How to sell dogecoin (DOGE) - A beginner's guide - Market247
A popular among cryptocurrency enthusiasts is Dogecoin (DOGE). Dogecoin is still a well-liked cryptocurrency alternative despite its price being extremely volatile, with a sharp decline from its all-time high of slightly over 70 cents per coin in mid-2021. Here is all you need to know if you're wondering How to sell dogecoin (DOGE).
What is Dogecoin?
To learn more about how to sell dogecoin, learn the definition of Dogecoin first.
Dogecoin (DOGE) was created in 2013 as a lighthearted substitute for well-known cryptocurrencies like Bitcoin. The Shiba Inu emblem and name are derived from a meme. Dogecoin is purposefully plentiful in contrast to Bitcoin, which was meant to be limited. There is no end to its supply, as 10,000 new coins are made every minute.
How to sell dogecoin?
There are 4 easy steps of How to sell dogecoin (DOGE) below
Step 1 of How to sell dogecoin effectively: Choose where to sell Dogecoin
There are a few considerations when deciding where to sell Dogecoin. Aside from the network charge, which varies depending on the cryptocurrency exchange, depositing DOGE should be free. When deciding where to sell, you should also take trading costs into mind. A reasonable trading cost should be between 0 and 5% every transaction. The withdrawal fee for cashing out to a bank account is the last thing to think about when selling Dogecoin. While some exchanges impose a flat fee, others impose a percentage. Look for an exchange that either pays all or a portion of the withdrawal costs, charges a cheap flat rate, or has no withdrawal fees at all.
Step 2 of How to sell dogecoin effectively: Create an account
You must register for an account on the cryptocurrency exchange you decide to use to sell your Dogecoin. On the homepage, look for the sign-up or register button, then take the following actions: A phone number or email address should be entered. To confirm, enter the verification code that was sent to the entered email address or phone number. Acceptance of the terms and conditions. Click "register" or "sign up."
After that, the KYC process must be finished in order to verify your identity. The fundamental procedures have been detailed by Finder, but to view Finder's KYC guidance, go here.
- Enter personal information: Your name, your nation of residency, and a valid ID are required. You might need to submit a scan of your preferred ID for this stage, or you might just enter your ID number.
- Uploading files: It is vital to have a clean image or scan of your ID that is free from glare and obstructions. A copy of a utility bill or bank statement matching the address and name on the ID you provided is also required to be uploaded.
- Upload a selfie: This entails taking a picture of oneself that clearly shows your entire face. You must be holding a piece of paper with your name and the current date written on it. Some websites may give you a special code to put down on paper.
- Activate 2FA: Although this step is optional, it is advised. However, certain exchanges demand it. By turning on 2-factor authentication, you increase the security of your account.
Step 3 of How to sell dogecoin effectively: Deposit Dogecoin
The next step in selling DOGE is to deposit it on an exchange. Follow these steps to get this:
- Go to the exchange's wallets or balances page.
- Find "Dogecoin" there.
- Select "Deposit."
- For your DOGE deposit, make a copy of the exchange's provided address.
- In your external Dogecoin wallet, paste the address.
- Verify the address once more.
- You can also send a tiny test amount initially, based on your comfort level. You will pay an additional transaction charge, but you will feel more secure as a result.
- Send the transaction.
- You must select the network charge (a higher fee results in faster processing).
- You can leave your wallet after the transaction has been announced.
- Wait for the deposit to be confirmed by the exchange.
- Depending on the exchange and network congestion, this might take up to an hour.
- You can sell your DOGE when the deposit has been verified.
Step 4 of How to sell dogecoin effectively**: Sell Dogecoin**
You may now sell your Dogecoin as it is in the exchange account. A market order or a limit order are two options for selling DOGE through an exchange. It's crucial to keep in mind that you may exchange Dogecoin for cash or other crypto currencies and tokens.
Market/limit orders
You must go to "spot trading," "trade," or "markets" on a cryptocurrency exchange in order to access the market and limit orders. Market and limit orders are the two most popular forms of trading options, however there may be more. You may exchange Dogecoin for other cryptocurrencies or fiat-pegged stablecoins when selling it through spot trading.
- Market orders
- Dogecoin is instantly sold at the going rate. Although it costs less than an instant sale, it costs more than placing a limit order. If you wish to sell as soon as possible at the current market price, you should use a market order.
- Limit orders
- Only when Dogecoin reaches the price you specify is it sold. This costs far less than an instant sale and less than a market order. If you wish to sell Dogecoin at a particular price, you should go with a limit order.
- Maker/taker fees
- These are the costs associated with spot trading.
- Maker fees are assessed to individuals who increase exchange liquidity (place an order not already on the books).
- Taker fees are assessed to those that remove liquidity from the exchange (place an order that already exists and is filled immediately).
- Market orders are subject to taker fees due to the speed of the transaction.
- If the price of a limit order is the same as the market price, taker fees may be assessed.
- Maker orders have reduced costs if you put a limit order for a price that differs from the current market price.
- On certain exchanges, maker and taker trading fees are the same.
Simply decide how much DOGE to sell when placing a market order, and then confirm the transaction. Decide how much DOGE to sell and at what price if using a limit order. then hold off till the order is fulfilled. If your order hasn't been filled, you can cancel it at any moment.
Disclaimer: This article is only a sharing on the subject of How to sell dogecoin (DOGE): it does not endorse any particular company, service, or product. It makes no prior recommendations for trading.
Conclusion
We have discussed important points pertaining to the sale of Dogecoin. Because of their simplicity, adaptability, and security, exchanges and brokers like Coinbase and Binance continue to be the ideal option for selling Dogecoin. Furthermore, they are subject to international regulation and facilitate withdrawals via a range of techniques.
This concludes our discussion of how to sell dogecoin (DOGE). If you have any questions or issues, don't forget to write a comment below. Market247 will always reply.
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How to sell dogecoin (DOGE) - FAQs
Can Dogecoin be Sold for USD?
Yes! Dogecoin is a cryptocurrency, but that doesn't mean you can't sell your coins for real money.In fact, Coin Cloud makes doing that quite easy. To learn how to sell Dogecoin for USD, continue reading.
How can I sell Dogecoin the best?
Although selling DOGE is permitted on just a small number of cryptocurrency exchanges (Kraken, Robinhood, and the Binance app), all types of exchanges do Only a select handful of cryptocurrency exchanges—Kraken, Robinhood, and the Binance app—support selling DOGE, despite the fact that all types of exchanges do so.
What was the DOGE price at its highest?
The price of Dogecoin reached an all-time high of $0.688722 at one point.
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