These errors can lead to you losing money or preventing you from purchasing the item you want.Although Baby Doge Coin was launched in June, it was an instant hit. The price jumped by more than 1,000% in the first 15 days. Although the price dropped significantly, it reached a new high thanks to Elon Musk's tweet.Many people are buying Baby Doge Coin because of the potential for big returns. It's not the easiest process, especially if this is your first time buying smaller cryptocurrencies. These are the common mistakes that can be avoided to ensure everything runs smoothly.Get started on your financial journey with a bang. We offer free access to select products that help us achieve our money goals. These carefully-vetted picks may be the answer to your financial woes. You agree to us sending money tips and products and services to your email address. You may unsubscribe at anytime. Please refer to our Privacy Statement and Terms and Conditions.1. Do not research the Baby Doge Coin firstFirst, you shouldn't rush to buy Baby Doge Coin. It's a volatile, new cryptocurrency that can be lost easily.Baby Doge Coin is a great option if you are interested because of something you read on Reddit, YouTube or elsewhere about how popular it was. Make sure to check out its whitepaper and website first. Don't believe everyone telling you it will make you millionaire.The hype surrounding Baby Doge Coin is what has made it so successful. It's not a long-term strategy that can be sustained, and is why many people don't consider it a good investment in cryptocurrency.2. 2.Choosing the wrong cryptocurrency exchangeBaby Doge Coin is not listed on the major cryptocurrency exchanges and apps. There are so many cryptocurrencies available, these exchanges have to be selective about which ones they allow. Baby Doge Coin, a relatively new token, has not been included in the top 10.PancakeSwap, the most popular site to purchase Baby Doge Coin at the moment, is PancakeSwap. This is a decentralized cryptocurrency exchange that allows users to contribute crypto that can be used for trading.Although the trade process on PancakeSwap is different from what you are used to, it's not difficult. To make your trade on PancakeSwap, you will need to first connect a crypto wallet.3. Expecting to purchase it with cashPancakeSwap doesn't allow you to deposit money and then use it for buying crypto. You can only trade one cryptocurrency for the other.Once you have connected your crypto wallet with PancakeSwap, go to the exchange page to select the crypto you wish to trade for Baby Doge Coin. Binance Coin (BNB), is a popular option.You can trade crypto if you don't own any. To do this, you will need to purchase it on an exchange and then transfer it to your crypto wallet. This guide will show you how it works.Purchase one Binance CoinTransfer Binance Coin to a cryptocurrency wallet such as Metamask, or Binance Chain Wallet.Click "Connect" on the PancakeSwap exchange site.PancakeSwap can be connected to your walletYour Binance Coin can be traded for a Baby Doge Coin.4. Slippage tolerance should not be set to 12%Slippage is another important concept that you need to be aware of when trading crypto on PancakeSwap.Slippage refers to a price change that occurs between the time you submit a trade or when it is executed. You can adjust your slippage tolerance on PancakeSwap. This is the amount of price change that you are willing to accept in order to have your trade go through. This setting can be adjusted here:Visit the PancakeSwap Exchange page.Click on the settings button (the icon that appears in the exchange box and has three horizontal bars with lines running through them).You can choose from one of the preset slippage tolerance options, or you can type your own.High volatility cryptocurrencies such as Baby Doge Coin might make it difficult to trade with low slippage tolerance. The Baby Doge Coin team suggests setting slippage tolerance at 12%.This means that if you trade for 1,000,000 Baby Doge Coin tokens you could end up with anywhere between 880,000 and 1.12 million tokens.5. It is easy to spend too much.Baby Doge Coin is worth your attention. Many cryptocurrencies similar to it have failed to gain traction and are now forgotten. Many disappointed investors who bought at the peak only to see their investments fall in value leave behind.Baby Doge Coin is like the lottery. You can give it a try if you are really interested.Keep your wealth building investments in retirement accounts and the stock exchange. If you are looking to make crypto an investment that is high-risk and high-reward, choose cryptos based on their capabilities, not their popularity.
