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Baby Doge Coin with Swapzone

How to Buy Baby Doge Coin

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Baby Doge Coin (BabyDoge)
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Author: Ashish Sood Updated: 11 May, 2022

Launched in June 2021, Baby Doge Coin (BabyDoge) is a fairly new canine meme cryptocurrency that’s intended to exploit Dogecoin’s popularity, to garner a fan following for itself. It claims to improve upon Dogecoin’s functionality by offering higher transaction speeds and rewarding coin holders for their loyalty. Baby Doge Coin has been created as a hyper-deflationary crypto, meaning that its supply will be curbed, causing an increase in its value, over a period of time. 

If you’d like to learn how to buy Baby Doge Coin, this guide will cover various steps involved in its buying process.  

Buy Baby Doge Coin in 3 Easy Steps

Create a free account

Fill all the requested information using your personal data accurately. Check your inbox for a confirmation email and log in with your selected email and password.

Fund your account

Choose your favourite payment method and follow the steps to make your first deposit. The minimum deposit amount might change depending on your location.

Buy Baby Doge Coin!

Search for Baby Doge Coin on the list of available cryptocurrencies. Use a "Buy Order", choose the amount of BabyDoge to buy, set up other trade details and confirm the order.

How to Buy Baby Doge Coin with a Broker

We cannot stress enough that if you’d like to trade BabyDoge through a brokerage platform, you should do your due diligence and opt only for a service provider that holds a good reputation in the market, and is regulated by a leading authority. Please know, different platforms have different security features and fees. Opting for a regulated portal automatically ensures that you’d be dealing with a highly-secure portal. 

1. Register with the Broker

An online crypto broker normally aims to replicate the traditional trading environment, and it won’t be hard for you to sign up with a good one. To give you an example, Skilling is a widely-recognised broker where you can complete the registration process by simply providing some basic information such as your full name, email ID, username and chosen password. eToro, another well-known broker in the crypto world, has an equally simple registration process, but also gives investors/traders the option to sign up with their existing Facebook or Google account. New investors on eToro are also required to fill a questionnaire to determine their investor profile. 

The eToro sign-up page


2. Verify your Identity (KYC Process)

All regulated cryptocurrency brokers are required by the international AML (Anti Money Laundering) and CFT (Combating the Financing of Terrorism) laws to have a KYC (Know Your Customer) verification process in place, to cross check the identity of every individual that signs up with them. This process usually involves uploading certain identity-related documents like a government-approved photo ID and a separate proof of address. Though it may seem like a hassle to comply with it initially, KYC and other similar regulatory measures are necessary to safeguard the traders’ and investors’ interests.

The Plus500 account screen

3. Deposit Funds with your Preferred Payment Method

After you’ve signed up with the broker and verified your identity, it will be time to make the minimum deposit to start trading. The majority of the crypto brokers require fiat deposits and may accept a wide variety of payment methods including credit/debit cards, bank transfers, wire transfers and third-party payment processors like PayPal, Neteller and Skrill for this purpose. You must weigh every available option based on its respective pros and cons, especially with regard to its processing speed, cost, security and convenience. Please also ensure that you have an updated antivirus and anti-malware installed on the system/device being used for making the deposit, and subsequent crypto purchase.

eToro's account funding screen


4. Open a Position to Long/Short Baby Doge Coin

You can take two different approaches when you’re trading Baby Doge Coin through an online brokerage platform - taking a short or long position on the crypto coin.

Taking a long position on Baby Doge Coin implies that you expect its price to go up in the near future. And when it does appreciate to a certain level, you can sell off your investment and register the resulting profit. This can be done by buying the actual BabyDoge ownership and investing in it without leverage. 

On the other hand, taking a short position on Baby Doge Coin suggests that you expect its price to drop in the near future. Betting on a cryptocurrency’s price fall is normally done through a financial derivative such as a CFD. Taking a short position or shorting a cryptocurrency this way works as an excellent strategy for short-term traders, as it enables them to book profits even during bearish market conditions.

Please remember, the crypto market being inherently volatile in nature makes it very important for traders to use different types of risk management strategies to minimise their losses and protect their profits. Some of the ways to do this is by strategically using order types such as Take Profit, Stop Loss and Trailing Stop Loss at the time of setting up the trade.

5. Close your Position

Closing your long or short position on a cryptocurrency simply means concluding that trade. For instance, if you had taken a long position on BabyDoge, you’ll sell off your actual BabyDoge coins or execute the corresponding Sell CFD trade once you’re happy with the current price of the cryptocurrency. Closing your position will help you realise your profits and withdraw them through an appropriate payment method. 

Please note, you can close your positions manually or automatically. While manual closures can be done anytime you feel that the price has reached the desired level, automatic closures are done through various order types like ‘Take Profit’ and ‘Stop Loss’.

How to Buy Baby Doge Coin with an Exchange

A lot of investors with a longer investment horizon use cryptocurrency exchanges to buy actual BabyDoge coins, and then save them in a self-owned crypto wallet, hoping for its value to increase. This is commonly known as the ‘Buy and Hold’ investment strategy.

