Dogecoin

Written by Mike Druttman

Fact checked by Nick Zelver

Updated Mar, 2024

First Glance

Dogecoin, with its iconic Shiba Inu logo inspired by a viral internet meme, might seem like a humorous take on cryptocurrency. But this "joke" has evolved significantly. Today, Dogecoin stands as a prominent player in the cryptocurrency market, largely propelled by endorsements from high-profile figures like Elon Musk. The exciting news is that Dogecoin is now accessible for investment through the eToro online platform.

For those interested in the specifics of investing in Dogecoin via eToro, I have prepared a detailed guide. In this guide, I will share my personal experiences and insights, which could be valuable for anyone considering this unique investment opportunity. Keep reading to learn more. 

Why I Prefer Trading Dogecoin on eToro

Having traded Dogecoin on eToro on several occasions, I've identified numerous advantages of the platform:

• Simple and User-Friendly Interface: eToro offers an intuitive platform, making it easy for both beginners and experienced traders.
• Low Minimum Investment: You can start trading with as little as $10.
• Easy Transfer to eToro Wallet: The platform enables seamless transfer of cryptocurrencies to your eToro wallet.
• Copy Trading Feature: eToro allows you to mimic the trading strategies of successful Dogecoin traders.
• Leverage Trading: This option enables you to open larger trading positions with a smaller initial commitment. However, it's important to note that leverage limits vary depending on your country of residence. Using leverage means you'll be trading in crypto CFDs (Contracts for Difference) rather than the actual cryptocurrency. 

Exploring the Dogecoin Asset Page on the Platform

When you visit the Dogecoin cryptoasset page on the platform, you'll be directed to the 'Overview' section by default. This section is a hub of key information and includes several notable elements:

• Graph: This primary graph displays the asset's performance, showcasing essential data such as market capitalization, the day's trading range, and the 52-week range. While this graph provides basic information, there's a more detailed graph available in another tab for in-depth analysis.
• About: Here, you'll find a brief overview of the Dogecoin asset, offering essential background information.
• Latest News: This section features the most recent news concerning Dogecoin, curated by CityFALCON, keeping you updated with relevant developments.
• People Also Bought: Discover other popular assets that traders are currently investing in, providing insights into trending market interests.
• Copy Dogecoin Investors: This segment highlights the top-performing traders who have invested in Dogecoin. You can easily copy their trading strategies by clicking the "Copy" button next to a trader's profile, which directs you to the copy trading interface.
• Discussions: Engage in or browse through conversations and posts by other traders discussing Dogecoin. The feed allows you to filter discussions, choose between top discussions or view all. Similar to social media platforms like Facebook and Twitter, you can interact with these posts by liking, commenting, or sharing them on your feed.

Essential Crypto Trading Tools on the Platform

During my experience trading Dogecoin and other assets on the platform, I was impressed by the seamless integration of its trading tools directly into the user interface. This integration means there's no need to switch between different apps or screens. Here are some of the key tools I found particularly useful:

1. Chart: This advanced live chart for Dogecoin is a significant step up. It offers customizable viewing options, ranging from 1 minute to 1-week time gaps, providing a comprehensive view of Dogecoin's market performance.
2. Analysis:

• Market Sentiment: This section provides a technical analysis consensus from market analysts. It features a graph that aggregates buy, sell, and hold signals based on popular technical indicators, offering a quick snapshot of the market's current sentiment.
• Technical Indicators: Located just beneath the sentiment graph, this part offers a live preview of various signals. These are calculations based on price and volume, commonly used in market direction analysis.
• Latest Research: Exclusively available to registered and verified eToro users with a funded account, this section offers in-depth research and insights. I highly recommend leveraging this feature for informed trading decisions.

Buying Dogecoin on eToro

To purchase Dogecoin on eToro, the process is straightforward:

1. Search: Locate the Dogecoin asset on the platform.
2. Trade: Click the "Trade" button.
3. Invest: Enter the amount you wish to invest.
4. Execute: Confirm and execute the trade.

By following these steps, you're buying real Dogecoin cryptocurrency.

Trading Dogecoin via CFD

CFD (Contract for Differences) trading offers a different appeal, especially for speculative trading based on the crypto market's movements. Here's how it works:

• Gains from Price Fluctuations: CFDs allow you to benefit from the price movement of Dogecoin without owning the actual asset.
• ROI Potential: The profit or loss of a CFD is determined by the price difference between the opening and closing of your trade. Effective trading can yield a Return on Investment (ROI) regardless of market direction.
• Availability: Note that CFD trading may not be available in some countries.

To trade Dogecoin as a CFD on eToro

1. Search: Locate Dogecoin on the platform.
2. Trade: Click the "Trade" button.
3. Invest and Set Parameters: Enter your investment amount and set trading parameters, including leverage, stop loss, and take profit.
4. Execute: Confirm and execute the CFD trade.

Leveraging CopyTrader for Dogecoin Investments

One standout feature of this platform is the CopyTrader functionality, which allows you to mirror the trades of seasoned eToro crypto investors.

1. Filter and Choose: Use the filter to refine your search for a suitable trader.
2. Investment Allocation: Decide the amount you want to allocate for copying their Dogecoin trades.
3. Copy Trades: Simply hit the "Copy" button to begin automatically replicating their trading positions.

Time to Maximize Your DOGE Investment Experience

In summary, this guide covers the essential aspects of investing in Dogecoin through eToro. It's important to note that the features and tips discussed apply to both the web-based platform and the mobile app. Remember to use these insights wisely in your crypto trading endeavors and make the most of your experience on the platform.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.