Are you new to investing in cryptocurrency? Have you thought about using Dogecoin to invest in cryptocurrency? We’re here to tell you how to sell Dogecoin on a platform known as Robinhood.
In 2013, Billy Markus and Jackson Palmer created Dogecoin as an alternative to traditional cryptocurrencies like Bitcoin. Even though Bitcoin was created and made scarce by default in order to control inflation, Dogecoin was created intentionally to be in abundance. According to Coinbase, 10,000 new coins are created every minute and the supply can be termed as infinite.
Selling Dogecoin on Robinhood (the biggest holder of Dogecoin in the world) is an increasingly popular way for investors (even newbies) to make money from the cryptocurrency market.
In this blog post, we’ll provide a step-by-step guide on how to sell Dogecoin on Robinhood, so you can confidently get started in the cryptocurrency market.
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How Long Does It Take To Sell Dogecoin On Robinhood
The amount of time it takes to sell Dogecoin on Robinhood will depend on a few factors. For example, the current market conditions and the type of order you are using.
If you are using a market order, your Dogecoin should sell fairly quickly, because market orders get filled at the best available price and typically processed within a few seconds.
However, if the market is particularly volatile or there is low liquidity, it may take longer for your order to be filled.
If you are using a limited order, your Dogecoin will only sell when the price reaches the limit you have set. This means that your order may not be filled immediately, and it could take some time for the price to reach your limit.
In this case, the length of time it takes for your Dogecoin to sell will depend on market conditions and how quickly the price moves.
Overall, it is not uncommon for it to take a few minutes to a few hours for a Dogecoin sell order to be filled on Robinhood, depending on the circumstances.
Steps To Cash Out Your Dogecoin from Robinhood
To cash out your Dogecoin from Robinhood, you will need to first sell your Dogecoin on the platform. To do this, follow these steps:
- Open the Robinhood app on your device.
- Navigate to the “Trade” tab.
- Type “Dogecoin” in the search bar and select it from the list of results.
- Choose the account you wish to sell from (e.g., “Crypto” or “Traditional”).
- Enter the number of Dogecoin you wish to sell in the “Quantity” field.
- Review the details of your trade, including the estimated price and any fees that may apply.
- If everything looks correct, tap “Sell” to complete the transaction.
After you have sold your Dogecoin, you can cash out the proceeds by transferring the funds to your bank account. To do this, follow these steps:
- Navigate to the “Accounts” tab in the Robinhood app.
- Tap on the account you wish to withdraw from (e.g., “Cash” or “Traditional”).
- Tap the “Transfer” button.
- Enter the amount you wish to transfer and select your bank account as the destination.
- Review the details of your transfer and tap “Confirm” to complete the process.
Please note that it may take several days for the transferred funds to become available in your bank account, depending on your bank’s policies.
Why is My Dogecoin Not Selling On Robinhood
There could be a few reasons why your Dogecoin is not selling on Robinhood. Here are a few possibilities:
You may not have enough Dogecoin to sell: Make sure that you have enough Dogecoin in your account to cover the amount you are trying to sell.
If the market is particularly volatile or there is low liquidity, your order will take a longer time to be filled. You can try adjusting the price of your sell order or using a different order type (e.g., a limit order instead of a market order) to see if that helps.
There may be an issue with your account: If you are unable to sell Dogecoin or any other assets on Robinhood, there may be an issue with your account. In this case, you should contact Robinhood support for assistance.
It’s also worth noting that Robinhood, like all brokers, has the right to restrict or halt trading on certain assets at any time, for any reason. If this has happened with Dogecoin on the platform, there may not be much you can do other than wait for the restriction to be lifted.
How to Sell Dogecoin on Robinhood in 6 steps (Even if You’re a Newbie) in 2023
1. Create an account with Robinhood
Creating an account with Robinhood is a fairly straightforward process. First, you will need to visit the Robinhood website and click the “Sign Up” button. You will then fill in your personal information like your name, address, and social security number which is for identity verification.
The next step is to create a username and password, as well as a four-digit PIN that you will use for two-factor authentication when logging into your account.
