How to Sell Dogecoin (DOGE)

Dogecoin is a popular meme token with ties to the Japanese dog breed, Shiba Inu. The token has seen remarkable development since its initiation in 2013. Dogecoin was created by two software engineers Billy Markus and Jackson Palmers to ridicule flagship cryptocurrency, Bitcoin. Despite being a joke token, Dogecoin has surpassed expectations, grown beyond measure, especially since 2021 began.

Due to how exceptionally positioned it is, Dogecoin is viewed as an investment option for investors. Despite purchasing dogecoin as a crypto asset to hold for a certain period, some of these investors do not know the best way to sell after realizing some gains on the crypto asset. As a general rule, these investors would regularly need to sell their Dogecoin for the fiat currencies of their residing country or any of the recognized stablecoins (USDT, USDC, BUSD). Thus, this guide will serve as a handbook to help new investors make the right decision on where to sell their Dogecoin asset. 

Selling Dogecoin is impossible without utilizing a broker. As it were, brokers or, if you like, crypto exchanges give liquidity to the cryptocurrencies including Dogecoin. This guide is aimed at guaranteeing that you settle for the right choice on a broker. We featured a few brokers below that you can always resort to whenever you have the need to sell your Dogecoin.

Best Exchange to Sell Crypto in November 2021

Compare Exchanges & Brokers to Sell Crypto

These brokers are recognized by industry experts, and are considered suitable platforms for both newbies and investors with some experience. 

• eToro
• Capital 
• Libertex
• Plus500
• Coinbase 
• Binance 
• AvaTrade
• Revolut
• CryptoRocket
• Changelly

The list above consists of brokers which engage in a similar business and belong to the same industry- they allow thousands of investors to buy and sell crypto assets or even trade them to make profitable returns. They have markets in different parts of the world. In addition, they consent to existing regulations in countries where they operate while also scaling their services for users in these countries to enjoy more. 

Prior to settling for a broker, it is important to look out for specific benchmarks. Where a broker fails to satisfy these benchmarks, it calls its integrity to question. A handful of these benchmarks include a simple and understandable user interface, premium customer service, consistency with guidelines, security, various trading desks, and many more. It is in the light of meeting the listed benchmarks that the aforementioned exchanges are highly recommended by major stakeholders in the industry. 

Moreover, these brokers boast of other great features they offer their millions of customers. Some of these features include staking crypto assets, lending and borrowing or in any event, permitting clients to pay for services via their accounts on the exchanges. These brokers record billions of daily exchanging volume which implies that it is truly simple to get liquidity for that asset you are holding, or Dogecoin. At times, clients can take part in futures trading accessing benefits like higher levarages.

This list of brokers has become commonly recognized names among investors and crypto enthusiasts as they are committed to giving the best of crypto services to their clients. They’re reputable platforms to sell cryptocurrency, including DOGE.

How to Sell Dogecoin in 2021 Step by Step

Selling Dogecoin is as simple as the process to buy Dogecoin. In any case, trading off the asset or some other crypto asset is equally dependent on whether there is liquidity for it. By liquidity, we mean demand. This determines whether the crypto asset will be sold. Dogecoin has a lot of liquidity, because of its position among cryptocurrencies. Currently, Dogecoin is among the top 20 cryptocurrencies by market value even though its price is still below a dollar. While attempting to sell your Dogecoin asset, ensure that there is a satisfactory withdrawal channel. 

Of all the brokers listed above, it is feasible to sell Dogecoin on their platforms, yet for this post, our focus in this guide will be on eToro which is at the first spot on our list. 

eToro has consistently featured in all of our guides including the ‘How to Sell Bitcoin guide and How to Buy Bitcoin Guide’ as a broker you can depend on at whatever point you need to purchase or sell any crypto asset. You won’t fail to see eToro as  among the main 10 crypto exchanges in the globe. The eToro platform was established considering new and experienced brokers. Each feature on the platform is geared toward streamlining trading and other crypto-related activity. In view of this, it will be extremely simple for new investors to utilize eToro to exchange Dogecoin or some other crypto asset eliminating errors of getting scammed.

