Baby Doge is among the newest of the cryptocurrencies that are functionally based on the Binance Smart Chain. That is why investors are not much aware of its pros and the simple way through which it can be bought. This article provides an easy guide to buying Baby Dogecoin.
Following are the three basic steps to buy Baby Dogecoin:
Step 1: Open an account on Binance
As the token of Baby Dogecoin runs on Binance Smart Chain, you would first need to make an account on Binance to invest in Baby Doge. You can also use OKEx.
Step 2: Set up your wallet with Metamask.
For using PancakeSwap, you’ll need BNB tokens in your crypto wallet. From Binance, you can get BNB tokens, and then you can send them to a crypto wallet that supports connection with PancakeSwap.
The most easy-to-use crypto wallet for PancakeSwap is MetaMask. This is because it has a Google Chrome extension and hence makes interaction with the exchange easy.
Upon opening MetaMask, you will notice that it is customized with Ethereum by default. But for PancakeSwap, you would need to set it for the Binance Smart Chain network.
Step 3: Purchase your Baby Dogecoin.
After setting up your wallet, it is very simple to buy crypto on PancakeSwap or other exchanges. Just connect your wallet to the website. When your wallet is connected to the exchange, you just need to go to the exchange and can buy Baby Doge by swapping your Binance tokens on that exchange platform.
While buying make sure to:
- Research:
- Never buy Baby Doge coins without proper research and do not rush while making such a decision. As Baby Doge is a relatively new and volatile cryptocurrency, there remains a chance of losing money, while investing in it. So if you want to buy it, first check its website and reviews and then you can also check for its future predictions by experts.
- Don’t choose the wrong crypto exchange:
- Baby Dogecoin is a relatively small token right now, and its exchange is not supported by major cryptocurrency apps. PancakeSwap is simple to use and is the most popularly used exchange for this currency right now.
- Don’t expect to buy it with cash:
- PancakeSwap does not allow its users to deposit cash to buy crypto and only supports trade or exchange of cryptocurrency. So you should buy a cryptocurrency first.
- Always set the proper slippage tolerance:
- Slippage is the price loss that can be tolerated by investors. It is due to a price change between the time of submission of trade and its execution. 12% is considered an appropriate slippage for both loss and profit.
- Invest as much as you can afford to lose:
- Spend the amount of money into Baby DogeCoin or on any other cryptocurrency very cautiously, so that you would not have to face disappointment if its price goes down in the future.
Also read: Baby Doge Coin Price Prediction 2022 and Beyond- Can BABYDOGE Eventually Hit $1?
Takeaways
- Baby Doge is among the newest of the cryptocurrencies, that is functionally based on Binance Smart Chain.
- To buy Baby dogecoin, open an account on Binance, set up your wallet with Metamask, and purchase the currency.
- Always do research before buying dogecoin regarding its exchanges, slippage, and risks.