Can I Buy Doge On Merrill Edge

The simplest way to buy Dogecoin (DOGE) is on a

cryptocurrency commutation

, where you can buy tokens with U.Due south. dollars or sometimes with other digital avails. But before you lot add Dogecoin to your portfolio, brand sure you know what you’re getting into.

1. Determine whether to purchase Dogecoin

Dogecoin is a risky, volatile investment, and should only be purchased if you’re in a stiff financial position and can afford to lose whatever money yous might put in. Investment rules of thumb say risky assets similar these should make upwardly no more than than ten% of your investment portfolio.


Energy-intensive.


Dogecoin however uses proof-of-piece of work applied science to validate blockchain transactions. This means that Dogecoin is slower than many proof-of-stake cryptocurrencies, and it as well uses far more energy.


High.


Historically, the price of Dogecoin has been prone to extreme fluctuations in value. This is partly due to its unlimited supply, and likewise because its price is largely driven by social media movements and hype.


Low.


Dogecoin has seen price surges in the past, merely it typically trades at prices that are well under $1, which makes information technology ane of the more affordable cryptocurrencies on the market. The all-time high for Dogecoin was 74 cents in 2021.


Low.


Dogecoin’s average transaction cost is under ten cents, which is on the low terminate of cryptocurrency transaction fees.

The traditional advice says you should try to contribute to tax-advantaged retirement accounts, such as an IRA or, if available, a workplace 401(k). If you’re already contributing to or maxing out either of these accounts, yous could consider opening a supplemental

taxable brokerage business relationship

, as well.

And what can yous invest in with these accounts? A adept place to start may exist using these accounts to invest in highly diversified, depression-cost

index funds

. They may not be as exciting as Dogecoin — don’t expect any 13,000% gains here — just they’re a lot less volatile and, in the long term, returns are more consistent. Over the by several decades, the South&P 500’due south annualized average returns comes out to well-nigh x%.

If you’ve already built a

diversified portfolio


of low-cost index funds via tax-advantaged accounts or taxable brokerage accounts — and take a plan to regularly contribute to these accounts — y’all may be in a good position to add culling investments similar cryptocurrencies to your portfolio.

2. Find a place to buy Dogecoin

The easiest way to buy Dogecoin is on a centralized exchange. As Dogecoin is one of the more popular cryptocurrencies, you should exist able to observe Dogecoin as an available selection on most of the more than popular exchanges. As with any crypto, be certain to check if the platform allows you to admission your ain digital wallet, which ways you can send and receive Dogecoin. Some brokers but let you buy and sell Dogecoin with USD.

Dogecoin can be bought and sold on the post-obit exchanges:

Dogecoin can likewise be found on decentralized exchanges, where yous tin can coordinate peer-to-peer transactions. While decentralized exchanges are often much cheaper to apply, they also require a chip more technical know-how, and should only exist used by investors who have some expertise in the world of crypto.

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3. Decide how to pay for Dogecoin

Generally, there are two means to pay for Dogecoin:


Cash:


 Exchanges will generally accept fiat currencies like the U.Due south. dollar for investors who wish to purchase Dogecoin straight. In club to make a purchase, you’ll demand to create an business relationship at the exchange you choose, and generally fund that account from a banking concern account.


Cryptocurrency:


If y’all already own cryptocurrency, you may be able to trade some of your existing digital assets for Dogecoin. Notwithstanding, not all cryptocurrencies can exist exchanged for Dogecoin, and each platform can be dissimilar in terms of what’s allowed. Y’all’ll need to make certain that the platform yous’re using allows you to pair Dogecoin with another cryptocurrency before you identify a trade.

4. Decide how to store your Dogecoin

In one case you’ve purchased some Dogecoin, y’all’ll have a few different options on how to store it:


Use an exchange.


Most exchanges will permit you to store digital assets directly on the exchange itself. While this is the simplest and most straightforward manner to shop your crypto, it tin can also exit your assets exposed in cases of crashes or hacks. Major cryptocurrency exchanges FTX and FTX.US, for example,

crashed

and filed for Chapter eleven bankruptcy, leaving investors without admission to funds. For an additional layer of protection, you might consider using a digital wallet to shop your assets.


Apply a digital wallet.


Storing your digital assets in a

cryptocurrency wallet

can be a good mode to increase security, but it as well requires more responsibility on the part of the investor. There are two different types of digital wallets to choose from:


  • Hot wallets


    remain connected to the internet at all times. This makes them more user-friendly, as the owner of a hot wallet tin access the contents of the wallet from anywhere, whatever time. However, their internet connectedness may make them more susceptible to a hacking incident.


  • Cold wallets


    do non remain connected to the internet. This makes them less convenient to use, as the owner of a cold wallet has to have physical possession of the wallet in order to access its contents. Yet, their lack of internet connection makes them less vulnerable to online hacks.


Disclosure: Author Andy Rosen owned DOGE, BTC and ETH at the fourth dimension of publication.

Source: https://www.nerdwallet.com/article/investing/buy-dogecoin

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