How to buy Dogecoin from Egypt

Recommended Broker 🇪🇬
⭐⭐⭐⭐⭐
👌Difficulty Low
☢️Commissions Very low
💲Minimum deposit 200$
🪙Cryptocurrencies: Dogecoin and +15 more
⚖️Regulated by: Cyprus Securities and Exchange Commission (CySec), United Kingdom's Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
🌐 Official website: www.etoro.com *
*67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

How to buy

For those who live in Egypt, the best way to buy Dogecoin is, definitely, this popular broker.

eToro*, one of the main brokers around the world, is registered and licensed, among others, by the Cyprus Securities and Exchange Commission, and therefore complies with all the regulations of the European Union, the most demanding in the world.

We recommend eToro because you can create an account for free with this broker, and its fees for trading online are very low. Besides, eToro is available in our language, accepts users from Egypt, it is really easy to manage, and its friendly interface is ideal for those who are starting to trade with cryptocurrencies and stocks.

How to sign up, step by step

The first thing you need to do is click here and fill in the fields on the right: enter your name, email, and set a password.

Now check your email inbox: you should have received an email from eToro, click on the button and your account will be verified.

Once on eToro, you just have to click on “Deposit funds”, in the page menu.

There, you can choose how much money you want to add to your account (the minimum is $ 200) and the payment method:

As you can see in the image, the first deposit can be made by credit card, PayPal, or bank transfer.

If you have a choice, we do not recommend bank transfer because it takes longer, and it can be very frustrating to see the price of Dogecoin rising while you wait for your transfer to be done.

How to make your first purchase

When eToro has confirmed the receipt of your credit, you just have to search for “Dogecoin” in the search bar, click on “Invest” and choose the amount in dollars you want to invest.

*67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

What is Dogecoin?

Dogecoin, the meme cryptocurrency, is one of the most unique cryptocurrencies in existence and one of the most talked about recently. Mainly because of the tweets of billionaire Elonk Musk, who on several occasions has said that Dogecoin is one of his favorite cryptocurrencies.

It was created in 2013 when Billie Marcus, an IBM engineer, was playing and experimenting with cryptocurrencies. It would be his friend Jackson Palmer who would propose to put the Shiba Inu dog of the memes (doge) as an image, finally, it was just a joke.

Thus, with such a simple origin story, the Dogecoin went on the market in December 2013 revaluing 6% in less than two weeks. And it has remained with a steady growth in price and popularity until reaching the levels it maintains today.

How does Dogecoin work?

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Dogecoin is based on the Litecoin platform that runs on a proof-of-work algorithm. This means that Dogecoin, like the vast majority of cryptocurrencies, must be mined to comply with the transaction validation process.

But something that characterizes this cryptocurrency is that there is no maximum number of coins that can be mined, that is, it has no limits. This makes it an inflationary cryptocurrency as several billion tokens are added each year from mining.

However, this makes practical sense, which was the idea of its creators: that Dogecoin should always be cheap. Moreover, this makes Dogecoin's commissions per transaction incredibly cheaper than with any other cryptocurrency.

That is why sending money using Dogecoin is much cheaper than with Bitcoin or Ethereum. This has made it an ideal cryptocurrency for “tipping” on the internet, and one that has been widely used on Reddit for fundraisers.

The future of Dogecoin

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Another particularity of the cryptocurrency is that Elon Musk, founder of Tesla and other companies, has said on several occasions that Dogecoin is one of his favorite cryptocurrencies.

In one of his most controversial tweets, Elon posited that the most absurd things end up being the most likely and Dogecoin becoming a global currency is the most absurd possible outcome.

And that is exactly why Elon Musk invests in this cryptocurrency and gives it his full backing. This, along with its large and growing market capitalization, makes it virtually impossible for the cryptocurrency to ever disappear.

Why do we recommend it?

  1. Lets you make investments in tons of other products
  2. You can trade leveraged
  3. It's uncomplicated and accessible
  4. You can copy trading strategies
  5. You can go short

Main site: www.etoro.com *

You should certainly consider eToro if you are thinking about trading with Dogecoin from Egypt.

