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How to buy Dogecoin in a few transparent steps explained. As large businesses now also invest in cryptocurrencies, this is the time to own your crypto coins like Dogecoin.
This transparent beginners guide will take you safely and step by step through the process of buying Dogecoin. When you follow these steps you'll own your first Dogecoin today! How awesome!
TIP for Ukraine! Before starting with the article below, make sure you create a Binance Ukraine account (within 1 minute) so you can follow the steps below directly.
Step 1 - Create & secure an account
Step 2 - How much Dogecoin DOGE should I buy?
Step 3 - Payment methods buying Dogecoin
Step 4 - Trade or buy your first Dogecoin
Step 5 - Prepare for the crypto future!
Step 6 - More information about buying Dogecoin
Binance is one of the largest platforms in the world. The big benefit is that it is very easy to buy Dogecoin on Binance. As per normal currency trading you pay a small fee on every trade you make and Binance has excellent rates. Once you bought Dogecoin you can choose to keep your coins online or send them to a hardware wallet that is available for your cryptocurrency.
Below is super simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Binance Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Binance Term of Use, and click register.
1.3 Verify your email address
After this step is completed a verified email will be sent to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Binance account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you log in with a new session. This will help to prevent other people to get access to your account. The most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You have an account now!
Your account is ready to use and buy Dogecoin (DOGE)
The good thing about cryptocurrencies is that you can divide them and buy just a (small) piece. This way you still own your piece of Dogecoin and you can use it or hold it.
To build up your confidence it's good to try with a small amount of Hryvnia to learn about the process of buying Dogecoin after that you know the process and can easily scale up your transactions and buy more Dogecoin. (be aware of the fees that are involved when you buy and sell cryptocurrencies)
Two SMART reasons it's good to be active on multiple exchanges
Smart to do is create multiple accounts at once. The demand for people is increasing fast and sometimes you want to trade quickly. Therefore it's good to have accounts on multiple exchanges.
Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Hryvnia (UAH) you don't want to end up in line waiting for approval but just take action before the price goes up.
On Binance you have over 100 payment options to deposit money and buy your Dogecoin. Simply select your currency (in your case from Ukraine, probably Hryvnia) and the payment option you want to use. Of course, they also provide the most used payment methods like Credit Card, Bank transfers & PayPal.
Note: every country has different payment options, simply log in and check the payment methods for Ukraine. In the crypto world and on exchanges like Binance you can't buy every coin directly with FIAT currency. Therefore they created stable coins like Tether USDT.
These are cryptocurrencies you can buy to later swap them over to the currency you want to buy. Before buying your preferred coin it's good to look up what coins are paired to the coin you want to buy.
In the world of crypto and on exchanges like Binance you can't buy every cryptocurrency directly with FIAT currency. Therefore the exchanges created stable coins like Tether USDT.
These stable coins are cryptocurrencies you can purchase to later swap them over to the currency you want to buy. The name stable-coin is from the USD as the price of these coins just uses the price of the USD. Before buying your preferred cryptocurrency it's good to look up what coins are paired to the coin you want to buy. For example, some coins only pair with Bitcoin and Ethereum others also pair with stable coins.
The benefit of using stable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefore their price stays very similar which will reduce the risk while trading fiat currency into other crypto coins and vice versa.
As said at the beginning of this guide about buying Dogecoin(DOGE), prepare yourself and create multiple secured accounts on exchanges. This way you will be ahead on the herd when you want to buy a new cryptocurrency that is not listed on the one platform you're on.
DYOR - Do Your Research
When investing in Dogecoin always make sure you do your research on the coin, the technology of the coin, and the team behind the coin. Before you're investing in a coin it's important to do your research on the coin, the technology of the coin, and the team behind the coin.
DCA - Dollar Cost Averaging Strategy
Dollar-Cost Averaging is a strategy that is famous in the investment- and crypto-world. It's a tactic where you buy systematically a certain amount of a certain coin/investment you believe in. For example every month 100 Hryvnia. As you buy systematically it will reduce the emotional involvement and as you spread the money you invest you spread the risk of an unstable market.
1. Invest small amounts
2. Less stress about fluctuating markets
3. Less chance on losses as you never buy full amounts on peaks
1. Won't make optimal trades as you don't invest all on the bottom
2. Takes longer, as you're not rich after one trade
3. If you DCA on one investment you can pick a loser investment that will only go down. Better is there to spread your investments while doing DCA.
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