Can u buy dogecoin on robinhood

can u buy dogecoin on robinhood
How to Buy Dogecoin on RobinhoodPosted by Frank GogolUpdated on May 20, 2022

Dogecoin is one of the most popular and controversial cryptocurrencies today, primarily because of the support from billionaire Elon Musk and a strong and loyal customer base.

Despite all the press surrounding it, it’s undeniable that Dogecoin is a legitimate cryptocurrency in its own right.

Whether it’s because of Musk’s tweets or because you see great potential for Dogecoin, you can’t do anything until you buy it, so the first step will always be to fill your wallets with this fun coin.

In this article, we’ll discuss how you can buy Dogecoin in one of the most popular crypto trading platforms around, Robinhood.

What is Dogecoin?

Just four years after Bitcoin was launched into the public, Dogecoin came into existence purely because of a joke. The original intent of this coin was to make fun of the cryptocurrency hype. Since then, Dogecoin has ironically become one of the best performing cryptocurrencies today.

Despite starting as a satirical comment, Dogecoin is rising to become a serious investment opportunity for some, running under the banner of being a more affordable and accessible peer-to-peer currency alternative to Bitcoin.

Can I Buy Dogecoin On Robinhood?

Robinhood is a popular trading platform known for its commission-free trading policy. This means that trades done on Robinhood are more profitable than at most other services around. It’s also known to have a sleek app that makes trading smooth and beginner-friendly.

Thus, it’s no surprise that you want to buy Dogecoin on Robinhood. It’s a great platform, especially for those just getting started and who don’t want to involve themselves in more serious, capital-heavy endeavors.

The platform has long since offered access to various cryptocurrencies. Dogecoin is one of the strongest-performing cryptocurrencies recently added to the list.

There are plenty more cryptocurrencies that you can trade on the Robinhood platform. This is great if you want to trade Dogecoin since you can do so in trading pairs that offer you better diversification and more chances to trade.

How To Buy Dogecoin On Robinhood?

In this section, we will walk you through the process of buying Dogecoin on Robinhood.

Because Robinhood is a beginner-friendly platform, the process of buying Dogecoin is straightforward; you don’t need to have any special knowledge whatsoever. All you have to do is follow the set of instructions that we’ll outline here.

Creating a Robinhood Account

The first step in buying Dogecoin with Robinhood is to open a Robinhood account. Without this, you won’t use the platform and can’t buy Dogecoin.

Nevertheless, don’t worry; it’s easy to make an account for this platform. However, there are a few requirements that you must keep in mind before you make an account. Robinhood is only available for:

  • Those aged 18 and up.
  • Those with a valid Social Security Number (SSN). Take note that your Taxpayer Identification Number (TIN) is different from your SSN.
  • Those with legal residence in any of the 50 US states or Puerto Rico. Robinhood can also make exceptions for military personnel stationed abroad.
  • A legitimate US citizen, a permanent US resident, or be a valid US visa holder.

Now that you know the requirements, you can begin creating your account. Follow the steps below.

  1. Go to the Robinhood website and click the green Sign Up button.
  2. This will bring you to a registration page where you will enter your personal information, such as:
    • Name
    • Email
    • Social security number
    • Employment information, and
    • Trading experience
  3. Fill in all the required documentation. Ensure that all the information you enter is accurate and matches your records, as you will be required to verify these later on.
  4. Click the Submit Application button to proceed.

Verifying Your Account

Other trading apps have a two-step account creation; most times, the first step to creating an account will only require basic information, with public details being verified in the next step.

However, Robinhood only has one account-making process: you submit your application with all of your personal and legal information. They will then verify your account and either approve or reject it.

Thus, you need to wait for a few more days before your account is approved. Here is what will happen once you’ve submitted your Robinhood application:

  1. Robinhood will send you an email within one to two days. The email could either contain a message that your account is approved, or it can also ask for more documents to confirm your identity.
  2. If you need to confirm your identity, Robinhood will provide a secure location to upload your documents.
  3. Follow the instructions in providing additional information.
  4. Once you’ve submitted, wait for five to seven more days as Robinhood staff review your application.
  5. Robinhood will then send you another email either confirming or rejecting your account.

