Buy Dogecoin (DOGE) - how to invest in Dogecoin in South Africa

E-innovation has come a long way in the last 20 years. They have gradually moved into the digital environment - even the banking sector can no longer ignore the development of e-innovation. Extensive development has taken place in the economic sector as well. Where people used to pay in cash, they can now pay non-cash. Not only has the storage of money changed, but also the way money is stored: cryptocurrency has emerged. Nowadays, the topic of cryptocurrency is becoming more and more popular. Cryptocurrency is digital money that is not connected in any way to control and taxation by state structures. Digital currency has its own volatility, but it is also limited in terms of extraction positions as well as usage.

The first idea for online payments was proposed in 1983. American cryptographers David Chaum and Stefan Brands worked on the idea of electronic money. They proposed the first "e-cash" protocols and described the principles of an anonymous digital payment system.

In 1997, Adam Buckow had already further developed this methodology when, in the wake of advances in computers and electronics, it became clear that a system for secure payments would be needed. It was he who used HashCash, a technology which is resistant to spam and DoS attacks. It was later refined by Hal Finney. He managed to create a better algorithm to control electronic payments. HashCash technology was one of the key concepts in the process of creating the first blockchain.

Thus, blockchain technology and cryptocurrency are the result of the efforts of a group of people.

Every day new projects are created in the crypto-industry, but only a small fraction of them are of interest. Dogecoin is a mock popular digital coin that has been far ahead of the curve and definitely deserves attention. Let's take a closer look at it.

Dogecoin as the most accessible and serious coin

Dogecoin is a popular cryptocurrency that originated from an internet meme. The creators of this cryptocurrency wanted to mock the market, but unexpectedly created a very valuable asset. The creators of DOGE, programmers Billy Marcus and Jackson Palmer, came up with a cryptocurrency that was so steeped in meme culture that it could not be taken seriously. Comic Sans was used as the font on the currency's website - it often accompanies the Doge meme.

Doge is an image of a curious Shiba Inu dog that gained worldwide popularity and became ideal for cryptocurrency in 2013.

Billy Marcus commented, "I discovered that there was a huge market with coins popping up every day, and each coin must have been worth a lot of money. I thought - this is silly. Given the number of them, I thought it would be easy to make my own cryptocurrency." Dogecoin was rapidly gaining popularity. For a long time, the cryptocurrency went unnoticed. But gradually it was adopted by sports and medical organizations, and some retail chains. The attitude towards DOGE changed, and the cryptocurrency began to be used as a payment instrument. In the following years, it became known among ironic nihilists who preferred to have fun. In 2014, for example, coin holders raised around $30,000 to send the Jamaican bobsleigh team to the Winter Olympics; they sent $50,000 to Charity: Water, which provides clean drinking water to countries.

In 2021 Dogecoin became ten times more expensive: there are already 11.7 billion cryptocurrencies in circulation. Elon Musk (founder of Tesla) tweeted pictures of a Shiba Inu dog, and blogger Marques Brownlee called Dogecoin "the most affordable cryptocurrency for people".

How to invest in Dogecoin in South Africa?

There are many reasons why Dogecoin is being bought, and at the moment it has become mainstream in a sense. It is one of the most volatile assets to invest in. Unlike bitcoin, which has a coin issue limit, DOGE can be bought and sold at a low price. For the past decade, Dogecoin could be bought for next to nothing.This made it easier to accumulate. This "friendly, low barrier to entry", according to Marcus, has allowed the coin to become much more popular.

Due to its volatility, this currency is noteworthy: if you are lucky, you could potentially make good money by investing now.

If you bought $1,000 worth of Dogecoin in early 2021, you could now have about $85,000! This cryptocurrency behaves unpredictably, but its price could well reach high levels. In order to trade this coin successfully, you need to follow all of Musk's tweets in the first place. As long as the head of Tesla shows interest in Dogecoin, it is possible that the cryptocurrency could rise many times over. Despite the negative performance relative to the top cryptocurrencies, DOGE's popularity with investors remains consistently high. This fact is not only due to the low cost of electronic coins, but also due to the stability that Dogecoin demonstrates in the unstable situation on the global cryptocurrency market. This was clearly demonstrated by the global crisis of last year: during the general pandemic, DOGE lost only 5.5% of its value, but a month later the situation stabilised - a slight increase in the exchange rate began to be seen.

Dogecoin cooperates with cryptocurrency exchanges. Initially, contracts on cooperation were concluded with small platforms, but later DOGE gained support of the world's leading exchanges, including Bittrex and HitBTC.

On the trading platforms, you can trade Dogecoin in South Africa through contracts for difference (CFDs). There are a large number of different trading methods, and novice traders may sometimes feel uneasy about which approach to use at the start of their trading career. You can group trading strategies into two groups, based on time horizon, and get an idea if they suit your needs and expectations. By investing in Dogecoin - you are making the right choice. In your account, you can safely store, trade digital currency and make profits.

