How to Buy Dogecoin on eToro: 5 Steps to Follow (2024)

Cryptocurrencies are a complex labyrinth of fluctuating prices, volatile markets, and confusing jargon. Among the various cryptocurrencies vying for the crown, Dogecoin has emerged as a popular choice among investors. However, many users often ask: How to buy Dogecoin on eToro?

This guide will help you navigate through the process of buying Dogecoin on eToro, ensuring you have all the information needed for a successful investment journey.

Understanding Dogecoin and eToro

Before diving into the step-by-step process, let’s take a moment to understand the two key players in our discussion – Dogecoin and eToro.

Unraveling Dogecoin

Dogecoin, a digital currency created by Billy Markus and Jackson Palmer in 2013, started as an internet joke featuring the “Doge” meme and a Shiba Inu dog. Despite its humorous origins, Dogecoin has gained immense popularity, fuelled by a strong sense of community among its users and a lighthearted approach to the often intimidating world of cryptocurrencies. 

Dogecoin’s blockchain technology is based on Litecoin, making it a peer-to-peer (P2P), decentralized cryptocurrency that is both accessible and less expensive than its contemporaries like Bitcoin.

Also Read: How to Buy Bitcoin on eToro in 5 Easy Steps (2024 Guide)

Peeking into eToro

eToro, on the other hand, is a social trading and investment platform that allows users to trade and invest in a variety of financial assets, including cryptocurrencies like Dogecoin. 

Launched in 2007, eToro is known for its user-friendly interface, comprehensive educational resources, and innovative social trading features that let users connect with other traders, follow their strategies, and even copy their trades. This makes it an excellent platform for both beginners and experienced investors.

How to buy Dogecoin on eToro: A guide

Let’s delve into the step-by-step process of buying Dogecoin on eToro.

Step 1: Sign up for an eToro account

The first step towards buying Dogecoin on eToro is setting up an account. Visit the eToro website and click on the “Join Now” button. You’ll need to provide basic personal information like your name, email address, and phone number. 

Create a unique username and a strong password to ensure your account’s security.

Step 2: Verify your eToro account

After setting up your account, you need to verify your identity as per the Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This involves uploading a copy of your government-issued ID and proof of address (like a recent utility bill or bank statement). 

The verification process might take a few days, but it’s a crucial step to ensure the security of your account and to access all the features offered by eToro.

Step 3: Secure your account

To add an extra layer of security to your eToro account, we recommend enabling two-factor authentication (2FA). This feature requires a verification code each time you log in, which can be generated using an authenticator app like Google Authenticator or Authy. 

To enable 2FA, navigate to the “Settings” section of your account and select the “Security” tab.

Step 4: Fund your eToro account

Once your account is set up and verified, you need to deposit funds into your eToro account. eToro offers a variety of payment methods for this purpose, including credit/debit cards, PayPal, Neteller, and Skrill. You can also opt for a bank transfer, but keep in mind that this might take a bit longer to process.

Step 5: Locate and buy Dogecoin on eToro

Now that your account is funded, it’s time to find Dogecoin on eToro’s platform. Use the search bar at the top of the dashboard to search for “DOGE” or “Dogecoin.” When Dogecoin appears in the search results, click on “Trade.”

After clicking on “Trade,” you’ll be asked to enter the amount of Dogecoin you wish to purchase in US dollars. Once you’ve entered the desired amount, click on “Open Trade” to finalize your purchase. Congratulations! You’ve now bought Dogecoin on eToro.

Also Read: How Does eToro Make Money? A Detailed Overview

Exploring Dogecoin’s features

Here’s a deeper dive into the notable features that define Dogecoin:

Inflationary supply

In stark contrast to Bitcoin’s finite supply of 21 million coins, Dogecoin boasts an unlimited supply. Also, this means that new Dogecoins are continually being generated, contributing to a dynamic ecosystem. 

While this inflationary nature can exert downward pressure on its price, it also aligns with Dogecoin’s ethos of inclusivity and accessibility.

Swift transaction times

One of Dogecoin’s standout attributes is its rapid transaction confirmation. Dogecoin transactions are typically processed and confirmed within a minute, offering a significantly quicker experience than Bitcoin, where confirmations take up to 10 minutes. 

Additionally, this swiftness positions Dogecoin as a practical choice for those seeking efficient and timely transactions.

Low transaction fees

Dogecoin prides itself on its minuscule transaction fees, often amounting to less than a cent. Moreover, this cost-effectiveness makes it an appealing option for microtransactions and everyday purchases. 

The affordability of Dogecoin transactions has contributed to its growing popularity as a means of conducting small-scale financial transactions.

Vibrant and engaged community

At the heart of Dogecoin’s success lies its robust and passionate community of enthusiasts. Furthermore, this community has played an instrumental role in promoting the adoption and awareness of Dogecoin. 

United by a shared sense of camaraderie and a love for the coin’s Shiba Inu-inspired mascot, they have rallied behind Dogecoin and brought it into the mainstream.

Widespread acceptance

Dogecoin’s adoption extends beyond the realm of its devoted community. Moreover, a growing number of merchants, including some major online retailers, have embraced Dogecoin as a valid payment option. 

This increasing acceptance has transformed Dogecoin into a practical and convenient method for settling transactions and procuring goods and services.

eToro fees and charges

eToro charges a single, transparent fee of 1% for buying or selling Dogecoin. This fee is included in the price you see when you open or close a position. There are no additional fees for depositing or withdrawing Dogecoin.

Here is a breakdown of the fees you will pay when buying or selling Dogecoin on eToro:

• Buying fee: 1% of the total amount of Dogecoin you purchase
• Selling fee: 1% of the total amount of Dogecoin you sell

For example, if you buy $100 worth of Dogecoin, you will pay a fee of $1. Furthermore, if you then sell that Dogecoin for $120, you will pay a fee of $1.20.

In addition to the buying and selling fees, there are a few other fees that you may incur when using eToro:

• Inactivity fee: If you do not log into your eToro account for 12 months, you will be charged an inactivity fee of $10 per month.
• Withdrawal fee: eToro does not charge a withdrawal fee for withdrawing in USD. However, there is a withdrawal fee for withdrawing funds in any currency other than USD.

Also Read: Is Dogecoin Dead? All Potential Bearish Scenarios Covered

Wrapping up

While Dogecoin started as a joke, it has quickly grown into a serious player in the cryptocurrency market. Buying Dogecoin on eToro gives you access to this popular cryptocurrency. Additionally, it also gives you the flexibility of a user-friendly, secure platform with a variety of features. 

Whether you’re a seasoned trader or a beginner dipping your toes into the world of cryptocurrencies, eToro makes buying Dogecoin a straightforward and enjoyable process.