With CEX.IO Broker, you can trade DOGE with a margin by using Contracts for Difference (CFDs). CFDs are derivatives that give you an opportunity to trade DOGE without a need to own the underlying asset and benefit from a price change.
Trading CFDs implies opening Long and Short positions. A Long position allows you to benefit in case the price moves upward, while a Short position can be opened to take advantage of downward price movement. When the price moves following your expectations and the open position, you can close the position to fix the profit. At the moment, you can open only a Long position for DOGE/USD, Short position option is not available yet.
All trading operations within the account take into account the specified leverage. With leverage, you can multiply the amount of available funds for trading by borrowing from CEX.IO Broker. Leverage may increase your profit potential if the price moves in the right direction to your position. But when the price moves in the opposite direction to your position, it increases potential risks.For DOGE/USD, users can set up leverage from 2x to 10x. Leverage can always be changed by creating a new trading account. CEX.IO Broker users may manage up to 10 trading accounts with different leverage and account currency.
At CEX.IO Broker, DOGE/USD can be traded using four order types — market, limit, stop, and one-cancels-the-other (OCO).
Market order allows you to buy or sell an asset at the current market price. It is executed instantly, so can’t be canceled.
Limit order is executed when the price reaches the specified level or better. It can be canceled since it may not be executed instantly.
Stop order works similar to the limit order but fill only at the predetermined price.
OCO order provides an opportunity to open two orders — limit and stop — at the same time. But only one order can be filled. Once the first order is executed, the second one cancels automatically.
CEX.IO Broker users can set up protection orders like Stop Loss and Take Profit. These orders allow closing positions automatically when the price gets to a specific level. It helps reduce potential risks from unexpected price movements and trade within the strategy without constant price chart monitoring. Stop Loss and Take Profit can be placed, modified, and canceled anytime until the position is open.
Besides, CEX.IO Broker features to combine isolated and cross margin. Isolated margin means that each trading account is independent, so the financial results are maintained separately. It helps localize risks and compare how different strategies work in the same market. Cross margin implies using the balance and profit of one position to satisfy margin requirements for another position. Cross margin can be used only within one trading account.
If you are eager to do technical analysis, you can do it without leaving the CEX.IO Broker terminal. With built-in oscillators and indicators, you can make well-informed trading decisions and analyze the current market situations to find the entry points with high potential.
Dogecoin or DOGE was designed as a meme coin that would have great appeal beyond the Bitcoin community. As a result, this coin has received significant support not only from crypto enthusiasts but even outside the crypto industry. The DOGE price is highly dependent on fundamental factors like news or statements of famous personalities. It also may cause a significant change in demand and interest to coin. Dogecoin’s total supply is uncapped, meaning there is no limit to how many DOGE can exist.
DOGE/USD currency is quite popular among traders since the coin has high volatility, so can provide a significant return. Demand and liquidity may change due to current market sentiment and narrative.