With dozens of potentially profitable coins emerging in the market, more and more investors wonder how to trade Dogecoin. They look for better alternatives to such big names as BTC or ETH to ensure lower trading volume and higher Dogecoin trading price.
The coin made a strong rally back in 2021 during the pandemic. It hit the list of 10 top cryptocurrencies to invest in 2022. However, while the asset is still quite new for the majority of traders, both newbies and professionals do not yet have a clear understanding of how to trade Dogecoin.
In this article, we will share some crucial things you need to know and have before entering the crypto market.
If you are interested in how to trade Dogecoin you will be surprised how easy the process is, especially if you are not new to the financial market. If you have ever traded any other crypto, you will find the process absolutely similar.
To trade Dogecoin for USD or any other currency, you will need some of the following:
Now, let’s have a closer look at each of these 3 points.
The first thing you will need is a wallet for Dogecoin trading. If you are not new to crypto trading, you probably have a wallet. It might be suitable for Dogecoin as well. Just make sure it supports DOGE. If not, you will need to create a new one. Without this kind of wallet, you will not be able to complete transactions. So, it is the baseline stage.
Generally, users may choose from two major types of crypto wallets. They include:
Coin owners can even opt for paper wallets. It does not actually matter what kind of platform you will choose. Each wallet follows the same principles, which is to generate a unique key to confirm transactions and keep coins safe.
The next stage is to select a Dogecoin trading platform or a broker. Despite the coin's popularity, a few companies provide this asset as an instrument for exchange. Luckily, you can find DOGE among trading instruments on some leading platforms including MTrading. If you still cannot make up your mind on where to trade Dogecoin, consider the following parameters to sort out reliable Dogecoin trading platforms:
The Dogecoin trading price can vary from one broker to another. The same thing applies to fees and commissions. On the other hand, most platforms charge a fixed percentage from each order you place. The good news is that high-volume traders can benefit from lower commissions as part of individually-tailored loyalty programs and promotions.
This parameter defines the number of users trading the same asset on the same platform. This factor may play a crucial role, as trading volume may have a direct impact on the price and the ability to identify the best market entry and exit positions.
Now, all that is left is to open an account and perform the first trade. Dogecoin comes with great investment and trading potential. Just make sure you have a crypto wallet with support for DOGE and a trusted Dogecoin trading platform by your side.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.