It seems baffling that even though Fidelity Investments allows users to buy all sorts of digital currency, it doesn’t allow them to buy Dogecoin. Dogecoin has come a long way from being a meme cryptocurrency that had no hope of emulating Bitcoin, Ethereum and other top cryptocurrencies. Even though Dogecoin’s value can drop with a single comment from Elon Musk, that’s not enough of a reason for Fidelity to not allow users to buy and sell Dogecoin.
Despite originally being created as a meme, many retail investors have chosen to use a website or app like Coinbase or Binance to open an account and buy Dogecoin through the internet. Both new and experienced trading entities have shown interest in Doge and many have started to allow their users to buy Dogecoin.
It can be used as a payment medium, a way to save money or just a way to get started in cryptocurrency.
Every year cryptocurrencies are giving the world more evidence that they deserve to be listed on various exchange services and trade markets. Many other big and reputable exchanges like Robinhood, Binance, Coinbase and Kraken now allow their platform to be used for cryptocurrencies like Ethereum, Bitcoin and, of course, Doge.
As mentioned before, Doge has a large enough community of retail investors to entice a company like Fidelity. In fact, apart from the investing platforms mentioned above, a whole network of personal transactions, small retail businesses, charities and other entities have started to use Dogecoin as their digital crypto coin of choice.
Many have managed to earn a lot by providing support to currencies like Dogecoin through various websites and have set up mutual funds, retirement savings and stock portfolios via crypto trading. This fact alone is enough to question the decision made by Fidelity to not allow account holders to trade and buy Dogecoin. That being said, it will be major news when and if they begin to allow the free trade of Doge.
Can You Buy Dogecoin on Fidelity?
As mentioned before, Dogecoin is currently not available on Fidelity. It’s very surprising to know that even now there’s no news about the Fidelity app offering Dogecoin. It’s especially surprising when article after article has been coming out discussing news about people’s desire to buy Dogecoin.
Customers who don’t shy away from paying hefty fees if it means having access to legitimate digital assets have also started to search for and research different banking services so they can start to transfer, save and buy Dogecoin. Fidelity is likely missing an opportunity by not allowing their account holders to buy Dogecoin just like they would buy a stock.
Which Brokers Allow You To Sell and Buy Dogecoin?
The complete list of brokers that allow account holders to buy Dogecoin would be too long for this article, but some of the top brokers are:
- IC Markets
- FP Markets
If you want to buy Dogecoin online with your credit card then the two safest places to buy Dogecoin are Binance and Kraken. Both of these organizations have a website that will allow you to easily buy Dogecoin.
Can Dogecoin Reach $10 in the Future?
If you thought the stock world was unpredictable, wait until you find out how volatile the cryptocurrency market is. Your investments will rise and fall constantly as the markets are open 24 hours a day, seven days a week. With that in mind, will Dogecoin manage to hit the $10 mark?
Well, there are many views on this issue and many financial experts have chosen to comment on it. All conjecture regarding Dogecoin hitting $10 boils down to one issue: scarcity. The vast majority of cryptos, including Bitcoin and Ethereum, have a limited supply, meaning that there’s a maximum number of coins that will ever exist. Dogecoin has no supply cap which means that the total number of Dogecoins is infinite.
That being said, nothing is impossible especially in the age of the internet. If there’s enough support from the community and enough people choose to buy Dogecoin, it’s possible that it could hit $10. As investors branch out from other currencies and share information regarding their personal investments in Dogecoin, the price could reach levels previously thought impossible.
With that said, certain things need to happen before Dogecoin can make it as a viable crypto. The first would be to introduce scarcity by cutting off the infinite supply of Dogecoin. This may be enough of a catalyst to get Fidelity to reconsider their choice to not allow their account holders to buy and sell Doge. Robinhood and Binance will likely see an increase in people wanting to buy Dogecoin if this happens.
