Dogecoin is an open-source, peer-to-peer meme coin. Launched in 2013, this altcoin, created seemingly as a joke, has grown to become a prominent cryptocurrency.
Its growth has led to a massive media frenzy and adoption of the coin, ranking it the 11th biggest cryptocurrency by market cap.
Dogecoin features a scrypt algorithm. It is widely used for financial transactions and as a store of value that can be used as an alternate currency.
Despite initially being a meme coin, Dogecoin has a $15 billion market capitalisation and accrues more than $1 billion in trading volume daily.
Like other cryptocurrencies, Dogecoin can be purchased through an exchange. In short, a crypto exchange pairs two different users to buy and sell digital assets directly and instantaneously.
Below we’ll explain the best way to buy Dogecoin in the UK along with a detailed step-by-step guide.
A quick guide on how to buy Dogecoin in the UK instantly on eToro
- Open an Account – Register on eToro and complete their user verification process.
- Deposit Funds – UK residents are only required to deposit a minimum of $10 (approximately £7). Choose from a debit card, Paypal, or Skrill to have your deposit credited instantly.
- Search for Dogecoin – You’ll see a search bar at the top of the page. Simply enter ‘Dogecoin’ and click on ‘Trade’.
- Buy Dogecoin UK – Input on eToro how much money you want to invest in Dogecoin (DOGE). Confirm the purchase by clicking the button saying ‘Open Trade’.
Where to Buy Dogecoin UK?
Dogecoin has become a digital asset with a multi-billion dollar valuation. Because of this, you can now buy Dogecoin in the UK from a large selection of online platforms.
We’ve reviewed the best places to invest in Dogecoin in the UK below.
1. eToro – Overall Best Place to Buy Dogecoin UK
Buying Dogecoin is a relatively easy and stress-free process, especially in the UK. However, choosing the best platform is key to safeguarding your funds.
eToro is the best exchange platform for buying cryptocurrency and is our best place to buy Dogecoin in the UK.
Apart from its high liquidity, eToro offers a top layer of security and 2 factor authorisation methods to secure user accounts, making it an extremely reliable exchange.
|Straightforward account registration||Fiat deposit is limited to USD only|
|Large crypto listings of 42 cryptocurrencies||Does not offer non-crypto investments to US traders|
|Social trading and copy trading function||High withdrawal and non-trading fees|
|Low deposit and withdrawal threshold|
|Offers access to non-crypto investments like ETF, commodities, |
stock, and forex trading
Given the high liquidity of the crypto market and that of Dogecoin especially, a platform that offers higher liquidity like eToro makes it better than its competitors. Another perk is the ability of investors to execute trades extremely fast before huge and impactful price moves.
Additionally, eToro charges no trading fee or commission for trades. However, there is a $5 fee for withdrawals. It is also important to know that eToro accepts USD only; therefore, a conversion of USD to GBP will incur an additional conversion spread fee.
Also, eToro charges a meager spread fee on all trades. However, this generally depends on several market factors, and it is a normal fee for brokers and exchange platforms.
Apart from its security and reliability, eToro features sophisticated trading tools, including copy trading, enabling users to copy other traders through social trading.
This feature makes eToro an alluring platform, especially for new traders looking to delve into the crypto market. Also, this feature allows investors, especially beginners, to better understand how the crypto market works.
However, one major drawback is its base deposit currency. This means that UK users are likely to be affected by an additional conversion, exchange rate or spread fee.
However, this can be mitigated by using e-payment services like Wise and Revolut which offer a better rate at zero fees.
2. Binance – Largest Crypto Exchange to Buy Dogecoin UK
Binance is the world’s leading crypto exchange giant. It is a great platform to trade cryptocurrency and buy Dogecoin as it offers high liquidity just like eToro.
Although eToro outsources to improve its liquidity, Binance’s high liquidity is basically due to its large user base that offers users and investors adequate opportunities to trade anytime without the risk of missing the targeted price points.
|Swift and free account funding||Although the trading commission is cheap, other exchange |
platforms do not include these fees
|Extremely wide range of coin listings, the largest in the |
|Complicated UI is mainly designed for experienced users|
|A wide range of supported transaction types|
In addition, Binance offers numerous transaction types, including limit order, market order, stop-limit order, post-only order, trailing stop, stop market order, staking, lending and borrowing, one-cancels-the-other order, and peer to peer trading for experienced users who need advanced analytical and trading tools.
