As a brokerage platform, Webull keeps it right to only present you with the cryptos they find to be a promising investment. Currently, Webull allows trading with 58 cryptos, including some meme coins. But can you trade Dogecoin on Webull? Let’s find out.
You can trade Dogecoin on Webull. Webull introduced Dogecoin on April 20, 2021, and it has been listed on the platform ever since. Currently, Dogecoin is traded for under $1, which is set back compared to the price this coin had in 2021.
The crypto winter has influenced all the coins on the market, including Dogecoin, but this doesn’t necessarily need to be a bad thing. A bear market is also a great investment opportunity. Keep reading and find out more about trading Dogecoin on Webull.
Webull Crypto Trading
Webull has quickly become one of the most popular brokerage platforms in the world. As you may know, Webull doesn’t charge any fees for crypto trading, and you can make money by investing as little as $1. All of these are just some of the reasons why so many people switch from Robinhood to Webull. One of the best features Webull has is excellent learning tools and a user-friendly interface that is excellent for beginners. Also, there are crypto charts and other features that can help you make an informative decision before investing money in crypto.
Even though Webull is not FDIC-backed, it has coverage made by SPIC and Apex company, so investing in crypto through Webull seems pretty safe, and since you can trade with low amounts of money, the risk is even lower. Here is what Webull offers.
|Securities you can trade||Stocks, ETF, Options, ADRs|
How to Trade Cryptos on Webull?
Once your account is approved, you will be able to deposit money on Webull, which is the first step you will have to take once you have set up your account. The next thing you need to do is to get crypto buying power (BP,) which means you need to deposit more money. In essence, your crypto BP needs to be equal to the amount available in your withdrawal balance. Once you have enough money in your account, you will be able to trade with crypto. And since Webull is a brokerage platform, you will not need any crypto wallet because you will not actually own the crypto you invested in.
There are a couple of ways you can trade cryptos on Webull – there is a market, limit and stop limit orders you can place before you invest in any crypto:
- A market order is the simplest way to trade with crypto. It means you will buy or sell crypto at the current market price. However, the market price may change while you are waiting for the order to be finished, which can lead to monetary gain or loss.
- A limit order is buying or selling cryptos at a specific price or for a better price. When you buy crypto, the limit price is the max price you are willing to pay. When you sell crypto, the limit price is the minimum price you wish to sell your coin.
- A stop limit order is an order you place to buy or sell crypto at a specific price, not higher or lower. The stop limit order is not available for all customers on Webull.
Buying Dogecoin on Webull
There was a lot of fuss around Dogecoin in 2021, mostly because Tesla CEO Elon Musk promoted this currency and purchased huge amounts of coins. Those who had invested $1,000 in Dogecoin earned $50,000 once the price skyrocketed. However, the bear market wasn’t kind to Dogecoin either, and currently, the price is $0.0959, but many experts believe that this coin will recover once the whole market enters its next bull run. So it is a great chance to invest in this coin when the price is lowest.
Here Is How to Buy Dogecoin on Webull
If you already traded with crypto on Webull, then these steps will be familiar to you. If you are new to the platform, you will first have to open up and fund your Webull account. This means you will have to get your account approved by providing your ID number and bank account. Separately you will have to be approved for crypto trading. Once all that is done, you will be able to trade with crypto. Here is a step-by-step guide on how to buy Dogecoin on Webull:
- Step 1 – Go to Webull’s “Market” tab
- Step 2 – Find Dogecoin in the list, it is listed as DOGEUSD
- Step 3 – Click on the Dogecoin icon
- Step 4 – New tab will appear asking you to buy or sell Dogecoin
- Step 5 – Click on the option “Buy” Dogecoin,
- Step 6 – Decide what kind between market, limit or stop limit order,
- Step 7 – Place the amount you wish to purchase and execute the transaction.
Is Investing in Crypto a Good Choice?
Well, even though the crypto market is volatile, it still has some patterns we can follow to predict future behavior. It is known that the whole market follows the most significant coin, Bitcoin, and that most cryptos depend on how BTC will act. In the past decade, it was noticeable that BTC has a four-year cycle, where one year is always a bull run year, one is a bear market year, and the remaining two are the recovery and good years. According to some predictions, 2024 should be a bull year for BTC and the crypto market. Either way, crypto is here to stay, so if you are interested in this, now is probably the best chance you have to purchase coins for an all-time low price and wait for the next bull run.