Buy Dogecoin (DOGE) - how to invest in Dogecoin in the UAE

The last century of world history has been marked by the rapid development of the financial and banking sector, which has predetermined the emergence of electronic money. Many economists believe that in the future paper money will disappear altogether and be replaced by electronic money. The essence of money will remain unchanged, but its form will change: money will move into the sphere of virtual reality. Electronic money is money that has the same value as paper money. But they are circulated exclusively on the internet, without the involvement of the banking system. Although the place of cryptocurrencies in modern monetary theory is still debated, in practice virtual currency is becoming the currency of the world economy and its financial markets.

Paper money can be ruined: torn, dirty or simply lost. It can also be misplaced at home or left in another bag. This is not the case with digital currency - it cannot be damaged or counterfeited.

There is an opinion that cryptocurrency is not much different from other payment systems in its purpose, because it also allows you to sell, buy goods and services. But payment system and cryptocurrency are not synonymous and should not be confused.

Cryptocurrency is a new definition that we meet more and more often: we hear it on TV, we read it in newspapers, we read it in news headlines on the Internet. So what is it - a currency? If so, how does it differ from the dollars and euros we are already familiar with?

Cryptocurrency is a kind of virtual money, which is created directly in computer network. The unit of cryptocurrency is a koin. It is fully secured against counterfeiting (cryptographically encrypted). Cryptocurrency is not linked in any way to conventional currency or to any government currency system. Its exchange rate cannot be regulated by a third party - it only depends on the balance of supply and demand in the market.

Cryptocurrencies are now being acquired by large funds, institutional investors, and their investments are giving the market a boost. Large investors and funds have confidence in the crypto market because cryptocurrencies are backed by financial institutions, exchanges, and exchanges. And the more infrastructure develops, the faster cryptocurrencies will grow.

Today we will look at one of the most interesting and popular cryptocurrencies - Dogecoin.

What is Dogecoin and what makes it so popular? 

The interesting coin with an image of a Japanese attractive dog started as a joke, but gradually grew a close-knit community, which launched several large charity projects, and later gained recognition of Ilon Musk. Let's take a look at how Dogecoin came to be and how Dogecoin exchange rate has changed over time.

How to invest in Dogecoin?
How to invest in Dogecoin?

To begin with, back in 2010, there was a story when a fifty-year-old Japanese woman took a picture of her Shiba-inu dog. After publishing the image on her blog, it became a Doge meme (a picture of a Shiba-inu surrounded by captions that show the dog's inner monologue). This image became famous around the world, and then gave the name to a cryptocurrency and helped it become very popular. We are talking, of course, about Dogecoin. Jackson Palmer, a former marketing expert, decided to make his own currency and name it after a meme. In 2013, he tweeted, "I'm investing in Doge and I'm sure it has a future. Thus began the journey of this unusual currency.

Dogecoin worked on the existing cryptocurrency Luckycoin, which in turn was based on Litecoin. The popularity of the digital currency was due to a large investment in advertising.

Less than two weeks after its launch, on 19 December 2013, the Dogecoin price chart showed a 300% rise. The surge was driven by a ban on bitcoin investment by Chinese banks, but Dogecoin lasted only three days.

By January 2014, however, Dogecoin rose again and even briefly outperformed bitcoin in terms of trading volume. Until 2017, the coin's price remained virtually unchanged. In January 2021, Dogecoin gained more than 800% in 24 hours, reaching a price of $0.07 as a result of attention from Reddit users.

And in February, billionaire Elon Musk, head of Tesla and SpaceX, pulled DOGE into the world's top 10 cryptocurrencies with his tweets and statements in the press. Dogecoin had a capitalisation of $30bn in July 2021.

Is Dogecoin stock in the UAE worth investing in? 

Fundamentally, Dogecoin in the UAE has room to grow: technologically, in terms of cheaper transactions, scaling up the network, and in terms of investment - by increasing capitalisation on the back of demand growth. If the market resumes growth, then Dogecoin has a chance. Wallet Investor predicts the cryptocurrency will rise from $0.30 in early July to $0.38 by the end of 2021, to $0.57 by the end of 2022 and to $0.76 by the end of 2023. It would then reach an all-time high of $1 by April 2025.

Information about Dogecoin
Information about Dogecoin

Dogecoin's popularity and resilience is primarily due to its strong and close-knit user community, which actively promotes the cryptocurrency in a variety of ways: on social networks and online channels.

Dogecoin is chosen by many investors due to its reliability, the volume of capitalization, and the trust of users around the world. Famous projects don't generate much profit due to high asset values. The main advantage of investing in Dogecoin in the UAE is the prospect of growth. Despite the fact that the cryptocurrency behaves unpredictably, it is because of its volatility that Dogecoin deserves attention and provides a chance to invest successfully.  

How to invest in Dogecoin in the UAE? 

