How To Buy Dogecoin In 5 Steps

Take control of your financial future with information and inspiration on starting a business or side hustle, earning passive income, and investing for independence. There are a range of exchanges available for those wanting to invest in Dogecoin, and your first question should be whether it accepts Australian dollars. Fortunately, there are many that do these days, including Swyftx, CoinSpot and Binance. All of these exchanges offer slightly different terms and conditions — as well as perks — and some are more complex than others. Do a bit of research and if you decide to buy Dogecoin, find the one that suits you best.

NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. We may receive compensation from the products and services mentioned in this story, but the opinions are the author’s own.

How to Buy Dogecoin

Clone coins were essentially boring reiterations of the same model that failed to differentiate themselves. Ironically, Dogecoin, in its attempt to parody the rest, became a unique coin that quickly gained traction. Like most cryptocurrencies, Dogecoin is a volatile investment asset with the potential for significant gains. Historically speaking, if you bought DOGE before the beginning of 2021, your returns would be no less than 10x anytime after March 2021. That said, there are limits, as Robinhood has taken to espousing a "safety first" approach toward investment in crypto assets. For instance, during the beta run, testers will be limited to 10 withdrawals totaling no more than $2,999.

Is Shiba Inu a good investment?

The general consensus is that it is not too late to buy Shiba Inu. In terms of utility, this community-ran crypto project is building an ecosystem inclusive of its own DEX (decentralized exchange), P2E games, and a metaverse. Whether now is a good time to buy, depends on the investor's appetite for risk.

Coinbase features a variety of wallet options, including a custodial and non-custodial wallet. You can also keep your coins in Coinbase Vault, which is a way to store your assets off the exchange. Because Coinbase is a cryptocurrency exchange, you can complete coin-to-coin exchanges and use crypto transfers for supported coins. We put Coinbase and Robinhood side-by-side and looked at the mobile applications and web-based platforms to see what types of features best support new users. Since both platforms are geared towards beginners, we considered ease of use and attributes that make trading easy and help users learn more about investing. Furthermore, we reviewed supported transaction types, currencies, and fees.


According to the company, all eligible customers who signed up for the waitlist will be able to send and receive any of the cryptocurrencies currently available on Robinhood. You’ll also want to figure out whether Dogecoin actually fits your portfolio. Financial experts widely regard cryptocurrencies as alternative investments that should only make up a small proportion of your wealth. Their emerging status and lack of regulatory oversight make the crypto future uncertain.

  • Prices fluctuate constantly, so take advantage of this opportunity while it lasts.
  • Robinhood provides you with a 1099-B tax form just like every other broker.
  • Its accessibility as an investment platform is a big draw for many — whether they’re investing in crypto or the stock market — but it’s also what can make Robinhood riskier.
  • Notably, supporters raised money to send the Jamaican bobsled team to the Sochi Winter Olympics as well as to sponsor NASCAR driver Josh Wise.
  • Instead of ladders, these people are looking for trampolines — risky, volatile investments that could either result in a life-changing windfall or send them right back to where they started.

The internet abounds with stories of people who invested small sums of money in Dogecoin only to become millionaires later when the value rose. However, these lucky individuals tend to be the exception, not the rule. The vast majority of people who invest in experimental cryptocurrencies never see significant returns.

Cryptocurrencies Supported on Robinhood Crypto

It also provides a platform where crypto traders can trade more than 150 cryptocurrencies. Due to the availability of many Dogecoin wallets in the market, sometimes it becomes difficult for Dogecoin traders to decide which one is the most suitable Dogecoin wallet for a specific requirement. To help them, we have curated a list of top Dogecoin wallet apps available in the market which are not only easy to use but provide a super-secure environment for managing Dogecoins. You can have your own criteria regarding the convenience of crypto platforms. Some traders prefer extended price charts with tons of analytical instruments and API solutions for automated trading.

how to buy dogecoin on robinhood

If so, this How to Buy Dogecoin Guide will show you how to invest in this cryptocurrency online without paying a cent in commission. But like dogecoin, it has taken off, becoming one of the most valuable cryptocurrencies by market value. Shiba inu coin actually surpassed dogecoin late last year, rising to become the ninth-largest cryptocurrency, before slipping back to the No. 15 spot.

More specifically, Robinhood showed users a ‘pending’ message when they tried to buy some stock from the market. Essentially, all trades are brought to market makers to execute the trade, who pay Robinhood a fee, typically a percentage of the trade. As the general crypto market has been recovering, BTC breaking out from significant resistance levels, DOGE has also shown signs of strength. In the past seven days, DOGE is up more than 23% and is now trading around $0.15.

Evaluating the tech behind DOGE before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralized finance. DOGE is a unique asset that does not have any tangible value. If you see colorful charts with a range of prices, you’re probably in the spot market. Most exchanges let you buy as little as $5 worth of DOGE, if not less. Just type in how much you want to spend in USD and let the exchange work out the rest. "An investment that’s worth thousands of dollars today might be worth only hundreds tomorrow. And, if the value goes down, there’s no guarantee it will go up again," the federal body says.

Cryptocurrency — With this option, you trade cryptocurrency that you own with another crypto trader who owns DOGE. Fees are typically lower when you go this route, often coming in at less than 1%. However, direct trading can be a bit more complex and may be intimidating for beginners. Bank transfer — This is the slowest method and can take 2-3 days to complete.

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