We outlined five steps to sell Dogecoin (Dogecoin) on eToro in the rest of the guide. In the event that these steps are duly followed, selling on the platform will be a piece of cake. 

Step 1: Buy Dogecoin 

Since it is absurd to expect to sell an asset that you don’t currently possess, purchasing Dogecoin is the initial step before any selling activity can occur. eToro permits clients to purchase Dogecoin or you can purchase from another exchange. Then after buying, you can send it to eToro to sell. 

eToro just permits verified clients to buy Dogecoin. In this way, subsequent to joining, you’ll need to fulfill verification requirements. After inputting the necessary details for verification like your country of residence, date of birth, real name, occupation, income threshold, you can go on to deposit funds assets into your account. The vast majority of crypto traders like to deposit USDT. eToro has given many channels through which assets can be deposited into your account. Sending fiat to your eToro record might be done through your credit/debit card, local bank account or through third parties like PayPal, Skrill or Neteller. 

As soon as the funds sent via any of the aforementioned means show in eToro account, then you can go on to purchase Dogecoin through a fiat currency of your choice or your rather purchase USDT and afterward purchase Dogecoin. Most people prefer the latter because USDT is a stablecoin and is not subject to volatility like other cryptocurrencies. You can go for either of the two means depending on your preference.

Buy Dogecoin. Source: eToro

Step 2: Always Know When to Sell 

Every investor purchases a tradeable asset with the aim of making gains. Despite knowing the right time to buy a crypto asset like Dogecoin, it is likewise important to know when to sell, except if you want to record unintended losses. Indeed, even investors who purchase crypto assets for the long haul consistently know when they are in profit so they can sell. You can avoid registering losses on your investments if you know what you’re doing. Moreover, the prices of digital assets can be profoundly unpredictable. So it is possible to be in profit on your investments today and the next few days, the price of the asset invested on has tumbled. Additionally, no one controls the prices of these assets. It is fitting to have a selling target for your Dogecoin investment. Not doing so could spell doom for your investments and you may ultimately lose funds.

For this, eToro, in a bid to help traders make savvy investment decisions, integrated charts for each crypto asset including Dogecoin. These charts consist of candlesticks and patterns that help you study the historical data of an asset including Dogecoin. Similarly, you can study these charts to realize when to make a purchasing choice on Dogecoin or other cryptocurrencies. On eToro, you can click on Dogecoin and it takes you to where you can find more info about the asset including the traded volume on the exchange.

Dogecoin Chart on eToro 

Step 3: Know the Total Value of Your Portfolio 

Aside from Dogecoin, there might be different assets you are holding in your portfolio in light of the fact that eToro offers many cryptocurrencies and trading pairs. Here in this guide, our attention is on the asset, Dogecoin. Along these lines, knowing the complete worth of your portfolio will assist you with deciding whether the measure of Dogecoin you wish to sell is up to the necessary sum. eToro has a base withdrawable sum which is $50. So you ought to have basically that amount of Dogecoin before you can sell. 

eToro Overview Source: eToro

To know the worth your portfolio holds, click the top left corner where you have ‘Portfolio’ on the platform. After tapping on the ‘Portfolio’ icon, you will see all your crypto assets and their individual worth. There, you can click on some other asset apart from Dogecoin that you wish to sell. Note that you should have the necessary withdrawable sum before you go ahead to sell the asset. 

Step 4: Close All Active Positions 

To sell your Dogecoin asset, you would need to close active positions. Selling the asset is what is meant by closing your active positions. What’s more, you can’t do this if the asset is still in its original form. The volatile nature of cryptocurrencies is something to be concerned about. Leaving your Dogecoin investment without going on to sell for your preferred currency- could be fiat or USDT- is a risky move as you are likely to lose your funds. Due to how volatile prices can get, not selling at your target price after it has been hit or waiting for a while after then, you could return and see that prices have retraced. To secure your profits, you need to make a quick move. 

