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Best Dogecoin Trading Brokers

Dogecoin (DOGE), a popular digital asset among crypto traders and investors, is considered the first “meme coin”. Subsequently, it inspired the creation of many other similar coins. The software engineers who created it, Billy Markus and Jackson Palmer, originally started the project as a joke, aimed at the hype surrounding the wide speculations in cryptocurrencies, back in 2013.

Despite its light-hearted character, the crypto asset turned out to have legitimate investment potential, reaching a market capitalization of $78 billion in 2022 and becoming one of the most highly traded crypto assets.

How It All Started?
Launched as a joke, Dogecoin is a peer-to-peer, open-source cryptocurrency. The famous image of a Shiba Inu dog, misspelled as ‘doge’, is the official logo of the coin. The crypto asset was designed to be a more easily approachable, flexible, and consumer-oriented alternative to Bitcoin and Litecoin, and as such, there are no unique features that set it apart from its predecessors.

Dogecoin’s potential lies in the great community that has been created and grown along with the crypto asset itself. Besides its use to tip people on social networks, Dogecoin is also accepted as a payment method by a number of merchants. Therefore, it is not technology, but rather the vibrant community that is Dogecoin’s real power.

What are Dogecoin features?

Similar to Bitcoin, Dogecoin is generated through mining. However, while Bitcoin has a capped supply of 21 million coins, Dogecoin has not got a fixed market limit on the number of coins that could be mined. This makes it an “inflationary” crypto asset.

As a cryptocurrency that is based on Luckycoin (a fork of Litecoin), Dogecoin was originally mined by the use of the auxiliary Proof-of-Work mechanism. Besides being highly secure, the Dogecoin blockchain features lower transaction costs compared to Bitcoin.

Much like the other crypto assets, Dogecoin is widely susceptible to price fluctuations, and has seen surges and collapses in value over the years of its existence. The main factor which impacts Dogecoin’s value is media attention. The community behind Dogecoin has organized several fundraisers, which in turn tend to attract media attention, and ultimately, raise the coin’s value.

In this guide, we will explore the specifics of trading Dogecoin, as well as present a list of ten leading Trading Brokers that have included it in their portfolios.

How DOGE Trading Works for Traders and Brokers

DOGE TradingAlthough Dogecoin was originally introduced as a “joke” coin, it has grown to become among the most widely traded cryptocurrencies around the world. Dogecoin’s purpose is to act as a global payments network, enabling fast, hassle-free, and low-cost transactions.

We are now going to concentrate on the process of trading Dogecoin for traders and brokers.

How DOGE Trading Works for Traders

TradersTo start trading Dogecoin, traders should go through the following steps:

Dogecoin – investing vs. trading

As far as getting exposure to Dogecoin is concerned, traders have to choose between two options. The first one is to own the coin, or, in other words, to invest in it and keep it for a particular period in a crypto wallet. The main purpose of the investment is the possibility that the crypto asset’s price will rise and thus generate a profit.

The second option involves speculations on the price of Dogecoin. Trading Dogecoin with a Broker means traders make use of Contracts for differences (CFDs).

When trading via CFDs, they speculate on the price fluctuations of Dogecoin. They do not own the underlying asset. Considering that the Dogecoin market, and that of cryptocurrencies as a whole, are hugely volatile, traders should be aware that prices are driven by various factors.

Opening and verifying a trading account

To open a trading account traders should populate their personal and contact information. Once created, the account should be verified, in line with the best practices within the trading industry.

Funding the trading account

To be able to start trading, customers should have a funded account. Trading Brokers offer a variety of different methods to load funds to their platforms, including credit and debit cards, bank transfers, and digital wallets, among others.

Market analysis

When dealing in the Dogecoin market, traders should learn to analyze its price movements. This can be done through technical and fundamental analysis. While technical analysis relies on the study of an asset’s price over time, fundamental analysis aims at understanding an asset’s value in context and figuring out if it is undervalued or overvalued.

Opening and closing a trading position
To complete the process of Dogecoin trading, traders should open a position, monitor it, and eventually close it. They should also set the amount they would like to trade.

How DOGE Trading Works for Brokers

BrokersIn terms of trading brokers, we will look into a couple of concepts regarding the pricing policy of different operators, the leverage ratios they offer, as well as the trading regulatory bodies they comply with.

Pricing policy

Trading brokers accumulate profits either through a commission-based pricing model or via a spread-based mechanism. With the first one, brokers rely on commissions to derive profits from the services they offer. If the platform does not charge a commission, the other option is to rely on a spread-based policy. Tighter spreads, or smaller differences between the Buy and Sell price of assets, indicate lower trading costs. Other costs related to trading include deposit and withdrawal fees, account maintenance fees, inactivity fees, and overnight fees. Not every broker charges all of them, therefore, traders are supposed to check them in advance.

Trading regulatory bodies

Reputable trading brokers comply with the requirements of the financial authority within the jurisdiction they operate in. When compiling our list of top ten Dogecoin trading brokers, we have considered this important aspect.

Top Ten DOGE Trading Brokers

choosing a brokerFrom the very beginning of its existence, Dogecoin seems to be making waves in the cryptocurrency investment world, attracting lots of media attention and building a strong community of followers. This section is dedicated to ten leading Trading Brokers that have added Dogecoin to their crypto investment portfolio, and we look into different aspects of their service.

Besides minimum deposit requirements, fees, commissions, spreads, and leverage, we look into various other aspects such as regulatory bodies, allowable deposit methods, diversity of the portfolio, trading platforms, mobile trading options, and more.

Related Topics


1. How can Dogecoin be traded?

Dogecoin (DOGE) is among the most popular digital cryptocurrencies to buy in 2022. Much like the other cryptocurrencies, Dogecoin can be bought on crypto exchanges or traded as a CFD at a traditional brokerage. When bought on a crypto exchange, investors need a digital wallet to store their coins. Similar to the other digital currencies, Dogecoin can be traded 24/7.

2. What are the benefits of using CFDs for trading Dogecoin?

One of the main advantages of using CFDs for Dogecoin trading is that both rising and falling prices of the digital asset can be equally profitable. Traders can take a long position if they believe its price will go up, or take a short position if they assume its value will go down.

3. When is it best to buy Dogecoin?

According to many investors, the best time to buy Dogecoin is when the crypto asset is undergoing a market correction, in the hopes that the price will eventually recover, and thus enable them to derive profit. However, as with other trading markets, there is no such guarantee. Therefore, investing small amounts at fixed intervals is the preferable approach to diversifying your trading portfolio through Dogecoin.

4. What moves Dogecoins’ price?

Besides economic trends, market sentiments, and political trends, Dogecoin’s price is also influenced by famous individuals. Elon Musk has repeatedly praised the crypto asset and assured the public of its future investment potential. Other celebrities that have publicly expressed their endorsement of the token include Mark Cuban and Snoop Dog. As a result of such positive comments, the crypto asset’s price tends to move up. Other famous public figures have shared their positive stance on the subject.

5. What is Dogecoin's all-time high and Market Cap?

The highest value that Dogecoin has reached, at the time of writing, is $0.74 in May 2021. As for the all-time Market Cap, the maximum that has been reported is during the same period and equals $93 B.