How to Buy Baby Doge - Where to Purchase BABYDOGE?

5 Things to Consider if you Want to Buy Baby Doge Coin

It’s crucial that you pay heed to some important considerations before going ahead and making your first BabyDoge purchase. Doing so will ensure that you stay well informed to make a swift and hassle-free crypto transaction.

Carefully choose your preferred secure payment method

Please note, there may be different payment options available for crypto purchases in different parts of the world. In addition, there may be different levels of cost, convenience and speed associated with each one of these options. You must weigh all choices based on your requirements and opt for a platform that offers a payment method that suits you the best.

Will you need to set up your own wallet?

If you’d like to own the actual Baby Doge Coin, and not just bet on its price fluctuations through a derivative product, you’ll have to use some kind of a crypto wallet for safe storage of your purchased BabyDoge coins. Though it is also possible to store your coins in the web wallet integrated into the trading platform too, it’s not the safest option, as such wallets are more exposed to hacks and thefts. Alternatively, using a derivative such as CFD does away with the need of setting up a crypto wallet as you won’t exchange any actual BabyDoge at all.

Comparing costs

Each Baby Doge Coin transaction involves a 10% transaction fee, of which 5% is distributed proportionately among all BabyDoge holders. Apart from this fee, you may also need to pay certain platform-specific charges like deposit fee, withdrawal fee and transaction fee for using its services to trade/buy BabyDoge. Please note, these charges may differ from platform to platform and hence must be factored in before signing up with any trading portal.

Safety and security 

Baby Doge Coin makes use of the Binance Smart Chain, and employs a Proof of Staked Authority consensus mechanism to secure its network. This consensus algorithm depends upon 21 different transaction validators to provide decentralisation, and to allow for community involvement. It’s this consensus mechanism that enables Baby Doge Coin to process quicker transactions compared to other meme coins. Besides the inherent security aspect of the Baby Doge Coin itself, you should also pay heed to the security measures taken by platforms you intend to use for BabyDoge purchase. Most of the regulated portals will implement stringent and leading security protocols, apart from offering additional safety features like Two Factor Authentication (2FA), to safeguard everyone’s interests.

Can you understand and navigate the platform?

How easy it is to use the trading platform under consideration is another crucial aspect which is often neglected, and must be paid close attention to before selecting any service provider. You should get well-acquainted with the workings of a broker or exchange portal you intend to use, beforehand. Learn about the transaction times, navigation features, fees and various other aspects related to its day-to-day working. Please note, the best trading portals will often provide detailed tutorials, making selling and buying of cryptocurrencies easier for you. Lastly, bear in mind that cryptocurrency transactions once executed, cannot be reversed. So there’s no scope of making inadvertent mistakes.

Ultimate Beginner’s Guide to Trading Baby Doge Coin

What is a Baby Doge Coin Broker?

Crypto brokers can be perceived as online platforms that function as intermediaries between the investors/traders and the market, executing trades on the former’s behalf. These service providers have become immensely popular over the past decade, emerging as the preferred choice of many crypto investors/traders throughout the world. Their speciality lies in not just making crypto trading accessible to amateur traders/investors, but also meeting expectations of seasoned crypto professionals with great ease. When you’re dealing with a BabyDoge broker, the online platform will allow you to use all kinds of popular derivatives such as CFDs, Options and Futures, enabling you to bet on its price fluctuations, without any troubles.

What is a Baby Doge Coin CFD?

Contract for Difference or CFD is a type of financial derivative that makes it possible for you to speculate on the future price movements of the underlying tradable asset, without having to exchange or own any of it. Therefore, whenever you trade cryptocurrencies like Baby Doge Coin through a CFD, you don’t indulge in any actual BabyDoge coin transfers. It remains an entirely speculative activity. CFDs constitute one of the primary offerings of cryptocurrency brokers, many of whom also provide other well-known derivatives like Options and Futures. Another popular facility provided by crypto brokers is leverage, through which traders can borrow additional funds from the broker and take bigger market positions. However, leverage should be used with caution as it can lead to both huge profits and losses.

What is the Benefit of Baby Doge Coin Regulation?

Although crypto investors are not big fans of regulation, it’s a necessary evil to keep the market away from bad actors. The main reason why traditional trading markets involving fiat currencies have gained legitimacy over the years is because they’re comprehensively regulated through laws that have undergone multiple amendments and improvements over the decades. Wherever you use a trading platform that’s regulated by a leading global authority, you get an assurance that there will be someone to listen to you in the event of a mishap. 

What is the Best Payment Method for Buying Baby Doge Coin?