Binance is also known for its spectacular hitch-free and fast transactions. As the world’s largest crypto exchange, Binance supports millions of transactions per second and scales in more than $20 billion trading volume daily.
Therefore users can benefit from Dogecoin’s high volatility. Consequently, it is a great platform for scalping or short-term traders.
One disadvantage with Binance is its highly complex interface that can be extremely difficult to figure out quickly. Since Dogecoin has attracted a lot of investors, new investors and traders looking to break into the crypto market with Dogecoin may find it overwhelming to navigate the user interface.
3. Coinbase – Accessible Place to Buy Dogecoin UK – But Has High Fees
Another good option for buying Dogecoin is Coinbase. Coinbase is another giant crypto exchange that is an excellent alternative for new and existing UK traders. It allows many fiat currency deposits, including GBP.
It also features a fee structure for GBP. Therefore, unlike other platforms, UK investors can benefit from free exchange rate fees.
Coinbase charges slightly higher transaction fees. However, because Coinbase allows GBP transactions without charging for spread, it makes it a better competitor when compared to other platforms.
|Free and swift payment that supports GBP||Complicated fee structure|
|Good number of coin listings||Fairly impressive features that are mainly useful for beginners and not experienced traders|
|Availability of built-in cryptocurrency wallet|
Coinbase is focused on bolstering its reliability as it is approved by national regulators.
Coinbase has also worked hard to be on the right side of regulatory bodies by abiding by the regulatory obligations and gaining regulatory licences and approvals, making it regulator-friendly. Furthermore, Coinbase is generally seen as a safe and secured trading platform.
Given Dogecoin’s massive media adoption and frenzy, many people are looking to delve into the crypto space with Dogecoin. However, most of these new investors must start with a simple, easy-to-use platform.
Coinbase also offers a beginner-friendly platform and a simple user interface. It also provides support, help, and training for new cryptocurrency investors and traders, making it an excellent choice for investors looking to start crypto trading with Dogecoin.
How to Buy Dogecoin in the UK Using Our Preferred Platform: eToro
1. Sign up with eToro
Buying Dogecoin on eToro is quite straightforward. However, you must be a verified user to access any of their services. To do this, go to www.etoro.com on your web browser and click the JOIN NOW button.
Fill in and complete the pop-up registration form that appears next. By doing this, you will be prompted to verify your email address before proceeding to the next stage.
2. Account verification
After filling out the registration form and verifying your email address, the next step will be verifying your identity.
Ensure you complete your profile by uploading your full details and home address. Also, make sure to have your National Insurance Number close to you.
To verify your identity, upload a valid proof of identity. This can be your passport or driver’s license. Afterward, you can verify your address by uploading a valid proof of address. You can upload your internet bill or bank/credit card statement here.
3. Deposit fiat currency
After successful identity verification, you need to fund your account by depositing fiat currency. To do this, connect your bank account or e-wallet and deposit through different options as shown in the picture below:
4. Navigate to Dogecoin and make a purchase
After your deposit has been confirmed, deposited funds will be available in your account so you can make your first Dogecoin purchase. Navigate to the sidebar and select the CRYPTO option. Search for Dogecoin and click on BUY to make your first purchase.
5. Dogecoin is added to your eToro portfolio
After a successful purchase, an equivalent amount of Dogecoin will appear in your portfolio.
What is Dogecoin?
Dogecoin is an open-source sarcastic meme coin that was launched in 2013 by former Adobe Inc. product manager Jackson Palmer, and Billy Markus. Dogecoin initially started as a joke to create hype and media attention for the crypto space.
Fortunately, it gained massive media attention in 2017 and went into a bubble. Unfortunately, in 2018, the bubble burst and plunged the significant value of Dogecoin.
However, its value was sustained by a loyal community of supporters on Twitter and Reddit.
Dogecoin offers a store of value and can be used in financial transactions, including funding a Space X flight.