Once you have completed these steps, you will confirm your email address and mobile phone number. This is also part of the identity verification process and is necessary to ensure your security. You will then accept the terms and conditions of using Robinhood, after which you will have created your account.
Now that you have created your account, you are ready to start trading cryptocurrencies like Dogecoin on Robinhood. To begin, make sure you log in to your Robinhood account. Once logged in, find the cryptocurrency tab located at the top of your screen and select it. Here, you will see various cryptocurrency markets from which to choose. Scroll through until you find Dogecoin, then select it to enter the market page for Dogecoin.
2. Deposit funds into your account
One of the first steps to trading Dogecoin on Robinhood is to deposit funds into your account. If you’re new to Robinhood, you’ll need to set up your account and verify your identity before you can make any trades.
To make a deposit, go to the “Account” tab and select “Transfer Money.” From there, you can choose between transferring money from your bank account or sending a check. Once you have selected your preferred method, follow the instructions on the screen. Keep in mind that transfers from your bank account may take up to three days to process, whereas checks can take up to five days.
Once the bank transfers your money to you, it will appear in your cash balance. You’re now ready to buy Dogecoin on Robinhood! I’m sure you’re excited to start buying Dogecoin so let’s get right into it. First, go to the “Trade” tab and search for Dogecoin by typing “DOGE” in the search bar. When Dogecoin appears, click on it and select “Trade.” On this page, you’ll be able to enter how much DOGE you’d like to purchase and confirm the order.
Remember, when investing in cryptocurrencies like Dogecoin, only invest what you can afford to lose as it is a highly volatile asset. Also, keep an eye on transaction fees as these can add up quickly depending on your total volume. Once you’ve made your purchase, head over to the “Positions” tab in your account overview to view all your open positions. Here you’ll be able to keep track of your holdings and monitor their performance over time.
Additionally, you can set up alerts here to receive notifications about changes in prices or movements in the market. If you ever decide that you no longer want to hold Dogecoin, you can also easily sell it back through the same Trade page. Just select “Sell,” enter the amount of DOGE you wish to sell, review the order details, and then submit the trade. Then just sit back and wait for the trade to settle and soon enough you should see the proceeds deposited into your Robinhood account.
3. Buy Dogecoin
Buying Dogecoin on Robinhood is a relatively simple process. Once you’ve opened an account and deposited funds, you can buy Dogecoin. Here’s how:
1. Log in to your Robinhood account.
2. Click “Trade” at the top of the page, then select “Crypto.”
3. Type “Dogecoin” into the search box.
4. Select “Buy.”
5. Enter the number of Dogecoins you want to purchase and click “Preview Buy.”
6. Review the transaction details, then click “Buy” to confirm the order.
Once you have confirmed your order, the Dogecoins will appear in your Robinhood Crypto account. It’s that easy! But before you make any transactions with Robinhood Crypto, be sure to read up on all the information regarding fees and taxes.
As cryptocurrencies are still considered new financial instruments, they are often taxed differently than other investments. Make sure you understand all the laws related to buying and selling cryptocurrency before you start trading with it.
Additionally, it’s important to remember that there are significant risks involved when trading cryptocurrencies like Dogecoin. Prices can be volatile and it may be difficult to predict how much your investment could be worth in the future. Therefore, it’s important to do plenty of research before trading cryptocurrency and only invest what you are willing to lose.
4. Monitor the market
Monitoring the market is key when trading Dogecoin on Robinhood. You should keep an eye on the current price of Dogecoin as well as any news that could affect the price. This will help you make more informed decisions about when to buy and sell.
It is also important to pay attention to the order book. The order book shows the buy and sells orders for Dogecoin, which can give you an idea of how much demand there is for Dogecoin and how much it is currently trading for.
Finally, you should use technical analysis tools like charts and indicators to help you understand the market better. These tools can help you identify trends and find areas where Dogecoin might be a good buy or sell opportunity. When you are ready to start buying and selling Dogecoin, you need to set up your account on Robinhood.
