In this article, I will walk you through how to cash out Dogecoin. Dogecoin is one of the oldest and most widely available cryptocurrencies. Thus, it is supported by most crypto exchange platforms. This makes it far easier to cash it out on almost any cryptocurrency exchange than many other digital currencies.
The following 5 steps will enable you to successfully cash out your Dogecoin:
- Do the preps
- Choose your crypto platform
- Time it right
Let’s tackle each step one by one:
I. Do the preps
Like most crypto coins, to cash out you need to:
1. Have a digital wallet
Most likely, you already have a Dogecoin wallet. If not, you need to have a crypto wallet to store dogecoin.
2. Have the coins already
In case you don’t have Dogecoin, you can easily buy Dogecoin directly using your debit card or credit card on most platforms that support fiat currency.
3. Have a security checklist
Digital assets are extremely susceptible to security risks. Thus, it is important to take due diligence to minimize such risks. Having a security checklist is the best way to keep yourself reminded of what you ought to do or avoid. The following are key items to include on your security checklist:
- 2FA – Two-Factor Authentication is a security mechanism that greatly minimizes the risk of hacking. Most wallets and crypto platforms have this feature, though optional. As a rule of thumb, activate 2FA wherever your digital assets are stored or transacted.
- Allowlist & Blocklist – Have an allowlist of those platforms that you can deal with. Also, have a blocklist of those platforms that you must shun. This should be based on the history of security breaches, unfair trading practices, unwarranted personal disclosures that exposes one to risks of impersonation, etc.
- Allowable KYC requirements – some platforms go overboard in terms of KYC requirements. Unnecessary KYC requirements unwarrantedly expose your personal data resulting in a higher security risk. Have a list of those KYC requirements that you can allow so that you can stop any process that asks for more.
II. Choose your crypto platform
How easy or hard it will be for you to cash out your Dogecoin depends on your chosen platform. Thus, it is important to choose the right platform.
Factors to consider in choosing your crypto exchange of choice include:
- Fiat currency support
- Trading fees
- Core features
For a list of places to buy Dogecoin check out my article below
In this article, I review the best crypto exchanges and brokerages to buy Dogecoin in the US. I will dive into detail for each and will tell you the pros and cons of each. After reading this you will be able to make a better decision about where to buy your Dogecoin. Read more.
The platform that you choose should have high liquidity. High liquidity makes it easy and fast to cash out your Dogecoins. Low liquidity would mean that you hardly find someone to buy your Dogecoins.
How do you determine liquidity? The simplest way is to check out the volume of trade in your preferred trading pairs. For example, if you want to swap your Dogecoin to USD, then the daily volume of trade in the DOGE/USD pair would be your indicator.
2. Fiat currency support
Eventually, after selling your Dogecoin, you will need a bank transfer of the proceeds to your bank account. This is why having fiat currency withdrawal methods is an important consideration in choosing your crypto trading platform. Not all platforms have this support.
3. Trading fees
Some trading platforms charge higher trading fees than others. For example, Coinbase trading fees are much higher than Binance trading fees. If you have a significant volume of transactions to make, trading fees can really bite a big chunk of your sizable profit. While other factors remain constant, go for a platform with significantly lower trading fees.
4. Core features
Things to look out for:
a) Automated orders
Like most unstable coins, Dogecoin’s price is highly volatile. This increases market risk. Automated orders are the best instruments that experienced Doge holders use to reduce this market risk and thus mitigate against Dogecoin’s volatility.
Automated orders help to increase slippage tolerance. Some of the commonly used automated orders include:
- Market order
- Limit order
- Stop order
Let’s explore each of these at a time:
i) Market order
A market order is an order set on the platform to buy/sell a certain volume of digital assets at the best available price.
The focus is not on the price but on time. Market orders are of two types:
- Sell market order – an order to sell your crypto assets at or near the Bid price.
- Buy market order – an order to buy your crypto assets at or near the Ask price.
Since you are interested in selling your Dogecoin, you will need to place a Sell market order.
ii) Limit order
A limit order is an order set on the platform to buy/sell at a certain limit price or better. The following are the main types of limit order:
- buy limit order – this is an order to buy a certain crypto asset at a specified limit price or lower.
- sell limit order – this is an order to sell a certain crypto asset at a specified limit price or higher.
iii) Stop order
A stop order prevents the platform from executing until the market price reaches a set stop price. A stop order is used to limit losses.
Two main types of stop orders are:
- Stop-limit orders
- Trailing stop orders
Stop-limit orders are characterized by two price parameters:
- Stop price – this is a price above the market price that a trader is generally comfortable buying/selling a given digital currency.
- Limit price – this is the extreme price beyond which the trader is unwilling to buy or sell a given digital currency.
