How to Buy Dogecoin (DOGE) on eToro: Fees, Features & Step by Step Guide

If you are thinking about starting your cryptocurrency journey or adding to your portfolio by buying dogecoin, eToro is one of the brokers where you can access this instrument. This article provides a detailed walkthrough on how to buy Dogecoin (DOGE) on eToro using a wide range of payment options.

Author: Adesuwa Ebuehi   -   Last updated: 25/03/2024

Summary

eToro is one of the most popular platforms to buy DOGE. This Israeli-based company is one of the few brokers who offer clients the opportunity to engage in real and CFD Dogecoin trading. For CFD assets, customers will have access to margin trading, with a leverage of 1:2. Furthermore, they list several deposit options, including Debit Cards, Credit Cards, Bank Transfers, PayPal, Skrill, and Neteller. 

This article covers all you need to know about how to buy Dogecoin (DOGE) on the eToro social trading platform. We discuss the available payment methods, minimum deposit amounts, and platforms offered. Finally, we provide you with a step-by-step guide for purchasing this cryptocurrency on this exchange. 

Things to Consider when Choosing a Dogecoin (DOGE) Exchange

There are many things you should look out for before choosing any exchange to trade Dogecoin. We list some of the most important criteria below. 

Location of Dogecoin Exchange

The location of a Dogecoin exchange must be considered before you buy DOGE on the platform. Buying cryptocurrency in some regions may attract legal implications that are unfavorable. So, always investigate the policies and guidelines surrounding cryptocurrencies in the region where your proposed exchange is domiciled.  

List of Available Payment Methods

Having a variety of payment methods available gives you flexibility. Also, because certain countries do not permit some funding methods, having many other options guarantees that you can always buy Dogecoin, regardless of your location. 

How to Check the Cost and Fee

Another essential factor to consider in choosing where to buy DOGE is the exchange’s trading and non-trading costs, including deposit and withdrawal fees. You should opt for a company that provides top-notch service at a rate that is affordable.

Volume Listing

It is advisable to use an exchange that provides you with insights into their volume listing. A high volume listing indicates that the company has many clients and frequently processes trades. A low or undisplayed volume listing can count as a red flag and raise concerns about an exchange’s reliability and transparency. 

What you need to know before Buying Dogecoin (DOGE) on eToro

eToro is regulated by CySEC (Cyprus), ASIC (Australia), the FCA (UK), and FSC (Seychelles). Their headquarters is located in Israel. However, they have offices in Cyprus, the UK, the US, and Australia. Their UK office is located on the 24th floor, One Canada Square, Canada Square, London E14 5AB, UK, and their Australia office is at Level 3/60 Castlereagh St, Sydney NSW 2000, Australia.

This exchange has a minimum deposit of $50 in most countries, including Australia. US and UK clients, however, can deposit a minimum of $10. For bank transfers, eToro has a $500 minimum deposit. There are many ways to fund your account and start buying Dogecoin on eToro, which include Debit cards, PayPal, Skrill, Neteller, and Bank Wire. The broker also features a crypto wallet – the eToro digital wallet – should you need one.

The broker does not charge any commission to individuals who wish to buy cryptocurrencies on their platform. However, they add a 1% fee to the regular bid-ask spread. They also charge overnight fees which change depending on the prevailing market conditions. 

Furthermore, users can have access to margin trading when buying Dogecoin as this exchange provides a 1:2 leverage for cryptocurrencies. Finally, they offer both real coins and CFDs. We will discuss the pros and cons of both instruments in subsequent segments of this article.

Types of Platforms Offered on eToro to Buy Dogecoin (DOGE)

eToro does not support MetaTrader 4 and 5 or cTrader. However, it has a proprietary trading platform that is available to desktop and mobile device users. Below, we discuss each of these applications in more detail. 

Desktop Platform

For individuals who want to buy Dogecoin on eToro with a desktop, the broker offers a proprietary web application that runs on most native internet browsers. You can create a live account, log in to this exchange’s web trading platform and start trading this cryptocurrency.  

Mobile App

The exchange also provides a proprietary mobile application that is available on iOS and Android devices. This mobile app enables anyone to buy DOGE conveniently. It offers similar functionality to the web application and a seamless user interface. 

How to Buy Dogecoin (DOGE) on eToro

Below, we list a detailed guide on how to create a trading account and buy DOGE. 

