How to Trade Dogecoin [2024] | Step-by-Step

Summary: A decentralized cryptocurrency based on an internet meme, Dogecoin (DOGE) is a popular crypto that’s regularly traded by investors on various exchange platforms like BYDFi.

About Dogecoin

Dogecoin (DOGE) is a cryptocurrency, created as a fun and lighthearted project based on an internet meme featuring a Shiba Inu dog. As crypto, DOGE operates on a technology called blockchain, which is like a public ledger that records all transactions.

You can use DOGE to buy things or trade with other people, just like regular money. However, the main difference is that no government or bank controls it. It’s decentralized, meaning that no single authority has power over it.

DOGE’s community consists of enthusiastic supporters who enjoy the humor and friendly nature associated with the meme. Therefore, people sometimes use it to tip or donate to others, especially online content creators.

Where to trade Dogecoin?

To trade DOGE, you must first choose one of the numerous crypto exchanges. However, to pick the one that suits your investment goals best, you should first consider several factors. These include:

1. Security and regulation: Choose a platform that emphasizes security through strict regulatory compliance and strong Know Your Customer (KYC) policies, guaranteeing a secure trading environment;

2. User interface and customer support: Seek a platform that provides a user-friendly interface, enabling seamless navigation, and efficient customer support to promptly assist you with any concerns or issues you encounter;

3. DOGE availability, liquidity, and fees: Make sure the platform grants access to DOGE, offers ample liquidity to facilitate seamless trading, and assess the imposed transaction fees.

Based on these points, our platform of choice would be BYDFi, as it offers:

• Wide range of cryptocurrencies, including DOGE and over 400 other;
• Copy trading functionality that allows you to mimic top-performing traders;
• Sophisticated trading features, such as leveraged pairs and perpetual contracts with high leverage.

Still, that’s not all. BYDFi is fully committed to regulatory compliance by holding registrations like Money Service Business (MSB) and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which are essential for American and Canadian traders.

How to trade Dogecoin: Step-by-step

The answer to the question of how to trade DOGE is made simple by BYDFi, as it provides us with a simple process that can be done in just a few minutes. Hence, let’s go through our simple step-by-step guide.

Step 1: Register on the BYDFi website or app

Firstly, to register on the BYDFi website, you’ll need to click on the Get Started button that sits on the top right of the screen. Nevertheless, you can also choose a different route by selecting the email sign-up form at the center of the screen, where you’ll enter your email address and click on the Get Started button to start the same process.

Either way, you’ll have to select one of two registration options—email or phone number. So, pick what suits you better.

Email registration

Email registration is also simple, and you can go through it in three simple steps:

1. Type your email address and select Send to receive a six-digit verification code from BYDFi. Once it arrives, copy/paste it into the provided field;

2. Come up with a strong password and agree to the terms and conditions by checking the corresponding box. Here, you can also add your invitation code, if you have one;

3. Finally, click on the Get Started button and finalize the registration process.

Mobile registration

On the other hand, if you want to register with your mobile, you’ll need to provide your phone number, and you’ll receive an SMS with a verification code. Once you do so, just follow the same steps that we’ve mentioned above in the email registration segment.

Step 2: Decide on the amount and buy DOGE

After you create a BYDFi account, it’ll be time to deposit funds to trade DOGE. Again, this step is rather simple—all you have to do is click Buy Crypto on the left side of the screen and select the DOGE token and your preferred fiat currency for the transaction.

After that, scroll down to the payment channels and pick the option that suits you best. Still, we should point out that fiat deposits are facilitated through third-party services and aren’t directly processed by BYDFi.

The options include:

1. Credit card payment;
2. Apple Pay;
3. Google Pay;
4. CashApp;
5. Bank wire.

Step 3: Review fees and confirm the order

The third step involves checking the transaction fees and confirming the details before completing your DOGE trade. It’s worth noting that BYDFi has competitive and transparent fees that range from 0.1% to 0.3% for crypto spot trading.

Furthermore, deposits are free, but withdrawals have a flat fee. And to enjoy full platform features and higher limits, we recommend completing the KYC verification process for a more seamless and secure overall trading experience.

Step 4: Store DOGE in your wallet

Since BYDFi values security highly, your assets will go into an online hot wallet. This is a virtual wallet that’s in direct link with your newly-made account. However, there’s an even more secure option. Namely, you can store your DOGE tokens in a cold storage wallet, which reduces the risk of unauthorized access and online threats even better.

Trading tips

Frankly, trading cryptocurrencies (DOGE included) involves various risks, and it’s full of challenges for all investors. As such, it’s necessary to research the market to its tiniest details and familiarize yourself with all aspects of crypto trading.

Yet, besides thorough research, you should also keep in mind the old golden rule of crypto trading—plan your trade and trade your plan. What’s more, you might also want to mitigate risk by diversifying your portfolio and familiarize yourself with:

• Crypto day trading;
• Swing trading;
• Common chart patterns in trading.

DOGE price today

Pros and cons of trading DOGE

Like all investments and cryptocurrencies, trading DOGE has its benefits and disadvantages. Here are some of them to keep in mind:

Common mistakes to avoid when investing in crypto

It’s no secret that all investing involves risk. Therefore, we recommend that you be wary of common mistakes such as:

• Investing more than you can afford to lose;
• Failing to conduct thorough research;
• Falling for scams and fraudulent schemes like rug pulls;
• Ignoring cybersecurity measures;
• Following hype and speculative trends blindly;
• Trading based on emotions rather than analysis;
• Overlooking the importance of diversification;
• Neglecting to set clear investment goals;
• Not staying updated with market news and developments.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to trade DOGE

What is DOGE?

Dogecoin (DOGE) is a cryptocurrency created as a lighthearted and fun digital currency based on an internet meme featuring a Shiba Inu dog.

Where to buy DOGE?

You can trade DOGE on various crypto exchanges, including the widely popular BYDFi platform.

How to trade DOGE?

To start trading DOGE, you must first register on a crypto exchange platform like BYDFi and deposit funds to your account.