Last Updated on December 13, 2021
Dogecoin is one of the cryptocurrencies that gained huge popularity among investors in 2021, thanks to its massive over 14,000% increase in the first half of the year. Though it started as a comedic coin in 2013, Dogecoin is now receiving wide mainstream attention like other digital assets like Bitcoin and Ethereum. The CEO of Tesla, Elon Musk, voiced its support for this meme coin and has consistently recommended it for its over 60 million followers on Twitter. So, where is the best and most secure place to buy Doge, and how do you buy it?
This step-by-step guide on how to get Dogecoin will give you all the information you need to know about this digital asset. You will discover the best platforms and the steps you can follow to buy it. Additionally, you will learn the important factors to consider when choosing where to buy Dogecoin. Furthermore, our experts provided information on how to store and sell Dogecoin. Lastly, we shared basic information about Dogecoin and answered the frequently asked questions about the coin. Let’s get started.
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There are many platforms online, however, not all of them are a good choice for new crypto investors. Some platforms will charge you very high transaction fees, and some may not even allow you to transfer out the coins you bought. Our experts researched and selected the top seven platforms to buy Dogecoin safely and cost-effectively. Also, all the platforms below are reputable and trusted by cryptocurrency traders.
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After researching hundreds of platforms available in the digital currency space, our cryptocurrency experts concluded that eToro is the best platform to buy and trade Dogecoin. First, eToro is regulated by CySEC, FCA, FINRA, FCA, ASIC, and other top authorities worldwide. You can buy and store your digital asset on this platform without worries about the safety of your coins. Second, eToro is one of the most user-friendly platforms in the market. You can sign up and buy DOGE on the platform in less than ten minutes. All you have to do is create an account on the platform, deposit funds through the several banking options available on eToro, search for Dogecoin, and buy.
Third, we like eToro because its transaction fees are one of the lowest in the market. Whether making deposits, buying or selling Dogecoin, or trading, you won’t get a better deal elsewhere. Fourth, this platform is first on our list because it allows new crypto investors who don’t have trading knowledge to make money by investing in cryptocurrency. eToro offers investment programs to grow your crypto asset and make passive income. Although you can make thousands of dollars daily by investing your Dogecoin in eToro, there is also a chance that you can lose your fund as no trading platform is completely risk-free.
Lastly, we also recommended eToro because you can buy several number assets on the platform. Aside from Dogecoin, you can also buy and trade Bitcoin, Ethereum, Ripple, Cardano, and other crypto assets on this trading platform. Furthermore, You can assess ETFs, stocks, currency pairs, and more on eToro.
Crypto assets are unregulated investment products. Your capital may be at risk
Capital.com is the second on our list of the top seven platforms to buy Dogecoin online. This crypto exchanger is regulated by the Financial Conduct Authority (FCA), the National Bank of the Republic of Belarus (NBRB), and the Cyprus Securities and Exchange Commission (CySEC). It accepts users from over 180 countries and offers many crypto assets like Dogecoin, Bitcoin, Ethereum, and more. You can also buy and trade Forex, Indices, Commodities, Stocks, and many more on Capital.com.
Our experts recommend this online broker for beginners who don’t have trading experience and skills but would love to make money by investing in digital assets like Dogecoin. This trading broker uses artificial intelligence (AI) and bots to help investors execute profitable cryptocurrency trades. By investing in Capital, crypto investors can earn thousands of dollars daily as passive income. However, you should note that the cryptocurrency market is highly volatile, and there is a risk that you can lose your money.
Another benefit of using this online broker is their low fees. Unlike some other brokers in the cryptocurrency space, Capital.com does not charge any fee on deposits and withdrawals. Additionally, their trading fee is among the lowest in the market. What’s more, the platform offers users several deposit options. You can make payments via credit cards, debit cards, e-wallets, and bank transfers.
Binance is another reliable and safe trading platform where you can buy and trade Dogecoins and other crypto assets. The trading interface is user-friendly, and you won’t have a hard time finding your way around it. There are advanced features like cryptocurrency futures and leverage tokens that experienced traders can take advantage of. Furthermore, this broker has several technical indicators you can use to study the trends in the market. However, only experienced traders would be able to use the feature as they are very complex and hard to understand. It’s important to mention that some traders feel their customer service is not very responsive.
You can also buy Dogecoin on Coinbase. This popular crypto exchange recently added Dogecoin to its library of digital assets. The exchange is US-based, and it is licensed and regulated by the New York State Department of Financial Services. Coinbase has a user-friendly interface, but its trading fees are higher than the other exchanges on our list of where to buy DOGE. You can buy Dogecoin on the platform using your bank account or credit card. If you would be using Coinbase, we recommend the pro version because the transaction fees are lower than the free version.
Crypto.com is another popular platform for Dogecoin and other digital assets like Bitcoin, Ethereum, Litecoin, Cardano, and more. The exchange allows users to earn interest on the coins they buy and store. However, the downside to crypto.com is that it takes time to get verified on the exchange; this means it may take some days before you can trade after signing up on the platform. Another drawback of this exchange is that the app does not work in some states in the USA due to regulations.
