This is not investment advice. This is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class.
“How to buy Dogecoin” is a question that plagues beginner cryptocurrency investors who are itching to get their hands on Elon Musk-supported digital asset. As of this writing, Dogecoin plummeted to 20 cents, making it increasingly attractive to investors who follow the old “buy low, sell high” adage.
I recommend Coinbase Pro for buying Dogecoin. Coinbase Pro is the advanced version of Coinbase. Yes, Coinbase Pro’s UI is off-putting compared to Coinbase’s smooth, intuitive interface, but enduring the unattractive UI is worth it because you’ll incur fewer fees.
For example, on Coinbase, $100 of Dogecoin requires you to pay a whopping $2.99 fee! Coinbase Pro, on the other hand, only asks for 50 cents. That being said, let me walk you through the process of buying Dogecoin on Coinbase Pro — it’s a lot easier than you may think.
(Image credit: Coinbase)
How to buy Dogecoin
Once you’ve created an account on Coinbase Pro and linked your bank account, here are the easy-to-follow steps on how to buy Dogecoin.
1. Go to “Portfolios” and click on “Deposit,” which is located at the top-right corner.
(Image credit: Coinbase Pro)
2. Click on your currency (in this case, it’s USD).
Coinbase Pro (Image credit: Coinbase Pro)
3. Next, you’re going to choose how you’d like to fund your Coinbase Pro account.
It’s worth noting that if you choose “Bank Account,” the transfer will be free, but you won’t be able to move those funds out of your account for about five days. For example, if you fund your account with $100, you are free to purchase $100 worth of Dogecoin immediately, but you won’t be able to withdraw DOGE from your account for several days. You can initiate a wire transfer to avoid the waiting period, but there is a $10 fee (in addition to whatever your bank charges).
For this step, we’ll be clicking on “Bank Account.”
Coinbase Pro (Image credit: Coinbase Pro)
4. Input how much DOGE you’d like to buy and click on “Withdraw.”
Coinbase Pro (Image credit: Coinbase Pro)
5. Click on “Trade” and click “Select Market.” Click on “DOGE-USD.”
Coinbase Pro (Image credit: Coinbase Pro)
6. Make sure the “Buy” button is selected under “Order Form.”
7. Input how much DOGE you’d like to purchase in the “Amount” field.
8. Click on “Place Buy Order.”
Coinbase Pro (Image credit: Coinbase Pro)
And voila! You’ve just made your first Dogecoin purchase.
Keep in mind that Dogecoin is a meme token (a highly volatile asset class). Please exercise sufficient risk management. As with any investment, only invest what you can afford to lose.
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