Do you want to start selling Dogecoin but don’t know where to start?
Lots of crypto traders have been there! And with Dogecoin’s nod of approval from Elon Musk, the hype’s fairly justified.
There are several platforms to buy and sell this meme coin. Today, we’ll focus on how to sell Dogecoin on Robinhood, which is a beginner-friendly platform perfect for mobile users.
We’ll walk you through the step-by-step method of doing it so you can start selling as soon as you’re set up.
- Why You Should Consider Selling Dogecoin on Robinhood
- Problems With Selling Dogecoin on Robinhood
- What You’ll Need to Sell Dogecoin on Robinhood
- Experts’ Tips in Cryptocurrency Trading This 2023
- How to Sell Dogecoin on Robinhood: Step-by-Step Instructions
- Things to Consider When Selling Dogecoin on Robinhood
- Frequently Asked Questions
- Similar Tutorials to Check Out
- Wrapping Up
Why You Should Consider Selling Dogecoin on Robinhood
Robinhood provides an easy choice for starters who want to test the waters and see if crypto-trading’s for them.
Here are four reasons you should consider testing this out:
- Commission-Free Trading: The platform doesn’t charge you any fee for transactions. Robinhood earns from different financial strategies.
- Beginner-Friendly Interface: Robinhood’s straightforward UI helps you navigate different functions without scouring multiple menus and pages.
- Solid Security: Robinhood employs two-factor authentication and insurance perk against platform breaches, keeping your crypto assets secure.
- Multi-Platform Support: The platform’s customer service is reachable through phone, email, and in-app.
Problems With Selling Dogecoin on Robinhood
Despite all the rave about the cryptocurrency market, there are valid reasons to be wary, especially for starters and non-active traders.
Here are some issues to note when selling Dogecoin on Robinhood:
1. Limited Selection of Cryptocurrencies
Robinhood only has eighteen cryptos on its list. Aside from Dogecoin, a few popular cryptocurrencies like Bitcoin and Ethereum are available for trading.
However, this can be limiting if you decide to diversify your investment portfolio, considering how some competitors offer over 200 cryptos on their platforms.
For traders who plan to go big, alternatives like Coinbase Pro might be a better option.
2. Only Available in the U.S.
You can’t use Robinhood outside of the U.S. In fact, it’s not yet available in Hawaii and Nevada.
So unless you have no plans to trade Dogecoin abroad, you’ll be better off signing up for alternative global cryptocurrency exchanges.
3. Minimal Educational Content
Any beginner trader needs the in-house educational support he can get to navigate a platform.
Robinhood, unfortunately, leaves so much room for improvement in this area compared to its more established competitors.
First-time users end up getting answers off-platform from other active traders.
4. Less Transparency
Robinhood has a history of being less transparent compared to its competitors.
Some of its trading restrictions can be complex for new traders, making you wonder if you can rely on it to handle frequent trades and if you’re allowed to view real-time data.
What You’ll Need to Sell Dogecoin on Robinhood
Selling Dogecoin is easy once you’ve got the basics covered. Here are items you’ll need to jump-start your crypto trading on Robinhood.
- Robinhood Account: You must prepare personal information like email address and financial identification as initial application requirements. Robinhood will contact you to send status updates on the application and outstanding items for compliance.
- Payment Method: Link a bank or debit card account to use when funding your investments, noting the daily deposit limits for each option. Banks allow up to $50,000, while debit cards only allow $1,000.
- Initial Investment: Decide how much you want to invest. Robinhood traders can transact with as little as $1. If you’re going to trade multiple cryptocurrencies, you’ll likely need a larger amount.
- Dogecoin Digital Assets: Once your account is funded, you can start buying a digital currency, in this case, Dogecoin. You’ll then have the option to sell these any time you want.
- Crypto Wallet: Robinhood takes care of this once you purchase a coin. The platform employs a combination of cold storage (offline) and hot wallets (online) to protect your assets against hacks and theft.
Here’s a guide on how to open a Robinhood account.
Experts’ Tips in Cryptocurrency Trading This 2023
Like your daily financial decisions, crypto-trading deserves a second thought. But, unless you’re an experienced trader who can breeze through this field’s high volatility, it helps to know what works and what doesn’t.
Here are expert tips to consider before trading your crypto coins:
1. Risk What You Can Lose
This one’s a golden investment advice and for a good reason. Your key to a long-term, profitable investment is diversity; digital assets are just a portion of it.
Only invest what you’re comfortable losing. Remember, crypto is a highly volatile asset, which means its market value can fluctuate at any time.
Assess your finances and define an exact figure to invest.
alk to a financial advisor to determine an appropriate asset allocation for your risk profile.
This helps you determine a percentage and dollar figure to invest in digital assets.
2. Keep Up With Social Media
Dogecoin trading’s been tricky because of social media’s vast influence on its market price.
You’ll need to stay current on platforms like Twitter, TikTok, and Reddit, where most impactful discussions among crypto traders happen.
Choose a social media platform you’re comfortable with and follow influencers who consistently share insider tips and commentaries on significant cryptocurrencies.
3. Choose a Reliable Crypto Exchange
Do your research and choose a trading platform with a credible history of handling crypto trades.
The crypto trading boom has birthed startups and suspicious platforms that scam newbie investors into shelling money.
While there aren’t any risk-free portals, you’re always safer with brokerage services with a stellar reputation.
Read reviews, join online forums, and follow threads about crypto investing.
You’ll have bigger chances of meeting experienced traders who can give you first-hand feedback on how a platform works. As much as possible, stick to those with years of experience and a robust crypto selection.
4. Learn the Technicalities
Trading portals offer you helpful knowledgebase, but you must try to know the ins and outs of crypto trading.