You should always opt for a well-established crypto exchange to buy and sell actual BabyDoge coins. Besides verifying the reputation of the concerned platform, you must also check its regulation, fees, offered cryptocurrencies, customer care and acceptable payment methods. Although many crypto investors consider fees to be an important factor in selection of online exchanges, it shouldn’t be at the cost of your crypto funds’ security.

Please remember, dealing with an unregulated cryptocurrency exchange can be extremely risky for your crypto holdings, and leave you with no legal recourse in the event of a system hack, bankruptcy or theft.

1. Set up a Baby Doge Coin Wallet

As cryptocurrencies like BabyDoge and others are a type of digital asset, you’ll need some place to store them safely. This is where a cryptocurrency wallet comes into the picture. These are software programs or apps meant to store the private keys associated with different cryptocurrencies. However, setting up a crypto wallet can seem quite intimidating to amateur investors. There are 2 broad categories of cryptocurrency wallets and these are described below:

Software wallets – These are crypto wallets available in the form of mobile apps or software programs, designed to be used on mobile devices or laptop/desktop computers. They are also often referred to as hot wallets as they stay connected to the Internet most of the time. Being online also proves to be a drawback for such wallets, as it makes them vulnerable to cyber hacks and thefts. The web wallets integrated into crypto exchange platforms also fall into this category.

Hardware wallets – These cryptocurrency wallets come in the form of small-sized physical devices, usually resembling tiny USB Flash drives. As crypto funds are maintained in an offline environment on these devices, they’re also categorised as a type of cold wallet. Their offline nature makes them more secure than software wallets. Having stated that, please note, hardware wallets can be connected to the internet at any time needed, for crypto transfers, through a mobile device or computer.

2. Choose and Join an Exchange that sells Baby Doge Coin

There are many reputed cryptocurrency exchanges that will allow you to buy and sell Baby Doge Coin with great ease. The basic method of buying Baby Doge Coin will remain the same no matter which exchange portal you use. However, it is recommended that you choose the best one based on your needs, by looking at its various aspects like user interface, fee structure, regulation, offers, trading pairs, customer care and more.

It’s also crucial to be aware of the information such a platform may ask from you, to fulfil its KYC requirements. Though some may not ask for anything more than your name, email ID and contact number, apart from a few handy documents, others may make it compulsory to upload detailed information regarding your income sources and more. On the whole, you’ll be fine as long as you use a well-regulated and recognised exchange portal.

3. Choose Your Payment Methods to Buy Baby Doge Coin

Once you’re past the registration process at the chosen online exchange, you’ll need to deposit funds, to be able to buy BabyDoge through it. This deposit can be usually done in either a well-known fiat currency or a cryptocurrency accepted by the platform.

Fiat deposits can be done easily through multiple payment methods including bank transfer, credit/debit cards and third-party processors like PayPal. However, the availability of payment modes may vary depending upon your country of residence. Hence always cross check this aspect before signing up.

Furthermore, different payment methods offer different levels of speed, cost, security and convenience. These aspects should also be factored into your decision of using a specific option. For instance, while credit/debit card deposits show up instantly in the exchange account, they involve a higher transaction fee. In contrast, bank transfers are inexpensive but may involve a longer processing time, often running into multiple business days.

4. Place an Order to Buy BabyDoge

As Baby Doge Coin is a fairly new crypto currency and there may not be many exchanges that offer a BabyDoge-Fiat trading pair for its direct purchase. But once its listed on more exchanges, you could simply select a suitable fiat/Babydoge pair and make your purchase. 

5. Safely Storing Your Baby Doge Coin in a Wallet

Despite the fact that all major online exchanges offer integrated web wallets to facilitate easy storage and availability of the purchased crypto coins, these wallets are not the best and most secure places to store your cryptocurrencies. It’s highly recommended that you move your crypto-assets to a self-owned external wallet. This is even more important if you’re making a long-term BabyDoge investment.

We’ve already covered the popular wallet types that can be used for storing your cryptocurrencies, earlier in this article. At this point, all you need to do is access your web-wallet on the crypto exchange, select BabyDoge, followed by using the withdrawal option to transfer the quantity of BabyDoge you’d like to move to your external crypto wallet. Please don’t forget to note down your crypto wallet’s public key beforehand, as you’ll need to enter it in the destination wallet address, to complete the transfer. In some cases you may be asked to enter a 2FA (Two Factor Authentication) too, if this security feature has been enabled, to process the transfer. 

Should you Buy or Trade Baby Doge Coin?

Buying BabyDoge through a crypto exchange or trading it via a CFD on a broker platform are two different approaches of exploiting its price movements. The basic purpose of both the strategies is to register profits and increase your wealth. 

The difference between the two lies in the fact that when you buy BabyDoge from a crypto exchange you’d be normally buying the coin’s ownership and will have to make arrangements for its storage in a crypto wallet. In case of a CFD, you simply bet on BabyDoge’s price fluctuations, without exchanging any actual coins at all.

