Dogecoin (DOGE) is a peer-to-peer, open-source cryptocurrency. It is considered an altcoin and an almost sarcastic meme coin. While it was created seemingly as a joke, Dogecoin’s blockchain still has merit. Its underlying technology is derived from Litecoin.
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Steps to buy Dogecoin (DOGE) for beginners in Ghana
- 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 biggest platforms in the world. Big pro 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 coins.
Step 2 – How much Dogecoin (DOGE) should I buy
The good thing on cryptocurrencies are 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.
It’s good to first try with a small amount of Ghana Cedi to gain confidence about the process of buying Dogecoin and than scale up your transactions and buy more Dogecoin. (be aware of the fee’s that are involved when you buy and sell cryptocurrencies)
Two SMART reasons it’s good to be active on multiple exchanges
The demand of people are increasing and sometimes you want to trade quickly. As some exchanges have waiting times for approval what can take weeks. Therefor its good to have already 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 Ghana Cedi (GHS) 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. Easily select your currency (in your case from Ghana, probably Ghana Cedi) and the payment method you want to use. Of course they also provide the most used payment methods like Credit Card, Bank Transfer & PayPal.
Note: every country has different payment options, simply login and check the payment methods for Ghana. In the cryptoworld and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefor 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 its good to look-up what what coins are paired to the coin you want to buy.
Step 4 – Trade or buy your first Dogecoin from Ghana
In the cryptoworld and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These stable coins are cryptocurrencies you can buy 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 use the price of the USD. Before buying your preferred coin its good to look-up what what coins are paired to the coin you want to buy. For example some coins only pair with Bitcoin and Ethereum other also pair with stable coins.
Benefit of usingstable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefor their price stays very similar what will reduce the risk while trading fiat currency into other crypto coins and visa versa.
Step 5 – Prepare for the crypto future!
As mentioned earlier this guide is all about purchasing Dogecoin(DOGE), prepare yourself and create 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 platform you are using
List of exchanges including our TOP 5 to buy Dogecoin (DOGE) or other altcoins. Most of these exchanges have large trading volumes.
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 invest in a coin its 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 popular in the investment- and crypto-world. It’s a tactic where you purchase systematic a certain amount of a certain coin/investment you believe in. For example every month 100 Ghana Cedi. 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
- Invest small amounts
- Less stress about volatile markets
- Less chance on losses as you never purchase full amounts on peaks
- Won’t make optimal trades as you don’t invest all on the bottom
- Takes longer, as you’re not rich after one trade
- If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.