Here is the straight answer: Etrade does not offer Dogecoin to its customers. If you want to buy Dogecoin you need to choose an alternative platform. I will tell you which ones. Alternatively, Etrade does offer some exposure to crypto but only indirectly via ETFs, Trusts, and stocks or via futures. And none of these indirect options gain you any exposure to Dogecoin.
I will walk you through everything. Before we dive in, there are two guides I will link out to at the end of this article. The first is on how to buy Dogecoin. And the second is on where to actually buy it.
ok let’s dive into Etrade.
In the world of cryptocurrency trading, Dogecoin has been a hot topic lately. With its meteoric rise in popularity, many investors are wondering if they can trade Dogecoin on Etrade. In this article, I’ll explore Etrade’s offerings and its stance on crypto. I will then provide you with some further resources for buying Dogecoin.
Understanding Etrade and Its Offerings
What is Etrade?
Etrade (E*TRADE) is a financial services brokerage firm that offers online brokerage and trading services to individual investors. Established in 1982, Etrade is headquartered in Arlington, Virginia, and has over 5 million clients. Etrade has grown to become one of the most well-known online brokerage firms in the United States.
In May 2020 Etrade was acquired by Morgan Stanley.
As a pioneer in online trading, Etrade has helped democratize access to the stock market. Prior to Etrade, most investors had to rely on traditional brokers, who charged high fees and required a high minimum investment. Etrade changed all that by offering low fees and no minimum investment, making it possible for anyone to invest in stocks, mutual funds, ETFs, and related products.
Services Provided by Etrade
Beyond its investment options, Etrade provides clients with a suite of services. These include a mobile application for on-the-go trading, investment research and tools, and educational resources.
The mobile app is one of Etrade’s most popular features. It allows investors to trade on the go, check their account balances, and access real-time market data on financial products. The app is available for both iOS and Android devices.
Etrade’s investment research and tools are also highly regarded. The company provides clients with access to a wide range of research reports, including equity research, fixed-income research, and macroeconomic research.
The Etrade website also offers a variety of tools to help investors make informed investment decisions, such as stock screeners, options chains, and interactive charts.
Etrade’s Cryptocurrency Trading Options
Etrade does offer some cryptocurrency trading options, but their selection is limited and they do not allow you to trade cryptocurrency directly.
At present, clients with Roth IRA or brokerage accounts on Etrade can get indirect exposure to crypto in 4 ways.
- Coin Trusts
- Futures products
1. Crypto ETFs on Etrade
Exchange-traded funds (ETFs) are funds that track a specific index of cryptocurrencies. Here are all the crypto ETFs that the Etrade platform offers. They are mostly focused on Bitcoin and Ethereum. Note that the Bitwise 10 crypto fund below excludes Dogecoin. Most funds do not take Dogecoin seriously and hence are reluctant to offer it.
|Crrypto ETFs on E*TRADE||Ticker|
|Amplify Transformational Data Sharing ETF||BLOK|
|ProShares Trust – ProShares Bitcoin Strategy ETF||BITO|
|Siren Nasdaq NexGen Economy ETF|
|Simplify U.S. Equity PLUS GBTC ETF||SPBC|
|Bitwise 10 Crypto Index Fund||BITW|
|Global X Blockchain & Bitcoin Strategy ETF||BITS|
|Global X Blockchain ETF||BKCH|
|First Trust Exchange-Traded Fund VI –|
First Trust Indxx Innovative Transaction & Process ETF
|VanEck Vectors ETF Trust –|
VanEck Vectors Digital Transformation ETF
(track the performance of companies that are participating in the digital assets economies)
|First Trust Skybridge Crypto Industry and Digital Economy ETF||CRPT|
|Invesco Exchange-Traded Fund Trust II –|
Invesco Alerian Galaxy Crypto Economy ETF
|Valkyrie ETF Trust II – Valkyrie Bitcoin Strategy ETF||BTF|
|Exchange Traded Concepts||BITQ|
2. Etrades’ Coin Trusts
The other alternative to include crypto in your investment strategy on Etrade is to invest in a coin trust. A trust is a pooled find that invests in different cryptos. Again most of your options here are for Bitcoin and Ethereum. None of them offer Dogecoin in their portfolios.
|Grayscale Bitcoin Trust||GBTC|
|Grayscale Ethereum Trust||ETHE|
|Osprey Bitcoin Trust||OBTC|
|Grayscale Horizen Trust||HZEN|
|Grayscale Ethereum Classic Trust||ETCG|
|Grayscale Litecoin Trust||LTCN|
|Grayscale Bitcoin Cash Trust||BCHG|
|VanEck ETF Trust VanEck Bitcoin||XBTF|
|Grayscale Zcash Trust||ZCSH|
3. Crypto stocks on Etrade
Your final option to get exposure to digital currencies on Etrade is to invest in companies that operate in the crypto industry like Coinbase or that invest in crypto like MicroStrategy. Again you don’t get any exposure to Dogecoin here.
|Riot Blockchain, Inc.||RIOT|
|Marathon Digital Holdings, Inc.||MARA|
|Paypal Holdings, Inc.||PYPL|
|Coinbase Global, Inc.||COIN|
|Silvergate Capital Corporation||SI|
4. Crypto Futures Contracts on Etrade
etrade offers the crypto futures that are available on the Chicago Mercantile Exchange (CME).