This New York-based cryptocurrency took some time to join the Dogecoin bandwagon. Gemini boasts of a user-friendly interface and a huge library of digital assets. Like Coinbase, this exchange is also licensed and regulated by the New York State Department of Financial Services. You can purchase Dogecoin on the platform by using your bank cards or making a bank transfer to the exchange. Furthermore, Gemini has a mobile app that allows users to buy and sell Dogecoins from their smartphones. The drawback with Gemini is that some big cryptocurrencies like Ripple are not available on the exchange.
Changelly is another great platform to buy crypto. The exchange is user-friendly, and their service is quick. You can sign up on Changelly with just your email to start buying and trading Dogecoin on the exchange. However, the downside of using Changelly is that the fees can be high when you use credit cards to buy Dogecoin.
Now that you know where to buy Dogecoin, you can follow the three steps below to buy Dogecoin easily. You can use this guide irrespective of where you want to buy or sell your Dogecoin.
Once you have decided that you want to buy Dogecoin, the first step is to choose your preferred crypto broker. You should consider factors like their transaction fees, user interface, customer services, payment options, and more when making this decision. You can save yourself the stress of researching hundreds of crypto brokers by starting with our list above. Another important factor to consider is whether you like to invest your Dogecoin with a trusted broker, store it to sell in the future, or trade your Dogecoin at an exchange.
If you like to invest with a trusted broker and earn passive income, we recommend opting for either eToro or Capital.com. However, if you are an experienced trader and would like to trade your coin yourself, you can consider using Binance, Coinbase, Crypto.com, Gemini, or Changelly. We often recommend eToro or Capital.com to beginners because their trading and investment programs help beginners reduce their trading risk.
Please note that not all exchanges support Dogecoin, so if you are choosing outside our list, you should make sure the crypto broker you opt for supports the coin. Once you have made a decision, the next step is to create an account on the broker’s platform. Most exchanges will request your email and other personal information to sign up. After you complete the registration process, the broker may require you to verify your identity. Once done, you will gain access to the full features of the platform.
After choosing a crypto broker and creating an account on their platform, the next step is to fund your account. Most brokers have a minimum amount users can deposit, so you should check this information before funding your account. Some of the common payment methods across all the exchanges include credit cards, debit cards, wire transfers, and e-wallets. The money you deposited may reflect instantly in your account or take a few hours to show, depending on the exchange you chose and the amount you deposited.
We don’t recommend buying Dogecoin with your credit cards as credit card companies may likely consider the money as a loan and charge you an extra fee for it. This way, purchasing Dogecoin becomes more costly and riskier. You should only consider using a credit card to buy Dogecoin if there are no other options available.
Once you have funded your account, you can start purchasing and trading Dogecoin.
You can follow this straightforward process if you decide to sell your Dogecoin. Go to your wallet and click on the sell button. Specify the number of Dogecoin you want to sell and your price. Once done, you will receive the funds via the banking option you specify; this could be your bank account, e-wallet, or bank card.
Depending on your local laws, you may be required to pay capital gain tax when you make a profit by investing in Dogecoin. So we advise consulting a tax professional to find out the tax rules in your local area, so you don’t face expensive tax penalties in the future.
Although Dogecoin is gaining media attention and becoming more popular, it is still unavailable on some cryptocurrency trading platforms. So if you are interested in buying Dogecoin, you will have to find the exchanges that support the digital asset. Also, you have to confirm that you can use the exchange legally where you live.
When you start researching where and how to buy Dogecoin, you will discover that there are hundreds of platforms that support the coin. However, you don’t want to jump at the first site that you see on Google. You should also note that not all cryptocurrency exchanges that are available online are legit. So it is important to take your time to find the best platform to buy crypto.
Below is an easy-to-follow guide you can use in choosing an exchange when you are ready to buy Dogecoin. Additionally, we also listed some of the critical factors you must consider before making your decision.
The first thing you should do is make a list of all the top crypto exchanges that offer Dogecoin. You can get this step done by searching for crypto brokerage services one after the other and checking if they have Dogecoin on their list. Better still, you can start with our list of top trading platforms that offer Dogecoin.
Aside from the availability of the coin on their platform, you should check if it is legal to use and trade with the cryptocurrency exchange in your country and your local area. It is pointless to create an account with a crypto broker whose operations are not supported by the laws in your local areas or do not have the required licenses to operate in your country.
Like other financial institutions, most cryptocurrency trading platforms will require you to submit personal information and verify your identity before you can start trading. Other platforms may allow you to trade without verifying your identity and only require some level of authentication before you can withdraw your funds. The verification requirements are usually in place to protect their users and prevent criminal activities like terrorism financing, money laundering, and more.
A noticeable requirement on most cryptocurrency exchanges is the Know Your Customer (KYC) practice, which may require you to send a digital copy of your government-issued ID and a utility bill showing your address. Although meeting these requirements can sometimes be challenging, they could also benefit you as the practice makes it easier to recover stolen funds and track down criminals.
