Dogecoin is a cryptocurrency, not stock or share of a company. Thus, it’s not traded on the stock market such as NASDAQ or NYSE. Instead, Dogecoin is traded on crypto exchanges such as Kraken, Bittrex, Binance, etc.
Unlike traditional share market exchanges, which are open Monday to Friday 9:30 AM to 4:00 PM EST; Crypto exchanges are open 24 hours a day, 7 days a week. As a result, we can buy and sell Dogecoin all day, every day.
However, we found a strong correlation between the stock market and crypto trading activities from our experience. During the weekend, Dogecoin has less trade volume than on weekdays. Even though Doge trades globally, we found that the price is strongly related to the US stock market. Our understanding is that a lot of institutions are actively trading cryptos.
Unlike NASDAQ, NYSE, and brokerage accounts; Crypto exchanges are unregulated. There’s no government oversight. Never trust any crypto exchange and never keep your Dogecoin on an exchange. If you are holding a lot of coins, transfer those to your cold or hard wallet.
Coinbase does not support Dogecoin. Therefore you can’t purchase Doge on Coinbase. However, you can buy it on Kraken, Bittrex, Binance, and Crypto.com.
If you are in the US, you can’t use Binance.com to purchase Doge. Instead, you have to visit Binanace.us. Binance is a Chinese company. If you want to use this company, please do your due diligence.
We don’t use Binance.us. We don’t feel comfortable sharing our social security number, driver’s license, and other sensitive information with a company that has Chinese ties.
We can also purchase Dogecoin using Robinhood. However, Robinhood is not a crypto exchange. It only helps to buy and sell cryptos. Unlike other crypto exchanges, Robinhood does not allow you to withdraw or transfer your purchased coins to a private wallet.
If your sole intention is to buy and hold crypto, then Robinhood is a good choice. But, if you intend to use your Dogecoin online to purchase something, avoid Robinhood at all costs.