Author Topic: A beginners guide to buying and selling Dogecoin  (Read 741 times)

Offline Cobra Commander

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A beginners guide to buying and selling Dogecoin
« on: July 21, 2020, 08:27:18 am »
How to buy and sell Dogecoin

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A beginners guide to buying and selling Dogecoin

The EASIEST and CHEAPEST way to buy and sell Dogecoin is using Robinhood. I encourage you to explore other wallets and brokers to see what the right fit is for you, but if you don't plan on using your Dogecoin to purchase goods or services, and just want to trade it like it's a stock, then the Robinhood method is the best way to go.

After reading this you could check out the Wallets / Brokers section to see what the most popular one is for trading Doge.

Why start with the Robinhood Method?

1: No fees to buy and sell Cryptos (and stocks)
2: Account is free to setup
3: Portfolio is FDIC Insured (up to $500,000)
4: Free Stock when you sign up (from $3 - $150)
5: User interface is 10/10
6: Limit Buys and Limit Sells options
7: No minimum transfer required
8: Instant Deposits

So how do you get started?

Get yourself a Robinhood Account (more links at the bottom of this post)
You will have to create your account and link it to a bank account. If you're having trouble linking your bank account, choose the "My Banks not listed" option (even if it is listed) Then you can manually enter your routing and account number. (I had this problem with PNC Bank on mine and had to do it that way)

They will verify your identity by depositing a small amount into your bank account that will essentially be your "password" to verify your account before you can start trading. The entire process of getting the App and setting it up takes about 10-15 mins. However, it might take up to 3 days to verify your account.
I recommend doing this on a Monday or Tuesday, that way you won't have to wait out the weekend
(Saturdays and Sundays are not considered bank business days)

Using Robinhood to Buy and Sell Doge

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Now that you have the Robinhood App
you are ready to start buying Dogecoin.

You will have to transfer some money from your bank into your "Portfolio." The app makes it easy to start a deposit.
Go to the transfers section, and click on "Transfer to Robinhood."

You just enter the amount you want to transfer and click the Green Check and you're ready to go.

Robinhood has a feature called "Instant Deposits" which means it might take 3-5 business for the money to move from your bank to your account, but you will be able to use it to purchase Dogecoin (and other stocks) immediately.

Instant deposits can be up to $5,000 ($10,000 if you have a Robinhood Gold Account)

Now you have your money in your portfolio, which is now called your "Buying Power."

Navigate to the "Cryptocurrencies" section, and find Doge
(There's currently only 7 Cryptos available on Robinhood to buy and sell)

Click on Dogecoin and it will bring you to the Dogecoin Crypto information area. Here you will see the graph of how it's doing on the market that goes back to a maximum of 5 years. The very bottom is where you can Buy or Sell. The rest is pretty self explanatory, but I will offer some tips due to
Robinhood putting a 5% collar on your buying power.

What is a 5% collar?

Robinhood will adjust your buying power to allow a 5% increase or decrease in the current price of Dogecoin during your transaction. That means if you initiate a buy order for Dogecoin at $0.003010 per coin, and by the time you're done filling out how much you want to purchase and clicking "Buy" the price goes up to $0.0003019, your buying power has already been adjusted in either direction if this happens. If the opposite happens when you buy in, and the price goes down, then the difference will be refunded into your buying power.

Which leads me to these three tips:

For all intents and purposes, we're going to pretend that you're buying $100 worth of Dogecoin.

1: When buying, first try to put $100 in the "Amount in USD" and swipe up to submit.
2: If it says "Insufficient buying power" (Due to the 5% collar) then immediately try again, but this time enter $99.95 into the "Amount in USD" and try and "Buy." Keep trying until it goes through, decreasing your "Amount in USD" by 5 Cents at a time (every time it doesn't work.)

3: Check your order in your messages, it might have only executed $99.30 worth of Doge (due to the 5% collar) so the next day, check your buying power and buy more Doge, even if its another separate order for only 70 Cents.

That's it, you now own Dogecoin!

Hope this helps!

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