How to Buy Dogecoin? A Dogecoin Buying Guide
How to Buy Dogecoin
Dogecoin has existed for many years, and before its growth, it was initially trading for less than a penny. However, the crypto (DOGE) is now among the most valuable cryptocurrencies. Investing in Dogecoin is straightforward, and you can simply buy the currency in exchange for some dollars or other digital assets.
Also, you can get Dogecoin by receiving it as a payment for a service or goods. Other users get to mine this cryptocurrency, but this might be complicated, especially for newbies. Therefore, is it a good time to buy Dogecoin? The online Dogecoin community is very passionate, and you may easily be influenced to buy Dogecoin. But it is essential to do your research and know if it suits you. Below is a guide on how you can invest in Dogecoin.
Where To Buy Dogecoin
Dogecoin is among the top cryptocurrencies you may want to consider buying. There are several platforms and methods you can buy the crypto. Below are some of these platforms.
Crypto Exchanges
A crypto exchange acts like a marketplace where you can buy and sell cryptocurrency. You will have to create an account to come up with different order types to sell, buy and speculate in the cryptocurrency market.
If you are looking for the best Dogecoin exchange, consider the security, fees, method of purchase and the tokens it supports. Some exchanges will also include future trading and margin accounts as some of the advanced features. This is, however, not common in the US market. Other features in exchanges include crypto loans or crypto skating. These features allow you to earn interest in your holdings.
P2P Trading
Peer to peer trading means two traders are exchanging cryptocurrency directly. There is no centralized third party in this method that facilitates the transactions.
Unlike exchanges where users have to go through verification before getting access to the platform, P2P platforms do not have many such regulations. With this method, you can trade directly with the other party by choosing your preferred offer. This means you will not need an automated engine to make your transactions.
Brokers for Trading
Dogecoin brokers are individuals or firms who work as intermediaries for individuals who want to exchange cryptocurrencies. Brokers essentially provide financial services for cryptocurrency users and charge premiums to these users.
Using brokers is one of the best methods to buy and sell Dogecoin if you are a beginner. Exchanging money for Dogecoin involves the buyer, seller, and broker platform. There are many benefits of using brokers, such as trading small amounts of crypto and trading at prices set by brokers. Getting verified is also easy as you’ll need to add your email, verify your account, deposit funds, and start selling and buying Dogecoin.
Top Dogecoin Exchanges and Brokerage Services
Etoro
You can trade Dogecoin on Etoro. The exchange was founded in 2007 but only listed Doge in 2021 after the rise of the coin. There are many ways to pay on the platform, including Skrill and Credit Card. Bank Transfer, Debit Card, Neteller, and Paypal. The payments have limits for the deposit amount, but this doesn’t apply to bank deposits.
Coinbase
Dogecoin on Coinbase was added in June 2021. This was a result of numerous requests from the platform’s customers. With the Buy/Sell functionality, users on the platform can buy Dogecoin on both Coinbase.com and Coin Pro. Coinbase.com is the platform with a simpler interface, while Coin Pro is the interface for more experienced traders. Dogecoin price CoinBase is usually very favourable.
Gemini
Gemini is a cryptocurrency exchange that is based in the US. The exchange is owned by the Winklevoss twins, who are successful crypto investors. Gemini Dogecoin trading started in 2021. You have many options for purchasing Dogecoin on the platform, including USD, CAD, AUD, EUR, GBP, and SGD.
Also, you can add funds into your Gemini account through Visa, MasterCard, or a wire transfer. You can also opt to send cryptocurrency on the platform by exchanging Gemini Dogecoin with BTC, LTC, ETH, BCH, FIL, and ZEC.
Binance
Binance is the biggest cryptocurrency exchange outside the US market. It is also the largest exchange in terms of volume. Depending on your country, you can buy Dogecoin Binance through bank transfer, third party, or peer to peer trading.
There is a caveat for US citizens wanting to buy Dogecoin on Binance. US users cannot use the main platform due to uncertainties in regulations. Binance has created a platform-specific to the US market is Binance. The US. However, the platform is still not available to residents of Hawaii, New York, Connecticut, Idaho, Louisiana, Idaho, and Vermont.
Kraken
According to CoinMarketCap, Kraken is the fourth-largest cryptocurrency exchange by volume. You can use different flat currencies to fund your account, including US dollars, Canadian dollars, British pounds, Japanese Yen deposits, Australian dollars, and Swiss Franc.
On the other hand, if you already own cryptocurrency, you can fund your Kraken account with Bitcoin, Ethereum, Ripple, Litecoin, Cardano, Zcash, Cardano, Qtum, and Monero. Once you fund your account, you can buy Dogecoin on Kraken by clicking the tab “Buy Crypto.”
Robinhood
Robinhood app is primarily used for commission-free trading securities like exchange-traded funds, stocks, and options. Lately, the platform has included crypto trading. You can buy crypto on Robinhood via mobile or the web.
