Dogecoin is an altcoin invented by two software engineers, Billy Markus and Jackson Palmer. The idea of the coin was to satirize high-speculation cryptocurrencies of the time and also create a project that was more accessible than Bitcoin. The coin was launched on December 6th, 2013, and by the 19th, its value had jumped by up to 300% – that was within the previous 72 hours. Currently, the DOGE Market cap stands at a whopping $8.91 billion, and its 24-hour trading volume is $138,656,015.
In this guide, we will cover all important aspects of trading this coin on Binance. First, we will discuss what you need to consider when choosing an exchange to buy from, what to know about the platform, and how to buy Dogecoin (DOGE) on Binance. We’ll also compare buying real DOGE and buying its CFD on the exchange.
When choosing a crypto exchange on which to buy DOGE, you need to consider these relevant factors.
When considering an exchange to buy DOGE from, you want to make sure you know where it operates and what legal facts must be taken into account for that place. You also want to know what regions it is available in as well as the regulatory factors at play.
Given how many different payment methods exist and the preferences of customers with regard to these, it is important for exchanges to have as many of them as possible. The best crypto exchanges you can go for will usually have several of these payment methods so that you can almost certainly find the one you wish to use.
All trading exchanges charge at least one type of fee, and in the spirit of transparency, it is crucial that they make these fees clear to you before you make your purchases. When assessing a platform for buying Dogecoin, you should check to see if they do this; otherwise, you must find a different exchange. You also want to check their history regarding fees to make sure they are not in the habit of arbitrarily manipulating charges.
Trading volumes are one way to gauge how legit a trading platform is, and to gain insight into how a coin performs. When considering a crypto exchange, you have to check to see that their volume listings are not just available on the platform but also independently attested by reputable and reliable crypto-watch platforms.
Binance is one of the major crypto exchanges in the market, and it has its headquarters in the Cayman Islands. In addition, it has up to 53 other office locations around the globe, including Australia, Armenia, Bahrain, Brazil, and Germany.
Binance exchange is also one of the most extensively regulated crypto platforms in the market, as it enjoys regulation from over 18 different agencies. These include the Bank of Spain, French AMF, Italian OAM, Lithuanian FIU, Swedish FSA, ASIC, and Japanese FSA. With such a veritable army of regulators behind it, you can be assured of the highest standards of safety on Binance.
Binance is one of the most cost-effective exchanges around, as it offers very competitive pricing and a favorable fee structure. Regular users, for instance, get charged a 0.1% trading fee per transaction, although VIP clients can enjoy lower fees, and you can get as much as 25% off when you pay your charges with BNB. The exchange also has some of the lowest average spreads in the market, with as low as 0.3% for crypto futures trading. Furthermore, there are no deposit fees for any of the crypto payment channels, although some of the fiat currency payments carry charges. For instance, online banking transfers are charged 0.65%. There are withdrawal charges for all payment channels and currencies, whether fiat or crypto. As far as deposit and withdrawal limits go, the minimum deposits are so low as to be negligible, but the minimum withdrawal depends on the method you are using.
The platform offers both real crypto and crypto CFDs, and its CFD leverages are great, but these are not available for EU traders. The exchange has banned crypto CFD trading for EU clients. However, leverages of up to 1:125 are available for non-EU traders. Moreover, it allows payment through a host of channels, including credit cards, debit cards, electronic wallets like Advash, Bank transfers, P2P Payments, ATMs, and the newly launched Convert and OTC Portal.
Coin Exchanges usually operate their own proprietary software platforms for mobile and desktop users. This cross-platform availability allows users to trade crypto on any platform they feel convenient using at any moment. Before we go on to discuss how to buy Dogecoin (DOGE) on Binance, we will talk about the Exchange’s platforms for both Desktop and Mobile.
Binance has a desktop application that is easily downloadable and is available for Linux, Windows and Mac OS users. The application is designed to be very user-friendly and aesthetically balanced, and it offers an excellent crypto trading experience with refined performance and high-speed execution. It’s also easy to connect to the Binance platform, requiring only one click. The platform offers seamless multi-account access for both institutional and individual clients. Moreover, the app security is very high, especially with its incorporation of multi-factor logins to reduce unauthorized access.
The Binance mobile app offers you a more compact and easy-to-use platform to enable you to trade on the go. The app is very user-friendly and compatible with all versions of Android and iOS, although it does not have a version for Windows smartphones. Its security is cutting-edge, especially with the two-step authentication, which requires you to download and install the Binance Authenticator app. Moreover, the app also enjoys access to the platform’s APIs, in addition to its fast trade execution and lower trading fees. The app also allows you to switch from the normal to the Pro mode, which offers you even more diverse trading functionalities, including futures and options trading.
Having looked at all these relevant metrics for determining how much credibility the Binance exchange has, we can safely say that buying DOGE on the exchange is safe to do. We will now go through the steps to buy Dogecoin on Binance.
You can use crypto from PayPal to pay for Dogecoin on Binance by following these steps.
You can trade both CFDs and real crypto on Binance – except if you operate in the EU, in which case, you won’t be able to trade CFDs. The exception is due to a relatively recent policy change by the exchange in response to regulatory issues. However, for non-EU clients, there is robust CFD trading with neat leverages of up to 1:125. The real crypto assets are unleveraged, so you have to pay full price if you trade those. On the pro side, this means less risk of escalating losses, a risk that is higher for leveraged products. On the con side, you need more cash to buy any asset.
Trading CFDs on Binance does have another advantage in the fact that it means you can trade in both directions. Furthermore, while the leverage introduces a higher measure of risk, that risk is mitigated by limitations from licensing bodies. For instance, if you are trading from Australia, you can only trade crypto at a leverage of up to 1:2.
So far, we have discussed not only how to buy Dogecoin (DOGE) on Binance but also other relevant things to know about the platform. We have also talked about the relevant things to consider when choosing a platform.
To recap the main things about buying DOGE on Binance, it’s a seamless affair due to the platform’s user-friendliness and intuitive interface. There are proprietary Binance platforms on both mobile and desktop devices, in addition to a web platform that you can use on your PC.
Where costs are concerned, Binance does very well with its competitive pricing and low fees. It also offers great spreads and leverages, the latter being capped by different jurisdictions to protect its customers. And speaking of jurisdictions, the exchanges’ extensive regulatory oversight makes it reliable and credible. Top that with the security features, and we can say Binance is a safe, reliable, and trustworthy crypto exchange.
You can buy Dogecoin by selecting it from the list of coins and following the easy process, from specifying the amount to authorizing the transaction.
Dogecoin was invented in 2013, on December 6.
The coin was created as an alternative to other bigger projects that could not reach a broad enough demographic.
Binance is regulated by more than 18 different regulatory agencies.
Binance no longer accepts PayPal payments on its platform.
Debit cards are an available method on Binance, so you can use a debit card to buy Doge on the exchange.
Depending on where you make the purchase, you can use Dogecoin to buy anything from cars and real estate to consumer items like watches and gaming equipment.
Binance charges crypto fees for buying Dogecoin on its platforms, and those fees set the minimum you can buy.
As one of the top-performing cryptocurrencies with favorable future projections, Dogecoin is a good coin to buy.
Your Binance wallet can store all your crypto, including your Dogecoin.
Binance has features that allow you to transfer Dogecoin from other exchanges to the platform.
You can trade Dogecoin futures with leverage on Binance.
The minimum Dogecoin amount you can buy on Binance is $15.
You can buy a maximum of $20,000 worth of Dogecoin per transaction on Binance.
If you have not verified your Binance account, you will not be able to buy or sell Dogecoin.