How to Buy Dogecoin – Explained: Guide for 2024
Trading is risky and you might lose part, or all, of your capital invested. The information provided is for informational and educational purposes only and does not represent any type of financial advice and/or investment recommendation.
The easiest way to buy Dogecoin is to find a reputable platform, sign up and then deposit your required funds. Once they are in your account, you can search for Dogecoin and make your purchase.
The best platforms to buy Dogecoin are:
Don’t invest in unless you’re prepared to lose all the money you invest.
Are you looking to buy Dogecoin but don't know where to start? If so, then you've come to the right place.
For many people getting into the world of cryptocurrency, Dogecoin can be a great starting point and a coin that looks to have a great future.
Here we'll look at how to buy Dogecoin but also much more. We'll look at the best places to buy it, how you should be storing it and whether or not you should be buying it in the first place.
All you need to do is read on to find out more.
What Is Dogecoin?
Dogecoin is a popular cryptocurrency that started off life as a light-hearted project. It was originally based on the Doge meme that features a Shiba Inu dog. Over time it has developed into a serious cryptocurrency and one that many are interested in buying and trading.
The coin was created by software engineers Billy Markus and Jackson Palmer back on 6 December 2013. The Doge meme has helped to promote Dogecoin as a more playful currency that has developed somewhat of a cult following.
But as with any secure cryptocurrency, Dogecoin is a serious digital currency that functions like any other, such as Bitcoin. However, a notable advantage of Dogecoin is its use of the Scrypt algorithm, which allows for rapid transactions and a large supply of coins.
As with many other cryptocurrencies, Dogecoin uses a blockchain, which is a public ledger that records all transactions. This allows users to send and receive the coin through digital wallets that are verified by a network of nodes.
Despite its humorous origins, Dogecoin gained unexpected popularity and has a dedicated community of followers. This has been helped by the endorsement of Elon Musk who has often expressed his support of the coin, even briefly changing the logo of Twitter to the “Doge” meme.
Of course, the use of Dogecoin is not without its risk and it has yet to receive widespread adoption compared to other coins such as Bitcoin and Ethereum. However, if you're interested in buying some Dogecoin for yourself, let's see how you can do it.
How to Buy Dogecoin
The process of how to buy Dogecoin can be divided into five steps. While these can be tricky for a beginner, you’ll be able to quickly learn them and become comfortable with the process. Let’s see what the steps are for the best way to buy Dogecoin.
1. Learn About Dogecoin
Before looking at the best way to buy Dogecoin you’ll want to learn all about it, including its history. This will help to give you a better understanding of the coin and allow you to make better judgements when looking at how and when to purchase it.
It’s a great idea to learn about its technical aspects, how it works on the blockchain and its use cases. Understanding the coin's history and its place in the broader cryptocurrency market will help you make an informed investment decision and determine if it fits in with your investment portfolio.
2. Choose Your Investment Appetite
Once you learn about the basics of cryptocurrency, then you’ll need to determine how much you’ll want to invest. There are a wide range of factors that go into this such as your judgement of the coin’s performance and your budget.
It's also a good idea to come up with an overall investment strategy. Are you looking for something to trade straight away or a more long-term investment? As with any investment, it's essential to invest only what you can afford to lose and to diversify your portfolio to manage risk.
3. Find a Platform to Buy Dogecoin
Once you have considered the risks along with your investment strategy, then you need to find a platform to buy Dogecoin. It’s important to find one that is both safe and reliable, and you also need to know the difference between decentralized exchanges (DEXs) and centralized exchanges.
DEXs allow peer-to-peer trading without intermediaries, while centralized exchanges operate as intermediaries between buyers and sellers. There are pros and cons for each option and you need to work out which would be the best solution for you.
You can buy Dogecoin using various payment methods, including fiat currency (traditional ‘real’ money), bank transfers, PayPal or other cryptocurrencies.
While there are many platforms to buy Dogecoin through, here are five of the most popular:
Each of these platforms has different features as well as unique fee structures and payment methods. It’s best to research each of them to see which one is going to be most suitable for your needs.
4. Create an Account and Make a Deposit
Once you've chosen a platform, you'll need to create an account. This is usually a straightforward process that often includes verifying your identity. You can then deposit money into the account using your preferred payment method.
From here, buying your chosen cryptocurrency is usually simple but will depend on the platform you are using. You can search for your crypto of choice, such as Dogecoin, select the amount you want to buy and then review your transaction.