Funding Robinhood

With your Robinhood account poised and ready to be used, all you need to do to buy Dogecoin is fund your account. You can do that with the following steps.

  1. Go to the wallet tab. On the mobile app, you can find this on the bottom-left of the interface.
  2. You will then be shown your wallet balance, which is the amount of USD you have on your Robinhood account.
  3. You will also see a green Deposit Funds button on the bottom of the interface. Tap that.
  4. A new window will then appear, informing you that Robinhood uses the Plaid service to link to your back. Tap Continue and choose your bank in the next window.
  5. You will then need to input your bank account user ID and password.
  6. In the next window, you will have to verify your identity using various methods. Choose which way you want to verify. Follow the instructions and then click Continue.
  7. Choose which bank account to link.
  8. You will then be notified that the linking has been a success. Go back to the Robinhood wallet window and click Deposit Funds again.
  9. Now that you have a bank account, you can choose how much you can transfer to your Robinhood account. Confirm your choices.
  10. You will need to wait several days for your request to be cleared. Make sure to maintain the balance on your bank account while this clears.
  11. At this point, Robinhood might also give you “early access” privilege to your money, meaning that you will be able to use the amount that you’ve deposited even while it hasn’t cleared like a short-term loan.

Buy Dogecoin on Robinhood

With your Robinhood account fully funded, now you can initiate a buy order for Dogecoin. Follow the instructions below.

  1. Go to Dogecoin’s page by searching for it on the interface.
  2. Placing a buy order is very simple. All you have to do is tap the Buy button on the bottom of the interface.
  3. Place the number of shares that you want to invest in the crypto. An estimated cost in dollars will appear below.
  4. Keep in mind that you need to buy at least ten shares of Dogecoin to be approved.
  5. Tap review.
  6. Swipe up to confirm your order.

Can I Withdraw Dogecoin From Robinhood?

Yes, you can withdraw Dogecoin from Robinhood.

However, you won’t be able to withdraw the crypto to your bank account directly – instead, you can:

  • Convert Dogecoin to dollars and withdraw money from Robinhood
  • Withdraw it to a crypto wallet that holds Dogecoin, or
  • Convert it to a coin that your current wallet holds, and withdraw it to your wallet.

Buying Dogecoin on Robinhood FAQs

Why will Robinhood not let me buy Dogecoin? If you aren’t able to buy Dogecoin on Robinhood, you likely don’t have enough cash in your account to complete the transaction. Other possible reasons include that your account has restrictions on it or it has been flagged for Pattern Day Trading.

How do I buy Dogecoin on Robinhood? To buy Dogecoin on Robinhood, create and fund your account, then search for Dogecoin and hit the Buy button towards the bottom of the screen. Enter how much you want to buy, hit Review, then swipe up to confirm the transaction.

How do I cash out my Dogecoin on Robinhood? To cash out of your Dogecoin on Robinhood, go to your portfolio tab (the first one), click Dogecoin under Crypto, hit Trade, hit Sell, then enter the amount you want to sell and swipe up to confirm the transaction.

Should I buy Dogecoin on Robinhood? There is no right answer to whether or not you should buy Dogecoin on Robinhood—it depends on your personal situation, risk tolerance, and the current market. You can learn more in our article: Should I Buy Dogecoin?

Alternatives to Robinhood for Buying Dogecoin

Robinhood is a great app that offers plenty of functionality and accessibility for all your trading needs. However, Robinhood does still have plenty of flaws as an app.

The good news is that there are plenty of other platforms that offer Dogecoin, such as Uphold, Binance, and Gate.io.

Read More

  • How to Make Money with Cryptocurrency
  • How to Withdraw from Binance
  • How to Transfer From Coinbase to Coinbase Pro
  • How to Transfer from Coinbase to Binance
  • How Does Cryptocurrency Gain Value?
  • How to Read Crypto Charts

Conclusion: Buying Dogecoin on Robinhood

Although Robinhood might have some relatively strict measures compared to other crypto trading platforms, there are still plenty of benefits you can gain from buying Dogecoin here.

Now that you’ve finished the article, you know everything you need to start trading Dogecoin on Robinhood like a pro.

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