Dogecoin (DOGE), which has become famous after Elon Musk invested in it, can actually be traded on iFOREX.
iFOREX is a very popular forex trading platform that offers high leverage trading with a 0% stop out level and a large number of individual stocks. iFOREX also offers cryptocurrency trading.
In addition to famous coins such as Bitcoin and Ethereum, iFOREX also offers in the hot topics of Dogecoin, Cardano (Ada), and Iota.
This article explains the cryptocurrencies handled by iFOREX, trading conditions, and how to start trading Dogecoin.
- Cryptocurrencies handled at iFOREX
- Trading conditions for cryptocurrencies at iFOREX
- How to start trading Dogecoin at iFOREX
- What is iFOREX?
- What is Dogecoin (DOGE)?
- There are a total of 15 cryptocurrencies that can be traded on iFOREX.
- Cryptocurrency Trading Conditions
- How to start trading Dogecoin (DOGE) in iFOREX
- About iFOREX Trading Platform
- Open an Account in iFOREX
- Deposit into Your Account
- Trade Dogecoin (DOGE) in iFOREX
What is iFOREX?
iFOREX is an international forex company established in 1996.
The fact that it is a pioneer and has been in business for 25 years shows that it is a very good and reliable company.
One of the features of iFOREX is the large number of stocks it handles. It handles more than 1,000 symbols in total.
|Product||Number of Symbols|
Only iFOREX offers over 800 individual stocks and 47 ETFs.
In addition to these, iFOREX also deal in 17 pairs of cryptocurrencies (15 coins).
The recently popular Dogecoin (DOGE) has been added to this list.
What is Dogecoin (DOGE)?
Dogecoin (code: DOGE) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of US$85,314,347,523 on May 5, 2021.Wikipedia
Dogecoin became famous because of an investment by Elon Musk.
As you may know, Elon Musk is an American entrepreneur and the founder of Tesla, an electric car company, and SpaceX, a space rocket company. He is also famous for being the model for the movie “Iron Man”.
In January 2021, Elon Musk announced that he was investing in Dogecoin.
Since then, Dogecoin has increased its price by 800% in 24 hours.
From there, the price of Dogecoin has continued to rise.
There are a total of 15 cryptocurrencies that can be traded on iFOREX.
At iFOREX, you can trade a total of 15 virtual currencies / 17 pairs, including Dogecoin.
In addition to famous cryptocurrencies and altcoins such as Bitcoin, Ethereum and Bitcoin Cash, recently Cardano (Ada), Polka Dot and Iota have been added.
One of the most recent additions is Dogecoin.
|Bitcoin Cash||Bitcoin Cash/USD||1:10|
There are other forex brokers that allow cryptocurrencies to be traded.
One of the most famous is FXGT, which allows you to trade in cryptocurrencies with a high leverage of 500x.
iFOREX’s crypto trading has a maximum leverage of 13.3 times for bitcoin and 10 times for Dogecoin.
This is a more conservative leverage than FXGT, but it features many minor crypto pairs, including Dogecoin.
For more information about forex brokers that allow cryptocurrency trading, please see the separate article “Best Forex Brokers for Crypto Trading“. It provides a detailed summary of the features, coins handled, and trading conditions of each broker.
Cryptocurrency Trading Conditions
At iFOREX, you can trade cryptocurrencies under the following conditions.
The maximum leverage depends on the coin,
Since Ripple has become very volatile since it was sued by the SEC, the maximum leverage has been lowered to reduce the risk for investors.
At iFOREX, currency pairs can be traded at up to 400x, but for cryptocurrencies this is modest.
However, if you can trade Dogecoin with 10x leverage, it is sufficient because the price per unit is small to begin with, unlike bitcoin.
How to start trading Dogecoin (DOGE) in iFOREX
Now let’s take a look at the steps to trade Dogecoin on iFOREX.
The major flow is the following steps.
- Open an account
- Trade Dogecoin
This explanation is for those who have not yet opened an account with iFOREX, but if you already have an account, please skip the intermediate steps.
About iFOREX Trading Platform
iFOREX provides its own trading tools.
MetaTrader (MT4, MT5) is not available.
For PCs, iFOREX offers a web version of the trading tool, and for smartphones, they offer a dedicated mobile app.
Personally, I find it very easy to use.
For more information about the iFOREX trading platforms, please refer to the separate article “iFOREX Mobile App | Easy to Use!!“.
In this article, I mention both of the web version for PC and mobile app. Please check it out.
Open an Account in iFOREX
First, you need to open an account with iFOREX.
For details on how to open an account, please refer to the separate article “How to Open an Account“.
You need to submit your personal identification documents before you withdraw your funds.
Do it when you have time.
Deposit into Your Account
Next, deposit money into the account you have opened.
iFOREX offers a variety of deposit methods.
The deposit methods may vary depending on the country you live in, so be sure to log in to the member page to check.
For more information about the deposit procedure and other transfer methods, please refer to the separate article “iFOREX Deposit Methods | Fees and Conditions“.
Trade Dogecoin (DOGE) in iFOREX
Once you have deposited your money, it’s time to trade Dogecoin!
Here are the steps for both the web-based trading tool for PC and the smartphone app version.
The basic flow is the same.
Web Trading Tool for PC
Login to member page
Launch trading tool
Once you log in, the trading tool will appear.
Click on the “Crypto” tab.
List of Crypto
The cryptocurrency pairs that can be traded on iFOREX will be displayed.
Click on Dogecoin.
Show Dogecoin price chart
A price chart of Dogecoin will be displayed.
The chart can be changed to show different time frames and various indicators can also be displayed.
On the right side, the order screen is displayed.
Market Information of Dogecoin
Click on the “Market Info” tab to see the sentiment information.
It is overwhelmingly buying pressure.
The chart shows that the price went down for a moment, but traders still believe that it will go up.
Click on the “Instrument Info” tab to see the trading conditions and other information about Dogecoin.
The Required Margin ratio of 10% refers to the leverage.
It means that maximum leverage is 1:10.
The minimum trading volume is 100 Dogecoins.
Place order for Dogecoin
From the order screen on the right, place an order for Dogecoin.
I will buy 200 Dogecoins with a market price.
The margin requirement is displayed, and you can see that the margin required to buy 200 Dogecoins is $10.97.
You can also set stop loss, take profit, and limit order settings.
Mobile app trading tool
Next, I will explain how to trade with the mobile app.
Tap the icon to launch the iFOREX app.
When the application starts, the Favorites screen will appear.
Click on the Crypto tab to display a list of cryptocurrencies.
List of Cryptos on App
The cryptocurrencies that can be traded on iFOREX will be displayed.
Click on the Dogecoin.
Show chart of Dogecoin
The Dogecoin chart will be displayed.
The display space is smaller than the web version, but you can do almost the same things, including displaying indicators.
Place order for Dogecoin
Tap Sell or Buy to place a Dogecoin order.
You can also set stop loss, take profit, and limit orders.
What did you think?
Recently, the popularity of cryptocurrencies has been on the rise again.
Since cryptocurrencies are highly volatile, short-term trades can be interesting, but I think it is also a good strategy to hold them for a little over the medium to long term, as is the case with Dogecoin.
Please take proper risk measures and effectively increase your assets.
＼Just 3 minutes!!／