5. Choose How to Store Dogecoin
Once you buy Dogecoin, you’ll need to find somewhere to store it and you’ll have the choice between a cold wallet and a hot wallet.
Let’s look at the difference between the two.
Hot wallets – These are digital wallets connected to the internet and are more convenient for frequent transactions. They can be mobile wallets, web wallets or software wallets.
Cold wallets – These are offline wallets and offer higher security by keeping your private keys offline. Hardware wallets and paper wallets are examples of cold wallets.
The best choice for you will depend on your trading frequency and the amount of Dogecoin you plan to hold. You can always choose to do both and have a cold wallet for any long-term large storage of coins.
What Is the Best Way to Buy Dogecoin?
We’ve mentioned the process to buy Dogecoin but what should you consider before making the investment? Here are a few tips to ensure that you’re making the best decision when it comes to the best way to buy Dogecoin.
Do your research – As we mentioned, before buying Dogecoin, thoroughly research the cryptocurrency, its history and its place in the broader market. Additionally, research different platforms where you can buy Dogecoin, considering factors like fees, supported payment methods, security features and user reviews.
Match your purchase with your investment style – Consider your investment style and goals when choosing a platform to buy Dogecoin. If you are a beginner or prefer a user-friendly experience, opt for platforms known for their ease of use and educational resources. On the other hand, if you plan to invest a significant amount, pay attention to transaction fees, withdrawal fees and any other costs that may affect your overall investment.
Assess platform security – When considering how to buy Dogecoin, you need to know that security is paramount. Look for platforms with strong security measures, such as two-factor authentication and cold storage for funds. Reputable platforms often have a history of prioritising user security and adhering to regulatory standards. This is why it’s often the best idea to use a well-known platform and one with an excellent reputation.
Check payment options – When considering the easiest way to buy Dogecoin, ensure that the platform you choose supports your preferred payment method. Some platforms don’t accept all payment methods and therefore you may end up signing up to a platform only to find you can’t deposit your funds. Along with the methods, you should also consider the fees and processing times associated with each payment option. You don't want to waste your time by signing up for platforms that'll be of no use to you.
Consider customer support – Look for platforms with reliable customer support. This is especially important for beginners as it will allow you to ask for help if you ever get stuck. Trying to figure out everything for yourself can lead to mistakes. Not only is the reputation of customer service important but you’ll also want to see if they have your preferred method of communication such as email, phone and live chat. Along with this, check if they have a troubleshooting or help section to guide you through any issues.
Start small and diversify – If you are new to investing in cryptocurrencies (or anything for that matter), it's wise to start with a small amount of Dogecoin and gradually increase your investment as you gain more confidence and a greater understanding of the market. It’s best to get comfortable with the process before expanding your investment as you’re more likely to make mistakes when you’re just starting out. It’s also a great idea to invest in multiple cryptocurrencies to diversify your portfolio and spread the risk.
Stay informed and be cautious – The cryptocurrency market is highly volatile and can be subject to sudden price fluctuations. Stay informed about market trends and news to make informed decisions and better judgement calls about your investment. Be cautious of potential scams and always verify the legitimacy of platforms and offers before making any purchases.
By following these tips, you can make a well-informed decision when buying Dogecoin that aligns with your investment goals and how much you can risk. Remember that cryptocurrencies are volatile so never invest more than you can afford to lose.
Should You Buy Dogecoin Stock?
We’ve looked at how you can buy Dogecoin but is it a good idea? Before buying any cryptocurrency, it's crucial to understand the risks and rewards associated with such investments. Here are some key points to keep in mind.
History of Dogecoin's Value
Dogecoin's value has been highly volatile since its inception. While it started as a fun and light-hearted cryptocurrency, its popularity and community have led to price surges at times.
Its biggest surge was when the coin reached the value of 46 pence in May 2021 but that was a spike that hasn’t been seen since, with the price of Dogecoin usually being much lower. By June 2021 it fell to 18 pence per Dogecoin and fell further after that.
In the last 12 months, the price has been relatively stable with a spike of 0.12GBP (12 pence) in November 2022. In the last six months, the coin had a high of 0.079GBP and a low of 0.048GBP. The price on 25 July 2023 sat at 0.061GBP (6.1 pence).
These trends show that there was an early surge for Dogecoin in the middle of 2021 but this gradually waned until the price fell below 10 pence in the spring of 2022. This may give optimism to some that the price could well increase in popularity once again.
Risks of Dogecoin and Crypto in General
Investing in Dogecoin and cryptocurrencies in general carries substantial risks. The market is speculative, and prices can be influenced by factors such as market sentiment, media coverage and regulatory developments.
Cryptocurrencies are not backed by any physical assets or governments, and there is no guarantee of returns. As we’ve seen with the prices above, anyone who invested in the coin during its surge in 2021 likely lost a lot of money as its value fell.
Additionally, the lack of regulation and oversight in the crypto space can make it susceptible to fraud, hacking and other security risks. While with wise judgements and a little bit of luck, it can be lucrative, there is no such thing as a guaranteed winner when it comes to cryptocurrency.
Importance of Knowledge
It's essential to educate yourself about Dogecoin and the broader cryptocurrency market before considering an investment. Not only that but learning about investing in general can help you to avoid the mistakes that many new investors make.
Stay updated with market trends and news, as well as the developments and updates related to Dogecoin. Knowledge will enable you to assess potential risks and rewards and make investment choices that align with your financial goals and risk tolerance.
Frequently Asked Questions
How to buy Dogecoin (UK)?
You can buy Dogecoin in the UK by using a cryptocurrency exchange or platform that supports it. Register an account, deposit funds and search for Dogecoin to make a purchase. Once you buy Dogecoin stock, you’ll then need a wallet in which to store it.
Where to buy Dogecoin (UK)?
You can buy Dogecoin in the UK from various platforms such as eToro, Binance, Kraken and Gemini, among others. When it comes to how to buy Dogecoin, it’s best to research which platform is most suitable for your needs.
How to buy Dogecoin with PayPal?
To buy Dogecoin with PayPal, just find a platform that supports this payment method, such as eToro and link your PayPal account to make the purchase.
When people ask why can’t I buy Dogecoin, it’s often because they are trying a payment method that isn’t accepted. Before signing up for a platform, make sure it supports your preferred payment method.
How to buy Dogecoin with a credit card?
How can I buy Dogecoin with a credit card? Well, it’s the exact same answer as above! Just make sure that you are choosing a platform that supports your credit card of choice.
How to buy Dogecoin on eToro?
How to buy Doge on eToro is a simple process as it’s one of the easiest platforms to use. Sign up for an account, complete the verification process, deposit funds and search for Dogecoin to execute the purchase.
Why you should buy Dogecoin?
The decision to buy Dogecoin stock should be yours alone, based on your judgement. Many believe now would be a good time to invest as its price has been fairly low for a while and may increase soon, but there is no guarantee of this.
How to buy Dogecoin with Bitcoin?
To buy Dogecoin cryptocurrency buy with Bitcoin, use a cryptocurrency exchange that supports the trading pair. Deposit a bitcoin amount and then exchange it for Dogecoin.
What can I buy with Dogecoin?
Some online retailers and merchants accept Dogecoin as payment for goods and services. However, its usage for transactions may vary compared to more widely accepted cryptocurrencies like Bitcoin.
Is it a good idea to buy Dogecoin?
Deciding whether to buy Dogecoin depends on your investment goals and how much you want to risk. Conduct thorough research and seek advice before making any investment decisions.
Is it too late to buy Dogecoin?
Not at all. The cryptocurrency is highly volatile and there will always be slumps in the price which you can take advantage of. You should monitor the price and make your own judgement on where you think the price is trending.
Can Dogecoin reach $10,000?
Predicting specific price targets for cryptocurrencies is speculative and uncertain. That being said, it would be extremely unlikely, and some would say impossible, for Dogecoin to reach this figure. The coin has yet to go past the $1 mark, let alone $10,000.
What is the best way to buy Dogecoin?
The easiest way to buy Dogecoin cryptocurrency involves researching different platforms, matching your investment style and considering security measures and fees to make an informed decision. It’s best to use a highly reputable platform that is user-friendly for beginners.
Final Thoughts
The buying process for Dogecoin is a fairly simple one, once you know what you’re doing. After learning about the coin and how to buy Doge, you’ll want to choose your platform, make a deposit to buy your coin and find a wallet in which to store it.
Before buying Dogecoin, it’s important to work out whether or not it would be a good investment and analyse your risks. Once you get comfortable with the process, it’s also a good idea to diversify your investments to spread your risk and maximise your potential reward.