Whether you choose to buy BabyDoge on an exchange or trade it through a broker will depend a lot on your experience in crypto trading, and how well-versed you’re with technical and fundamental analysis. Generally, it’s the passive traders, who don’t like being involved in day-to-day buying/selling of cryptocurrencies that opt for the ‘Buy and Hold’ approach. Active traders on the other hand prefer speculative trading through a brokerage portal.

What’s the Difference Between a Baby Doge Coin Exchange and a Broker?

A cryptocurrency exchange is basically an online platform that facilitates hassle-free exchange of different cryptocurrencies. These platforms are created on the premise that people will buy and sell actual crypto coins through them, either for long-term investment or for transactional purposes.

On the contrary, though brokers may also allow you to buy and sell actual crypto coins, their main offerings are financial derivatives like Options, Futures and CFDs that help you exploit and profit from cryptocurrencies’ price volatility. While the majority of brokerage platforms accept fiat currencies for deposits, exchange platforms generally facilitate both crypto and fiat deposits. 

Baby Doge Coin: Long Vs Short Term Investment

Deciding between the long or short term Baby Doge Coin investment approach is essentially about determining if you’d like to buy and hold the cryptocurrency for the longer run, or are more interested in trading it over shorter time periods, something that we’ve already discussed earlier in this piece. Your choice of trading platform will also be based on your investment horizon. Long-term BabyDoge investors generally opt to buy their coins from well-known crypto exchanges, while short-term BabyDoge traders who prefer exploiting its short-term price volatility, select reputed brokerage portals for this activity.

3 Tips to Buy Baby Doge Coin

We’ve provided below 3 highly useful tips that can be immensely helpful in making a potentially profitable and safe Baby Doge Coin purchase.

Choose the Right Time and Do Your Own Research on Baby Doge Coin

Making Baby Doge Coin purchase at the right time and right price can have a major impact on your possible gains when you close your investment later. You must do all possible due diligence and look into various fundamental and technical factors that may impact its price in the near future. 

Comparing Costs to Buy Baby Doge Coin

When you buy BabyDoge, you will not be paying for the market value of the coin alone. There will be additional costs like deposit fees, withdrawal fees and transaction fees that will come into play. There may be a variance in the exchange rates at different platforms too. Though all such factors are usually neglected during the buying activity, they can significantly impact your overall costs, especially if you buy or trade crypto in huge volumes.

Safety and Security when Buying Baby Doge Coin

The safety and security of the trading platform used to make BabyDoge purchases can often be the determining factor in whether you profit from your investment, or end up losing all your crypto holdings. Therefore, double check that the platform you’re signing up with incorporates leading security measures and latest encryption technologies. This is why regulated platforms are always preferred as they must mandatorily follow strict security protocols, to maintain their licences.

What is the Best Payment Method for Buying Baby Doge Coin

Buy Baby Doge Coin with Cash: P2P platforms may enable easy cash purchases

Buy Baby Doge Coin with Credit Card: Convenient, quick and accepted by a large number of platforms.

Buy Baby Doge Coin with Bank Transfer: Inexpensive and extremely secure, but involves a longer processing time.

Buy Baby Doge Coin with Bitcoin: Commonly facilitated by all well-known crypto exchanges.

Buy Baby Doge Coin with PayPal: Offers a nice mix of convenience and cost, but not available on all platforms.

Other Ways to Buy Baby Doge Coin

Though it’s quite easy to buy BabyDoge through an online broker or exchange, you can use a few other methods to acquire the popular meme coin too.

You may check out some established peer-to-peer (P2P) exchange portals that may allow you to directly buy BabyDoge from a seller on the platform. All BabyDoge coin holders are rewarded for their loyalty by crediting them with 5% of the 10% fee levied on the BabyDoge transactions. Hence, choosing to hold on to your coins will organically earn you more of them, over a period of time.

Frequently Asked Questions

  1. At the time of writing, there were 295 quadrillion BabyDoge in circulation, out of a total possible supply of 420 quadrillion coins.
  2. Yes. Baby Doge Coin’s charity partners are ‘Paws with Cause’ and ‘FurKids’, who work alongside 45 shelters across the US. Baby Doge Coin also has a charity wallet that receives a part of the redistributions, to support these charities.
  3. Baby Doge Coin has a rapidly expanding online community that had grown to 132,000 Telegram followers, 159,000 Twitter followers and 71,500 Instagram followers, by June 2021. However, please know, a growing online community doesn’t automatically guarantee a cryptocurrency’s price appreciation in the future.
  4. No. Despite Baby Doge Coin’s positioning as the offspring of Dogecoin, on the former’s official website, there is no direct affiliation between the two cryptocurrencies’ creators.
  5. The all-time high price of BabyDoge was $0.00000002, recorded on July 4, 2021. However, no information was available regarding its all-time low, at the time of writing.

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