Also known as ‘stop-loss orders’, they are of two types:
- Buy Stop Limit – this is an order to execute a purchase when the digital asset rises to within the set price parameters. For example, if an investor intends to buy Crypto PLC’s stocks currently valued at $30 and expected to rise, the investor can put a Stop price at $35. Thus, the order will be turned into a Market Order when the price hits $35. If the investor set the Limit price at $40, the order gets processed after reaching $35. But, when the price reaches $40, the order stops being processed (fulfilled).
- Sell Stop Limit – this is an order to execute a sale when the digital asset falls within the set price parameters. For example, if the current market price of Digital Inc. is $50 per share, the investor can set a Stop price of $45 and a Limit price of $42.
b) Wallet protocol
If you have to execute a Dogecoin transaction, your exchange account should be linked to a Dogecoin wallet. While choosing your platform, you need to ask yourself the following pertinent questions:
- Does the platform have a built-in exchange wallet?
- Does the platform support your preferred crypto wallet?
An ideal platform should have a protocol that supports the following types of wallets:
- Personal wallets – personal wallets are those wallets that are independent of any platform. Examples of such wallets include Trust Wallet, Metamask Wallet, etc.
- Hardware wallets – these are personal wallets that exist as digital dongles. Examples include Tezos, Ledger Nano, Keystone, etc.
Top-5 Cryptocurrency Platforms to Cash out Your Dogecoin
Some of the best cryptocurrency platforms to sell your cryptos:
We are going to discuss each of these platforms in Step (IV) below.
III. Time it right
Investment is a factor of time. Selling your Dogecoin is like selling any other investment. It requires timing. Furthermore, the Dogecoin price is highly volatile. Thus, to get the best value for your money, you need proper timing that maximizes gains while minimizing loss.
Using automated orders is the best way to mitigate Dogecoin’s volatility. Automated orders ensure that there is no slippage in the price of Dogecoin – that is the difference between the price at the point of order and the eventual price at the point of exchange.
This is the climax of cashing out your cryptos. It is at this stage that you will convert your Dogecoin into cash.
Different ways to sell Dogecoin
The following are the three main ways to sell Dogecoin:
- Sell on Crypto Exchange
- P2P Selling (Direct selling)
- ATM selling
a) Sell Dogecoin on the crypto exchange platform
Selling Dogecoin on a crypto exchange platform is the most common mode of selling. Let’s explore how to sell your Dogecoin on the four platforms that Dogecoin holders use often – Binance, Kraken, Robinhood, and eToro.
i) Sell Dogecoin on Binance
Steps (Binance app):
- Log in to your Binance account.
- Navigate to “Wallet” and select the second tab at the top that says “Spot”
- Click on DOGE
- You will see the DOGE spot trading pairs. Click on more to see the complete list
- Search for the DOGE trading pair that you want to sell. For cashing out to your bank account choose the DOGE/USD trading pair. The DOGE/USD trading pair is only available on Binance.us but not on Binance.com where USD withdrawals and deposits have been suspended since February.
- Click on the trading pair to open the trading screen for that pair.
- On the right-hand side of the trading screen, find the “Sell” section.
- In the “Sell” section, enter the amount of DOGE you want to sell.
- Choose the order type. If you don’t know what these are just go with a market order.
- Review your order and click “Sell DOGE”.
- In your spot wallet, you will see your USD. Click on withdraw to send it to your bank account.
ii) Sell Dogecoin on Kraken
- Log in to your Kraken account.
- On the portfolio dashboard (it looks like a pie), select “DOGE”
- Click on Sell. If you are using the pro version select the market order type.
- Finally, when you go back to your portfolio you should see USD there.
- Click on the USD and select withdraw and send it to your bank account.
iii) Sell Dogecoin on Robinhood
- Go to the DOGE section of the Robinhood wallet
- Click/tap on the SELL button
- Choose your preferred sell Order
- Enter the value of the DOGE that you want to sell
- Press ‘Submit’ to execute the sell transaction
I have a more detailed guide below:
Ah, Dogecoin. The Shiba Inu meme coin that’s taken the crypto market by storm in recent years, capturing the hearts of new investors and Tesla CEO Elon Musk alike. It turns out Robinhood, the popular stock trading app for Gen Z, has evolved into a go-to trading platform for digital assets like Dogecoin. In this article, I will guide you through the process of selling Dogecoin on the Robinhood platform. So, buckle up, and let’s dive in! Read more.
iv) Sell Dogecoin on eToro
- Go to eToro Dashboard
- Tap/click on “Portfolio
- Select DOGE
- Click/tap on the red cross icon to sell your DOGE
Many digital asset investors love eToro because of its portfolio diversity. You can trade in stocks, forex, cryptocurrencies, and commodities. You can easily rebalance your portfolio by switching from one type of digital asset to another (e.g., from cryptos to stocks, or forex to commodities, etc.).