Learning how to invest is not as hard as you might think. There are plenty of opportunities to do so. At the moment, almost all modern online platforms offer different resources, options, educational material and technical indicators. A trader strives to find a platform, where there is not only security, good functionality but also quality support. The main advice for a beginner is to take investing seriously. Start investing for positive results. Today, you can buy Dogecoin in the UAE through online trading platforms from the comfort of your home. 

You need to find a broker that provides services so that you can register on the trading platform, open your account and then buy the cryptocurrency and be notified when the value of the cryptocurrency changes.

Popular cryptocurrency
Popular cryptocurrency

Once you understand the trading platform and its functionality, traders can choose a long-term or short-term strategy.

The long-term strategy is based on following the trends. Before making a deal, the trader waits for the most opportune time, while analyzing the price dynamics. It means he tries to forecast the market trends. Once the time is found and the deal is opened, the trader continues to analyze the market, estimating the strength and duration of the trend. The deal can be closed in a month, half a year or a year - all depends on fundamental factors.

Short-term trading is a profitable way of earning. The trade is carried out "intraday". The duration of the transaction can be from a few seconds to minutes. The profit on such deals is not considerable, but the number of deals can vary up to 100 a day and more, due to which the high profit is reached. 

Many traders use CFDs in their work. For those who choose to invest in Dogecoin in the UAE in the short-term, it will be necessary to find an online broker, which offers a CFD on Dogecoin. The CFD will allow you to speculate on both rising and falling prices. CFD trading offers the advantages of low commissions and leverage. It is a service which is a loan of money or securities provided to the trader for a transaction. Short-term trading has the advantage that costs are usually lower than long-term financing.

Dogecoin trading conditions
Dogecoin trading conditions

How to buy Dogecoin in the UAE? 

You can easily trade Dogecoin through an online broker on the trading platform in the UAE. To do this, register on the online trading platform. Please note: The trading platform must have all the features you need and be comfortable to use. It is advisable that the platform has an option to open a demo account. Study the offerings at your online broker carefully and choose a platform that is appropriate for you.  After that you should make a simple registration on the platform, credit your account and you are ready to start trading. 

Registration 

Modern trading platforms offer a simple registration, which takes just a few minutes.  To register on the platform you only need to go to the section "registration" on the broker's website, fill in all the fields of the registration form and click "confirm". You will receive an email notification of registration on the platform and a request to confirm the email - do it. After this simple procedure your account is ready. You can also register in the mobile app.

Registration page
Registration page

How do I open a Demo account?

Aside from the tutorial section, the online platforms allow you to open a demo account to learn how to trade on the platform. After logging in to the trading platform the system will prompt you to activate your demo account. Do not miss out on this opportunity! When you activate your demo account you will see dummy funds in your balance, which you can use for test trading. Learn how the functions of the online platform work - how much profit a successful transaction will bring you and what costs will be incurred if it is not. View tutorials on how to use the technical indicators and try them out on a test trade.

Demo Accounts give you hands-on trading experience, and allow you to explore all of the trading options.

How do I open a Live account? 

Once you have tested the features of the UAE trading platform and made your first trade from the demo account, you can move on to a live account:

  • Log in to your account on the trading platform.
  • Select the asset you want to trade. The trading platform offers you great opportunities for beginners. 

You can fund your account whenever you like and set a minimum monetary threshold to open an account. Be guided by your financial capabilities. If you have the desire to open an unlimited number of assets, this is a good way to maximise your profits. 

Open an account
Open an account

Recharging an account 

A live account means real trades and real money. When you deposit a certain amount into it, you activate this account.  The minimum starting amount on most trading platforms is low, only a few dollars. You can fund your account online with a bank card or via payment systems.

Remember that if you are not an experienced trader, you should try out a free practice account before you fund a real account and start trading.

Deposit and withdrawal section
Deposit and withdrawal section

How do I withdraw my money? 

In order to withdraw money from your account you need to log in to our Secure Client Area, apply and be verified. Verification is a process of data validation. Verification is necessary to prevent fraud and to verify that the account belongs to the rightful owner. A good trading platform gives you the opportunity to withdraw money in the following ways. This can either be a bank payment card or any of the online payment systems available on the platform. Advanced platforms cooperate with well-known payment systems, so everyone will find a convenient option.

Security is one of the biggest concerns you may have. But you can be sure that your investments will be safe!

Despite its difficult predictability and occasional crashes, the cryptocurrency market is one of the most followed financial markets by investors. Virtual currency is now becoming as much a medium of exchange as cash and non-cash. Through government regulation and recognition of virtual currencies in various countries, information about them is becoming publicly available. Many economists are inclined to believe that in the not-too-distant future it could stand on a par with global currencies.

What do advanced trading platforms offer in online cryptocurrency trading? 

A good selection of cryptocurrencies, the ability to set a stop loss, use leverage, create an automatic notification of price changes, and select a chart type. The platform is available on both computers and mobile devices, which is very convenient. If you have an Android or iOS smartphone, you can easily download the app.

Support is open to you 24/7, which is good if you need help with anything. 

Try it out and you're sure to succeed!

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