As earlier mentioned, closing your active positions requires exchanging the Dogecoin for USDT or some other digital currency. After closing these positions or selling, the equivalent or less reflects in your portfolio (this could arise in cases where eToro charges withdrawal fees. Similarly, if you are selling via what is known as ‘market price,’ the actual amount of Dogecoin sold may not be the exact amount that reflects in USDT due to what is referred to as ‘Slippage.’ Slippage happens when an asset settles at a cost lower than the intended target price. With slippage, there can be a positive or negative angle to it. When a negative slippage occurs, a trade is executed at a lower price than the proposed target; while positive slippage happens when an asset settles for a higher price than the intended price.

Closing Trade on eToro

Supposing you need to close an active position on Dogecoin through your eToro account, you click on the portfolio symbol where you are shown every one of the assets you hold. There, you can tap on Dogecoin and afterward you are taken to the trading segment. In this segment, you can select the worth of Dogecoin you want to sell- whether Dogecoin (Dogecoin) or simply a piece of it. Alternatively, you can utilize the search symbol to search for a Dogecoin pair of your decision. After arriving at your preferred pair, you should then click on it and then you’ll be taken to the trading section from where you can sell. 

Whatever amount of Dogecoin you sold still reflects on your portfolio. This balance is also withdrawable, either to your local bank account or your PayPal account, or to a credit card attached to your account.

Steps 5: Withdrawal Requirements and Exchange Rates 

Assets withdrawal on eToro is without any hassles as long as the withdrawal prerequisites have been satisfied. Reviews about the withdrawal process on eToro are mostly positive. Withdrawals on the exchange can be easily navigated, even for newbies.

There are occasions when withdrawal difficulties could emerge, yet these seldom occur. It could either be that a client is operating an account from a blacklisted country. Different instances include incomplete verification, errors while initiating  withdrawals or failure to add withdrawal channels. 

eToro is focused on making withdrawals on its foundation as smooth as could be expected. This makes it simple for you as an end-client to sell your Dogecoin without inconveniences. eToro ensures that each crypto asset stored on its foundation can be exchanged. Whenever, you can change your Dogecoin over to fiat. 

While some other exchanges leave their base withdrawable sum at a higher cutoff, eToro brought the bar low without decreasing the quality of its services. Least cutoff for Dogecoin withdrawals on  eToro is $50 worth with a rate charge of 0.5%. eToro’s min withdrawal fee is $1 while max is $50. This demonstrates that eToro is considerate with its withdrawal fees. 

Crypto Taxation in the US 

Crypto taxes exist in the US. In fact, a new Infrastructure bill is being proposed by the US that will impose tax reporting obligations on crypto businesses operating within the US.

Bitcoin investors have to pay taxes on both short term and long term gains according to the new crypto tax guidelines by the US Internal Revenue Service.

As regards the taxes on short and long term gains, short term means gains made on taxes within the space of a year, while long term represents gains made for more than a year. These taxes extend to a bunch of crypto-related activities including airdrops, DeFi yields, mining and transaction fees. Due to the evasive nature of cryptocurrencies, enforcing tax obligations on their owners might be a difficult thing to pull off. US authorities have continually expressed concerns over cryptocurrencies being used for illegal activities. Thus, they are looking to enact regulations that will encapsulate and safeguard against such acts.

Best Crypto Exchanges to Sell Dogecoin

There are over 100 exchanges around the globe situated in different countries globally. Usually, crypto exchanges are meant to make cryptocurrencies accessible to investors and crypto enthusiasts. They also provide platforms for such asset classes to be traded by crypto traders. Despite being bound by one aim, you may actually find different services on these platforms. This means that apart from buying and selling crypto, these exchanges may have services peculiar to them. So your needs dictate which exchange will suit you.

Of all the crypto exchanges that exist, some have been able to stand out and resonate with thousands of people around the globe. This is not because the services they offer are entirely different from those of others but because they go extra miles in securing their users’ interest. There are some identifiable parameters used to mark out the best crypto exchanges. These parameters include security, friendly UI, efficient customer support, a guide on how to use the exchange, and a growing community.

In light of the above, some exchanges have been able to pass these parameters with a view to offering the best to their users. Other exchanges have fallen short of these parameters and do not enjoy so much signups or daily trading volume as the former. Giving their users nothing less than premium services, a handful of exchanges allow their customers to use copy trading or trading bots services. Traders who are not cut out for manual trading can actually copy trades from other experienced traders or automate the trading process via bot trading. 

