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*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
If you live in Philippines, 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 your language, accepts users from Philippines, 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.
Then check your email: you have received an email from eToro, click on “Verify my email” 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
As soon as 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?
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
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.
eToro, our favorite broker
- You can make investments in tons of other goods
- eToro offers leverage
- User-friendly and straightforward
- You can replicate investment tactics
- You can short sell
Official homepage: www.etoro.com *
If you are thinking about buying Dogecoin from Philippines, eToro is certainly the best way to do it.
This platform is well-known for making “social trading” a trend. Social trading is an ingenious form of investing in which users can imitate the movements of other traders who have been generating earnings for years.
eToro is very helpful if you are still a novice user in trading. You can rest assured that you will be making a smart investment since the site replicates those from subjects with a great deal of expertise. Oppositely, if you are an investor willing to share your techniques with others, eToro pays you for it.
It is also very convenient how easy is the interface of this platform, ideal for beginners who are starting in the investment world.
How to deposit funds on eToro
When it comes to depositing money on eToro, there is not much to say, since it is really straightforward. Just click “Deposit funds”, set an amount, and choose the payment option you prefer. You can pay with PayPal, bank transfer, credit card, Skrill, or Neteller.
(Keep in mind that you must be the account or credit card owner, for security policies).
The lowest amount is $ 200, and there is a maximum allowed for unverified accounts, so if you plan to operate with higher amounts, you should verify your account first.
Also, know that you can make the transfer in any currency because eToro converts it to USD, although it charges a fee, so it is preferable to make the transfer directly in USD.
We mentioned before that eToro is very easy to manage. Anyone can start investing without previous knowledge or long explanations.
Everyone who has previously used social networks like Whatsapp or Pinterest, knows enough to operate with the eToro interface.
We will explain the registration process and the different sections that you will see.
You will have to provide some personal information (like full name or address, for instance) when registering.
Additionally, you will have to answer some questions about your experience at investing.
But don't feel like you are taking an exam. They only intend to find out how much you know and which assets to recommend for you.
Let's get to know the fundamental sections of the page.
With the “Set Price Alerts” tool, you'll be able to program an alarm when a security is at a certain price. Just click the tab and you will be able to set it. This is ideal in case you want to purchase a security that is falling but you believe it will decrease even more.
In the “News Feed” tab is the most social part of eToro: where users are interacting all the time and sharing opinions, tips, and other valuable information.
“Instruments”, “People” and “CopyPortfolios” are within “Discover”. And we discussed previously in this guide the kinds of assets on eToro:
- Exchange-Traded Funds
- Raw materials
- Index funds
The concept “social trading” comes to life in the section “People”: that is where you can replicate the movements of any user you choose.
In this section, you can search and find users according to your interests. When you choose an investor and indicate the amount you want to invest, eToro will automatically replicate their movements, proportionally. For example, if you invest $ 1000 and the user puts 20% of their funds in an asset, the platform will invest $ 200 of your balance in the same asset as well.
You will also find the CopyPortfolios divided into three main kinds: “Top Trader”, “Market” and “Partner”.
The advantage of copying to CopyPortfolios instead of individuals is that this way the risk will be more diversified. Besides, the portfolios are easily identifiable: one about gaming, another about large drone companies, another about pharmacy … Do you suspect that a certain industry is going to succeed anytime soon? Then you will surely find a CopyPortfolio about it.
“Social trading”, an innovative concept
eToro was the first platform that proposed social trading, and this new concept turned out to be brilliant. Lots of other brokers copied this idea, but eToro beats them all.
But the main accomplishment wasn't just creating a social networking site for traders. There are already countless sites to talk about investing, but they were not satisfied with that: the great innovation of eToro was allowing investors to imitate the strategies of other users, who were rewarded for their ideas.
In the left menu of the site, you will see “Copy People” and “Invest in CopyPortfolios”.
“CopyPortfolios” contain a collection of financial assets of the same sector. For example, if you consider that a particular sector will succeed in the near future but you are not sure which investments to make, you just have to choose a portfolio that groups together a variety of related companies in that industry.
You should know that in the past year, CopyPortfolio has generated 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”.
But it is also possible to copy other successful investors of the platform. With “Copy People” you can locate them and replicate their moves easily.
In each user profile, you will see their risk profile (the higher the risk, the more chances of winning more and losing more), their performance, and the kind of assets they trade: shares, forex, cryptocurrencies, raw materials….
Besides duplicating other user's strategies, which is great and very helpful, we also suggest that you benefit from the community by reading other user's comments. You can learn a lot from their experiences, particularly if you aim to make a living from investments.
If you are taking your first steps as an investor, the option to operate in “demo” mode may be helpful. You only need to set the “virtual” option and your operations will be carried out with an imaginary balance.
A virtual account can be a good way of gaining confidence before starting to operate with real money. When you create your demo account, you will begin with a virtual amount of $ 100.000, to operate with a variety of assets available on eToro (not only with Dogecoin).
If your performance is not that good and your balance ends at zero, there is always a possibility to replenish your virtual funds. The second try will always be better.
Keep in mind that you should always be cautious when trading, and perhaps a virtual account can prevent you from controlling your impulses. It will never be the same as risking your own money.
Evidently, the virtual mode is kind of absurd if you intend to invest in the medium or long-term, since you would be wasting years. Virtual accounts may be ideal for practicing before investing in the short or medium-term.
* 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.