Dogecoin, initially based on Litecoin technology, is now based on the Ethereum network, making it more environmentally friendly than other crypto alternatives such as Bitcoin.
Why Buy Dogecoin?
Despite its sarcastic nature as a meme coin, Dogecoin has benefited from a huge media following, making its fanbase larger than most established cryptocurrencies and utility coins.
Additionally, Dogecoin has also benefited from endorsements from famous people like Elon Musk and Mark Cuban, which will drive more investors to it and make it a widely accepted payment form like Bitcoin.
Although Dogecoin is currently bearish, trading at £0.14 from an ATH of £0.54, it has grown 4100% in 2021 alone and up to 11,000% in the last 12 months. Comparing BTC’s 300% growth in the same time frame shows that Dogecoin has huge growth potential and good rewards for investors.
Dogecoin Price Analysis and Prediction
Currently trading at £0.14, Dogecoin has a market capitalization of £19 billion with a market dominance of 1%, making it one of the largest cryptocurrencies in the crypto market.
Although currently in a dip, Dogecoin attained an ATH of £0.54, a 15,000% growth. Despite being hit by the bearish momentum, Dogecoin still boasts more than 4000% price growth in 12 months.
Fortunately, Dogecoin’s huge supportive community, massive media frenzy, famous figure endorsement, and environmental friendliness can help its price recover from the deep to break previous highs as an alternative store of value to Bitcoin.
However, Dogecoin may not attain the highs for some time due to its high volatility which may plunge its price more quickly even if the highs were broken. Its high volatility can also affect long-term holders who may miss out on selling off at a higher price.
Things to Remember Before Buying Dogecoin
Don’t put in more than you can afford to lose – The cryptocurrency market is a highly volatile market with insane price movement. Also, Dogecoin and other cryptocurrencies are speculative, therefore, do not trade with more than you can afford to lose.
Avoid ‘fear of missing out’ – Trading on emotions, FOMO is particularly catastrophic. Fear of missing out on potentially lucrative price movement, especially when an asset rises in value, can incur risks of asset loss. Therefore, investment should be made from proper market analysis.
Understand tax consequences – Dogecoin, like other financial assets, is subject to taxes. Therefore, it is important to consider your tax liabilities and comply with them before buying Dogecoin.
Long vs. short-term investment – Before choosing either to go short or long term on buying Dogecoin, you should assess the pros and cons of both strategies. Choosing an exchange platform that suits your strategy and trading style is also essential.
How to Store DOGE
After buying your Dogecoin, you can decide to store it temporarily for short-term gains. To do this, you can use the following cold hardware wallets:
- Ledger Nano S and X versions
- Trezor One and Model T
- You can also use mobile wallets like Trust Wallet and Dogecoin Wallet, available for PC and mobile devices.
Privacy and Security Tips
Here are some extra security tips that you must keep in mind when dealing with Dogecoin and other cryptocurrencies
- Ensure you carefully check your transaction details, especially your wallet address, as hackers may replace your wallet address with their own through malicious data and software.
- Ensure you use reputable exchanges like Binance to buy Dogecoin in the UK with BTC or USDT. Binance’s crypto-to-crypto exchange is the most secure and anonymous way to acquire DOGE and other coins without exposing your personal information and payment details.
- Also, use only trusted and reliable wallets to store your DOGE. This is because most Doge-only wallets do not have active developers, making them unreliable to use. You can use a mobile-based Trust Wallet or Coinomi to store your cryptocurrencies.
- Make sure you use a unique and solid password and an extra layer of security when using crypto exchanges.
Is Dogecoin legal in the UK?
Yes, trading Dogecoin is legal in the UK.
Will Dogecoin become the most valuable cryptocurrency?
The crypto market, like any financial market, is highly unpredictable. However, with forerunners like Bitcoin and Ethereum, it is implausible for Dogecoin to be the most valuable cryptocurrency.
Can you buy less than 1 Dogecoin?
Yes, there is fractional trading with Dogecoin. This means you don’t have to buy 1 coin.
Is it too late to buy Dogecoin?
Currently, the crypto market is generally short-term bearing. All markets are in a dip and may recover soon. Also, Dogecoin is enjoying a massive adoption from media endorsements. Therefore, it’s not too late to buy Dogecoin.