Below, we have a list of high-ranking and industry-recognized crypto exchanges;

• eToro
• Capital 
• Libertex
• Plus500
• Coinbase 
• Binance 
• AvaTrade
• Revolut
• CryptoRocket
• Changelly

Where to Short Sell Dogecoin

Short selling, or just ‘shorting’, is a way of making money when the price of a cryptocurrency, stock or any type of asset goes down (the opposite of opening a long position). Traders use margin to borrow the asset – in this case borrow extra DOGE – and sell large amounts of it at the current price.

Then when the price falls, the trader then buys back the asset at a lower price, closing their position. They pocket the difference as profit, and end up with much more of the asset than they started with. Borrowing an asset on leverage increases the percentage gains made from small price movements.

We only recommend experienced traders do this, as in general cryptocurrencies tend to trend up over time and are very volatile. If you’re a beginner start by hedging – using 1x leverage – or scaling into a short slowly in increments (just as you’d dollar cost average – DCA – when buying an asset).

If you do think the Dogecoin price is due for a pullback, you can short sell Dogecoin on Binance using cross leverage or isolated leverage. Set a stoploss in advance to avoid liquidation.

Storing Dogecoin in the Best Wallets 

Since Dogecoin is a digital asset, it requires proper storage. Cryptocurrencies like Dogecoin are stored in digital wallets. Crypto investors and holders have different ways of storing their digital assets. Some store theirs in hot and software wallets while others transfer the asset to hardware wallets, also known as cold wallets. 

Each of these wallet types have their pros and cons. For instance, software wallets are created with private keys. These keys can be used to access the wallet from which they were copied on any device. However, it is very easy to forget the private keys to such a wallet, especially when they are written down. Private keys are normally phrases of different numbers ( usually, 12 – 24). If the private keys go missing, then it becomes impossible to recover your Dogecoin asset.

On the other hand, cold storage wallets are physical wallets like flash drives and do not require any private keys, but passwords only. The cons of a physical crypto wallet is that it can be destroyed by fire or any other destructive element. 

Notwithstanding, you can decide to store your Dogecoin in any wallet of your choice as long as you will take precautionary measures to protect your assets. You must also be ready to bear the losses in case anything happens. Here, in another guide, we have compiled some of the best crypto wallets you can store your meme holdings in.

When is the Best Time to Sell my Dogecoin?

If you are taking the invest-and-sit-back approach, it is very likely that you will have to actively monitor the price of Dogecoin, especially if you don’t have a target price. Monitoring the price of  an asset can be really tasking since you have to keep yourself abreast of goings-on around the crypto market to know whether to sell off your Dogecoin holdings or keep maintaining the same position.

Investors normally adopt different approaches in their investments. Some take the short-term path where they only have to wait within the range of a day to a week before deciding on a selling stance. Others in their own right, could buy Dogecoin and keep it for a mid-term timeframe, meaning in some weeks or months, they’ll come back to check if they have made any profits on their investments. A long-term investment strategy span years before selling off. 

Essentially, the right to sell your Dogecoin holdings is determined by the investment strategy you adopted. If you adopt a short-term strategy, then you have to wait until that time is right before exchanging your Dogecoin. So there is no specific right time to sell. The time is right when your investment strategy says so. 

In between that period when your investment is yet to attain the target you set, a lot of things might happen given that the crypto market is volatile. A bearish news could affect your open position or holdings. Which is why it is advisable to always do analysis whenever you want to invest. The analysis keeps your actions in check even when the trade is going the wrong way. Sometimes, you might have to wait longer than necessary before hitting your target. 

If your analysis is right, a little deviation from that pattern you expected in the charts shouldn’t instil fear in you. An early discovery of an impending bearish movement might save from losing your funds if you invested in Dogecoin or other crypto assets. There are numerous to stay informed of events that may likely happen in the market. The crypto market is driven by relevant information. You can access them via reliable updates and reports. 