You may be presented with multiple payment modes for buying Baby Doge Coin depending upon your state/country of residence, and the trading platform being used. However, each one of the offered payment methods will have its own advantages and disadvantages and that must be well understood beforehand. Let’s take you through some of the well-known payment methods used at online brokers and exchanges, for BabyDoge purchase.

Buying Baby Doge Coin with bank transfer: Preferred by a large number of investors and traders, bank transfers involve a lower transaction fee, making them the best choice for volume crypto purchases. Furthermore, they are welcome at almost all crypto exchanges and brokers. However, where they lack is the amount of time taken for processing, which can often run into multiple business days.

Buying Baby Doge Coin with credit/debit cards: The most convenient means to make online/offline purchases in all corners of the world, credit/debit cards are widely-accepted for crypto purchases too. Funds deposited through this mode of payment show up much quicker than any other payment method. But it’s their high transaction fee that doesn’t make them ideal for frequent crypto investors/traders.

Buying Baby Doge Coin with PayPal: PayPal has emerged to become an immensely popular mode of payment for online transactions in many countries, over the past two decades. It offers convenient online purchases. That being said, not all crypto platforms accept PayPal.

Buying Baby Doge Coin with cryptocurrency: BabyDoge being a fairly new cryptocurrency, there aren’t many exchanges that pair it with other established crypto coins like BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin) and XRP (Ripple). At best you may find a few exchanges that offer a USDT/BabyDoge trading pair, or a pair with some other stablecoin.

The Verification Process for Trading Baby Doge Coin

It is mandatory for all regulated cryptocurrency exchanges and brokers to make users pass through a verification process, as per certain predefined KYC (Know Your Customer) norms, before allowing them to use their platform’s services. This process generally involves uploading the scanned copy of a government-approved photo ID card, such as driver’s license, national ID or passport, and sometimes the copy of a utility bill or bank statement too, to serve as a proof of address. Apart from these, the service provider may also ask you to upload your selfie holding up the relevant documents, or verify your identity through a video call. The main intent behind all such steps is to guard the interests of investors and traders, by keeping bad elements at bay.

Baby Doge Coin: Long vs Short Term Investment

Crypto investments can be broadly classified into two categories- short-term and long-term investments. Short-term investments involve purchasing BabyDoge for cheap in the market and then holding onto the coins for a few hours, days or sometimes even weeks, before selling them for a profit. Traders usually use a ‘Contract for Difference’ for such short-term trading. It’s commonplace to see crypto traders employing strategies such as scalping, swing trading, trend trading and day trading to exploit short-term price fluctuations in the BabyDoge market.

Long-term investments on the other hand are about buying a certain quantity of BabyDoge coins and then holding on to them for months or perhaps even years, waiting for their value to appreciate significantly. Though this is a less-risky approach, it requires plenty of patience, and knowledge of technical and fundamental analysis to correctly time your entries and exits into/from the market.

Why Buy Baby Doge Coin rather than Trade?

It’s your trading and investment goals that will determine whether you choose to buy BabyDoge cheap at the right moment and then hold onto your coins for the long-term, or place short-term BabyDoge trades through a broker. As highlighted earlier, adopting a long-term strategy is more passive and less risky compared to short-term trades. Nonetheless, please bear in mind that a BabyDoge purchase, like any other investment, would require you to learn some processes beforehand. For instance, you’ll have to set up a cryptocurrency wallet to store your purchased BabyDoge coins. In addition, you’ll need to know how to analyse the historical price movements of a cryptocurrency, and how to use technical & fundamental indicators to make timely entries and exits.

What Fees are Involved in Buying Baby Doge Coin?

Please remember, apart from the 10% transaction fee levied by the coin itself, you’ll need to pay certain platform-specific charges for trading or buying of Baby Doge Coin. Let’s acquaint you with some of the commonly seen charges levied by the online exchanges and brokers in this regard.

Deposit fees – It’s the norm amongst online exchanges to charge a certain deposit fee to buyers/traders, which is usually a small percentage of the deposited funds. Most brokers choose to waive this fee in an attempt to attract more registrations.

Withdrawal fees – Charged at the time of cashing out funds, this is generally charged by both exchanges and brokers, and is again a tiny percentage of the withdrawn amount. Brokers generally keep this fee lower than what’s charged by exchanges.

Transaction fees – Online brokers and exchanges are also known to levy another charge called transaction fee, for processing of transactions on their platforms. Please know, like the other types of fees discussed above, this too may vary from portal to portal.

Safely Storing Your Baby Doge Coin

Cryptocurrency wallets can be described as software applications or programs designed to safely store your crypto coins. While many exchanges provide their own web wallets for crypto storage, it is highly advisable to move one’s coins to an external self-owned wallet, for better security. Below we will discuss some of the commonly-used varieties of crypto wallets available in the market. 

