You must have heard something about Dogecoin gaining value, and you are looking to get in on the action. But how? If you have a TD Ameritrade account or you’re thinking about opening one, then you need to know if this broker offers it…
So, is Dogecoin on TD Ameritrade? Unfortunately, Dogecoin is not on TD Ameritrade and you cannot in any way own Dogecoin using TD Ameritrade. As a matter of fact, this broker doesn’t offer any cryptocurrency trading services to users.
In this article, I am going to go over:
- If we can ever expect TD Ameritrade to offer Dogecoin
- Where and how you can buy Dogecoin
- What exactly Dogecoin is and
- If Dogecoin is a good investment
Sounds good? Let’s start…
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Will Dogecoin Ever be Available on TD Ameritrade?
According to TD Ameritrade, they have made a considerable investment in ErisX to allow the broker to offer cryptocurrency services in the future. ErisX is a company dedicated to helping its customers access and trade digital assets without stress. As part of their services, the company offers futures contracts and cryptocurrency spot contracts.
So, as we can see, TD Ameritrade is not unnecessarily averse to offering cryptocurrency services. The broker is still merely adapting to new forms of investment products and working to meet client needs.
At this time, TD Ameritrade does not yet provide any information as to when cryptocurrency trading services will actually be offered via its platform. However, we can assume this is going to begin very soon.
For those who have already looked up DOGE on TD Ameritrade, it is necessary to remember that you have no way to invest in Dogecoin through TD Ameritrade. There is a possibility here to confuse DOGE with DOGEF, a completely different stock. Some users on the internet have made this mistake already.
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Where and How to Buy Dogecoin?
So, if you are eager to get in on the Dogecoin action as soon as possible, how can you do that? Fortunately, getting Dogecoin is not a very tough process.
To trade Dogecoin, the first step will be to get a wallet. You can do this by visiting dogecoin.com. Upon opening the website, there are instructions listed on how to get a Dogecoin wallet.
Once you get a wallet, the natural next step is putting coins in it.
To get Dogecoin, you can either decide to mine it, earn some through a faucet, or trade for it. Mining Dogecoin means you process transactions, and in turn, get paid Dogecoin. This is supposed to be undertaken by only technical users. With faucets, you earn some free Dogecoin to give you an introduction. Sort of a welcome gift to the community.
Exchanges, on the other hand, are where you can trade Dogecoin. For most trading exchanges, there is no need to have a Dogecoin wallet. A good trading exchange is Binance.
What is Dogecoin?
Simply put, Dogecoin (DOGE) is an alternative cryptocurrency. Like Litecoin or Ethereum, but with some differences. Although Dogecoin’s popularity recently increased, it has been around since 2013. Started by Jackson Palmer and Billy Markus, it initially began as a joke supposed to criticize Bitcoin.
Often referred to as the internet currency, Dogecoin indeed tries to be a currency for the people. This is evident from its online community to its inflationary nature, and even its logo as the meme dog. The idea behind the creation of this coin is to be one for the people.
For those who may not understand, its inflationary nature means it is not limited in number of coins, unlike Bitcoin. With Dogecoin, the supply in circulation is increased every year. This means there is a higher potential for Dogecoin to turn into a currency people spend day-to-day.
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Is Dogecoin a Good investment?
Deciding if Dogecoin is a good investment is definitely up to you. As with other investments, you should only get into it if you believe it could contribute towards your investment goals. As with other investments, you can buy to hold for a long time or just trade to gain from differences in the price.
Recently, the Federal Reserve Chairman, Jerome Powell said that investing in cryptocurrency is more like investing in Gold than investing in the Dollar. In a lot of ways, he is right about this. However, the inflationary rate of Dogecoin means that it has a higher chance of getting spent like fiat currency.
Before deciding to invest in Dogecoin, it is vital to remember that most of its significant rallies have happened due to internet-driven hype. Other times, a general cryptocurrency rally has also boosted Dogecoin’s prices. As it stands, Dogecoin’s YTD returns are about 1,100%, a large chunk of that coming from over the past 3 months, since Elon Musk began actively tweeting about Dogecoin.
Undeniable is the fact that most people who are now interested in financial markets are the ones who contributed to its boost. However, the level of popularity Dogecoin has now gained could make things a lot more interesting.
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Conclusion
It’s true that you cannot buy Dogecoin or any other cryptocurrency on TD Ameritrade. But their investment with ErisX may change that at some point. Those who can’t wait can simply follow my above instructions to own Dogecoin.
With that being said, make sure that you completely understand the risks that cryptocurrencies involve before you become an owner.
At this point, I’d like to thank you for reading this article and ask you to share it with others if you found it useful.
Also, don’t forget to leave a comment in case you didn’t understand something.
Take care for now…
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