How to Buy Dogecoin: What is the Best Way to Buy Dogecoin?
Updated March 5, 2024
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Coinbase: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
Dogecoin is a type of altcoin cryptocurrency. The simplest way to buy dogecoin cryptocurrency is by using a centralized exchange. You can also use a broker to buy dogecoin. Robinhood is one of the traditional brokerages that allow crypto trades using dogecoin.
Dogecoin is one of the most popular cryptocurrencies, and you can find it on popular exchanges such as:
Where to Buy Dogecoin 2024
1. eToro
Pros
- Regulated by FCA, ASIC
- No withdrawal fee for US clients
- 0% commission on stocks
- Social and copy trading
- Good for beginners
Cons
- Not available in every US state
- More expensive than most of its competitors
- No MetaTrader platforms
eToro, founded in 2007, is a social trading and multi-asset brokerage platform that allows users to trade various financial instruments, including stocks, cryptocurrencies, commodities, and more. In addition, eToro is regulated by the Financial Conduct Authority (FCA) in the UK.
One of eToro's unique features is its social trading aspect, which enables users to interact with each other, follow successful traders, and even automatically copy their trading strategies.
eToro allows users to trade Dogecoin alongside other cryptocurrencies and traditional assets. Initially created as a meme cryptocurrency, Dogecoin has gained popularity for its vibrant community and relatively low transaction fees.
On eToro, users can buy, sell, and trade Dogecoin within the platform's intuitive interface, benefiting from its user-friendly design and access to real-time market data.
To find out more, read our eToro review.
76% of retail investor accounts lose money when trading CFDs with eToro. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
2. Coinbase
Pros
- Stellar customer service
- Many different funding methods
- Diverse and ever-changing choice of coin
- High security system
- Easy to trade in the US
- Good for beginners
Cons
- Not available in all countries
- Some lesser-known currencies are not supported
- Lower number of cryptocurrencies accepted than other platforms
- Higher fees
Coinbase is a popular cryptocurrency exchange platform that allows users to buy, sell, and hold various cryptocurrencies, including Dogecoin (DOGE).
To buy Dogecoin on Coinbase, you first need to create an account and complete the necessary verification processes. This typically involves providing personal information and documents to comply with regulatory requirements.
Once your account is set up, you need to fund it. You can do this via bank transfer, credit card, or other payment methods, depending on your region.
With funds in your account, you can buy Dogecoin. The platform offers an intuitive interface where you can select Dogecoin from a list of available cryptocurrencies, enter the amount you wish to purchase, and execute the transaction.
After purchasing, your Dogecoin will be stored in your Coinbase wallet. Coinbase provides robust security measures to protect your holdings, including two-factor authentication and cold storage for a significant portion of the assets.
Coinbase also allows for trading between different cryptocurrencies. You can convert your Dogecoin to other cryptocurrencies or to fiat currencies like USD, depending on market conditions and your investment strategy.
You can withdraw your Dogecoin to an external wallet or convert it to fiat currency and withdraw it to your linked bank account.
Coinbase charges fees for transactions, which vary based on factors like the payment method and transaction size. There are also limits on how much you can buy or sell in a given period.
Coinbase: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
3. Binance
Pros
- Low trading fees
- Large range of cryptocurrencies and altcoins
- Comprehensive user interface
- The maximum trading amount is unlimited
- Low trading fees at 0.1%
- Easy sign-up process
Cons
- High withdrawal fees for some options
- No built-in wallet feature
- Medium levels of security
Binance is one of the largest and most popular cryptocurrency exchange platforms globally, known for its extensive range of cryptocurrencies available for trading, including Dogecoin (DOGE)
To start trading on Binance, you need to register for an account. The platform requires users to complete a verification process, which involves providing personal information and documents. This is part of its compliance with Know Your Customer (KYC) and anti-money laundering (AML) regulations.
Binance offers multiple ways to fund your account, including bank transfers, credit/debit cards, and other payment methods, depending on your location. You can also deposit a wide range of cryptocurrencies.
With funds in your account, you can buy Dogecoin either through direct purchase with fiat currency or by trading other cryptocurrencies for DOGE. Binance offers an intuitive trading interface with different types of orders (market, limit, etc.) to cater to various trading strategies.
Binance provides advanced trading tools and detailed charts, beneficial for both novice and experienced traders. These tools help in analyzing market trends and making informed trading decisions.
Binance is known for its relatively low trading fees, which can vary based on factors like your trading volume and Binance Coin (BNB) balance. The platform also has withdrawal limits, which depend on your verification level.
Binance takes security seriously, offering features like two-factor authentication (2FA), device management, and the use of cold storage for the majority of the funds.