This platform is well-known for making “social trading” a trend. Social trading is an ingenious way of investing in which traders can emulate the moves of other investors who have been making earnings for a long time.

eToro has solutions for you, even if you are still a novice user in trading, since it puts your investment on automatic by repeating strategies from other experienced people with a very long profit history. And for those skilled investors willing to share their techniques with the community, eToro rewards your knowledge with money.

Another advantage is how easy the platform is, which turns out perfect for new users that are learning all about Dogecoin.

Is eToro safe for purchasing Dogecoin?

Many independent tests have been applied to the platform to validate its reliability in displaying performance statistics from previous users. And it has been confirmed every time that eToro is rigorous with the figures.

The main office of eToro is in Cyprus, and therefore the broker is approved by the CySEC or Cyprus Securities Market Commission, which covers debts up to € 20,000 from its clients. The platform complies, on the other hand, with all the strict regulations of the European Union.

eToro is backed by the European Financial Instruments Market (MiFID) in Europe, and by the Financial Conduct Authority or FCA in the United States of America. Apart from the above, it has a trajectory of fifteen years, with more than 20 million users around the world. So, you can be sure that your finances are safe.

Finally, their customer service functions perfectly. You can use the ticketing system, an online chat, and they also have a phone number available for assistance.

What are CFDs?

If you already have been on eToro, you probably noticed that the initials CFD appear frequently. We will come back to it, but first, you should know that cryptocurrency trading on the platform is only CFD if you short sell or leverage over x2 (but this is not even available on eToro).

We will also refer to terms such as going short and leverage, in case you are interested in day trading cryptocurrency or other more advanced operations.

eToro allows you to bet both “in the black” and “in negative”. Let's say that you believe that the Dogecoin will fall, so probably you think that it is better to wait until it does and then go in. However, if it really falls, it might mean extra money for you.

You can do this through what is known known as “going short” which consists in something like this:

  • You ask someone for a loan of, let's say, 100 units of Dogecoin, which total value at that moment is $ 5,000 (obviously, these numbers are made imaginary)
  • You sell them at their current price, $ 5,000
  • The price falls, as you guessed, and the unit of Dogecoin goes from $ 50 to $ 30
  • Again, you purchase the 100 units, but at the current price, $ 3,000
  • Then you return the 100 units
  • The rest is yours, so, you will have earned $ 2000

It is really simple. Just take into account that by trading in Dogecoin on eToro, you can make money when you anticipate the price will fall.

What are the assets you can trade in eToro?

You already know about criptocurrencies, there are way more financial instruments available.

Exchange-Traded Funds

What do you know about Exchange-traded funds or ETFs? They are passively managed funds, known for merging the advantages of stocks and mutual funds, because they can be exchanged at any moment in the market, but have much more investment possibilities and the rates are significantly lower.

Index Funds

This is the best option for people who can invest in the long term, mostly for beginners, because it is inexpensive, diversified, and the risk is lower.

Contrary to common perception, it is very hard to beat the market (yes, you have surely heard of managers who achieve huge returns).

But except for Warren Buffett and a couple more, all that glitters is not gold: when someone brags about having beaten the index, they have probably done so for a short time, or will charge you so many commissions that it ends up being better for you to index (whit minimal commissions). Also, past performances do not ensure a future one.

Index funds provide solutions to both concerns: their commissions are minor and in the long term they almost always beat active managers.

Commodity market

Most people invest in raw materials due to their stability. While other assets present higher fluctuation, raw materials prices vary less and offer safety against inflation or market volatility. Nevertheless, prices do depend on supply and demand in the market, so if an economic situation produces greater demand for a certain good, its cost will also rise.

Take into account that raw materials don't pay dividends. Thus, by investing in them you will only have a further profit by selling them back.

There are two main kinds of commodities: hard raw materials and soft raw materials. The former include precious metals (such as gold, silver, copper, and platinum), industrial metals, and oil; and the latter are agricultural resources, such as wheat, soybeans, vegetables, or even dairy.

Do you know what “social trading” is?

The first platform that thought of trading as a social activity was eToro, and the idea became popular really quick. Other brokers have also taken this concept, but eToro is way better.

But it wasn't just about creating yet another social network to talk about investment. The real achievement was in allowing users to replicate the moves of advanced investors, and to reward the latter for their ideas and knowledge.

