How to Buy Dogecoin for Beginners
How to buy Dogecoin
In this video, I’ll walk you through all of the steps you’ll need know how to buy Dogecoin. So, if you’re looking to get into cryptocurrencies for the first time.
I’ll tell you what you need, where you need to go, and how to go ahead and buy Dogecoin, as well as a mini tutorial to show you how to do it.
To begin, I’m assuming that if you’re watching this video, you haven’t already purchased any cryptocurrencies. So here’s what you need to do:
Start an account with a cryptocurrency exchange
You certainly have the ability to complete this task. You are free to use some fiat currencies. If you have US dollars, Pound Sterling, Euros, Australian dollars, or any other currency, you can transfer it to your cryptocurrency exchange and then buy Dogecoin. When you sign up for an account, you must provide your identification documents.
You can open an account with a company like Binance or Coinbase. They are the world’s first and second cryptocurrency exchanges. If you want to go ahead and sign up for those services, I’ll leave those links in the description. However, you will need your name, address, phone number, and ID card when you do so.
Depending on where you are in the world, this could be a driver’s license, a passport, or a national identification card. You may have heard that it is possible to buy and trade cryptocurrencies completely anonymously, and this is undoubtedly one of their advantages.
You can’t do that if you want to buy those with a fiat currency. So, if you’re buying for the first time and want to use some of your own country’s currency to deposit into the cryptocurrency exchange and then buy Dogecoin, you’ll need to provide your ID documents.
How to trade cryptocurrencies
There are two main ways to go ahead and trade cryptocurrencies.
- Binance or Coinbase
The first option is to use the very simple, user-friendly exchange services provided by companies such as Binance or Coinbase. You can use that very simple exchange service once you’ve signed up for an account with one of these services.
Simply enter the crypto currency that you want to buy, in this case Dogecoin, and the currency that you want to sell. Many of these accept fiat currency, so you can simply enter your fiat currency and it will convert it to Dogecoin for you.
Binance and Coinbase both have excellent mobile apps. There’s a lot of useful information there, as well as a lot of features that are simple to use and, to be honest, more features than most beginners will require. Although using these exchange services is quick, easy, and simple, there is a slight disadvantage to them.
The first is that you may have to pay slightly higher fees to the exchange for them to provide you with this very simple service. The second is that you have no control over the exchange rate you pay, which means you have no control over the price of Doge. When you go to buy it, you have no idea how much you’re paying per Dogecoin.
- The advanced trading services Binance and Coinbase offer
The second and more advanced way to buy Dogecoin is to use the advanced trading services provided by Binance and Coinbase. These more advanced services are available on every cryptocurrency exchange. Kraken also has them. And, in essence, it provides you with direct access to the cryptocurrency exchange, allowing you to trade with other traders on their platform.
Although it is slightly more complicated, you have far more control over your trade, as you can set the exact price for Dogecoin. You can also trade many other cryptocurrency pairs, and the trading fees are usually much lower, usually under 1%.
So there are numerous benefits to doing so, and you can learn more about them on the channel. Plus, you can see me do it near the end of this video in the mini tutorial I have before we get there. Let’s take a look at purchasing methods because there are two main ways to buy something like Dogecoin.
Purchase methods to buy Dogecoin
1. Use a credit card
This is by far the simplest, quickest, and most straightforward method of purchasing Dogecoin or other cryptocurrencies. Once you’ve created an account, you can go ahead and buy some Dogecoin right away by going to the buy option, selecting the credit card option, and clicking the buy button. The issue with this is that it is quite expensive.
So you’ll pay maybe two percent, maybe three percent for that ease of use. In addition, you may be charged a flat fee just to purchase your Dogecoin. That is a prohibitively expensive investment.
2. Use a bank transfer
So, once you’ve established an account with a company like Binance or Coinbase, you can initiate a bank transfer into the account. So it’s really simple to just go deposit funds. It will then provide you with a payment reference as well as the bank details into which you must transfer funds. You can then go to your banking app and transfer that money directly in.
The disadvantage of a bank transfer is that it may take a little longer, so you may have to wait a couple of days for the payments to arrive in your account. It depends on the exchange, though some allow you to buy this while transferring money in to demonstrate the two different ways to buy cryptocurrencies.
You can go to an exchange such as Binance. Simply come to buy cryptocurrency, and there are two ways to do so. Using a credit card, you can easily enter how much money you want to spend.
So, for example, if you have 100 pounds, you can change the fiat currency here to whatever you want USD just set for it right here. Then, obviously, select the crypto currency that you wish to purchase. In this case, I’ll go with Doge. You can click that to see the price over here, and then simply go through and click on new card.
You can pay with a credit card or make a bank deposit right here. This one is worth a look. Then all you have to do is select the fiat currency that you wish to deposit. Select the method right here. After you’ve signed up and turned in all of your documents, this box will appear.
Then you simply enter how much money you want to spend. Then you may proceed. Continue. It will display the fee, and you can proceed in that manner. The advanced method is to proceed to something like trading. Select Advanced. Once you have some fiat currencies on hand, you can trade in this manner.
I won’t get into this one because it’s too complicated. But let’s go back to the most basic method, which is to use a credit card, for example. As you can see, it’s extremely simple. But you can tell it how much you want in and it will tell you how much you’re getting. Proceed with caution.
However, once you’ve purchased that, you can proceed to your wallet. Of course, this is for Binance. Look at the overview of all of your coins to see what coins you have on your account, and doge should be there once you’ve purchased it. If you look at Coinbase, you’ll notice that it’s really the same thing you have to do once you’ve signed up for an account: just go and search for Dogecoin.
You can easily access the cryptocurrency’s page, where you can find a wealth of useful information. Go ahead and do it. Press the buy button, enter the amount you want to spend, and it will tell you how many Dogecoin you will receive for the amount of fiat currency or other cryptocurrencies you spend to buy Dogecoin.
After you’ve purchased your Dogecoin, you should consider storing it safely, because most experts agree that storing cryptocurrencies on exchanges isn’t the safest way to keep them. Mobile wallets are completely free to use, and there are numerous tutorials available online, so check out the channel.
Because they are owned by the same company, you can use something like trust wallet if you use Binance. When downloading a cryptocurrency wallet, you can use Coinbase Wallet if you use Coinbase. You’ll be given a lengthy password that you must keep secret. That is the password that enables you to spend your coins and use your mobile wallet.
Taking them out of the exchange simply adds a layer of protection between you and hackers. Mobile wallets aren’t the safest option, but you might want to consider a hardware wallet, which is a USB stick with your passwords stored on it. And, of course, that stick isn’t always connected to the internet. As a result, it is much safer.
The disadvantage of hardware wallets is that they can cost up to $100 if you only buy $50 or $100 of Dogecoin. It just doesn’t make sense to buy them, and it’s probably better to keep them on the exchange for the time being. It’s also a lengthy process to transfer cryptocurrencies from your exchange account to a hardware wallet.
However, if you’re investing in Dogecoin or other cryptocurrencies in larger amounts, you’ll need to consider a hardware wallet. If you just want to buy $50, this is the safest option. It’s most likely not worth it.
However, those are the only steps you need to take to purchase a Dogecoin or other cryptocurrency.