There are many fake cryptocurrency trading platforms online. Signing up on a scam exchange can cost you all your money. Additionally, there are also cases of some exchanges being hacked, especially those platforms with poor security features. So to avoid getting your fingers burnt, you should extensively research any platform you intend to use before you create an account with them.
One way to ascertain the credibility of cryptocurrency trading platforms is by checking social media and independent online reviews sites like Trustpilot to see what users have to say about them. Furthermore, you can also check the site yourself to see what it looks like and whether you can find information about the company, founder, or address of their offices.
Most cryptocurrency trading platforms charge fees on the trading activities of their users. This fee could be based on a certain percentage of each trade or a fixed amount irrespective of the amount you are trading. Some platforms also offer lower fees when you are trading high volumes of DOGE. So it is important to research how much you would be paying as fees before signing up on any crypto exchange. It is equally important to let you know that you should be wary of any platform offering Dogecoin at a price that is way lower than what is obtainable in the market.
Another important metric to consider when choosing a trading platform to buy Dogecoin is Liquidity. We recommend opting for exchanges that have a high volume of orders; this way, you can be sure that you can enter and exit trade any time you desire. Platforms like eToro, Capital.com, Binance, and others on our list have high trading volumes, so you don’t have to worry about their liquidity.
Is the platform easy to use? Can you effortlessly navigate the pages and use all the features on their app and website? These are questions you should put into account before deciding to create an account on any platform. Some exchanges are also more suitable for beginners than others. For example, cryptocurrency trading platforms like eToro and Capital.com are more suitable for beginners, while Coinbase and Binance are ideal for advanced traders.
It is not uncommon to have issues while buying or selling on even the best trading platform. Newbies may have questions about how the exchange works or want to learn more about a particular feature on the platform. Sometimes you may need to contact support urgently, and waiting for days to get a response from the exchange representative may cost you money. These are some of the reasons you should look into the reputation of the exchange customer services before registering. We recommend finding out if customers are satisfied with their support service and how fast their team responds to complaints.
You can use any of the crypto brokers we mentioned above to sell your Dogecoins for cash. If you don’t have an account on the platforms, you can register, verify your identity, move the fund to your account, and sell your Dogecoin there. It is as simple as that.
Let’s share some information on how to store your Dogecoin safely now that you know where to buy Dogecoin and how to buy and sell them. There are two ways to store your Dogecoin – you can either store them in an online/web crypto wallet or keep your Dogecoin in a cold wallet.
Online Dogecoin wallet is the most common choice for storing Dogecoins. These are the wallets available on cryptocurrency exchanges like eToro, Capital.com, Binance, Gemini, Crypto.com, Changelly, and more. They are very easy to set up, and you can transact from these software wallets with a few clicks either from your smartphone, tablet, or computer. However, the only drawback with hot wallets is security. Your Dogecoin may be at risk if there is a security issue with the exchange. This is one of the reasons why our experts recommend choosing reputable exchanges for all your cryptocurrency dealings.
Cold wallets are not connected to the internet, so they are considered a more secure storage solution for Dogecoin. Hardware wallets could either be hardware or paper wallets. The hardware wallets are easier to use, and you only connect them to the internet when you want to transact with your Dogecoin. Hardware wallets are usually shaped like a USB stick and come with private keys as an added security feature. Unlike hardware wallets, paper wallets are printed pieces of paper that contain your private key and hardware wallet address. The main drawback of cold wallets is that they are not suitable for investors that want to transact with Dogecoins every now and then.
Dogecoin is an open-source cryptocurrency created by Jackson Palmer and Billy Markus in 2013. It started as a sarcastic meme coin but gained popularity in recent times due to positive comments and recommendations by the Tesla CEO, Elon Musk. Dogecoin features the image of a Japanese dog called Shiba Inu. It uses a scrypt algorithm and has an unlimited supply. Transactions with Dogecoin take about one minute to process on most exchanges, so it is faster than Bitcoin and some other cryptocurrencies, which take several minutes to process.
When Dogecoin was launched, its price at public exchanges was $0.00006, and the value of the cryptocurrency was just $2 million. While the price was flat for about four years, it saw an increase in 2018 when all other digital currencies went up. In the first half of 2021, Dogecoin increased astronomically by over 14,000%, reaching about $0.71. However, the price dropped after a few months, with the price presently at $0.17.
There is no clear-cut answer to whether you should add it to your investment portfolio. Dogecoin is a speculative digital currency. Its price can go up or fall rapidly and at short intervals. You should be sure that you are comfortable with the price volatility before buying Dogecoin.
The best trading platform to buy Dogecoin is eToro or Capital.com. These cryptocurrency brokers are well regulated and charge the lowest trading fees in the market.
You should only invest an amount you can afford to lose. Trading platforms like eToro allow you to invest as small as $25.
The future price of Dogecoin is unpredictable.