Dogecoin (DOGE) is a popular cryptocurrency that has gained a lot of attention from investors and traders worldwide. If you are in Switzerland and interested in purchasing or exchanging DOGE.
Dogecoin is a cryptocurrency that has a lot of uses. It was developed in 2013 and although it isn’t as popular as other cryptocurrencies. There are many strategies that have been successful for traders to invest or trade for profit.
What is Dogecoin (DOGE)?
Dogecoin is a cryptocurrency. That’s built on blockchain technology. It’s one of the most prominent alternative coins on the market today and is easy to acquire. Dogecoin is primarily famous for how loyal its followers are and how much value it brings to social media platforms. It’s also very popular on sites like Tumblr because of all the memes that have been created out of it.
A short history of Dogecoin
Dogecoin was officially launched in December 2013 by two people who saw an opportunity to harness it. The peer-to-peer capabilities of Blockchain. Cryptocurrency, which is centered around community, has become a huge hit worldwide.
The founders of Dogecoin intended it as a cheeky joke at the time. The idea for this crypto coin was that it would be worth the same amount of money. This is how Palmer and Markus started DOGE
This made them choose a specific face as their brand symbol. So they could specialize. And so, Dogecoin was created – the first “meme-theme” cryptocurrency.
Dogecoin quickly tailored itself to be versatile on social media, primarily Twitter and Reddit, but later also proved it’s staying power on TikTok. The coin has also benefitted greatly from mentions by names such as GameStop.
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Short history
Some of their more popular publicity stunts include sponsoring the Jamaican bobsled team at the 2014 Olympics in homage to the Cool Runnings movie and also funding a SpaceX mission.
Elon Musk has said that he’s going to take “Dogecoin” to the moon in physical coin form this year. This year, the community experienced a big shock when Palmer left it, claiming that it “is toxic.”
Dogecoin reached a market value of $2 billion with increasing global popularity. The virtual currency had even become a joke to some by the end of 2017, but it was dominating the cryptocurrency market in 2018 and 2019 as well. Investors saw the huge losses they had incurred and also saw some major changes. That could be made to save time and effort.
By 2 June 2021, Dogecoin had temporarily reached a market cap of over $50 billion- larger than Twitter just then- and had a market value exceeding $9 billion. What is the goal of $1 per coin?
How to buy Dogecoin: investing vs trading
When it comes to getting exposure to Dogecoin in Switzerland, you have two options. You can either buy the coin outright or invest in the hope that it might be worth a lot more in the future.
You can speculate on the price of Dogecoin (to trade it) and make a profit or loss based on whether you’re accurate, whatever the market is doing.
Trading on the Dogecoin market does carry risk, but it can provide a way for traders to make money. With it, there are some risks. One could incur losses if a Share trade or a Futures trade cannot be closed out or all your assets are stopped. There can also be losses incurred.
There are restrictions on funding and withdrawing, but it’s free and easy. You may be charged fees for adding or withdrawing. There is a limit to how many times you can do it.
Funds Execution: 0.007 seconds, with access to our deep liquidity. Dependent on the liquidity levels overnight, we can offer you funding rates below the market average.
Investing in Dogecoin
Investing in Dogecoin means buying an amount of the coin to own outright. Just like with all other investments, you’ll only be able to make a profit if the price of Dogecoin appreciates after you’ve bought it and you manage to sell it for a higher price.
Although a buy-and-hold strategy is in order. It’s only worth taking once you are committed to the long-term journey with Dogecoin.
When investing in Dogecoin, you’ll want to start by opening a cryptocurrency account with an online broker. You would then invest any Dogecoins you have in your pocket into the crypto account they offer. This will go into a digital wallet on their site, which will hold your coins until you decide to sell them.
Trading Dogecoin with CFDs
There are several ways to trade Dogecoin without worrying about purchasing actual coins. Plus, you would be able to hedge your bets and move accordingly with the market performance.
When trading via CFDs, you will be using a derivative form of trading called a contract for difference. Short for “contracts for difference”. They are used to speculate on the price of Dogecoin.
Depending on the price of your position when you open and close it, you’ll either get a profit or lose the money you invested. If your prediction is correct, it will give you a higher number.
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There are certain tax benefits you can get from using CFDs, if you’re a trader in a particular region and abide by your tax laws. Leveraged trading allows you to go longer or shorter on the price of something.
Many traders are taking advantage of the wild price fluctuations of Dogecoin, so it makes sense that Dogecoin has seen wild price fluctuations since its inception.
Either way, you’ll make a profit if you’re correct. This gives more flexibility than purchasing Dogecoin, which will only make gains if the value of the cryptocurrency increases. The way that leverage works is that you’ll put down an initial deposit and then some percentage of it as your risk.
Trading CFDs
If you find yourself trading futures, you might want to get a margin account from your broker. Approaching the trade size of what the profit and loss value is for that day, and depositing some money into.
Your account will allow you access to the full position value. This would be similar to borrowing money from a platform or provider that sells speculative products.s Whatever gains or losses you make will be based on the full position size.
So, let’s say you want to open a position worth CHF 100 with CFDs on Dogecoin. This means that you’ll need to pay a fee of 10% so you have CHF 10 left after placing your order. Profits and losses will be calculated based on the full amount, not the initial amount.
Avoiding potentially risky trades is important and you might consider using stop orders or other similar tools to manage your risk and mitigate potential losses.
How to sell or short Dogecoin
If you think that Dogecoin’s price might drop in the future, go short. This is how you would say selling CFD or futures and means you stand to make a profit if Dogecoin’s price drops or lose money if it appreciates too quickly.
Here’s how to short Dogecoin with us:
Open an account with a broker to trade
Open the account trading platform, and search for ‘Dogecoin’ under the finder panel.
You typically want to choose your position size before it gets you into a new trade.
Click “Trade” in the deal ticket and confirm the trade.
When short selling, stay organized and manage your risk. Even your capacity for loss can be unlimited, so make sure you’re trading within a certain limit.
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