This method can be faster and more cost-effective than buying DOGE with fiat currency. You can deposit money into your cryptocurrency account through various methods, such as credit or debit cards, depending on the exchange’s policies, as well as your jurisdiction. The easiest way to buy Dogecoin with a credit card would be through Binance’s “Buy Crypto” section. Be aware that purchases with a credit/debit card usually have higher fees than with a bank transfer, but are also processed faster. If Binance doesn’t work out you can always use Kraken as another reputable option.
If you already trade cryptocurrencies, your current wallet might be suitable. But if you are new to cryptocurrency or your existing wallet does not support Dogecoin, you will need to find a crypto wallet to make the transactions. One of the main benefits of DEXs is that they offer a high level of security and privacy. Since DEXs do not hold user funds or personal information, they are less vulnerable to hacking attacks than centralized exchanges.
Dogecoin is built on the same basic technology as other cryptocurrencies like Bitcoin. However, DOGE introduces a few improvements to Bitcoin’s technology to enable users to access faster and more affordable transactions. While this is the case, other cryptocurrencies offer better, more innovative solutions to lessen transaction costs. Dogecoin isn’t groundbreaking by any means, but Dogecoin investors aren’t betting on the cryptocurrency’s technology. Instead, the so-called “Doge Army” is betting on the robust community around DOGE.
FinanceBuzz and CardRatings may receive a commission from card issuers. You can purchase using the fiat currencies USD, EUR, GBP and AUD or Bitcoin. Typically, you get instant access to a portion of the money of your deposit for trading. If you deposited a large amount of money—typically more than $1,000—you may have to wait a few days for the transfer to clear before you can use the entire deposit. The traditional advice says you should try to contribute to tax-advantaged retirement accounts, such as an IRA or, if available, a workplace 401(k).
It is worth looking for the exchange with the best DOGE prices. Prices will vary across different exchanges, but they should all be close. Traders should be careful of any exchange that is selling coins at prices well below the market value. One more way of buying DOGE is by exchanging it with other forms of crypto in your wallet. For example, if you have Bitcoin or Ethereum, you can exchange them for Dogecoin on exchanges like Uniswap and Kraken.
To make a purchase, click “Dogecoin” on the dashboard under “Markets”, enter the amount that you wish to purchase, then click “Review Order” to check the purchase details before finalizing. However, it was later decided that there would be a limitless supply of Dogecoins. Because Dogecoin doesn’t have a limit as to how many Dogecoins can be mined, this has the potential to dilute the value of any existing coins. There are currently approximately 132 billion Dogecoins in circulation and the DOGE network processes a new block every minute, with each block containing 10,000 new Dogecoins. Plus, the Smart Trade terminal allows traders to set up stop-loss, take profit, trailing in one trade. For an in depth look on what drives the price of Dogecoin, see Is Dogecoin a Good Investment.
Should I invest in Dogecoin?
As Dogecoin is one of the more popular cryptocurrencies, you should be able to find Dogecoin as an available option on most of the more popular exchanges. As with any crypto, be sure to check if the platform allows you to access your own digital wallet, which means you can send and receive Dogecoin. There are a lot of wallets for people looking to buy Dogecoin as there are both software wallets and hardware wallets that support DOGE. However, it is important to note that different wallets may offer different features and levels of security.
If you already have experience buying cryptocurrencies, buying Dogecoin will be similar. Dogecoin is a decentralized cryptocurrency that was created as a parody of Bitcoin, and has gained significant attention due to its meme-inspired branding and support from Tesla CEO Elon Musk. Therefore, ensure you do your due diligence before adding this meme coin to your portfolio. Yes, Robinhood allows you to buy and sell dogecoin without any commission fees. But if you want to have the option to withdraw cryptocurrency funds, and not just trade crypto, you would need to use a cryptocurrency exchange, such as Kraken or Gemini.
- If you have a margin balance, there is no cash balance to earn interest.