Virtually all trading strategies used in CFDs have features that allow traders to realise their potential and increase their level of profitability. Thanks to the large leverage provided by online brokers, traders are able to try out several strategies. It does not take much time, and trading profits can be increased rather quickly. Traders are increasingly interested in CFD contracts which allow you to use a regular strategy. First of all, a market participant should decide whether he wants to use a short-term or a long-term strategy. Let us see what is the difference:

A long-term strategy in CFD trading. Many people prefer it because it makes it easier to make accurate predictions. The duration of a long term trade is usually 30 days to a year.
Short-term trading brings profit to a trader from price changes, which occur from one minute to one minute or from one hour to one hour. In other words, the price has to change within a short period of time. Short-term trading has a number of advantages. Its costs are usually lower than those of long-term financing. Traders who choose to invest in Dogecoin in South Africa should keep in mind that, as with other cryptocurrencies, the value of Dogecoin fluctuates throughout the day - sometimes even by a second. When trading this cryptocurrency, your goal is to speculate on the future price of DOGE coins.

How do I buy DOGE in South Africa?

Brokerage companies offer you very convenient, smart and technically advanced online platforms for trading cryptocurrencies. For the novice trader it is sometimes difficult to choose the right online platform. The first question that often comes to newbies is "how to buy Dogecoin in South Africa?", "where do I start investing?". The trading platform in South Africa is a very good option for beginners. The online platform allows traders to execute trades via a broker. You can trade remotely from absolutely anywhere: the robust and modern platforms in South Africa provide you with features like trading charts, trading indicators and quotes.

So, to start trading Dogecoin in South Africa, you should first choose an online broker that will provide us with a trading platform to make transactions. Then you need to register on the platform, open and fund your account and, actually, we can proceed directly to trading. Your broker will guide you step by step through the process.

How to sign up?

Modern trading platforms offer a simple and straightforward registration process. All you need to do to register on the platform is:

Visit the website of the brokerage company;
Go to registration section;
Fill in the simple registration form with your personal details (username, email, SMS confirmation phone number);
Confirm your registration using the link you receive to the email you have provided (or it may be a code sent to the mobile phone number you have provided).

You can register on any gadget - register in the mobile app and then log in to the desktop version or vice versa - the sequence does not matter. All your data and transactions will be automatically synchronised.

How do I open a demo account?

A demo account is a powerful training tool for the novice trader. The functionality of a demo account is identical to a real account, but you will be trading with virtual money instead of real money. By using a demo account you get hands-on experience in trading, and learn about all of the possibilities available to you as a trader.

Opening a Demo Account is the best starting point for learning the trading platform and its functionality. Get started now!

The best cryptocurrency trading demo account has full functionality. Traders have access to the same functionality as when trading from a real account. Just as importantly, a demo account reflects changes in real market conditions. This means that the picture on the demo screen is no different than what people see when they open a real account.

How do I open a live account?

Now that you understand how the trading platform in South Africa works and have made your first trade from the demo account, you can move on to a real trading account. When you eventually mature enough to trade with real money, the procedure used on the platform will impress you with its ease.

You just need to:

Submit a request to open a live account;
Enter the required information about yourself;
Confirm your account by sending an identification document - passport or driving licence;
Deposit to the account using one of the payment methods offered.

And that's it - you can start trading with real money and no commission!

How do I make a deposit?

The trading platform allows you to easily make deposits and withdrawals to and from your trading account at the broker's website. Once you are familiar with the platform and the ins and outs of trading, you can make your first deposit. You can make a deposit any time you want. Until then, it will be inactive. You can make a deposit to your brokerage account via your bank card and popular online payment systems such as Visa, MasterCard and electronic payment systems like WebMoney, Skrill, Perfect money, etc. State-of-the-art software allows fast processing and confirmation of transactions. Your funds will be credited within a couple of minutes.

How do I withdraw my money?

To withdraw funds from your account, log in to your personal cabinet and apply for withdrawal. Get verified. Verification is a process of data validation. Verification is used, as a rule, to confirm (verify) the identity of the account owner and exclude fraud. For withdrawal of funds you can use the same methods as for depositing to your trading account. These may be payments via credit or debit cards, bank transfers, transfers via electronic wallet.

The main criterion in choosing a trading platform is its reliability. But reliability alone is not enough for productive trading. Now many trading platforms offer advanced functionality. So it's better to settle for a platform that allows you to get the most out of your investment.

Online trading platforms specialise in CFDs - you won't be able to own assets, but you will be able to trade them with leverage. You will also be able to trade Dogecoin and earn not only on rising but also on falling prices.

Whether you are a beginner or an experienced trader, the Demo Account is a valuable tool, used by investors of all types. It allows you to practice trading without risking your capital, and to try out strategies in a risk-free environment. If you want to start trading with a demo account from the comfort of your own home, the procedure will only take you a few minutes.

You can make instant and secure trades, have access to 24-hour customer support and thus get a good start in online trading. Open a demo account today and experience the quality of the software for yourself - it's free!