Buying the popular cryptocurrency Dogecoin using the Robinhood app is extremely easy. Perhaps, some might say, it’s too easy! Robinhood makes buying Dogecoin as easy as buying any other stock or traditional security, and overall there’s little differentiation in the app between cryptocurrencies and more traditional stocks and bonds.
That same lack of distinction applies to the process of buying Dogecoin using the Robinhood app.
The Process of Buying Dogecoin with Robinhood
To buy the cryptocurrency, open the app on your phone. You’ll find yourself on the Robinhood main screen.
Next, press the magnifying glass at the bottom of the screen to search for an investment. You can search for companies here (to invest in their stocks), but you can also search for cryptocurrencies. To find Dogecoin, just enter its symbol, DOGE. It should pop right up. Click on its name.
Once you do that, you’ll see a screen with charts tracking the current Dogecoin price. You’ll also see a big yellow Buy button at the bottom of the screen, as well as features like news and historical prices. Press the Buy button to continue.
On the next screen, you’ll enter a dollar amount for the total amount of Dogecoin you want the Robinhood app to buy. You can invest in any increment from $1 up. You’ll need to have money in your Robinhood account that’s ready to invest in order to proceed.
When you enter a dollar amount, the Robinhood app will tell you how much Dogecoin you can get for that amount. You’ll also see the current estimated price of the coin. Click Review to move ahead. If this is your first time buying crypto on Robinhood, you’ll need to review and sign an agreement.
You’ll get an order summary screen. If everything looks good, swipe up to submit your order. You should see a screen saying that your order is complete. Congrats, you own some Doge! If you go back to your home screen, you can track your investment in the Cryptocurrencies section.
Understand the Risks
Just because you can buy Dogecoin with the Robinhood app, should you? That’s really between you and your financial advisor. But if you’re considering investing in Dogecoin or any other cryptocurrency, know your risks. Cryptocurrencies are volitile, and meme coins like Dogecoin are especially so. Make sure not to invest more than you can afford to lose, and consult a professional if you have any questions about the coin or about the investment process.