Dogecoin is trending upward, and that means people are looking to buy. However, many who are interested are wondering if they can buy Dogecoin on Robinhood instead of a separate exchange. While Robinhood is largely known for stock trading, it does support cryptocurrency. Unfortunately, due to high demand, it seems like some users are getting errors on Robinhood that Dogecoin trades may not execute right now.
Can you purchase Dogecoin on Robinhood?
Fortunately for those looking to get into Dogecoin, Robinhood does support cryptocurrency exchange. The confusing part of buying Dogecoin on Robinhood is that crypto isn’t kept separate from stocks, which makes it easy to overlook the fact that it can be done at all.
- To buy Dogecoin on Robinhood, a user must:
- Open the app.
- Go to the search tab
- Enter “Dogecoin,” and press search
- Tap buy at the lower right portion of the screen.
- Enter the amount of USD they wish to exchange for Dogecoin.
Alternatively, Robinhood users can trade on any device using a web browser. The interface is a bit different for the desktop version, but the process to purchase crypto is very similar.
Buying and Selling Dogecoin in Robinhood is handled just like any stock. It’s very easy to keep track of how much the currency is currently worth, its value over time, how much a user has invested and how much their investment has gained or lost.
One thing to note is that Robinhood only allows cryptocurrency trading in the US. Those outside of the US will have to use a different service or a dedicated crypto exchange. Users should also be wary of Robinhood halting trading. As it showed with GME, the company isn’t adverse to snubbing users to protect its investors.
Despite being a “meme” currency, Dogecoin has largely avoided the bad reputation of Bitcoin. It was first introduced on December 8, 2013, and has had an enthusiastic fanbase ever since. It’s managed to maintain visibility over the years, despite not achieving the popularity of other cryptocurrencies like Bitcoin and Ethereum.
Why won’t Robinhood let me buy Dogecoin?
There could be several reasons why users can’t buy Dogecoin on Robinhood. The most benign reason, and the most likely, is that so many people are trying to buy right now that the system can’t handle it. The easiest fix for this error is to wait. Unfortunately, that’s incredibly frustrating when an investment opportunity is this volatile.
The official Robinhood Twitter hasn’t released a statement about the errors users are currently experiencing when trying to trade Dogecoin. Hopefully, the reason behind these technical difficulties is benign.