You can withdraw your Dogecoin to an external wallet or convert it to other cryptocurrencies or fiat and withdraw it to your bank account.
Binance works to comply with regulations in the various jurisdictions it operates in. However, its compliance status can vary by region, so it's important to be aware of the regulatory environment in your country.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
What Is Dogecoin?
Dogecoin is a type of peer-to-peer, open-source cryptocurrency known as an altcoin.
This term covers any cryptocurrency token besides bitcoin.
Dogecoin is known for the internet meme of the Shibu Inu, a type of Japanese dog. The Shibu Inu has become a mascot for Dogecoin.
At the start of April 2023, Elon Musk replaced the regular Twitter logo featuring a blue bird with the Shibu Inu meme, which led to more than a 35% increase in the value of dogecoin.
Initially launched in 2013 as a lighthearted alternative to the bitcoin cryptocurrency, dogecoin cryptocurrency has since risen significantly in value.
It boasts a loyal following of people who use it to trade and tip for social media content on websites such as Reddit and Twitter.
Dogecoin has been promoted in the past by Twitter CEO Elon Musk. It is a popular choice of cryptocurrency, particularly with amateur investors.
It is known for being low-value, partly thanks to its 'inflationary coin' status, meaning an unlimited supply exists.
10,000 dogecoins are mined every minute, and the amount of dogecoins that can be created is unlimited.
Currently, there are more than 130 billion dogecoins in circulation.
If you have a crypto debit card like the Coinbase card, you use your dogecoin to buy pretty much anything.
You can also use it on websites that support crypto debit card services, such as BitPay.
Can You Invest in Dogecoin in The UK?
Yes, you can invest in Dogecoin in the UK. Dogecoin is one of the most popular digital currencies amongst amateur investors, primarily due to its low value.
Transactions are often below $0.10; the high has been just $0.74.
As with any cryptocurrency, dogecoin is a volatile and risky investment. You should only invest in Dogecoin if you have a solid financial position. You should only ever put in funds that you can afford to lose.
As a guideline, you should ensure that risky assets like Dogecoin contribute only 10% of your overall investment portfolio.
If you want to invest in Dogecoin in the UK, you must register with an exchange platform that will allow you to buy and sell cryptocurrencies. Only some trading platforms allow for this, so you must choose carefully.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
If you want to deal with a broker instead, you will need to check out the rules it has in place for moving assets off your chosen brokerage platform.
Some brokers do not allow you to move holdings out of your brokerage account. For example, if you wanted to store your DOGE in a secure crypto wallet, this may not be possible with some brokers.
You will also need to decide how to pay for these cryptocurrency investments. This might be using a credit or debit card, making a bank transfer or using a crypto wallet.
Not all credit cards can be used to buy cryptocurrencies, and some will charge a high transaction fee for doing so. Often, using a credit card to buy cryptocurrency is treated as a cash advance, and this attracts a higher rate of interest than normal purchases.
How to Buy Dogecoin / What Is the Best Way to Buy Dogecoin?
If you want to know how to buy doge, here are the five main steps you will need to follow.
Step 1. Complete a Risk Assessment
If you are looking for the easiest ways to buy dogecoin, the first thing you will need to do is create a risk assessment.
This should include information such as how much capital you are willing to invest and how diverse you want your portfolio to be.
Investors should only choose to risk the amount of money that they can afford to lose. Investments are highly risky.
Making a poor investment could lead you to lose lots of money. Investors should never put themselves into a position where they can’t afford to live.
In addition, you should always look at investing in a way that allows you to have a diverse portfolio.
This means that when one investment decreases, another might risk. This skill can be difficult to learn, but it can be very powerful once you have mastered it.
When drawing up a risk assessment, you should consider the following:
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Technology – When it comes to validation of blockchain technologies, dogecoin is a proof-of-work cryptocurrency. This means it is slower than many of the proof-of-stake cryptocurrencies such as cardano, ethereum and polkadot. It also uses a lot more energy.
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Pricing – Despite seeing price surges in the past, dogecoin typically trades for less than $1, which means it is one of the most affordable cryptocurrencies available. Dogecoin’s record high price was $0.74 in 2021, following a tweet by Elon Musk.
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Volatility – Dogecoin is highly volatile. As mentioned above, it has been subject to extreme fluctuations in its value. One of the reasons for this is that it is available in unlimited supply. It is also highly influenced by social media activity and online hype.
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Transaction fees – The average transaction cost for trading dogecoin is below $0.10. This puts it on the low end of the spectrum when it comes to cryptocurrency transaction costs.
Step 2. Choose an Exchange That Allows You To Buy Dogecoin Cryptocurrency Stock
A cryptocurrency centralized exchange is a type of digital marketplace. It can be used to buy, sell or swap crypto.
