Want to buy Dogecoin? Learn how to buy Dogecoin in a few simple steps. As you might notice famous companies now also invest in cryptocurrencies, the time seems right to be ahead on the herd and own your own crypto-valuta like Dogecoin.
The easy beginners’ guide will take you safely and step by step through the process of buying Dogecoin. When you follow these steps you’ll own your first Dogecoin today! How exciting!
TIP for Russia! Before starting with the article below, make sure you create a Binance Russia account (within 1 minute) so you can follow the steps below directly.
How to buy Dogecoin (DOGE) for beginners in Russia
Step 1 – Create & secure an account
Step 2 – How much Dogecoin DOGE should I buy?
Step 3 – Payment methods buying Dogecoin
Step 4 – Trade or buy your first Dogecoin
Step 5 – Prepare for the crypto future!
Step 6 – More information about buying Dogecoin
Step 1 – Create an account
Binance is one of the largest platforms in the world. A big help is that it is very easy to buy Dogecoin on Binance. Just like when you’re trading normal fiat currency you pay a small commission on every trade you make and Binance has good rates. Once you bought Dogecoin you can choose to keep your coins online or send them to an offline wallet if available for your cryptocurrency.
Below is super-simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Binance Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Binance Term of Use, and click register.
1.3 Verify your email address
After this step is completed a verification email will be sent to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Binance account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you log in with a new session. This will help to prevent other people to get access to your account. The most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You have an account now!
Your account is ready to use and buy Dogecoin (DOGE)
Step 2 – How much Dogecoin (DOGE) should I buy
The good thing about cryptocurrencies is that you can divide them and buy just a (small) piece. This way you still own your piece of Dogecoin and you can use it or hold it.
To build up your confidence it’s good to test with a small amount of Russian Ruble to learn about the process of purchasing Dogecoin after that you know the process and can easily scale up your transactions and buy more Dogecoin. (be aware of the fees that are involved when you buy and sell cryptocurrencies)
Two SMART reasons it’s good to be active on multiple exchanges
Smart to do is create multiple accounts at once. The demand for people is increasing fast and sometimes you want to trade quickly. Therefore it’s good to have accounts on multiple exchanges.
Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Russian Ruble (RUB) you don’t want to end up in line waiting for approval but just take action before the price goes up.
Step 3 – Payment methods buying Dogecoin
On Binance you have over 100 payment options to deposit money and buy your Dogecoin. Simply select your currency (in your case from Russia, probably the Russian Ruble) and the payment option you want to use. Of course, they also provide the most used payment options like Credit Card, Bank Transfer & PayPal.
Note: every country has different payment options, simply log in and check the payment methods for Russia. In the crypto world and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefore they created stable coins like Tether USDT.
These are cryptocurrencies you can buy to later swap them over to the currency you want to buy. Before buying your preferred coin it’s good to look up what coins are paired to the coin you want to buy.
Step 4 – Trade or buy your first Dogecoin from Russia
In the world of crypto and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefore the exchanges created stable coins like Tether USDT.
These stable coins are cryptocurrencies you can purchase to later swap them over to the currency you want to buy. The name stable-coin is from the USD as the price of these coins just uses the price of the USD. Before buying your preferred coin it’s good to look up what coins are paired to the coin you want to buy. For example, some coins only pair with Bitcoin and Ethereum others also pair with stable coins.
Benefit of using stable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefore their price stays very similar which will reduce the risk while trading fiat currency into other crypto coins and vice versa.
Step 5 – Prepare for the crypto future!
As mentioned earlier this guide is all about purchasing Dogecoin(DOGE), preparing yourself, and creating multiple secured accounts on exchanges. This way you will be prepared for the future when you want to buy new cryptocurrencies that are not listed on the one exchange you are using.
Step 6 – More information about Dogecoin
DYOR – Do Your Own Research
When investing in Dogecoin always make sure you do your own research on the coin, the technology of the coin, and the team behind the coin. Before you’re investing in a coin it’s important to do your own research on the coin, the technology of the coin, and the team behind the coin.
DCA – Dollar Cost Averaging Strategy
Dollar-Cost Averaging is a strategy that is famous in the investment- and crypto-world. It’s a tactic where you buy systematically a certain amount of a certain coin/investment you believe in. For example every month 100 Russian Ruble. As you buy systematically it will reduce the emotional involvement and as you spread the money you invest you spread the risk of a changing market.
Pro DCA
1. Invest small amounts
2. Less stress about fluctuating markets
3. Less chance on losses as you never buy full amounts on peaks
Cons DCA
1. Won’t make optimal trades as you don’t invest all on the bottom
2. Takes longer, as you’re not rich after one trade
3. If you DCA on one investment you can pick a loser investment that will only go down. Better is there to spread your investments while doing DCA.