As an investor, you can also take advantage of the market opinions of industry experts. However, don’t rely solely on it or follow these opinions blindly, without doing diligent research. These experts are humans and they are fallible as well. You can access the updates released by professionals on this site.

Price of Dogecoin 

Dogecoin has seen a progression of changes since creation. Given that the market is unpredictable, the cost of the crypto asset isn’t steady. When the market changes, it implies that costs will go up at specific occasions, then, at one point experience a downtrend following a negative report or when investors begin selling. Dogecoin’s price movements can be observed on the charts with the help of candlesticks and identifiable patterns.

Elon Musk has contributed a lot to Dogecoin’s growth. His Twitter stunts and mentions on the asset helped price attain an ATH of $0.73. Dogecoin was barely at $0.004 at the beginning of the year. Elon Musk who now regards himself as ‘The Dogefather’ is a strong force behind Dogecoin.

Guide for Automated Trading 

Crypto trading is an activity that requires devotion from traders themselves, aside from the capital they usually have to commit. Apart from studying charts, traders would normally stay abreast of important events in the market through news reports. Combining that workload can be tedious. It turns out to be more terrible if the trader has an office job. Dividing his devotion between his work and the charts could make one or both suffer. Sometimes, he is likely to commit costly trading errors.

Automated trading has come to the rescue of these  traders, making trading really easy for them with the use of trading bots. So they don’t have to be actively involved in the trading process.

As a last resort, an automated form of trading was created to assist traders who hardly have the time to monitor their trades. A lack of attention could lead to losses which in turn may cause emotional instability. As part of trading rules, a trader is meant to be in the right frame of mind to maximize opportunities in the market. This is why apart from risk management, a trader is supposed to have a strong trading psychology as well as emotional stability.

Trading bots automate the trading process such that traders can have time for other engagements. Trading bots utilize algorithms to trade cryptocurrencies. Nonetheless, they require a bit of human involvement to function effectively. They cannot function on their own, a trader has to activate a trading range based on his personal strategy, which these bots rely on. One reason trading bots are important is because they are designed to respond to opportunities in the market faster than humans.

The main reason for the creation of automated trading is to ensure that price surges are capitalized on. Sometimes, there are opportunities that traders may be blind to due to their busy schedules. With the help of trading bots, every market activity is observed and this assists trading in making more profits than they would have made if they were trading themselves. The disadvantage of trading bots is that when the market is going the wrong way and the trader is not there to observe, it could result in massive losses. As such, trading bots are not 100% reliable.

Bear in mind trading bot software is unregulated, and only deposit funds into bots that you can afford to lose. Our review team has a vetting system to help filter out genuine trading software from blacklisted software. Some of the trading robots that we’ve reviewed include:

• Bitcoin Miner
• Bitcoin Prime
• Bitcoin Trader
• Cryptosoft

How to Invest Responsibly in Crypto 

Lately, everyone is claiming to have invested in cryptocurrency. Who would not? I mean, many people have made great fortunes from investing in cryptocurrencies. Of course, you might be feeling the pressure to do the same thing, but you are afraid of how it will turn out. The thing is crypto is not something to jump into without first acquiring expertise. It is beyond having capital to invest. The volatile market should be a red flag to a new investor. There are a whole lot of other qualities a crypto investor is expected to possess.

Patience, risk management, strong trading psychology, emotional stability, technical and fundamental analysis expertise all combine to make an expert trader before capital. One must understand that the market is not controlled by anybody. Hence, it must be skillfully manoeuvred. Greed is a major challenge most traders battle with. Once a trader is able to overcome the lure to be greedy, he is one step closer to becoming an expert.

Another thing to understand is that not trading is a trading strategy itself. There are times when the market is very volatile and highly unpredictable- a trader should learn to avoid the market during those periods. Also, as a trader, never revenge trade. This means trying to recover from loss after suffering one. While trying to revenge-trade, it could lead to more losses. The best thing to do at such a point is to sit back and restrategize, and head back to the market not with a mindset to recover from that loss. 

Note: As a trader, you must never trade the crypto market without a tested and proven strategy.

Should I Sell Dogecoin in 2021? 