Using a cryptocurrency exchange is one of the easiest ways to buy dogecoin, bitcoin, ethereum and other types of cryptocurrency.
Remember, not all exchanges allow investors to trade in cryptocurrencies, whereas some exchanges deal solely with cryptocurrency.
You must always check that your chosen exchange or broker allows cryptocurrency trading before you get started.
Some examples of crypto exchanges that allow users to trade in cryptocurrencies include Coinbase, kraken, binance, huobi global and OKX.
You can also use a decentralized exchange to trade dogecoin. These tend to be cheaper to use, but they are also more complex. They are only really suitable for experienced investors who are used to trading cryptocurrencies.
Another option to buy dogecoin cryptocurrency is to use an investing app or broker. Brokers are interfaces that interact with the cryptocurrency exchange on the investor’s behalf.
Whether you choose to use an exchange or brokerage to trade cryptocurrency, it is important to consider a few things. You should use the following criteria to help you make a decision:
- Fee structure – How much are the transaction and trading fees likely to be?
- Cryptocurrencies – Which cryptocurrencies are available?
- Access to support – Does the website include educational resources and training materials?
- Customer support – Is this offered by telephone, email or web chat? Is it open 24/7? How responsive is the customer service team?
- Minimum deposit – Is there a minimum deposit, and how much is it?
- Payment options – Does it accept credit cards and debit cards?
- Reputation – Does it have positive reviews from other traders?
- Reliability – Is it a reliable choice?
It is important to note that some exchanges and platforms are registered with the Financial Conduct Authority (FCA); however, cryptocurrencies are unregulated within the UK, and there is no EU protection.
As a result, any cryptocurrency investment is 100% at the investor’s risk.
Upon registering your account, you will be required to provide personal information such as your full name and personal identification, proof of address, payment details and evidence of your tax status.
The exact requirements will vary between exchanges and brokers.
Step 3. Choose a Payment Method
Once you have opened an account, you will need to add funds to it. You should always consider the impact that transaction fees will have on the amount that you wish to invest.
When it comes to the dogecoin cryptocurrency, the cost of buying coins is low. This means there is always the potential to buy as many of the coins as you would like.
Choosing the origin for funding is important. If you are planning to transfer cash from your bank account or you want to use a debit card, transaction fees might apply.
As mentioned, some credit card companies do not allow for the purchase of cryptocurrency at all. If they do allow for cryptocurrency purchases, they might charge a significant fee for doing so.
If you already own cryptocurrency, it may be possible to trade some of your existing assets for dogecoin. However, this will depend on what you have in your portfolio, as not all cryptocurrencies can be exchanged for dogecoin.
Check whether your chosen platform allows you to pair dogecoin with another crypto coin before placing a trade.
Step 4. Buy Dogecoin Stock
Once you have the required funds in your account, you can make a purchase of the coin. To do this, navigate to the DOGE currency option and enter the number of funds that you wish to invest in the cryptocurrency.
Be mindful that your broker or crypto exchange might charge trading fees for buying and selling crypto coins like dogecoin.
Fees vary but can be as much as 5% per trade.
Some investing apps offer crypto trading on a commission-fee basis, so it is worth doing your research.
Step 5. Select Secure Storage
Once you have made your purchase, it is important to secure your dogecoin. Many exchanges include a digital wallet or vault, which offers some protection and allows you to store digital assets directly on the exchange.
However, this is only offered by some exchanges. It can also leave your assets exposed to hacking and system crashes.
Some investors prefer to keep hold of their investments in a digital wallet. This is a good way to keep your assets secure, but it does require additional responsibility.
There are two different types of digital wallets to consider: hot wallets and cold wallets.
Hot wallets are a type of software that must be connected to the internet at all times. To use a hot wallet, you will need to set up a password, which will allow you to access it.
Many types of hot wallets are encrypted, so you must set up two-factor authentication to be able to log in to your account.
Hot wallets are convenient as you can access them from any location at any time. However, they can be more liable for hacking than cold wallets.
Cold wallets are sometimes called hardware wallets. These are a type of physical device where you can store crypto keys. They do not have to be connected to the internet.
They are a bit like a flash drive, but they store cryptocurrency instead of electronic files and documents. They are less convenient than a hot wallet, as you need to have a physical wallet to access your digital assets.
However, cold wallets offer better protection to stop your cryptocurrency from being compromised by hackers.
The only way thieves can steal crypto from a cold wallet is by getting hold of the device and finding out your password details.
How to Buy Dogecoin on eToro
As of my last knowledge update in September 2021, eToro offered Dogecoin (DOGE) as one of the cryptocurrencies available for trading on its platform.
