Investing in Dogecoin - Is it still worth investing in DOGE in 2021?
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After remaining unknown and fading behind other cryptocurrencies for a long time, Dogecoin gained a proud place as one of the best performing digital coins in terms of price appreciation last year. The attention Dogecoin has received has led many people to trade the coin in anticipation of a profit.
Find out if investing in DOGE is worth it in this guide.
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What to look for in dogecoin investing - Dogecoin Investing Tips 2021
There are a few key points to keep in mind as the market is now likely to be less of a windfall and each cryptocurrency needs to be evaluated on its own merits. An investor should take this into account:
Where can I invest in Dogecoin? Best Dogecoin Brokers & Apps in Comparison
Anyone who looks around online trading platforms knows that there are several options when looking for a place to invest in Dogecoin. It's all about finding a trusted and regulated broker to use. Investing in Dogecoin through the use of a proven broker platform is desirable and advisable for an investor to avoid losses to unscrupulous online scammers.
eToro has been a leading broker in stock market investing for more than a decade with thousands of user reviews around the world. Its cryptocurrency trading platform is also rated as safe and well designed for the everyday investor. For this reason, we registered on a few platforms to find out how they work and to evaluate their services.
 | Trade real cryptos and crypto CFDs |
 | Many tradable assets |
 | Broker fully regulated |
 | User-friendly platform 0% commissions Deposit from 20€ |
 | Good selection of cryptocurrencies |
We can therefore also confirm that other Dogecoin trading platforms such as Plus 500, Binance or Libertex also offer a safe investment experience with their services. It is best for you to also do your personal research on these platforms before deciding where to invest in Dogecoin.
Invest in Dogecoin at eToro
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How to invest in Dogecoin? Our guidance & experience with DOGE investing
Before investing in Dogecoin, you need to know how best to use your chosen platform. We'll explain the process using Libertex as an example, however the process is the same with almost any other broker. To do so, simply follow the steps below:
Step 1: Register on the platform
When you arrive on the homepage of the broker eToro, you will find the tab "Register", which leads to the form that needs to be filled out online in order to register. Start by entering your email address and choose a password of your choice. After submitting the form by clicking "Submit", you will receive a confirmation link in your email inbox that you need to click to activate your new account.
At this stage you will need to present your driving licence or international passport to confirm your identity. You may also need to attach a recent utility bill that serves as proof of residency. This step is for AML and KYC compliance.
Step 2: Deposit and fund your account
Next, you need to deposit money into your account or fund it with a cryptocurrency. This can be done by credit card or bank transfer for fiat deposits. eToro also supports deposits to your account using Neteller, SEPA, debit cards and PayPal.
PayPal is available in many countries and helps shield your credit card details when you want to use it for online payments. It's also quick to use and supports crypto transactions.
Step 3: Buy Dogecoin
The final step is to buy DOGE now that your account is funded. When buying Dogecoin on the eToro platform, after signing up, look for "Markets" at the top and click on it to see the available investment options.
Click on "Cryptocurrencies" to see the digital currencies available for trading. If you click on Dogecoin, you will find the "Buy/Sell" tab next to it. If you click on "Buy", you can proceed.
The next column that appears will allow you to enter the amount of DOGE you wish to buy. For the leverage field that is displayed next, enter X1 to trade normally. If you scroll to the bottom of the page, you can click on the "Open Trade" tab to complete the process. The Dogecoins you bought will appear in your balance on the platform within 15 minutes.
Does it make sense to invest in Dogecoin? Our recommendation on whether or not you should invest in Dogecoin:
Dogecoin is among the top performing cryptocurrencies of the last year, with an ROI that has cracked the 10,000% mark. Any investment that has such a record should attract all the attention of the market and potential investors. However, the recent drop in prices is an indication that the market has experienced a shift and this needs to be understood. However, investing in Dogecoin is still profitable.
The risk profile of the dogecoin investment market at present is well known and price volatility is a recurring feature. It is better to trade when the specifics of the market are clear and the expected outcomes can also be estimated.
If you want to be successful, you must not only think in the short term, but in the long term. This is because price changes can be unpredictable and only in the long run do the progressive price gains become visible. In the last year, Dogecoin investors have seen a remarkable increase in their portfolio value, compared to the slow pace of the last three years.
Is investing in Dogecoin worth it? Risks and opportunities with Dogecoin investments:
Dogecoin has identifiable merits worth listing, but also risks like any other form of investment. However, the presence of risks does not preclude the possibility of making profits.
The best way to invest in Dogecoin is to start with small amounts so that over time there can be a gradual increase in the amounts invested with a better understanding of how the market works. There are risks, as Dogecoin is associated with price fluctuations as a regular feature. Keeping this in mind also helps in managing the risk profile, with a long-term approach being the best option.
Pros
Cons
When should you invest in Dogecoin? Invest in Dogecoin now or wait?
Time IconThe best time for most investments is supposedly when there is a public offering or ICO. The reason for this view is simple: the price of the investment is lower in the offering days than later, when a price maturity is expected.
However, this is not the case with Dogecoin. People who bought the digital currency last year saw a remarkable rise in 2021, even though the currency was only launched in 2013. So it's fine to buy Dogecoin now and hold it for the long term.
- Is it too late to invest in Dogecoin? Is Dogecoin still worth anything?
Since investing in cryptocurrencies is still the youngest among the investment options in the market, digital currencies are still in their infancy. There is no doubt that many people have made money so far because they bought early. However, the market is still growing and the opportunities to make a profit still exist with the growing acceptance that Dogecoin and other cryptocurrencies are now enjoying. - Is it too late to invest in Dogecoin?