A Step by Step Guide on How to Buy Dogecoin on eToro

  1. Visit the eToro website and create a live account
  2. Once your account is created, verify your account to remove deposit limitations (unverified accounts cannot deposit more than €2,000)
  3. Select Deposit Funds from the side tab on your eToro application
  4. Choose your preferred funding method from the options listed
  5. Click Invest and purchase Dogecoin

How to Open a Dogecoin Trading Account on eToro

  1. Go to www.etoro.com and select “Start Investing”.
  2. Enter your username, email, and password, and agree to the listed terms and conditions
  3. Verify your email address
  4. Complete your profile by providing all the requested information, including your address, trading experience, and financial status. You would also need to upload a valid ID and proof of residence 

How to Buy Dogecoin Using Visa or Mastercard Credit Cards on eToro

  1. Go to the eToro website and create an account. If you already have an existing account, enter your username and password
  2. Once you are logged in to the exchange’s platform, select Deposit Funds and choose credit cards
  3. Enter your card number and CVV (eToro does not allow third-party deposits)
  4. Select Discover and search for DOGE
  5. Click invest and type how much Dogecoin you want to buy

How to Buy Dogecoin Using Visa or Mastercard Debit Cards on eToro

  1. Open a live account
  2. Complete your profile and select Deposit Funds
  3. Select debit cards from the dropdown menu and enter your debit card details
  4. Use the search tab to find and purchase Dogecoin

How to Buy Dogecoin Using Paypal on eToro

  1. Visit the exchange’s website (www.etoro.com) or download the mobile app on the Google Play store or Apple App Store
  2. Login or create a new account. For new users, you may need to complete your profile to remove the €2000 deposit limitation
  3. On the Deposit Funds page, you will see a variety of options under the Payment Methods dropdown menu. Select PayPal.
  4. Next, you will be redirected to PayPal where you will login and confirm your payment
  5. Finally, search for DOGE and select how much you want to buy

How to Buy Dogecoin Using Skrill on eToro

  1. Visit the eToro website and follow the guidelines to open an account (new users) or enter your username and email to log in (pre-existing users)
  2. Select Deposit Funds, click on Skrill from the listed Payment Methods, and enter your deposit amount
  3. Enter your Skrill email and log into your online wallet to confirm payment
  4. Use the Discover tab in the side menu to search for and buy DOGE

How to Buy Dogecoin Using Neteller on eToro

  1. Create a new account and provide all the required information to verify your account
  2. Before buying, you will need to fund your account by clicking on Deposit Funds
  3. Select Neteller as your preferred payment method. Enter your email address after which you will be redirected to the Neteller website to confirm your deposit
  4. Find Dogecoin easily with the search tab and enter how much you wish to purchase

How to Buy Dogecoin Using Bank Wire on eToro

  1. Log in or create a new account on www.etoro.com
  2. Select Deposit funds and type in how much you wish to invest
  3. Click on Regular Bank Transfer and confirm your bank details and reference number
  4. Search for and purchase DOGE on your mobile or web platform

Buying Dogecoin vs Trading Dogecoin CFD at eToro

eToro allows you to buy Dogecoin or trade DOGE CFDs on its platforms. Both assets have their individual pros and cons, depending on your preference. For CFDs, eToro allows leverage trading of up to 1:2 and the ability to engage in short trading. 

This means that you can take advantage of the downward price movements and also hold higher positions than your available account balance. However, this comes with higher risks of losses. CFDs also come with added costs such as swap rates for positions held overnight. Not all countries allow residents to trade CFD crypto on eToro. While clients in Germany, Australia, Spain, and several other regions can invest in this asset, users in the US, UK and Brazil are not permitted to do so.  

On the other hand, real crypto does not offer margin trading, the ability to use the take profits feature, or set a stop loss. The fees for trading CFD and real Dogecoin on eToro are the same. This exchange charges an additional 1% spread on the regular bid-ask spread on this asset.

Bottom Line

Here, we have provided a detailed summary of how to buy Dogecoin (DOGE) on eToro. The broker allows users to purchase this cryptocurrency and trade the CFD equivalent on its web or mobile platforms. Also, they do not charge a commission for this asset but rather earn from spreads. The process of opening an account for new users is relatively straightforward as outlined in the earlier sections of this article. 

Users who wish to buy DOGE on eToro will have access to a wide range of payment options, including credit cards, debit cards, PayPal, Neteller, Skrill, and Bank Transfers. However, the specific funding method available depends on your country of residence. 

Frequently Asked Questions (FAQs)

Yes, you can. Dogecoin is one of the numerous crypto assets listed on this exchange.

eToro does not charge a commission for buying Dogecoin (DOGE). However, they add 1% to the base spread on their cryptocurrencies.  

Yes, you can. Debit cards are one of the listed payment options for purchasing Dogecoin (DOGE) on this exchange.

To buy DOGE with PayPal, select the company from the listed payment methods, log into your account, and confirm your deposit. 

Yes, you can buy DOGE on eToro mobile app. 

Yes, eToro also offers Dogecoin CFDs. 

Yes, they do. The eToro Money crypto wallet allows you to hold many crypto instruments, including Dogecoin.

Yes. This exchange’s e-wallet allows transfers to other crypto wallets.

Yes, they are. eToro is regulated in several countries, including the UK and Australia.

Beginners can buy Dogecoin (DOGE) on eToro as their platforms are intuitive and easy to use.

You can use Dogecoin to pay for products and services at physical stores or online marketplaces that accept cryptocurrencies as a payment method.

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