How do coin prices affect each other? What is market liquidity?
You don’t have to know it all, but broadening your knowledge of this field is necessary if you’re serious about cryptocurrency investment.
Understand the basics of how a blockchain platform works. Watch free tutorials on Youtube to get a better feel of what trading looks like before signing up for any service.
How to Sell Dogecoin on Robinhood: Step-by-Step Instructions
Once you’re done purchasing dogecoin assets using your Robinhood account, you can start selling.
We have two ways of doing it – via the web and its crypto trading app.
Option 1: Selling Dogecoin Using Robinhood Mobile App
- Login to Robinhood mobile app using your iOS or Android devices.
- Scroll down to the ‘Cryptocurrencies’ section from the app’s main page. This shows you the list of cryptocurrencies you’ve invested in.
- Locate and click ‘Dodge.’ This leads you to a page showing the coin’s current price and a graphical presentation of its market movement.
- At the bottom of the page, click the ‘Sell’ button.
- On the next page, indicate the ‘Amount in USD’ you want to sell. If you want to sell all your Dogecoin, click ‘Sell all DODGE.’
- Review your order summary to ensure everything’s correct.
- ‘Swipe up to submit’ your order.
Selling Dogecoin is done in real-time, and you’ll immediately receive a notification showing the ‘Dogecoin Sold’ status.
Option 2: Selling Dogecoin Using Robinhood Web
- Login to your Robinhood account using your desktop.
- On the home page, you’ll see your account’s total balance. On the right sidebar, you’ll see the ‘Cryptocurrencies’ section and the list of cryptos you own.
- Select ‘Dodge.’ This leads you to a page to process your transaction.
- On the right side of the page, click ‘Sell Dodge.’
- Input the dollar amount you want to sell.
- Click ‘Review Order.’
- Once you ensure all transaction details are correct, hit ‘Confirm.’
While most Robinhood users prefer trading using the app, the web version might be a better choice if you want to see crucial info like a cryptocurrency’s about section on one page.
Reading its details over a wider screen is easier than a mobile display.
Related: How to Sell Bitcoin in 3 Simple Steps
Things to Consider When Selling Dogecoin on Robinhood
There are specific elements you must consider before committing to Dogecoin investment. These things may seem basic but can dictate your long-term portfolio performance.
1. Risk Profile & Financial Situation
Your risk profile is your ability and willingness to take risks. Even if you’re highly optimistic about Dogecoin’s performance, your financial situation may tell a different story.
There are three major risk profile categories: Conservative, Moderate, and Agressive.
Conservative investors prioritize capital protection and are okay with low returns, which tells you how Dogecoin’s volatility can be their danger zone.
On the other hand, aggressive investors have the highest risk tolerance and desire substantial investment returns for a short time, making them fit for trading volatile assets.
How knowledgeable are you about mobile trading?
Most of Robinhood’s traders prefer the mobile app for its user-friendly interface. If you want to stick to traditional desktop trading, trying out Robinhood on the desktop before investing huge is a must.
3. Add-on & Extra Costs
Robinhood doesn’t charge any commission for any transactions, but there are other charges you must be wary of when investing.
FINRA (Financial Industry Regulatory Authority) fee is an excellent example. They charge a small fee for all sell orders regardless of platforms, which Robinhood then passes to the trader.
4. Financial Advisor Inputs
Even professional traders work with advisors for any investment decision. Financial experts are always at the forefront of what’s trendy and risky in the financial market.
This includes cryptocurrency. Seeking their advice helps mitigate the risk involved in crypto fluctuations.
Financial advisors also help make adjustments to your current investment portfolio in a way that stays within your ideal asset allocation. This ensures your finances don’t suffer from crypto investment loss.
5. Investment Portfolio
Are you a growth or defensive investor?
Understanding your current investment portfolio helps you balance all asset classes to ensure capital allocation stays within your profile.
If you want to diversify, you should put the bulk of your cash in something other than digital assets. Other options include equity, fixed interest, and property.
Frequently Asked Questions
What Is the Difference Between Cryptocurrency Exchange and Broker?
Both avenues allow you to trade cryptos, but their modes of operation differ.
A crypto broker acts as your bridge to the crypto market. They can set their price and are regulated at an international level.
On the other hand, a crypto exchange is a direct link between crypto traders, allowing all sides to trade crypto based on its current market price. It also has a broader crypto selection than brokers.
Is Dogecoin Worth Buying?
Considering Dogecoin’s affordable price, it’s a decent way to diversify your crypto assets without breaking the bank. Of course, it’s a high-risk investment, but so as the other options.
Besides, it remains one of the largest cryptos out there. Another notable thing about Dogecoin is its fast transaction time.
While you can’t fully rely on it as a full payment system, it remains a popular pick for traders. Dogecoin also has high liquidity making it easy to buy and sell assets when needed
Related Article: Is Bitcoin a Good Investment?
Similar Tutorials to Check Out
If you think cryptocurrency trading’s too risky for your liking, there are other money-making alternatives you can try for extra income:
- Unusual Business Ideas: From an open rage room to creative hangover cures, this article gives you some of the most bizarre and profitable business ideas for 2023.
- Web Design Business: Do you have a knack for visual design? This article walks you through starting a web design business for blogs and eCommerce sites.
- Starting an Online Gig: If you’re still undecided but want to learn the basics of starting an online business, this article gives tips for completing your checklist.
Dogecoin remains a risky crypto investment, but starting small using an intuitive platform like Robinhood, makes a difference.
You’ll soon get familiar with the trading dynamics and crypto cycles that will help you sell Doges at the right time.
Have you tried crypto trading through Robinhood? How was your experience?
Please let us know in the comments section! And if you liked this guide, don’t forget to share it to let others know.