- Alternatively, you could use a multi-currency wallet such as Exodus or Coinomi.
- BlockFi offers loans without approval by requiring cryptocurrencies like Bitcoin as collateral.
- With the Market Maker program, you never pay maker fees, but your taker fees stay at 0.5%.
While Dogecoin remains a wildly popular choice, it is not universally available on all crypto exchanges. Make sure any exchange you’re considering has DOGE available for purchase if you wish to buy it. Dogecoin still uses proof-of-work technology to validate blockchain transactions.
This will give you fiat money in your exchange account, and then you can do a bank transfer to a linked account. Bitcoin was created in 2009 and was the first cryptocurrency to exist. Today, it’s the most popular and most valuable digital currency available (as of June 19, 2023). Peer-to-peer means dogecoin can be traded between individuals without the need for a bank or other centralized middleman. This is what enables dogecoin users to freely tip each other and pay for goods and services online using dogecoins.
Best Software Wallet: Dogecoin Wallet
Instead, transactions are processed and verified by a network of computers around the world, and new coins are created through a process called mining. A number of smaller cryptocurrency exchanges, Exrates, YoBit, and Livecoin, all have DOGE/USD pairs. LiteBit.eu and Bittylicious and Cryptomate offer brokerage services for Dogecoin via EUR or GBP.
- Verify your account with personal details like proof of address.
- Pionex is a unique auto-trading app that helps you manage your crypto assets when you have no time or want to generate a passive income with little to no effort.
- In addition to the minimum deposit, some exchanges may also require a minimum balance to be maintained in the account to avoid account closure or inactivity fees.
- That’s why digital currencies or crypto assets such as dogecoin and bitcoin are quite different from fiat currencies.
Due to a rally that took place in 2021, it entered the top 10 cryptocurrencies by market capitalization. Many saw the price surge in 2021 and became interested in buying Dogecoin. Coinbase is a regulation-friendly US-based cryptocurrency exchange, which has been around since 2012. It is also one of the only publicly-traded crypto exchanges in America.
Step 3: Access Your Dogecoin
DEXs are popular among cryptocurrency enthusiasts who value privacy, security, and decentralization. Once an account is set up and verified, you can deposit funds, either in the form of fiat currency or cryptocurrency. That’s why digital currencies or crypto assets such as dogecoin and bitcoin are quite different from fiat currencies.
Because these are generally connected to the internet, some investors prefer to withdraw the crypto they purchase from their exchange or brokerage and store it in another wallet. The simplest way to buy Dogecoin (DOGE) is on a cryptocurrency exchange, where you can buy tokens with U.S. dollars or sometimes with other digital assets. But before you add Dogecoin to your portfolio, make sure you know what you’re getting into. Prices of different coins can vary from one exchange to the next, but most fees will be based on a percentage of each trade. It is also common for exchanges to offer lower fees for traders who have more volume.
But keep in mind that what you actually buy on these investment platforms is IOU, or I owe you, for the cryptocurrency you buy. This means you can’t withdraw the actual cryptocurrency funds to an external crypto wallet. Other cryptocurrencies like ether (ETH) and bitcoin (BTC) also use blockchain technology to securely record digital currency transactions. These transactions are secured using complex cryptographic algorithms. When you buy Dogecoin, it’s by default kept in your exchange’s or brokerage’s crypto wallet.
Additionally, DEXs do not require KYC/AML (anti-money laundering) procedures, meaning that users can trade cryptocurrencies without providing personal information. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
How To Buy Dogecoin (DOGE)
If you want to help secure your digital assets, including cryptocurrencies, you’ll want to set up a crypto wallet. These wallets don’t physically hold your cryptocurrency funds, but they allow you to access your funds through a private key. Uphold is a New York-based platform that offers trading for cryptocurrencies including Dogecoin, commodities, equities and fiat currencies. Most cryptocurrency experts recommend storing your keys in a cold wallet.