Here's a step-by-step guide on how to buy Dogecoin on eToro:
Sign Up and Verify Your Account
- If you don't already have an eToro account, go to the eToro website (www.etoro.com) and click on "Join Now" to create an account.
- Complete the registration process and verify your identity by providing the necessary documents, as required by eToro's KYC (Know Your Customer) process.
Deposit Funds
- Log in to your eToro account.
- Click on "Deposit Funds" or a similar option in your account dashboard.
- Choose your preferred deposit method (e.g., bank transfer, credit/debit card, e-wallet).
- Enter the deposit amount and follow the instructions to complete the deposit.
Search for Dogecoin (DOGE)
- Use the search bar on the eToro platform to find Dogecoin (DOGE).
- Click on the Dogecoin asset to view its details.
Place an Order to Buy Dogecoin
- Once you're on the Dogecoin page, click on "Trade" or "Buy."
- A trading window will appear, allowing you to specify your order details.
Set Order Parameters
- Choose the amount of Dogecoin (DOGE) you want to buy. You can enter the amount in DOGE or your preferred fiat currency (e.g., USD, EUR).
- Set your preferred order type. Common types include:
- Market Order: Executes immediately at the current market price.
- Limit Order: Specifies the price at which you want to buy Dogecoin. It will only execute when the market reaches that price.
- Review the order summary, including fees, before confirming.
Confirm the Order
After setting the order parameters, click "Open Trade" or a similar button to confirm your purchase.
Monitor Your Dogecoin Investment
- You can track your Dogecoin investment in your eToro portfolio.
- eToro provides tools and charts for monitoring Dogecoin's price and market trends.
Secure Your Investment
Consider transferring your Dogecoin to a secure, private wallet for added security, especially if you plan to hold it for an extended period.
76% of eToro retail CFD accounts lose money. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
Frequently Asked Questions
You can buy dogecoin in the UK from a cryptocurrency exchange or online brokerage. This is the easiest way to buy dogecoin in the UK.
Once you have registered with an exchange or broker, you will need to deposit your funds, search for dogecoin, make the transaction and store your digital assets in a safe place such as a hot or cold wallet.
Elon Musk is rumoured to have purchased approximately 2.5 million dogecoins.
At the time of writing, it costs $0.079 to buy one dogecoin.
If you are wondering 'How can I buy dogecoin?', you can use apps such as Coinbase, Binance, Kucoin and OKX to buy dogecoin.
If you want to buy dogecoin with Paypal, you will need to register with a third-party investing platform that accepts Paypal payments, such as eToro.
You will need to pay for the dogecoin using a fiat currency (such as USD or GBP) already held in your Paypal account.
Don’t invest in unless you’re prepared to lose all the money you invest.
You can buy most things with dogecoin as long as you shop with merchants that accept this type of cryptocurrency. You can use dogecoin to buy gift cards for websites such as Walmart and Amazon.
You can also spend dogecoin using a BitPay Card or other type of cryptocurrency debit card.
The minimum deposit required to buy dogecoin varies between online exchanges. For example, the eToro website has set a minimum deposit of $10 for dogecoin.
Trading platforms such as eToro and Coinbase are good for beginners who want to buy dogecoin.
The price of dogecoin is still low when compared to the all-time high prices seen in 2021.
Buying dogecoin now means you are still buying it at a relatively low price, and there is potential for the value of dogecoin to increase again in the future.
However, you should always conduct your own research and consider all of the risks before you invest in any digital asset.
When it comes to cryptocurrency, there are never any guarantees. Dogecoin is considered to be a high-risk investment, so you should only ever risk an amount that you feel comfortable losing.
There is potential to generate returns from dogecoin, but it is better suited to casual investors and risk-seekers. It is unlikely to be a good long-term financial investment.
Dogecoin is not regulated in the UK. No cryptocurrencies are regulated by the Financial Conduct Authority (FCA) in the UK. Investors should also be mindful that there is no UK or EU investor protection when they invest in any cryptocurrency.
Dogecoin is a high-risk, volatile investment. You should only consider buying it if you are in a strong financial position and you can afford to lose the money that you invest.
Before buying dogecoin, you should consider factors such as the level of risk, how much you want to invest and where you will store any digital assets that you buy.
Final Thoughts
Dogecoin is a low-investment digital currency that can be bought in the UK. There are some risks associated with all types of cryptocurrency, including dogecoin.
It is not regulated by the UK FCA, and investors are not protected by the UK or the EU when investing in it.
Investing in dogecoin offers an affordable way to diversify your financial portfolio. It is much cheaper to buy than Bitcoin, so it is likely to appeal to investors with a lower budget.
WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.
Coinbase: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.
