I live in Thailand since 2016. I trade using the accounts of several Forex Brokers. I try to provide simple information based on my actual experience. For others, see [Profile].
iFOREX

Trade Dogecoin (DOGE) in iFOREX

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.

What you can learn in this article;
  • Cryptocurrencies handled at iFOREX
  • Trading conditions for cryptocurrencies at iFOREX
  • How to start trading Dogecoin at 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.

ProductNumber of Symbols
Currency Pair83
Stock Index33
Energy6
Metal6
Commodity8
Stocks845
ETF47
Cryptocurrency17
Total1,045

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.

Price chart of Dogecoin

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.

SymbolPairMax Leverage
BitcoinBitcoin/USD1:13.3
EthereumEthereum/USD1:10
RippleRipple/USD1:5
Bitcoin CashBitcoin Cash/USD1:10
LitecoinLitecoin/USD1:10
DogecoinDogecoin/USD1:10
TRONTRON/USD1:10
CardanoCardano/USD1:10
StellarStellar/USD1:10
IOTAIOTA/USD1:10
NEONEO/USD1:10
DashDash/USD1:10
EOSEOS/USD1:10
MoneroMonero/USD1:10
PolkadotPolkadot/USD1:10
Bitcoin/EthereumBitcoin/Ethereum1:10
Bicoin/LitecoinBicoin/Litecoin1:10

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.

Best Forex Brokers for Crypto TradingIt has been more than 10 years since the birth of cryptocurrencies, but the value of cryptocurrencies will not increase tens to hundreds of times as it used to. On the other hand, cryptocurrencies are very attractive for short-term trading like Forex....

Cryptocurrency Trading Conditions

At iFOREX, you can trade cryptocurrencies under the following conditions.

Crypto trading conditions in iForex

The maximum leverage depends on the coin,

Bitcoin: 1:13.3
Ripple: 1:5
Others: 1:10

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.

  1. Open an account
  2. Deposit
  3. 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.

iFOREX Mobile App | Easy to Use!!Founded in 1997, iFOREX is a pioneer of online forex broker, and is a very popular broker due to the abundance of products and low fees. iFOREX does not offer MetaTrader (MT4 / MT5) and offers its own trading platform. The mobile app is very easy to use. I will explain how to install, deposit and trade....

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.

iFOREX | How to Open an AccountPerfect explanation of how to open an trading account. What is the steps? What kind of document is needed for PLE and POA? You can know all and open an account within 3 minutes!...

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“.

iFOREX Deposit Methods | Fees and ConditionsHow to deposit into iFOREX account?  Funding 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

login to iforex member page

Launch trading tool

Once you log in, the trading tool will appear.

Click on the “Crypto” tab.

iforex trading tool

List of Crypto

The cryptocurrency pairs that can be traded on iFOREX will be displayed.
Click on Dogecoin.

list of crypto

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.

Dogecoin price chart

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.

Trading Sentiment for Dogicoin

ドージコインの商品情報

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.

Dogecoin Instrument Information

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.

Place order for Dogecoin

Mobile app trading tool

Next, I will explain how to trade with the mobile app.
Tap the icon to launch the iFOREX app.

login to iforex mobile app

Launch app

When the application starts, the Favorites screen will appear.
Click on the Crypto tab to display a list of cryptocurrencies.

iforex app is launched

List of Cryptos on App

The cryptocurrencies that can be traded on iFOREX will be displayed.
Click on the Dogecoin.

list of cryptos on app

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.

Doge chart on mobile app

Place order for Dogecoin

Tap Sell or Buy to place a Dogecoin order.
You can also set stop loss, take profit, and limit orders.

place order for Dogecoin on app

Summary

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!!/
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ABOUT ME
KandA
KandA
I live in Thailand since 2016. I trade using the accounts of several Forex Brokers. I try to provide simple information based on my actual experience. For others, see [Profile].