Market characteristics also favour investing in Dogecoin now, as price movements are still moving in both directions, providing avenues for potential profits. - Is Dogecoin worth it in the long run?
For an investment that is still seeing growing adoption around the world, there is a degree of optimism that it will pay off in the long run. With the emergence of reports of newer regulations, there is enough optimism that in the long run the price will rise and investment will increase.
How much should you invest in Dogecoin: 100, 500, 1,000 euros or more? Are small amounts also worthwhile?
The experience that most investors build on starts with the lessons they learned when they only had small amounts to invest. The small amounts make a difference when you consider the impact of understanding how the investment works. The key lessons about the market are the same for large and small investors. Investing with large amounts means that more profits are made.
New investors should always start small and grow with the insights about the market. An investment of 100 euros in Dogecoin can lay the foundation for an even bigger portfolio in the years to come. With smaller investments, a person can reduce the risk, which is always there. Over time, the knowledge of limiting losses with tools such as stop-loss and limit orders will enable the investor to trade larger amounts and grow their investment portfolio with more certainty.
Should you invest in Dogecoin on a monthly or one-off basis?
The investment strategy an investor chooses can depend on some basic factors. But before deciding on an investment frequency for Dogecoin, you should first be sure that you have a good understanding of investing in Dogecoin, as well as the risks and rewards.
When deciding how much to invest, investors need to decide on an amount that is not too large compared to monthly expenses and overall income. Size is the main consideration because you should not be forced to act in the short term. Short-term funds will pressure you to sell even if the Dogecoin price is low, with the risk of losses as well.
Some people are also able to segment part of their salary for Dogecoin investments by making small but regular deductions for this purpose. This can make a difference in the long run, as repeated payments can increase in value over time. This allows you to buy Dogecoin continuously over a defined period of time. Monthly orders or standing orders with your bank can make this stress-free.
Buying over a period of time is that your costs are not too low or too high when calculating the average price, even though prices are falling or rising. Some investors have also discovered that they can diversify their portfolio by using a basket of cryptocurrencies they trust, rather than buying just one cryptocurrency repeatedly. This also helps spread the risk across the best performing selected cryptocurrencies.
Dogecoin Investing Fees: What are the fees associated with investing in Dogecoin?
To understand the fees associated with Dogecoin investing, it is also important to recognise that the platform used could play a role here. Most brokers will allow you to buy and sell Dogecoin, and some fees may apply. Using a regulated broker is preferable to take advantage of the increased security of data and payment methods.
Crypto deposit fees
When you fund your account with a crypto deposit, you need to be aware that you will not receive the same crypto units in your wallet that you sent. The process of transferring your cryptocurrency from the seller's wallet to yours is a service paid for on the blockchain, which requires some deduction from your transaction value. You can plan for this fee and add it to the purchase value before you initiate the transaction.
The average transaction fee for DOGE is less than €0.5.
Fiat deposit fees
Every time you buy Dogecoin with a credit card, you should expect to pay some transaction fees. This fee is not income for your broker, but covers the transaction fee and is charged by the credit card payment processor. Most fees here are small and less than 1%. You can expect higher fees when transferring funds abroad if you use a wire transfer, which incurs SWIFT fees.
Withdrawal fees
Some platforms charge withdrawal fees when you withdraw your cryptocurrency. For Dogecoin, it's an average of 2.22 units or just under €0.5 and this can be more or less depending on the transaction size.
transaction | fees |
|---|---|
Withdrawal Fees | 2.22 units |
Deposit fees | 0 |
Holding fees | 0 |
Sales charges | 1.90% |
Conclusion
Investing in Dogecoin - Conclusion: Our Experience and Recommendation
Market trends and sentiments indicate that it makes sense to invest in Dogecoin. It is important for investors to take the safety precautions mentioned in this guide before buying or trading Dogecoin.
In the beginning, it is better to invest with as small an amount as possible, such as €50, so that the risk of loss can be minimised. As with most investments, the best insights can only be gained through hands-on trading and your portfolio can grow if you use these insights for your further investments. Using risk-limiting tools is at the core of risk management so that your losses can be minimised and your gains maximised.
Dogecoin has been a top performer in the cryptocurrency market in recent trading reports. However, risk diversification is important and can be practically done by also investing in other leading cryptocurrencies to further support expected returns and value preservation.
Invest in Dogecoin at eToro
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FAQ
Using a broker is the easiest way to invest in Dogecoin. You can be sure that your data is safe and secure here. Most brokers use end-to-end encryption platforms that are difficult to hack.
You can invest in Dogecoin for as little as €50. Whether you choose to do this on a periodic basis or deposit a larger lump sum depends on how well you understand the market. It is better to start with smaller investments so that you can limit your risk. You can invest larger amounts as your understanding of the market improves.
Many investors invest in Dogecoin throughout the year as the fall and rise of the price cannot be predicted. Long-term investments can be more viable and rewarding, and they protect against short-term price fluctuations. There is no price prediction tool that gives an exact time when higher prices will occur. So it is best to buy and go for the long term.
It is safe to expect the price of Dogecoin to rise in the future as the market price reacts to a variety of factors. As more acceptance for the coin is reported, there is a possibility that prices will rise. This simply has to do with supply and demand.
There is no certainty about how high the price can go in 2021. The highest price in the last 12 months is €0.62, which is more than 100 times the lowest price of €0.005 in the last two years. However, the price can also go higher or lower. In the long run, the price may even out.
There is no doubt that investors are able to make money with Dogecoin, given the various reports that have made headlines over the past year. The value of Dogecoin has increased by 100 times or more before, and it is expected that this will continue to be the case in the future.