You will find in the left menu of the site the options “Copy People” and “Invest in CopyPortfolios”.

CopyPortfolios

“CopyPortfolios” contain a collection of financial assets of a certain sector. For example, if you think that the gaming sector is going to succeed shortly but you don't know enough to start choosing stocks (or you don't have time), you just have to pick the CopyPortfolio called “InTheGame”, which includes Microsoft, Google, Tencent, NVIDIA, Logitech, Intel, AMD, Nintendo, Ubisoft, Unity, among others.

CopyPortfolio has generated a 100% profit in the last year, and you just need to click on “Invest”, enter the amount, place the stop-loss and wait.

Copy People

But it is also possible to copy other successful investors of the site. It is really easy: you can find them with “Copy People” and just duplicate their strategies.

You will see in the profile of each user: the type of assets they trade with (forex, cryptocurrencies, commodities, stocks…), their risk profile (a higher risk implies higher possibilities of earning more or losing more money), and their trading history.

Copying other people's investments can be very interesting and helpful, but it is also a good idea to take advantage of the platform's community to read other users and learn from them. It is great for acquiring important knowledge, especially if you intend to turn investing into a lifestyle.

Trading strategies

There are different methods or ways for crypto trading, such as day trading or buying and holding, for naming just a few.

If you don't have much experience trading, I recommend a middle point: placing a dynamic stop-loss (15-20% under the highest price) and wait for it to work on its own.

This means that if, for instance, you acquire a cryptocurrency at $ 10, it goes up to $ 20 and then decreases to $ 12, your stop loss will close your position at $ 16-17 and you will make a pretty good profit.

It might sound more appealing to sell when the cost is at its maximum, but unless you're a fortuneteller, that's impossible. The above method is much more realistic and it can give great results.

At some point, you can take your first steps with advanced trading strategies, like using leverage or going short.

How does eToro work?

As we have mentioned before, one of the best things about eToro is its simplicity: anyone can trade without having to read endless explanations.

If you are familiar with any of the most popular social networks today, like Instagram or Facebook, you can perfectly manage eToro's interface.

We will explain the registration process and the different tabs that you will see on the platform.

You will have to provide some personal data when registering.

To complete your registration, you will have to answer some questions about your experience as an investor.

But don't feel like you are taking an exam. The objective is to know more about you and determine which financial instruments they should suggest according to your knowledge and experience.

As soon as you are registered and have completed your profile, the annoying “incomplete profile” bar will disappear.

Let's get to know the different sections of the page.

With the “Set Price Alerts” tool, you'll be able to program an alert when a security is at a certain price. Just click the tab and you will be able to set it. This is perfect in case you want to buy an asset and you are waiting for its price to fall.

In the “News Feed” tab is the most social part of eToro: where users are interacting all day and sharing valuable information.

In “Discover” you will find: “Instruments”, “People” and “CopyPortfolios”. And we already discussed the kinds of assets on eToro:

  • cryptocurrencies
  • Exchange-Traded Funds
  • Stocks
  • Commodities
  • Forex trading
  • Index funds

The concept “social trading” makes sense within “People”: that is where you can copy the movements of the best investors with just one click.

In this section, you will be able to search and find users according to your interests. When you choose an investor and indicate how much you want to invest, eToro will automatically replicate their movements, in proportion. If you invest $ 1000 and the trader puts 20% of their funds in an asset, eToro will also invest 20% of your money in the same company or instrument, in this case, $ 200.

Lastly, you will also see the CopyPortfolios divided into three main kinds: “Top Trader”, “Market” and “Partner”.

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In some cases, you might prefer copying to CopyPortfolios than to individuals, since the former offer more diversity. There are all kinds of portfolios that you can find easily and are divided by sectors. Therefore, if you suspect a specific industry, such as biotechnology or pharmacy, will have good incomes in the future, you should look for that specific portfolio.

Frequently asked questions

How much is the minimum deposit?
The minimum deposit is 200USD.

When will I be able to take out my money?
At any time. Simply sell your Dogecoin investment, click on “Withdraw Funds” and that's all.

What deposit methods can I use?
You can use: Bank Transfer, Credit Card, PayPal, Neteller, Rapid Transfer, Skrill and Klarna / Sofort Banking.

* Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Disclaimer: 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.