Buying DogeCoin in Australia and Tips for Such Trading

by Maisie

Dogecoin is a cryptocurrency form created as a joke in 2013. It was based on the famous “Doge” meme, which features a Shiba Inu dog. Irrespective of its fun origins, Dogecoin has continued to gain a loyal customer base over the years. It has become a popular alternative to other cryptocurrencies like Bitcoin and Ethereum. 17.7 % of Australians own crypto. Dogecoins make up 1 per cent of the biggest 250 cryptocurrencies traded in Australia. Suppose you are wondering how to buy Doge in Australia, don’t worry. Please continue reading below to learn everything about its secrets of trading.

What Is DogeCoin?

Dogecoin is based on the same underlying technology as Bitcoin, known as the blockchain, which allows for secure and transparent transactions. Unlike Bitcoin, however, no limit to the Dogecoins can be created. Hence it is subject to inflation over time. It is primarily used for online transactions and has become famous for tipping content creators on social media platforms. Dogecoin passed Australia’s market capitalization of $ 100 billion in May 2021.

How to Buy Doge in Australia?

To buy Doge in Australia, you must first set up an account with a certified cryptocurrency exchange that supports the purchase of Dogecoin. Once you have an account, you must verify your identity and link a payment method, such as a bank account or credit card. After that, you can purchase Dogecoin using Australian dollars. Please remember that cryptocurrency prices are highly volatile and can change rapidly. So it is best to know the market before you invest.

There is also the risk that the cryptocurrency exchange you are using may be hacked or go out of business. Hence invest through a reliable platform that offers security and trending market analysis to make the investment worthwhile. It significantly reduces the risk of loss in your investment. Additionally, the regulatory environment for cryptocurrencies is still evolving, and governments may take action on their use in the future.

Trading Tips for Beginners

  1. Ensure the platform has robust security measures to protect your personal and financial information. Look for platforms that use two-factor authentication and keep the majority of their funds in cold storage.
  2. Compare different platforms’ fees to ensure you’re getting the best deal. Some platforms charge higher fees for buying or selling coins, while others may offer lower prices but have higher withdrawal fees.
  3. Check to see what payment methods are accepted on the platform. Some platforms may only accept bank transfers or credit cards, while others may also accept PayPal or other digital currencies.
  4. Keep an eye on the overall market trends and the coin’s specific performance. Use tools like moving averages and technical indicators to help identify trends.
  5. Diversify your portfolio. Don’t put all the eggs in one basket. Diversifying your portfolio can reduce risk.
  6. Be patient. Don’t let emotions drive your trades. Take your time and make decisions based on your research and market analysis.

Bottom Line

Look for platforms that have a good reputation in the community. Read reviews and do your research to get a sense of the platform’s reliability and customer service. It’s also important to remember that Dogecoin is not a traditional investment, such as a stock or bond, and any tangible assets or fundamentals. Make sure the platform you choose complies with your country’s regulations.

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