Dogecoin was inspired by an internet meme to be a light-hearted joke cryptocurrency but has generated “much wow” over the years and even attracted some celebrity endorsements.
If you want to join the vibrant Dogecoin community, this guide will take you through how to purchase the digital asset, DOGE.3 Steps to Buy Dogecoin1. Choose a broker or exchange
Those looking to start buying DOGE will need to find a crypto platform where it’s listed. As well as fees, reputation and security are important aspects to consider when choosing a broker or exchange if you want to keep your funds safe.
There is a comparison table of platforms in the next section, but you can sign up right now with our top recommendation.
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Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.2. Create and fund your account
Fill in the registration form with your name and contact details to create an account with your chosen platform. A photo ID may also be required before your account can be verified. After that, head to the deposit page to see a list of payment options supported in your country and select one to fund your account.3. Buy Dogecoin and add it to your investment portfolio
If you have just deposited British pounds, you will need to find the DOGE/GBP trading pair on your platform (if there isn’t one, you can trade your GBP for a currency that is traded against DOGE first). Create a market order to buy DOGE now, or a limit order to specify a future price you want to purchase Dogecoin at.
Buy Dogecoin in just a few minutesCreate a free account
Set up your trading account with eToro for free with your name, an email address and telephone numberFund your account
Choose your preferred payment method and activate the account with the minimum deposit into your accountStart trading Dogecoin
Choose your cryptocurrency by clicking ‘Trading Markets’, set your risk limit and click ‘Get Started’ to start your investment strategy
Where to Buy Dogecoin: Compare the Top Platforms
There is plenty of choice when it comes to places to buy DOGE, so think about whether there are any special features you want, such as copy trading or a demo account, when choosing a platform.
We’ve shortlisted the top platforms that offer DOGE below to help you get started.
Access the world’s most popular Crypto assets including Bitcoin, ETH, LTC, XRP
Automatically copy top-performing Crypto traders
Deposit using PayPal + 9 other deposit options available (not available to US users)
Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US. What Is Dogecoin?
Dogecoin is a light-hearted fun cryptocurrency inspired by a popular internet meme featuring a Shiba Inu dog (Not to be confused with the Shiba Inu coin). It can instantly and securely be sent between people anywhere in the world through the internet.
The coin was created by software engineers Jackson Palmer and Billy Markus to provide a tipping system so that people on Reddit and Twitter can reward content creators they like. Since then, its utility has expanded to include making payments at some online retailers, while many people simply hold Dogecoin as an investment.
Dogecoin has attracted a large and loyal following and has often generated hype on social media. DOGE was the subject of a TikTok trend that saw its price spike in July 2020, while tweets from celebrities such as Elon Musk and Snoop Dogg have also led to surges. Musk even joined the project in an advisory role.
Dogecoin was forked from Litecoin, which means the code that defines Litecoin was copied to create Dogecoin. Like Litecoin, Dogecoin is a Proof of Work network which is secured by mining. Ways to Invest in Dogecoin
Whether you prefer to invest for the short term or the long term is a matter of personal experience and choice, but both approaches have the potential to be profitable with DOGE. We’ll look at each investing method in more detail below. Buy and hold Dogecoin
As you might expect, this investing strategy involves buying DOGE and holding onto it in the hope it becomes more valuable. It doesn’t matter if you don’t have skills in analysis as this strategy requires very little time or effort. Check out Dogecoin’s price for the best time to buy.
The best advice when buying Dogecoin is to go through an online broker or exchange, however, those looking to invest in the meme coin locally can also now find a number of real-world ATMs that be purchased from.
DOGE can’t be staked while you hold it as the network is secured by mining, but there are ways for you to spend some of your DOGE, such as tipping content creators, paying at some online retailers, or donating to charity. Best Dogecoin wallets
Private wallets are popular with long-term holders who want to take custody of their tokens themselves to make them more secure. The most common wallets come in the form of software or hardware.
A software crypto wallet is user-friendly and can be downloaded for free onto a computer or mobile. Some software wallets are held by the exchange or broker and users can use them by logging into their accounts within their sites or App.
A Hardware crypto wallet costs money but you are paying for the best possible security. Popular hardware wallets include Trezor, BitBox, and Ledger.
Official dogecoin wallets on dogecoin.comTrade Dogecoin
Dogecoin is well known for having a very volatile price. This can be to the benefit of traders who buy and sell DOGE more frequently to generate profits. Trading may require skills in technical analysis to identify the best times to buy and sell Dogecoin. In addition to the skill difficulties, traders must keep track of all transactions including any fees to ensure that everything is accounted for. Failing to do so can occur fines depending on locality.
If you are going to be making regular trades, a private wallet may be inconvenient as it would mean having to transfer your tokens regularly. Although less secure, a web wallet may be better suited to a trader’s needs. A crypto exchange may also provide a wallet, making it far easier to make many crypto transactions. Should I Buy Dogecoin Now?
It is up to your own opinions whether you make an investment in Doge, but we can provide some information about Dogecoin and its potential. Unlike Bitcoin and Litecoin, Dogecoin doesn’t have a capped maximum supply so the number of DOGE in circulation will increase indefinitely. Perpetual inflation can be seen as a negative factor for long-term value as for DOGE to become more valuable over time, demand must grow faster than supply.
Dogecoin is accepted for payments by a number of retailers and has been used to fund projects such as sponsoring Nascar drivers. This provides more uses for DOGE and raises awareness of the cryptocurrency among the general public.
Perhaps the most significant influence on DOGE price in the past has been social media. If Dogecoin continues to be the subject of celebrity endorsements or social media trends, it could find a wider audience and see further price rises in the future.
The growing utility of Dogecoin and the passion of its investors and community have brought value to the project, while the credentials of the Dogecoin advisors bring a touch of respectability to the cryptocurrency that suggests it could be more than just a meme coin.
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