Web Wallet

These are cryptocurrency wallets integrated into the online exchanges and brokers. Even though they provide a lot of convenience because of their easy accessibility, they’re not very secure. Their online nature makes them vulnerable to theft and hacks. 

Mobile Wallet

Available in the form of crypto storage apps created for mobile devices like cell phones and tablets, mobile wallets are more secure than web wallets. Nonetheless, their frequent Internet connectivity makes them inappropriate for storing large amounts of crypto funds. You can use Enjin wallet or Trust Wallet for BabyDoge storage on mobile devices.

Desktop Wallet

These are crypto storage software programs meant to be used on laptops and personal computers. Amongst the desktop wallets, Freewallet and Atomic Wallet are the most popular with BabyDoge investors.

Hardware Wallet

These are the safest of all cryptocurrency wallets as they maintain your crypto funds in an offline environment. Most hardware wallets are sold as small physical devices that look quite similar to the USB flash drives. What’s even better is that you can normally connect them to a PC or mobile device anytime you need, for easy transfer of funds. Ledger Nano S and Coolwallet are a couple of leading names when it comes to hardware wallets for BabyDoge storage.

Wallet Combinations

A lot of cryptocurrency investors interconnect different wallet types to achieve a higher level of security and convenience for their stored crypto funds. It works as an excellent method to spread your crypto holdings, and to prevent major losses in the event of any hacks or thefts. A software wallet can be combined with a hardware wallet to achieve greater security and convenience. 

What Other Coins Can I Trade or Use to Buy Baby Doge Coin?

As mentioned earlier, Baby Doge Coin being a fairly new cryptocurrency, you may not find many exchanges offering a trading pair involving BabyDoge and other popular cryptocurrencies like BTC, ETH, BNB, XRP and ADA. There are only a handful of exchange portals that list BabyDoge, and feature only a USDT/BabyDoge pair.

Having said that, since meme coins are rapidly growing in popularity, especially with a solid community building around Baby Doge Coin, you may soon start seeing trading pairs like BTC/BabyDoge and ETH/BabyDoge, at popular exchanges, allowing you to easily buy Baby Doge Coin with Ethereum, Bitcoin, Ripple and other cryptocurrencies. 

What’s the Smallest and Largest Amount of Baby Doge Coin I Can Buy?

At the time of writing this piece, Baby Doge Coin was valued at $0.000000001736, and it does not make much sense to buy small amounts of BabyDoge. You may in fact find brokers and exchanges placing a certain lower BabyDoge buy limit on their respective platforms. Conversely, if you’ll be allowed to buy BabyDoge without limit, as many coins as you need, is something that will depend on the crypto regulations in your state/country. The trading platforms may also place an upper cap on your crypto purchases to abide by regional laws.

Can I Buy Baby Doge Coin Anonymously with no ID? Is it Safe and Legal to Buy Baby Doge Coin?

While there may be some anonymous peer-to-peer (P2P) platforms where you may locate someone who lets you buy BabyDoge without ID, please remember, you’ll be on your own when transacting through such portals. In fact, any platform that allows you to buy BabyDoge anonymously, without any verification, can be easily misused by bad actors, putting everyone including you at risk. The best way to buy BabyDoge safely is via a regulated and well-known trading platform that thoroughly verifies the identity of every individual signing up with it.

Will Buying Baby Doge Coin Make Me Money?

Now to one of the most frequently asked questions on various meme coin forums: “Does buying BabyDoge make you money?” Please know, there are no guarantees when it comes to crypto investments. Anyone who is buying BabyDoge with a serious intention to make a certain amount of money in the short or long term from it, should implement and master some well-known investment/trading strategy, after having thoroughly carried out technical and fundamental analysis. Thoroughly studying the past price movements of the coin is also a must. Please know, you may not be able to eliminate all the risks even then. Want to know the best price to buy BabyDoge today? Visit our Baby Doge Coin Price Page by clicking on the link.

How to Spend your Baby Doge Coin

Baby Doge Coin is primarily a meme coin that delivers some gains to its holders and contributes to certain charities. It’s quite unlike other cryptocurrencies like Litecoin (LTC) and Bitcoin (BTC) that can be used to purchase goods and services online/offline in various parts of the world.

How to Sell your Baby Doge Coin

The ideal way to sell your BabyDoge will be through the same trading platform that was used for your purchase. For instance, if you had bought them at a crypto exchange using a USDT/BabyDoge pair, and then moved all of them to an external crypto wallet, you’ll need to transfer them back to the same exchange, and then initiate a sell order to trade them for USDT or whatever currency it’s paired with at that time.

However, if you had invested in BabyDoge through a CFD, with an online broker, selling your investment will be an extremely simple process. All you need to do is close the corresponding CFD trade and take home any profit or loss arising from it.