Another big plus is that eToro is relatively cheaper than many other trading platforms of a similar kind. On top of that, it supports most fiat withdrawal methods including bank transfers, PayPal, Credit cards, and others.
However, the eToro platform has lots of restrictions when it comes to territorial jurisdiction. The following are some of the location-specific eToro platforms that you can use to sell DOGE:
- eToro UK Ltd – for UK bank account holders
- eToro US LLC – for US bank account holders
- eToro Europe Ltd – for anyone holding a bank account in any of the EU countries
b) Sell Dogecoin directly
Selling directly means that you avoid the cryptocurrency exchange platform. Instead, you deal directly with the buyer.
You can sell your DOGE directly in two ways:
i) Via online P2P platform
Two main P2P platforms where you can easily sell your DOGE are:
- Binance P
ii) In-person selling
It is also possible to sell directly without using any P2P platform. This is the preferred method for selling to a person you fully know and trust such as your family member, friend, colleague, etc.
c) Sell Dogecoin via crypto ATM
Selling Dogecoin via crypto ATM is probably the shortest way to cash out your Dogecoins. A crypto ATM allows you access to a trading platform, swapping mechanism, and withdrawal to hard cash at the same point.
In most cases, you will need to swap your Dogecoins into bitcoins since most crypto ATMs are Bitcoin ATMs. Depending on the configuration, very few crypto ATMs may allow you to cash out Dogecoins directly without swapping.
How to choose the best way to sell Dogecoin
Factors to consider:
- Whether you want to sell for fiat currency or preferred cryptocurrency
- Where to store your coins
- Withdrawal methods available
- How quickly do you need to sell
- Market dynamics
- Transaction fees
There are many different ways to make fiat currency withdrawals.
Main cash-out methods
The following are the main withdrawal methods to cash out your Dogecoin sale proceeds:
a) Withdraw via Bank Account
This is the most common means of withdrawing Dogecoins. However, Dogecoin holders outside North America and Europe may be limited in terms of connecting their bank accounts to the exchange platforms. Even for those that are allowed, the transaction costs may be extremely high for holders of retail investor accounts. Thus, alternatives such as PayPal, Credit cards, and Crypto ATMs become necessary.
b) Withdraw via PayPal
PayPal is one of the most convenient means of transferring cash online. All that is required to transact via PayPal is a verified email address. A few platforms have a provision for withdrawal via PayPal. These include:
- eToro – this is probably the best means of withdrawal for eToro account holders outside those jurisdictions where eToro allows them to connect their bank accounts.
- LocalBitcoins – this P2P exchange is the most convenient way of cashing out cryptos into local fiat. It has a much wider reach compared to eToro.
The main drawback of PayPal is that it supports very few cryptocurrencies including Bitcoin Cash, Litecoin, Ether, and Bitcoin. Thus, if any of the above platforms are not available in your country, you may have to swap your Dogecoin for any of these cryptocurrencies.
c) Withdraw via Credit Card
Some platforms allow you to withdraw via credit card or debit card. This is especially the case for those platforms that have a provision for credit cards as a payment method. However, you must ensure that they allow credit cards as a withdrawal method.
The biggest advantage of withdrawal via credit card is that you can get hard cash via ordinary fiat ATM.
d) Withdraw via Crypto ATMs
Crypto ATMs are the most direct way of cashing out your Dogecoins. A lot of intermediaries are avoided which makes it cheaper and shortens the withdrawal time.
Tactics to ensure a smooth withdrawal
Not every Dogecoin holder will experience the smooth withdrawal of Dogecoins. Several limitations may hamper this smooth withdrawal. These limitations include:
- Not many crypto exchange platforms support withdrawing Dogecoin directly to fiat currency.
- A few will have sufficient liquidity to allow large investors to withdraw big amounts of Dogecoins.
- In some jurisdictions, Bitcoin ATMs are the most convenient option to withdraw Dogecoin
Thus, it may be necessary to use smart tactics to withdraw Dogecoin.
The following are some of the tactics to overcome these limitations:
- Swap Dogecoins for stablecoins – to make it easy to withdraw to local fiat.
- Swap Dogecoins to Bitcoins – to make it easy to withdraw via Bitcoin ATMs
Dogecoin is a virtual cryptocurrency founded by Jackson Palmer and Billy Markus. It started as a viral dog meme by the duo as a joke about Bitcoin. This meme coin shot to fame due to wide endorsement by celebrities such as Elon Musk, Snoop Dog, and Mark Cuban. Today, the Dogecoin network boasts of reaching close to 130 billion DOGE at a most affordable price of less than $1. This is a fun investment opportunity that you can easily buy, sell and cash out on most platforms. Just follow this guide to enjoy that share of fun.
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