for online payments.
If you want to buy DOGE and add it to your crypto portfolio, this guide is for you. The following is the step-by-step process of buying Dogecoin in the USA.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY DOGECOIN IN THE USA
- A Step-by-Step Guide to Buying DOGE
- How to Sell DOGE
- Things to Consider When Buying DOGE in the USA
QUICK GUIDE: HOW TO BUY DOGECOIN IN THE USA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Dogecoin.
- Enter how many Dogecoin coins you want to buy.
- Check the details and confirm your purchase.
A Step-by-Step Guide to Buying DOGE
Set up an account with an exchange that supports DOGE in three steps:
Step 1: Open an Online Account
The first step is to open an account with a cryptocurrency exchange that accepts direct purchase of DOGE with USD.
Also, you need to consider some things before opening an account with the exchange or broker.
First, find out the broker’s fee and commission schedule. Remember that fees vary according to the broker, so you need to select a broker you are comfortable with.
Additionally, the crypto exchange should have educational tools and features accessible on the exchange’s trading platform.
You also need to pick an exchange with wider access to other markets, in case you want to diversify your crypto portfolios.
Step 2: Fund your Account
Here is the part where you will link your bank account to our exchange platform.
You can fund your accounts with different payment options, including credit cards, PayPal, debit cards, and bank transfers. Crypto exchanges offer varying fees on these payment options, so you can go for the cheaper option that’s more comfortable for you.
Step 3: Buy Dogecoin
After opening and funding your account on an exchange, the next step is to buy Dogecoin.
Most exchanges offer payment options using Bitcoin (BTC). If your broker doesn’t offer direct crypto payment options, you can buy BTC with your fiat currency and buy the BTC/DOGE pair to convert Into Dogecoin.
Almost all types of exchanges provide different order types on their platform. However, the two most common types are the market order and limit order. For the market order, you are buying DOGE based on the current price of the token. Once you place your order, it is filed immediately.
On the other hand, the limit order provides an option where users can buy Dogecoin when the price falls to a specific level. It is a good option for those expecting a drop in the price of the token. Once you select this option, your broker will not fill the order until it hits the threshold you have chosen.
To use either the market order or the limit order, go over to the order page on the exchange’s portal where the cryptocurrency pairs are listed. Select the right DOGE pair you want and enter details for the order. You will be asked to review the order before it is finally executed if you are using the market order option.
Once your order is executed, a notification email will be sent to you.
Step 4: Store your DOGE in a wallet
After buying your DOGE token, you will need a wallet to store it. Get a crypto wallet that is compatible with Dogecoin.
While a crypto exchange can provide custody for your DOGE, it’s safer to store your cryptocurrencies in a wallet. An exchange is vulnerable to hackers and threat actors who may hack into the exchange and steal users’ funds. But with a wallet, you have better control of your funds.
You can choose between a cold wallet and a hot wallet. If you want to store DOGE for a very long time, a cold wallet is the safer option. This is because it is not connected to the internet and stays off-limits for hackers.
You can always access your DOGE tokens from the wallet with your wallet key.
But it’s important to keep the wallet keys very safe because your funds could go forever if it is stolen or misplaced.
Read Also: Why Dogecoin is Going to Explode
How to Sell DOGE
Selling DOGE is as easy as buying. You can follow the same process in step 3. Log on to your broker’s platform and select the right pair you want to sell. If your exchange doesn’t have the DOGE/USD option, you can choose the Bitcoin pair. Once you’re sold the pair, it will be easier to convert BTC to USD on the portal.
Things to Consider When Buying DOGE in the USA
There are several things you should consider when buying DOGE on an exchange.
Consider the future of the token
Dogecoin has been surrounded by controversies regarding its use case. The token is meme-based, and some investors don’t see anything tangible backing it up. But it has received wider recognition from top figures lately.
That has galvanized the token to all-time highs. It has also been driven by retail traders. However, the future is not certain for the crypto asset, despite its increased popularity. But now, the market is in a bull position, and traders are still going long to take gains from the market.
Read More: Is Dogecoin a Good Investment?
There is no doubt that the cryptocurrency industry is one of the most volatile markets in the world. It’s important to understand that the market is highly speculative and can change at any moment.
When you go into the market with its volatility in mind, you can manage your funds better and get your mind prepared in case the market goes south.
The DOGE token is used more as a payment token than a store of value. This is why it is widely available compared to some other tokens. If you’re looking to trade cryptocurrency frequently, you will not have issues with liquidity.
The use of DOGE as a payment method and increased interest from Reddit traders has increased the value of the token to unprecedented levels. As a result, the token is now being offered by several crypto exchanges in the USA.
If you’re looking to buy the DOGE token, the buying process is easy to follow, just as we’ve explained above.
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Virtual currencies are highly volatile. Your capital is at risk.