Everybody wants to know how to buy Dogecoin on TD Ameritrade (TDA). Many people online seem to think that just because they can submit orders for futures contracts using TDA and start their Bitcoin trade, they can do the same with their Dogecoin (or DOGE) cryptocurrency trading.
But here’s the problem: TDA does not deal in Dogecoin. In fact, it doesn’t deal with digital currencies at all. However, you can save the address of the official website because the exchange has started to offer Bitcoin and micro Bitcoin future contracts.
If there are enough traders and the price for DOGE is right, then the platform can offer its services to the crypto-coin market as well. Of course, offering some stock is different from providing a chance to deal in crypto coins.
What Is TD Ameritrade?
TDA is a premier online broker service that allows any investor to invest in different financial products like mutual funds, stocks, futures and fixed-income investments.
Another financial platform, Webull, announced in June that it would give users access to cryptocurrency trade options and would help them get started with crypto in general. After that, the pressure to offer the same has been mounting on TDA as well.
Webull currently only has a requirement to have a minimum investment of $1. TD Ameritrade has taken a different approach.
Let’s take a look at how the company has decided to enter the market for cryptos (not including Dogecoin).
TD Ameritrade and ErisX
What is the deal with TD Ameritrade and ErisX?
A page on the company’s website says that TD Ameritrade has invested in a strategic partnership with ErisX, which would allow the company to offer digital crypto services (like Dogecoin) and trading in the near future.
For those who don’t know, ErisX is another service that helps customers start trading virtual currency. Anyone who has an account with the service can look forward to a stress-free, digital crypto trading experience. That’s the message the firm wants to put out in the world.
Will Virtual Currency Become Available on TDA in the Future?
From the way cryptocurrencies like Dogecoin have shot up in popularity, there are many reasons to believe that trading platforms will start offering traders the opportunity to invest through their account on the platform at some point.
Of course, whenever that happens, we will have a detailed guide on how to buy Dogecoin on TD Ameritrade.
But, currently, the popular broker is concentrating on adapting many modern forms of investment products, among other projects and features.
It is only a matter of time before the company can meet all of its clients’ needs, which should include an option to access Dogecoin and buy and sell the crypto through the main website, just like you would with regular stocks.
When Will Ameritrade Start Offering Crypto?
Currently, the website has put out no comment on when it would enable crypto traders to buy and sell Dogecoin on the website.
As mentioned now, it all depends on the community of crypto traders. If the community keeps showing the same level of interest in Dogecoin as it has so far, it will push TDA to start making the necessary arrangements allowing people to invest in cryptos.
Is DOGE the Same As DOGEF?
Many people have tried to use the TDA website to invest in Dogecoin while not knowing that, currently, there’s no way to buy or sell cryptos on the service.
Some have made the mistake of confusing DOGE with DOGEF. These two stocks have nothing to do with each other. Dogecoin is a meme-based crypto, while DOGEF is a Dutch energy firm.
What Good Is TD If There Is Dogecoin?
TD is still great for people who want to buy or sell options and different types of stock. We will talk more in-depth about how to buy Dogecoin on TD Ameritrade once the firm starts offering it.
How Do I Trade Currency on TD Ameritrade?
We may not be able to teach you how to buy Dogecoin on TD Ameritrade, but we can help you learn how to deal with traditional currencies on the site.
What this is referring to is Forex trading.
Here are the steps you need to take to start investing with Forex on TDA:
Step 1: Open an Account
Go to the website to sign up for a TD Ameritrade account.
Step 2: Get Options and Margin Approval
Once you sign up with TDA, you will need to go through an approval process before you attain your options and margin privileges.
Step 3: Select Your Platform
On TDA, you have to use Thinkorswim. It doesn’t just deal with Forex but many other kinds of investments as well.
Step 4: Strategize
Based on your fundamental or technical analysis, you have to build a strategy if you want to make money. Look at all the variables involved, such as past prices, volume and other statistics that the market generates on a daily basis.
Charting and Analysis
One helpful tool is charting. Look it up using your favorite search engine, or try using sites like TradingView.
When we say fundamental analysis, we mean measuring the value of a given investment by studying financial, economic and Federal Reserve data.
Platforms like thinkorswim do a lot of work for you if you know how to use their tools properly. For learning strategy, you can use PaperMoney.
Step 5: Keep Learning
If you want to succeed in the Forex trade market, you will need to develop your skill. That will happen through experience and using the right tools, such as thinkorswim.
TDA does have a phone line at 866-839-1100 if you need to talk to a consultant.
Bonus Step: Wait for Dogecoin
If you feel like Forex isn’t for you, there is always the option of waiting for TDA to start offering Dogecoin.
Then, you can buy and/or sell Dogecoin to make money.
Conclusion: How to Buy Dogecoin on TD Ameritrade
We have learned two things today: First, there is no point in learning how to buy Dogecoin on TD Ameritrade because the website doesn’t offer crypto yet. Second, it may be better to use other platforms if you want to engage with the meme-based, dog-themed crypto.
You can always leave a comment below to let us know what you think about TDA not offering cryptocurrency opportunities yet. Also, what are your favorite types of funds, and which service do you prefer to buy and sell cryptocurrencies?
FAQ: How to Buy Dogecoin on TD Ameritrade
Can I Buy Dogecoin on TD Ameritrade?
Currently, TDA does not offer anything that enables users to purchase or sell Dogecoin.
In fact, according to the website, it doesn’t offer any products related to any virtual currency. The firm has made no comment on when or how it would start allowing users to buy and sell Dogecoin or any other crypto.
Once the firm does start accepting cryptos, we’ll be the first to show you how to buy Dogecoin on TD Ameritrade.
Can I Buy Cryptocurrency on TD Ameritrade?
Currently, no. You cannot buy or sell crypto on TDA. The brokerage does not have any products related to crypto.
What Broker Can I Use to Buy Dogecoin?
There are plenty of other online brokerage firms that allow you to buy and/or sell Dogecoin.
One of the best ones is Robinhood, but you can use Coinbase or Kraken as well. And if none of the options above appeal to you, there is always Binance.
Once you’ve found a crypto exchange you like, refer to our guide on the best Dogecoin wallets to learn how to store your assets.
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