First, enter your personal information and set up two-factor authentication for extra security. Once you create your account, you will need to deposit funds into your account. From here, you can use the Robinhood app to easily buy and sell Dogecoin in just a few taps. When placing an order, be sure to check the fees before confirming the trade.
Finally, once you are done trading, remember to withdraw your funds back into your bank account or cryptocurrency wallet. Following these steps makes selling Dogecoin easy even if you are new to crypto! Don’t forget to consider setting up limit orders too. With a limit order, you specify the maximum amount you are willing to pay or receive for your Dogecoins instead of relying solely on market prices.
Limit orders may provide you with some protection from sudden price movements and help prevent you from buying or selling at unfavorable prices. Remember that trading carries some risk so always do your research beforehand and diversify your investments across different cryptocurrencies and industries to spread out potential losses.
Additionally, never invest more money than you can afford to lose, and always set stop losses and take profits so you can lock in gains or minimize losses. Finally, if you are feeling overwhelmed by the complexity of trading cryptocurrencies, consider consulting with an experienced trader or financial advisor who can offer professional advice.
5. Know When to sell
Deciding when to sell Dogecoin can be tricky, especially for new traders. You don’t want to get stuck holding onto a coin that’s suddenly lost value or seen its price dip significantly.
There are some key things to consider when deciding when to sell Dogecoin. Firstly, you need to consider how long you’ve been holding onto the coin. If you’ve held it for several months and the price hasn’t moved much then it might be time to take profits.
Next, you need to consider the overall market trends. If there’s been a recent decline in the Dogecoin price, it might be a good idea to sell before it gets worse. Also, if the market is showing signs of instability then selling may be the best option.
Finally, you should always assess your risk tolerance. If the risk of holding Dogecoin is too high for your comfort level, then selling may be the best option for you.
No matter what your reasons for selling are, always remember that timing is everything. Selling at the right time could mean huge gains while selling too late could mean huge losses. Consider all of the factors above and make sure you’re comfortable with your decision before executing any trades. When you decide it’s time to sell, head over to the Robinhood app.
On the app’s home screen select ‘Trade’ and then choose ‘Crypto’ from the list of options. From here select ‘Dogecoin’ as the asset you’d like to trade. You’ll be taken to a page where you’ll see an order form. To sell your Dogecoin enter the number of coins you’d like to sell in the ‘Quantity’ field and enter an appropriate limit order in the ‘Price’ field.
This sets an upper limit on how much you’d like to pay for each coin. Once you hit ‘Sell’, your order will be sent through to the exchange. When the order is filled, the exchange will deduct the coins from your account balance and deposit the cash into your Robinhood account. And that’s it! You’ve just sold Dogecoin on Robinhood!
6. Withdraw your profits
Once you have decided to sell your Dogecoin, it is time to withdraw your profits. Robinhood makes this easy to do. All you need to do is log in to your account and find the “Withdraw” option in the “Transfers” tab. Select the amount of money you want to withdraw from your account and confirm the transaction.
You can withdraw your funds using an ACH transfer, which typically takes between 1-3 days to complete. You can also use a wire transfer or debit card, both of which will take only a few minutes to process.
After you have completed the withdrawal process, you can go ahead and enjoy the profits you have made from selling Dogecoin on Robinhood!
Frequently Asked Questions
Yes, it is relatively easy to cash out of Dogecoin.
It is important to carefully consider your own financial situation and risk tolerance before making any investment decisions.
Yes, you will generally be required to pay taxes on any gains from selling securities on Robinhood or any other platform
Reasonable earnings will mean different things to different people. A decent criterion for deciding when to sell Dogecoin is if you’ve doubled, tripled, or quadrupled your initial interest.
According to Yahoo Finance.com, some professionals have foreseen that in mid-2023, the Dogecoin rate will increase to USD1.
Conclusions
All in all, it seems that selling Dogecoin on Robinhood is a relatively easy process. If you’re a Dogecoin holder who’s looking to make some money off of your asset, I’d highly encourage you to try out the platform. Once you have established your account, you can begin the process by depositing your Dogecoin into your Robinhood Wallet and then selling them through Robinhood’s instant-access online system.
