Finance & Economics

How to buy Dogecoin

Dogecoin has become quite popular not only among amateur investors but also crypto whales, with rising digital asset values

Dogecoin

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One of the most popular “meme coins”, promoted by Elon Musk, Dogecoin has quickly developed its own online community, reaching a market capitalization of over $85 billion in 2021. Despite the ongoing crypto market slump, the cryptocurrency is among the top 10 digital assets by market cap. 

Here is a brief instruction on buying Dogecoin at the most popular crypto exchanges. 

 

Choose a crypto exchange, broker, or investment app

 

Most popular crypto exchanges and trading apps offer the option to buy Dogecoin. Choose the most suitable one in terms of security, fees, supported payment methods, etc.

If you prefer to purchase crypto through beginner-friendly investment apps like Robinhood or SoFi, remember that such brokerages may not let you withdraw your coins to a third-party wallet.

On the other hand, separate crypto wallets, especially cold ones, help you better protect your digital assets from hackers. Thus, if you want to hold your DOGE in a safer place, you’d better choose an exchange (e.g. Coinbase, Kraken, Binance). 

 

Prepare for a purchase

 

Register at the selected exchange or brokerage app. Deposit the sum of money you’re willing to spend with a supported payment method (PayPal, bank card, wire transfer, e-wallet, etc). 

Every service provides a list of possible payment means along with the terms and fees for each. Funding crypto purchases with a credit card is typically the most expensive way, so consider other options if possible. 

Please, mind that large amounts of money, typically more than $1,000, may clear in a few days. However, a portion of such a deposit should be available immediately. 

 

How to buy Dogecoin at selected platforms

 

Every purchase process follows the common pattern: you look for a chosen cryptocurrency, select the amount you want to buy and proceed, using the simple prompts. However, every trading platform has certain nuances. 

Coinbase 

  • Create a Coinbase account. You will need a valid ID to sign up and may be asked for proof of address in order to transact. 
  • Tap on the payment method box and connect a payment method (bank account, debit card or wire transfer).
  • In the desktop version, select Buy & Sell. On Coinbase mobile app, tap the ( + ) Buy on the Home tab.
  • Look for DOGE. On Coinbase.com, click the Buy panel to search and select Dogecoin. On the Coinbase mobile app, type “Dogecoin” into the search bar. When you see Dogecoin appear in the results, tap it to open up the purchase screen.
  • Input the amount you want to spend in your local currency. The app will automatically convert that into a Dogecoin amount. You can also tap the arrow buttons on the right to switch the number to the equivalent amount of Dogecoin.
  • Tap “Preview buy” and look through the details of your purchase. Make sure everything is correct and then confirm your purchase by clicking “Buy now”.
  • Once the order processes, you’ll be taken to the confirmation screen. Now you’ve bought Dogecoin.

Binance 

  • Create a free account on the Binance website or app using your e-mail or mobile number. Verify your identification. The credentials required for KYC by Binance vary from region to region and depend on account type. As a rule, a government ID, valid passport, driver’s licence or SSN will do.
  • Click on the “Buy Crypto” link on the top left to see the available payment options in your country. Binance supports both Visa and MasterCard, bank deposits or third-party payment apps. For better coin compatibility, you may consider buying a stablecoin like USDT or BUSD first, and then use it to buy DOGE. 
  • Binance also offers a P2P trading option when you buy crypto directly from other users. These trades happen outside of the Binance platform but may have more favourable terms. 
  • Check the details and Confirm the purchase within one minute. After 1 minute, your order will be recalculated based on the current market price. You can click Refresh to see the new order amount.

Kraken

  • Create a Kraken account using an email address.
  • Provide personal data so that you can buy DOGE with cryptocurrencies like BTC and USDT. If you want to use fiat (i.e. USD or EUR), you’ll need to provide additional supporting documents verifying your identity. 
  • Deposit cash using available methods depending upon your location and preferences.
  • Once your account is funded, proceed to purchase DOGE. In the menu, click on ‘Trade’ on the upper left side. Select DOGE. Click on ‘New Order’. You’ll be offered three trading options: ‘Simple’, ‘Intermediate’, and ‘Advanced’. Beginners should stick to the Simple one. The two other methods are for advanced traders and contain options for margin trading with leverage.
  • Fill in the purchase details and create a “limit order”. Overview the transaction and Submit. 

Robinhood

  • Open a Robinhood account. You should provide your personal and legal information including SSN.
  • Verify your ID per instructions (additional documents may be required).
  • Go to the wallet tab and deposit funds with a linked bank account.
  • Search for Dogecoin on the main page interface.
  • Proceed to the DOGE page. Tap the Buy button on the bottom.
  • Place the number of shares that you want to invest in the crypto. An estimated cost in dollars will appear below.
  • Tap review.
  • Swipe up to confirm your order.

SEE ALSO:

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Crypto payment services provider lets merchants accept Dogecoin

Nearly 60% of respondents have cryptocurrency in their portfolio: report

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.