Futures are financial derivative contracts that allow two parties to agree to buy or sell an underlying asset at a predetermined price and date in the future. The underlying asset can be anything from commodities such as gold, oil, or wheat, to financial instruments such as stocks, bonds, or cryptocurrencies.
There are 4 crypto contracts you can choose from on Etrade.
- CME Bitcoin contract, 5 Bitcoins
- CME Micro Bitcoin which allows you to buy smaller proportions of 0.1 Bitcoin futures
- CME Ether contract, 50 Ether
- CME Micro Ether contract, 0.1 Ether
Etrade and Dogecoin: The Current Situation
While Etrade has not announced any immediate plans to offer direct cryptocurrency trading options, the company’s focus on innovation and technological advancement suggests that it may be preparing to offer cryptocurrency investments for its customers in the future. In fact, Etrade CEO Mike Pizzi has stated that the company is “actively exploring” ways to make cryptocurrency trading available to its customers.
Most large legacy institutions such as Etrade are very carefully watching how the Securities Exchange Commission is reacting toward crypto. Etrade’s risk tolerance is much more conservative as they have clients who manage their retirement accounts and life savings via their product.
Alternatives for Trading Dogecoin
There are several alternative cryptocurrency exchanges and brokers available to choose from. Each platform offers unique features and benefits to help you make informed decisions when trading. Let’s take a closer look at some of the most popular options:
Popular Cryptocurrency Exchanges
Binance, Coinbase, and Kraken are among the most well-known cryptocurrency exchanges. These platforms offer a wide range of cryptocurrencies, including Dogecoin. They also provide tools and resources to help investors make informed decisions.
For example, Binance offers a user-friendly interface and low trading fees. Coinbase provides a simple and secure platform for buying and selling cryptocurrency, and Kraken is known for its advanced trading features and high liquidity.
A key reason to use a crypto exchange is that you can then send your Dogecoin to a crypto wallet where you can have direct access to it. This reduces the risk of you losing your DOGE should the platform go bankrupt as we have seen happen in the past.
Trading Dogecoin Through Brokerage Account
If you’re always on the go, trading Dogecoin through mobile crypto trading apps may be a convenient option. Apps like Robinhood and Webull offer commission-free trading.
For a comprehensive list of where to buy Dogecoin check out my detailed article. In there, you will find the pros and cons of each platform and user guides on how to buy Dogecoin.
A detailed review of platforms that offer DOGE such as eToro, Robinhood, Binance, Coinbase and more. Read more.
Who else does not offer Dogecoin?
Etrade are not the only ones who do not offer Dogecoin on their platform. Some of the more mainstream platforms and apps such as Charles Schwab, TD Ameritrade, Fidelity, Cash App, and PayPal do not offer Dogecoin.
Dogecoin is a cryptocurrency that has gained popularity in recent years. Created in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin began as a joke but has since gained considerable attention in the past year.
The Origins of Dogecoin
Markus and Palmer introduced Dogecoin as a fun alternative to the more serious Bitcoin, inspired by the internet phenomenon of the “Doge” meme. The meme features a Shiba Inu dog with captions written in broken English and Comic Sans font. Markus and Palmer decided to use the meme as the basis for their cryptocurrency, creating a fun and lighthearted alternative to the more serious cryptocurrencies on the market.
Despite its humorous origins, Dogecoin quickly gained a following. The currency was initially used as a way to tip content creators on social media platforms such as Reddit and Twitter. However, it soon became clear that Dogecoin had the potential to be more than just a joke.
Dogecoin’s Popularity and Market Performance
Driven in part by social media campaigns and celebrity endorsements, Dogecoin has seen a surge in value. In early 2021, the price of Dogecoin skyrocketed after Elon Musk tweeted about the currency, causing a frenzy among investors. However, its value can be highly volatile and subject to market fluctuations.
Despite its volatility, Dogecoin has gained a dedicated following. Many investors are drawn to the currency’s fun and lighthearted nature, as well as its potential for growth.
For those of you who are seriously thinking of investing in Dogecoin I recommend you read my article that covers the main arguments of why Dogecoin will fail. It is important to have a balanced view before investing in any type of crypto.
If you are feeling the FOMO and feel that irresistible need to buy Dogecoin make sure to counterbalance that emotion by reading up on why Dogecoin will fail. Read more.
Hey, you probably know this by heart already but none of the above is investment advice. Cryptocurrency markets are extremely volatile so make sure to always do your own research. If you are still hell-bent on buying DOGE read my guide below
In this article, I will walk you through how to buy Dogecoin and everything you need so as to be set up correctly. Read more.