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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.
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How to buy
For those who live in Ireland, 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 Ireland, 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: 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 we advise to use eToro:
- It takes techniques and moves from skilled investors so you can replicate them
- You can short sell
- It's very user-friendly
- You can trade leveraged
- It is possible to make investments in thousands of other goods
Main site: www.etoro.com *
In case you are thinking about buying Dogecoin from Ireland, eToro is probably the best option currently.
“Social trading”, a relatively new form of investing by replicating techniques and strategies from other experienced investors, has become trendy thanks to eToro.
eToro is very useful if you don't have much experience in trading, since it automatizes your investment by repeating strategies from other experienced people with a very long profit history. And for those skilled investors willing to share their techniques with others, eToro rewards your knowledge with money.
Another thing to mention is how easy the platform is, which turns out perfect for new users that are learning all about Dogecoin.
eToro deposit methods
When it comes to payment on eToro, there is not much to say, since it is pretty simple. You only need to select “Deposit funds”, put an amount, and choose the payment option you prefer. You can pay with PayPal, bank transfer, credit card (Visa, MasterCard, Diners, Visa Electron and Maestro), Skrill, or Neteller.
Remember that for security policies, you need to be the holder of the account or the credit card.
The minimum amount allowed is $ 200, and there is a maximum limit for unverified accounts. So, if you intend to trade with much more, you should contact Support to verify your account first.
You can pay in any currency you want and eToro will automatically convert it to USD. However, we suggest depositing directly in USD since the platform charges a commission for the conversion.
Trading strategies
There are different methods or ways for crypto trading, such as day trading or buying and holding, for naming just a couple.
In case you don't have much experience in investment, I recommend something in the middle: placing a dynamic stop-loss (15-20% under the highest price) and wait for it to work its magic.
Therefore, if for example you acquire a cryptocurrency at $ 10, it goes up to $ 20 and then falls to $ 12, your stop loss will take you out of the trade at $ 16-17 and you will obtain a pretty good profit.
You may be wondering: why not selling when the cost is at its peak? But unless you are a psychic, that is just impossible. The mentioned strategy can work perfectly and is much more realistic.
At some point, you will be ready for more advanced trading strategies, such as going short to profit from bear markets or using leverage.
How does eToro work?
We said previously that eToro is very friendly and intuitive. Anyone can start using it without having to read endless explanations.
You won't have any issues with the interface if you are familiar with any of the most common social networks, like Facebook or Whatsapp.
We will explain the registration process and the different tabs that you will see on the platform.
You will have to fill in some information requested when registering.
To complete your registration, you will have to answer some questions about your experience at investing.
But don't feel intimidated. They only intend to find out about your previous experience and knowledge to determine which assets to recommend for you.
When you finish with all the requested information, the “incomplete profile” bar will disappear.
Let's see what the different sections of the page are.
“Set Price Alerts” allows you to put alarms on the price of certain assets. You only need to click on the three points at the end of the line and you will be able to program a price alert. This is very helpful when you want to purchase an asset which price is decreasing, but perhaps you think that it will decrease even more.
In the “News Feed” tab is the most social part of eToro: where users are interacting all day and sharing opinions, tips, and other valuable information.
“Instruments”, “People” and “CopyPortfolios” are within “Discover”. As we mentioned previously, the different financial instruments available on are:
- cryptocurrencies
- Exchange-Traded Funds
- Stocks
- Commodities
- Currencies
- Index funds
In “People”, you will find eToro users and their performances. This is where “social trading” makes sense since you can replicate the strategies of your preferred traders.
You can search for those users that you find more interesting: by average profits, types of instruments or risk level, for instance. You just have to type the amount of your investment and eToro will replicate the movements of the investor you selected, in proportion. This means that if you put $ 1000 and the investor puts 10% of their capital in Amazon, eToro will also invest $ 100 of your balance in the same asset.
In this part you will also find the three most popular types of CopyPortfolios, which are Top Trader, Market, and Partner.
The benefit of copying to CopyPortfolios instead of individual traders is that this way you will diversify the risk. There are all kinds of portfolios that you can recognize easily and are divided by sectors. So, in case you suspect a specific industry, such as gaming or drones, has good chances to succeed, you can find that specific portfolio and invest in it.
Have you heard about “social trading”?
eToro was the first platform that proposed social trading, and this new concept became very successful. Lots of other brokers copied this idea, but eToro is still the best.
But it wasn't just about creating yet another social network to talk about investment. The real achievement was in allowing users to copy the moves of advanced investors, and to reward the latter for their ideas and knowledge.
In the left menu of the site, you will see “Copy People” and “Invest in CopyPortfolios”.
CopyPortfolios
“CopyPortfolios” contain a collection of assets of the same sector. For instance, if you consider that a particular sector will have significant profits but you don't know which stocks to invest in, you just have to choose a portfolio that includes a variety of related companies in that industry.
You should know that in the past year, CopyPortfolio has given returns of 100%. And you can benefit from it just by choosing a portfolio, enter your chosen amount, place the stop-loss and click on “Invest”.
Copy People
A second option is to directly copy users: in “Copy People” you can find eToro users who are very successful and whose operations you can replicate.
You will find in the profile of each user: the kind of assets they trade, their risk profile, and their performance history.
Besides duplicating other user's moves, which is really interesting and helpful, we also suggest that you make the most out of the community by reading other user's remarks. You can learn a lot from their experiences, mainly if your goal is to make a living from trading.
Common questions
* 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.