How & where to buy Baby Doge coin (BabyDoge) online
This beginner’s guide introduces you to the Baby Doge coin, why it was created and what it’s plans for the future are. Read on to learn how it works and find out where to get the coins.
What are the best exchanges to buy Baby Doge on?Copy link to section
To get Baby Doge now, use one of the brokers below. We have reviewed the best platforms out there and narrowed them down to these options, which are easy to get started with and offer top quality service. If you want to learn more about Baby Doge first, scroll down to keep reading.
How to buy Baby Doge online – a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
The best place to buy Baby Doge coin is on an exchange. If you’re familiar enough with decentralised exchanges to use them, then a platform like PancakeSwap might be a good place to go. Otherwise, centralised exchanges are easier to get to grips with as a beginner and here are a couple of the top ones.
- Binance: The most popular cryptocurrency exchange platform, Binance has hundreds of coins available. With a wealth of options for beginners and experienced users alike, Binance is a great first port of call for everyone. Sign up with Binance now >
- Bittrex: Bittrex is another excellent, beginner-friendly platform. It prides itself on being the most secure exchange out there and it also offers a wide range of coins. Get started with Bittrex today >
Step 2. Sign up and fund your accountCopy link to section
To use an exchange you need to create an account and deposit some money into it. Setting up an account is easy so long as you have some contact details and a form of ID to hand. The best option for funding it is to use a bank transfer, as it’s usually the cheapest way. Debit/credit cards are also relatively cheap, while other forms of payment like PayPal might be more expensive if they are accepted at all.
Step 3. PurchaseCopy link to section
To get Baby Doge, search for its ticker, BabyDoge when you’re signed into your exchange account. Then pick a pair based on how you want to pay for it (BTC/BabyDoge, for example), choose how many coins you want, and execute the trade.
Note that there are very few ways to pay for Baby Doge at the moment and none of them involve a fiat currency like GBP or USD. Instead, you will have to get another cryptocurrency first and then use that to pay for Baby Doge. The best go-between right now is USDT.
Step 4. (Optional) Get a suitable walletCopy link to section
Once you’ve bought the coins, think about how you want to store them. While you can leave them in an exchange account, a wallet offers more secure storage. Wallets come in a variety of different forms, and here are two of the best ones.
- Ledger Nano S: The Ledger Nano S is a hardware wallet, which means it comes in the form of a USB-like device. The device stores your coins and you access them by plugging them into a computer. Get the Ledger Nano S now >
- CoolWallet: CoolWallet is another hardware wallet, shaped like a credit card. It’s key feature is a mobile app that lets you manage your coins via bluetooth. Get a CoolWallet now >
How to trade Baby Doge – a step-by-step guideCopy link to section
Step 1. Find a brokerCopy link to section
To trade cryptocurrency you want to find a broker with low trading fees. Being successful means making lots of trades, and you want to pay as little as possible by way of fees or commissions every time. Otherwise you can eat into your capital very quickly.
Note that Baby Doge isn’t available with any brokers yet. That’s normal for new, small cryptocurrencies and they are usually added later once they become more popular. When that happens, a broker like eToro is the best option.
Step 2. Deposit moneyCopy link to section
You have to fund your broker account before you can use it. Most of the top platforms accept all sorts of payment options, including things like PayPal. You might have to pay more in fees to use alternative methods, however, and bank transfers or debit cards remain the easiest and cheapest ways to deposit money.
Step 3. Decide how you’d like to tradeCopy link to section
Trading cryptocurrency usually involves contracts for difference (CFDs). Each contract represents the price of a coin and you can buy or sell them depending on which way you expect the price to go. Your profit (or loss) is the difference between the price on the day you bought it compared to when you sell it.
With a CFD you never take ownership of a coin itself. Instead, it’s all based on price speculation and they’re often used by short term traders who want to open and close positions quickly.
Step 4. Start tradingCopy link to section
Beginners can practice by using a demo account provided by your broker. Look for the option to switch to a demo or virtual trading account in your settings and you can make trades with virtual money to practice for the real thing.
Whether you’re using real or virtual money, the main decision you have to make is whether a coin is going to go up or down in price. That way you can decide whether to take a long (buy) or short (sell) position. Lots of things should factor into this choice, like your own research and any recent news about the coin.
As you get more experience, you can start to introduce more advanced methods into your trading. One of these is known as using ‘leverage’, a way of making bigger trades by borrowing money from your broker. This method can lead to the biggest wins, but it can do a lot of damage if the market moves against you.
Still undecided?Copy link to section
To help you choose whether Baby Doge is right for you, here’s a summary of the pros and cons of the coin. After that, there are a few more pointers about the best time to invest and the outlook for the future.
ProCopy link to section
- ‘Meme’ coins like Baby Doge have been known to dramatically increase in price
- It’s trying to follow in the footsteps of successful ‘joke’ coins like Dogecoin and Shibu Inu
Finally, here are three more questions for you to answer before you invest in Baby Doge.
1. Is it a good time to buy Baby Doge?Copy link to section
For those with a long term view it could be if you’re happy to take a risk and don’t plan to put a lot of money into it. There’s a chance it could jump many times in value, as the likes of Dogecoin have done.
If you have more of a short term view, then its volatility could offer up opportunities to take advantage of its price swings. You should use technical analysis to identify the point at which to get involved, or alternatively use our analysts’ work to help you.
2. What problem does Baby Doge solve, and what are the coin’s investment prospects?Copy link to section
The truth is that it doesn’t solve any particular problem. There’s no getting away from the fact that Baby Doge is a meme project, even if it is all in aid of a good cause. It’s all about letting people have fun with crypto in aid of helping dogs in need.
It’s best not to think of Baby Doge as a serious investment. It’s one of many coins that have been set up as a joke, and for every Dogecoin there are hundreds more that fail. That said, if you treat it as a bit of fun then there’s no harm in putting a bit of money into it in the hope that it hits big.
Coins like Baby Doge can rise and fall quickly, doubling or halving in value over the course of a single day. The best way to stay on top of things is to be extremely online. Crypto-Twitter can be a great resource, or follow the news below to get the latest on the state of the coin.
What the potential Binance listing could mean for BABYDOGE?
Huobi Global to list BABYDOGE, is it now the right time to buy it?
The best Dogecoin alternatives you can buy on January 31, 2022
3. Do you want to hold Baby Doge for the long term?Copy link to section
In all likelihood, you don’t, but you might want to keep a small collection of Baby Doge coins for the long term. It’s better suited to those with a short term focus, who can profit from steep rises or falls in value. Here are some final considerations depending on which camp you fall into.
Considerations for a long term investment strategy
If you want to hold Baby Doge for the long term, you should sign up to an exchange to get some coins and then find a wallet to store them in. You can use our reviews to find the best platform.
Considerations for a short term trading strategy
Short term trading means being very active and making a lot of moves. That means you should find a broker with low trading fees, and brush up on your technical analysis skills so that you can pick the right moment to strike.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >