How To Buy Dogecoin | Top DOGE Providers | Bankless Times
Dogecoin (DOGE) is a popular meme token with millions of fans around the world including Elon Musk, the CEO of Tesla and SpaceX. The coin has seen tremendous growth and large trading volumes since its launch in 2013 after going viral on social media. Due to its popularity, DOGE is available for purchase on numerous platforms, including eToro, Robinhood and NAGA.
But, is it worth buying Dogecoin? Buying Dogecoin is a decision that should be based on a combination of factors, including past performance, and risk tolerance. If you would like to learn more about how to buy Dogecoin online, then this guide is for you. Read on to find out everything about buying Dogecoin.
Best Brokers to Buy Dogecoin in 2022
Remember, trading crypto assets is “high risk and speculative”
Below we have listed the top beginner-friendly crypto brokers to help you get started on buying Dogecoin today.
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
Overall best Way to Buy Dogecoin 2022
In this section, we have outlined the best Dogecoin brokers overall when it comes to buying Dogecoin.
eToro is the best way to buy DOGE according to our review
Here’s a breakdown of our analysis.
|💰 Trade Values:||CFDs, Cryptocurrencies, Commodities, Forex, Indices,|
|📊Platforms:||Website, mobile app|
|🏆 Demo Account Available:||Yes|
|📺 Ease of use:||Very good|
|⭐ Our rating:||4.9 / 5.0|
|📱 App Available:||iOS & Android|
|💰 Fees:||0% commission on stocks. 1% on crypto assets.|
|🔁 CFDs Available:||Yes|
|⚽ Social Trading:||Yes|
How We Compare
In the comparison table, we include crucial information such as trade values, fees, and ease of use so if you are new to cryptocurrencies, you know which platforms are the easiest to navigate and where to go to avoid hefty transfer fees. For your peace of mind while trading, we state whether or not each crypto is regulatory-approved and by which institutions.
We even add our own overall rating of each crypto coin.
There is a lot happening in the cryptocurrency market right now, with a variety of tokens created on different platforms and a mode of operation that is very unlike that of traditional financial institutions. Both novice and experienced investors can use our comparison tables to simplify the process of identifying the right cryptocurrencies for them.
As with any investment, the decision to enter the cryptocurrency market requires thorough research. You can rely on us to provide the most up-to-date and accurate information, as we only use credible and reputable sources for our content. This puts investors in the best position to make smart crypto decisions.
Best Platforms to Buy and Trade Dogecoin
For those who are looking to trade Dogecoin, this section is worth reading before getting started.
Buy Dogecoin using cryptocurrency brokers – the easiest way
These platforms can be used to buy or trade DOGE and other cryptocurrencies.
|🥈 Robinhood||0% (may vary by trade)|
eToro is a multi-asset brokerage platform that offers stocks, shares, cryptos, and more, including Dogecoin. There are various different features to take advantage of including social trading, charting tools, and demo accounts.
Robinhood is an online discount brokerage and trading platform that offers services for various financial products including cryptocurrencies. Many of the top cryptos are supported including Bitcoin, Ethereum, and Dogecoin.
Eightcap is a global CFD and forex broker that also offers cryptocurrency services. A number of different cryptocurrencies are available for trading and investment including Bitcoin and Dogecoin.
Buy Dogecoin on eToro:
Step 1: Register for eToro account to buy DOGE
Step 2: Fund your eToro account
Step 3: Find the Dogecoin markets
Step 5: Additional step: Send Dogecoin to a wallet
What can I do after buying Dogecoin?
Can I use my Bitcoin wallet to store Dogecoin?
For more information on Dogecoin, wallets check out our guide to the best Dogecoin wallets. However, typically you can use a Coinbase Wallet or Trust Wallet as they are the most popular amongst Redditors and are very secure according to our internal wallet reviews.
Use the search function to find Dogecoin on the wallets and send your DOGE to the address provided.
Buy Dogecoin Using CFDs
Best for trading
Contract for Differences or CFDs allows traders to speculate on the price of a coin without owning the underlying asset. They also enable leveraged trading which can increase profits through higher risk.
eToro is a brokerage platform that offers cryptocurrency CFD trading for various cryptocurrencies including Dogecoin. Its user-friendly interface makes it a platform of choice for beginners.
Eightcap is an online brokerage platform that offers crypto CFD trading on a number of different cryptocurrencies including Dogecoin, and other memecoins such as Shiba Inu.
Buy Dogecoin CFD on eToro: Step-by-step Guide
Step 1: Register for eToro CFD account
Step 2: Fund your CFD account
Step 3: Find the Dogecoin markets
Step 4: Start trading DOGE CFDs
Buy Dogecoin using Cryptocurrency Apps – most convenient
Many platforms now offer apps that you can download on your smartphone to trade on the go.
|🥇 eToro App||1%|
|🥈 Robinhood App||0% (may vary by trade)|
|🥉 Binance App||0.1%|
Buy Dogecoin on eToro App:
Step 1: Download the eToro app
Step 2: Register or sign-in
Step 3: Find the Dogecoin markets
Step 4: Buy DOGE using the app
Buy Dogecoin with Exchanges
The cheapest way
The simplest way to buy Dogecoin is on a cryptocurrency exchange. Dogecoin exchanges allow users to buy DOGE using fiat currencies or other cryptocurrencies. For example, you can purchase Dogecoin by depositing money from your debit card or by exchanging your existing Bitcoin (BTC) holdings. You should always make sure you use a trusted and secure cryptocurrency exchange.
Also, each crypto exchange accepts different payment methods. For example, if you want to buy Dogecoin with credit card, you should choose a crypto exchange that accepts credit cards.
The following table shows some of the best cryptocurrency exchanges to use:
|🥈 Coinbase||0% – 0.40%|
Buy Dogecoin on Binance:
Step 1: Register for Binance account
Step 2: Fund your Binance account
Step 3: Convert fiat to USDT
Step 4: Swap into Dogecoin using Binance exchange
Step 5: Confirm the transaction on Binance Blockchain
Buy Dogecoin Using Decentralized Exchanges – the Non-traditional Way
DOGE exists only on its own blockchain and can be bought on regular crypto exchanges and crypto brokerage platforms such as eToro.
You should always make sure you are buying Dogecoin from secure and trusted brokers and crypto exchanges that accept Dogecoin.
If you would like to know more, we created a complete guide on the best crypto exchanges.
Should You Buy Dogecoin as CFD or Real Cryptocurrency?
Buying a CFD is a preferred method for beginners as it allows users to avoid the technical side of cryptocurrencies. This is because CFDs enable users to speculate on the price of a coin without owning the underlying asset.
For more advanced traders, crypto exchanges may be a more suitable choice.
How Does This Impact Tax?
You will be required to pay tax on the profits you make from buying DOGE CFDs. Depending on the country of residence, the tax law may vary so please refer to the relevant authorities in your jurisdiction for the most up-to-date information.
Should I Use a CFD or Buy Real Dogecoin Tokens to Own?
Buying Dogecoin with a CFD
Buying Real Dogecoin to Keep
Best Ways to Buy Dogecoin
You might want to consider the payment method you use to buy DOGE coins. Different payment methods will have advantages over the others. Here are the most convenient ways to buy Dogecoin.
Buy Dogecoin instantly with a bank transfer – fastest way to buy DOGE
If your chosen platform offers bank transfer deposits, you can use this method to make quick and easy purchases.
The process will be familiar if you have done online banking before so simply follow the onscreen instructions to get started.
Buy Dogecoin with PayPal – Safest way to Buy DOGE
PayPal is a popular online payment platform to use when depositing money into a crypto exchange.
If you have an existing PayPal account, check out our guide on buying Dogecoin with PayPal for a full list of brokers and crypto exchanges that accept it.
DOGE tokens are not available to buy directly on the PayPal app. However, you can use it as a deposit method to fund your exchange / brokerage account.
Buy Dogecoin Using a Debit Card – Cheapest Way to Buy DOGE
You can also use a debit card to buy Dogecoin by depositing money in your brokerage account.
Just select it on the drop-down menu and enter your details.
Depending on the debit card you use and the amount you deposit, you might be required to confirm the transaction with your bank.
Buy Dogecoin Using a Credit Card
Credit cards are among the most accepted payment methods on trading platforms.
Simply follow the onscreen instructions to deposit money into the platform and buy Dogecoin with a credit card.
Buying cryptocurrencies with a credit card can incur high fees. Please consult with your bank before using your credit card to buy Dogecoin.
Best Way to Buy Dogecoin in the UK and USA
Best platforms to buy Dogecoin in UK
|🥈 Robinhood||0% (may vary by trade)|
In the UK, eToro is the best platform overall for beginners and more advanced users alike. eToro comes with beginner-friendly features such as CopyTrade as well as advanced charting tools for professional traders.
Best Platforms to Buy Dogecoin in USA
|🥈 Robinhood||0% (may vary by trade)|
In the US, eToro is one of the top platforms to buy DOGE tokens. It is quick to get started with, very easy to use and understand and is packed with features. If you’re looking for more advanced features, Binance might be a better choice.
What Are the Fees When Buying Dogecoin?
Different platforms charge different fees for their services.
Here’s a breakdown of what that might look like with an example of a €1,000 position in Dogecoin.
|Total fees||1% + $5||0%||0.1%|
Cheapest Way to Buy DOGE
Here are the cheapest platforms that offer Dogecoin markets.
|🥇 Robinhood||0% (may vary by trade)|
If you’re looking to buy DOGE with almost no fees, Robinhood is the best provider to use. However, if you’re looking for the best and simplest user experience with a slightly higher trading fee, we recommend using eToro.
Should You Buy or Sell Dogecoin? Pros and Cons
Before making an investment, it is worth looking at the pros and cons of the coin you are looking to purchase.
Here are some points to consider when it comes to Dogecoin.
Top Tips and Recommendations to Buy Dogecoin
There are multiple ways to buy Dogecoin and so it’s important to know which platform is best for your needs. Here are some things to consider:
Your trading knowledge:
For beginners: If you’re a beginner and want to buy Dogecoin then eToro may be the platform for you due to its user-friendly features and intuitive design.
Cryptocurrencies are highly volatile and Dogecoin is no different. Ensure you do your own research and only invest with money you can afford to lose.
Dogecoin has an incredibly large supply. This means that you can buy many DOGE coins for very little money. It’s worth looking at the exchange rate to get a better understanding of what you are buying.
Do You Need to Pay Tax on Profits from Dogecoin?
Yes, you do need to pay tax on profits from Dogecoin. Cryptocurrencies such as Dogecoin may be liable for taxes so ensure that you contact the relevant authorities in your jurisdiction to get the latest information.
Dogecoin Price Prediction: What Is the Future of DOGE?
Cryptocurrencies are highly volatile assets and Dogecoin is no different.
DOGE has fallen considerably from its recent highs along with the wider crypto and global markets. It now seems to be heading toward the support level at $0.05 on the DOGE/USD chart.
If this level is unable to hold, then the next support levels are at $0.01 and $0.002.
DOGE needs to consolidate above these levels for confidence to return to the markets, sending prices potentially higher.
What Impacts Dogecoin Price?
The price of Dogecoin is impacted by a number of factors.
Firstly, many cryptos on the market are correlated with Bitcoin and DOGE is no exception.This means that when Bitcoin goes up, many altcoins follow suit and when Bitcoin goes down, altcoins begin to fall as well.
Before trading Dogecoin, it’s important to have a look at the Bitcoin charts at the same time as this can help you make more informed decisions. As well as look into altcoin price changes, here’s a handful list of our guides on price prediction and cryptocurrencies:
Secondly, prices may move based on news, partnerships, and development updates so it’s worth keeping on top of these events.
It’s useful to follow the official social media channels to keep up to date with the latest information.
Should You Hold Dogecoin for the Long Term or Trade for the Short Term?
Whether you want to hold Dogecoin for the long term or short term is your personal preference.
If you’re interested in the Dogecoin project and would like to be an early adopter, you might want to HODL if you believe there is a future (check out our guide on Dogecoin adoption). On the other hand, if you’re after making profits from trading, it might be best to stick to short-term holding and benefit from the price swings.
Regardless of your strategy, it is important to have a strategy in mind before investing, that way you can be better prepared in case something happens.
When Is the Best Time to Buy Dogecoin? Should I Buy It Now?
Dogecoin is in a downtrend at the time of writing.
This means that it may continue to fall unless something drastic happens in the markets.
It may be worth building a position gradually, that way you can capitalize on potential price drops.
Other Ways to Buy Dogecoin in 2022
The above sections have listed all the ways it is possible to buy Dogecoin.
To recap, these include:
The most convenient way for beginners to get started is through eToro.
Buy Dogecoin shares & stocks
Can you Buy Dogecoin offline?
Can I Receive Dogecoin as a tip or a gift?
How to Buy Dogecoin Anonymously?
It is not possible to buy Dogecoin anonymously as your ID is required during the signing process.
How to Buy Dogecoin Without Registration?
Registration is a requirement before purchasing Dogecoin.
How to Buy Dogecoin Without Verification?
Your ID is needed during the registration process.
How to Sell Dogecoin in 2022?
Below is a step-by-step guide on how to close your position in Dogecoin with eToro.
Step 1: Open your portfolio
Step 2: Find your positon
Step 3: Close your trade confirmation
Step 4 : The fiat currency return to account
If you want to know more about the quirks of selling Dogecoin online, the liquidity issues and the process of selling, read our guide on how to sell Dogecoin.
Key Information About Dogecoin?
Here’s a quick overview of important Dogecoin metrics.
|Type of the coin||Meme Token|
What to Consider when Investing in Dogecoin?
Despite being a meme coin, Dogecoin is one of the most interesting cryptocurrencies to buy and hold in 2022.
Dogecoin enjoys a unique market position
As the first and largest meme coin, Dogecoin has formed a solid community. Dogecoin serves as the foundation for the majority of other meme coins available today.
Perfect for everyday transactions
If you compare Dogecoin to Bitcoin or Ethereum, the number of transactions is almost negligible. It only takes a few minutes for Dogecoin transactions to be confirmed.
Moreover, the decentralized nature of Dogecoin guarantees users that their transactions cannot be controlled, unlike when using centralized systems such as banks.
Available on multiple exchanges
One of the few meme coins available on virtually all major cryptocurrency exchanges is Dogecoin.
Multiple listings work in favor of Dogecoin in different ways. It makes Dogecoin a highly liquid cryptocurrency that is less susceptible to manipulation. At the same time, this means that newcomers to bull markets have easy access to Dogecoin.
Is Dogecoin a Good Investment?
Any investment carries risk and Dogecoin is no different. Cryptocurrencies are volatile assets and DOGE is prone to wide price fluctuations in both directions.
Since Dogecoin is a meme token, it has limited utility compared to other cryptocurrencies, and it is important to know these facts before investing.
Rule number one is to only invest with money you can afford to lose.
What Are the Dogecoin Coin Alternatives?
Dogecoin is not the only meme token on the market, here are some other memcoins to consider:
Shiba Inu, an ERC-20 token, was one of the cheapest meme coins that offered users a high return on investment (ROI). Dogecoin and Shiba Inu were competitors throughout 2021, with Shiba Inu even overtaking Doge at one point.
You can also check out our comparison guide on Shiba Inu vs Dogecoin.
Ape Coin, the official currency of the Bored Ape Yacht Club (BAYC) NFT, is an ERC-20 token designed for governance and utility purposes.
The decentralized autonomous organization (DAO), which provides users with access to features such as games, products, and other services, is managed by users within the Ape Coin ecosystem.
Thanks to Decentraland’s native token MANA, users can construct and create virtual properties in the ecosystem as NFTs on the Ethereum network. It also offers users the ability to earn in-game incentives through a variety of Web 3 protocols.
Is It Still Worth Investing in Dogecoin or Not?
Dogecoin is one of the most popular cryptocurrency meme tokens on the market.
It started out as a joke but has now become one of the largest crypto projects on the market.
With millions of supporters around the world including billionaires Elon Musk and Mark Cuban, the DOGE coin seems to have a lot of potentials.
Notably, the price of the DOGE token has fallen considerably from its peak in 2021 along with the wider global markets. It has remained in a downtrend ever since and now seems to be consolidating just above a support level.
With a current market capitalization of around $11 billion, it will take substantial amounts of money to push this coin back up to the highs.
However, cryptocurrencies are unpredictable and no one knows exactly what will happen.
As always, do your own research and only invest with money you can afford to lose.