When using mobile, download the app, go to Dogecoin’s page, check Dogecoin price Robinhood, click on the trade button, and then buy.
BlockFi
BlockFi was founded in 2017, and it has its headquarters in Jersey City, NJ. The company was created to increase banking assets for communities that traditional banks did not serve.
The company offers apps for IOS and android and an online dashboard. Users can simply trade on the desktop by going to their screen’s top table and indicating the crypto asset they would like to trade.
EasyMarkets
EasyMarkets is a multi-asset broker and a global financial platform founded in 2001. The online platform offers Forex trading, CFD trading, Indices trading, shares trading, and commodities trading. It has now incorporated cryptocurrency trading. The platform offers different payment methods, including Maestro, credit cards, MasterCard, Skrill, Union Pay, JCB, bank transfers, and debit cards.
Ways to Buy Dogecoin
Buy Dogecoin with PayPal
There are crypto exchanges that will allow you to trade DOGE with PayPal. However, deposits from PayPal are not common since it allows room for users to steal from trading platforms. This is because some users report transactions to PayPal and get their money back. As a result, trading platforms lose their crypto assets.
You can buy Doge using PayPal by first purchasing Bitcoin and then converting the Bitcoin into Dogecoin of the same equivalence. This is one of the most straightforward ways of getting Dogecoin using PayPal. This method also has limitations since notable exchanges such as Coinbase don’t approve it.
Buy Dogecoin with Credit Card/Debit Card
You can buy crypto with your debit or credit card as long as the card supports “3D secure.” With this method, you will not be required to pre-fund any account before purchasing cryptocurrency. You can buy crypto instantly without waiting for the completion of a bank transfer.
You can contact your card provider to establish whether “3D secure” or simply try to add it to your trading platform. If it is not “3D Secure”, you will receive an error message. Some banks will also have security steps for any 3D Secure purchases. They may include security questions, text messages or a bank security card.
Buy Dogecoin with Bitcoin
Below is an example of a Bitcoin to Dogecoin exchange.
- Visit a trading site. Go into a trading site of your preference and log in to register to open a new account.
- Go to the option indicated “Buy Crypto” and complete the registration process. You will then enter the details of billing before making your Bitcoin purchase.
- Ensure your wallet has Bitcoin or make the transfer to your wallet.
- Select Bitcoin to Dogecoin and preview the conversion. Simply enter the amount of BTC and press the button preview conversion.
- Verify the amount of Doge you will get.
Quick Steps to Buy Dogecoin
Decide on a Dogecoin Exchange
Crypto exchanges are the best place to buy Dogecoin. Exchanges are a platform that aids buyers and sellers in trading cryptocurrencies. Some of the popular exchanges include Coinbase, Etoro, Binance, Kraken, and Robinhood, to mention a few. All these platforms accept the trading of Dogecoin with flat currencies or with other cryptocurrencies.
The best app to buy Dogecoin may depend on what you are looking for. Also, your location will hugely determine the platforms or apps available for use due to restrictions and regulations.
Select a Payment Option
Most cryptocurrencies will offer various Dogecoin payment options. You can use a credit/debit card, crypto wallet, bank account, or other payment services. Dogecoin payment gateway such as PayPal is also acceptable. Transaction fees will also be dependent on the payment method, with credit cards being treated as a cash advance and are subject to higher rates.
Deposit Funds
The next step you will have to take is depositing funds into your account. You can do this through a wire transfer, bank account, or credit or debit card. Depending on your exchange, you may have to be patient and wait for a few days before you can buy Doge with the money you deposit.
Place Your Order for Dogecoin
You can purchase Dogecoin once the money is available. You will have to enter the symbol for Dogecoin and the amount of Dogecoin you want to purchase. Dogecoin uses the symbol DOGE, and it is among the ten largest cryptocurrencies based on market capitalization.
Decide on a Storage Method
Your Dogecoin is not backed by any protection, and it is at risk of hacking or theft. Also, there is the risk of losing your investment if you lose or forget the codes that give you access to your account. It is crucial to have secure storage for your Dogecoin.
The best Dogecoin wallet will be dependent on various factors. You may consider some of the wallets Zeno, CoinBase, Binance, Ledger, Trezor, etc.
Conclusion
It will be crucial to build a good foundation in cryptocurrency trading before buying Dogecoin. You should acquaint yourself with the risks involved in buying and trading cryptocurrencies. Also, you should be aware that you might lose everything since Dogecoin is not backed by any form of security.
The currency has also experienced a dip since its highest peak. However, it is still among the top ten trading cryptocurrencies in the market. Therefore, it will be essential to study the market when you decide to invest. Good timing is king in crypto trading. It is also paramount to trade with money you can afford to lose.
I am a bitcoin and crypto currency writer. I also work as a professional trader, and I have experience with stock trading and bitcoin trading. In my work, I aim to provide clear and concise information that helps people understand these complex topics.