Dogecoin (DGE) has prospects, as long as Elon Musk keeps supporting the token. The billionaire is also looking to upgrade the token and give it significant value. He had also hinted at accepting Dogecoin payments for Tesla’s electric vehicles back in May. During the April bull run, Dogecoin reached an ATH of $0.73.

Here are some key things to note before you sell Dogecoin:

• Ensure that you are not on the losing end if you want to sell. The May correction saw prices crumble. Most investors are yet to fully recover on their crypto holdings. 
• Do not leave all of your money in cryptocurrency. Never invest the whole of your money in your asset. The market is volatile and there is a high tendency to lose your funds.
• If you have attained your target on Dogecoin, do not hesitate to sell off. Being greedy is dangerous.
• In contrast, if you are yet to meet your target, remember to hold. Patience is key when investing in cryptocurrencies. 

Summary 

Dogecoin is undoubtedly one of the top cryptocurrencies with a market capitalization of $35 billion. It is a digital asset, so it can be bought, stored and sold with ease. Dogecoin can be found on most exchanges apart from the brokers listed above 

To sell Dogecoin on eToro and other brokers’ platforms, you need to close positions. You can trade the asset against USDT or the fiat currency of your residing country and then withdraw to your local bank account. Dogecoin can be stored in a wallet, whether hardware or software. It is safe to the extent of the owner’s diligence and security consciousness. 

If you have the intention of buying any cryptocurrency, you should do so from an informed standpoint and not because the asset looks profitable. As they say, invest what you can afford to lose. The crypto market is a volatile one and cannot be traded on from the viewpoint of hope and mere speculations. This guide can suffice as a handbook you can revert to whenever you want to make investments in Dogecoin. 

Our recommended best exchange to sell Dogecoin in 2021 is eToro as they are regulated internationally and support withdrawals by bank wire, VISA, Skrill, Neteller and a range of other methods.

FAQs 

Where to Sell Dogecoin

In this guide, we recommend selling Dogecoin via an exchange as you are guaranteed safety and received your fiat. There are other means through which you can sell. P2P is an alternative, but this is somewhat risky.

How Easy it is to Sell Dogecoin

When you use a broker like eToro, selling your Dogecoin can be concluded in minutes after a few clicks. The exchange features withdrawal options as well.

What are the Best Brokers for Selling Dogecoin?

Several brokers can be used to sell Dogecoin. However, the following are considered the best by expert traders that have explored other options. They are eToro, Capital, Libertex, Plus500, Coinbase, Binance, AvaTrade, Revolut, Cryptorocket, and Changelly.

What are the Taxes for Selling Dogecoin?

We do not know if holding Dogecoin incurs taxes.

Where to Sell Dogecoin for USD?

To sell your Dogecoin for USD, you need an exchange that permits payment to your local bank or third-party payment service. Some of the best choices are eToro, Coinbase, AvaTrade, and Binance.

What Exchanges Sell Dogecoin?

Some of the exchanges where Dogecoin can be sold include eToro, Capital, Libertex, Plus500, Coinbase, Binance, AvaTrade, Revolut, Cryptorocket, and Changelly.

How to Quickly Sell Dogecoin

To quickly sell your Dogecoin, you need an account with eToro or any other exchange-listed above. To set up your account doesn't take a lot of time. If you have your Dogecoin already, you can transfer them to the wallet on the exchange and sell them there instantly.

How to Sell Dogecoin for Cash

To sell Dogecoin for cash, you should integrate a withdrawal channel on eToro or any other exchange-listed above. Ensure that you've set your desired currency. When you withdraw, the exchange helps you convert the funds to cash and pays into the proper channel.

How to Sell Dogecoin for PayPal

PayPal only supports four cryptocurrencies, which include Bitcoin, Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).

How to Sell Dogecoin from Wallet

Some wallets help you sell your Dogecoin natively. To sell them on the wallets, you need to integrate a payment method and follow the necessary procedures to sell Dogecoin.

How to Sell Dogecoin for Other Cryptocurrencies

Often, you can swap your Dogecoin for other cryptocurrencies on brokers like eToro or Coinbase. Once you complete a swap, the actual value of Dogecoin sold reflects on the crypto you choose.