At the end of the day, Dogecoin needs to prove itself as a viable crypto. Until then, it doesn’t matter which website allows people to buy Dogecoin. The backing of a bank or a reputable exchange or website will come eventually once the viability of Dogecoin is proven.
Should You Buy Dogecoin?
As alluded to before, just because Dogecoin is going up in price in no way means that it’s suddenly become a good investment opportunity. The cryptocurrency that’s made the most headlines recently has indeed been Dogecoin. In the last year or so, the price of Dogecoin had risen up to 12,000%. Other popular cryptocurrencies like Ethereum and Bitcoin have gone up by 1,000% and 300%, respectively.
There’s no telling how long Dogecoin will continue to increase in price. Just because it costs a lot less than other cryptocurrencies at different exchanges, doesn’t necessarily make it a good asset. The main problem with most cryptocurrencies is that they don’t survive. Most of them don’t offer long-term growth or their creators walk away, leaving without comment and without updating their website.
You should also consider the fact that after everything is said and done, cryptocurrencies for the most part are still considered speculative in nature. No matter how much gurus on YouTube and Reddit discuss digital assets, there’s no reliable way to ascertain if Dogecoin will exist two years down the road.
Of course, all of that can change if a company like Fidelity comes into the mix and starts allowing people to sell and buy Dogecoin. With Fidelity on board, it would send a message to the entire cryptocurrency world as well as traditional trading platforms that Dogecoin is here to stay.
Conclusion: Fidelity Investments and Cryptocurrency
In this article, we’ve tried to share everything we know about Fidelity offering Dogecoin as a purchasable investment asset on its platform. Whether Fidelity decides to make buying and selling Dogecoin free or charge a fee for it remains to be seen since there isn’t much news about when it will start offering highly popular currencies like Dogecoin. Fidelity has made a name for itself in the traditional world of investments and will likely be slow to transition to things like Dogecoin.
Since many other reputable online stock markets have started to offer Dogecoin crypto all over the world, it seems like that it’s only a matter of time before Fidelity enters the Doge market.
Use the comment section below to discuss if Fidelity should enable trading in Dogecoin and how the website should go about benefitting not only itself but all account holders as well. We’ll keep an eye on the comments and will leave a comment as needed for clarification regarding Fidelity and the possibility of them allowing Dogecoin trading through their website or app.
FAQ: Fidelity Investments and Dogecoin
What Is Cryptocurrency?
Cryptocurrency is the latest form of currency that works digitally. You can use it to buy goods and exchange products. It will also help to think of it as a form of payment that works via cyberspace. A virtual currency of sorts that’s secured via various cryptographic methods.
What Is Dogecoin?
People want to buy Dogecoin which is just one of the many cryptocurrencies available in the market today. Dogecoin is a result of a meme and has a picture of a dog on its coin. It’s similar to Bitcoin and Ethereum in many ways including the ability to conduct transactions over a network.
What is Fidelity Investments?
Fidelity is one of the largest and fastest-growing firms in the U.S. and is currently a private company that mainly deals with assets and asset management. More specifically, it manages mutual funds and other aspects of financial markets and serves as a broker. Fidelity is, in some ways, a larger and more well-established version of Robinhood.
How Does Dogecoin Work?
Dogecoin is an open-source, peer-to-peer cryptocurrency. The fundamental technologies it uses are based on Litecoin. Unlike Bitcoin, there’s no limit to the number of Dogecoins that can exist. That’s why some have labeled this cryptocurrency as an inflationary coin. Bitcoin, on the other hand, has a fixed supply meaning there’s only a certain amount available to buy.
How Good Is Fidelity?
Fidelity is the most established brokerage firm in the market today. The main benefit of doing business with Fidelity is that it doesn’t take commissions on trades of stock or ETFs.
Should I Buy Bitcoin Instead of Dogecoin?
That depends on your reasoning for wanting to get into the cryptocurrency market. If you’re going for long-term growth or a way of securing your finances, Bitcoin is likely the better option. However, if you’re looking for an easy and fun way to get started, then Dogecoin might be right for you.