Where to Buy Dogecoin UK? -Beginner’s Guide

Whether you heard about it from Elon Musk or you’re just starting to invest in cryptocurrency, you’ve come to the right place.

We’ll tell you all about Dogecoin and how and where to buy Dogecoin in the UK.

In fact, we’ll provide you with a comprehensive beginner’s guide for buying Dogecoin with an FCA-regulated broker.

And you’ll be able to do it in less than five minutes!

How to Buy Dogecoin UK – Quick Steps

Without further ado, let us take you through the quick and easy steps to buying Dogecoin in the UK.

And if you’re a newcomer to crypto, you’ll find more detailed guidance at the end of the article.

Now, let’s see how to buy Dogecoin in the UK with the popular FCA-regulated broker eToro.

1. Open an Account – Register on eToro and complete their user verification process.
2. 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.
3. Search for Dogecoin – You’ll see a search bar at the top of the page. Simply enter ‘Dogecoin’ and click on ‘Trade’.
4. 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’.

And that’s it! As you can see, it’s actually not that hard to buy Dogecoin in the UK with an FCA-regulated broker like eToro.

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. 

But that can be a bit confusing, especially for newbies. So, let us show you the best providers to buy Dogecoin UK.

We’ve reviewed the best places to invest in Dogecoin in the UK below.

1. eToro – Overall Best Place to Buy Dogecoin UK

eToro currently offers the safest way to buy Dogecoin in the UK, mostly because it’s authorized and regulated by the FCA – and that’s something that very few cryptocurrency brokers have managed to do.

Also, eToro makes the Dogecoin investment process quite simple. The platform is very easy to navigate and it’s not jammed with unnecessary information.

So, it’s fair to say that eToro is a great option for crypto newcomers.

Pros	Cons
Straightforward account registration	Fiat deposit is limited to USD only
Large crypto listings of over 60 cryptocurrencies	Non-trading fees
Social trading and copy trading function
Low deposit and withdrawal threshold
Offers access to non-crypto investments like ETF, commodities, stock, and forex trading

If you decide to opt for eToro, you have to open an account first.

And as we mentioned earlier, that’s really simple, you’ll just have to get verification by providing a valid ID. After that, you’ll be asked to deposit at least $10 (approximately £8) with a debit card, bank transfer, Paypal, Skrill or Neteller.

Once your eToro account is funded, you can invest in Dogecoin in the UK on a spread-only basis. In other words, you’ll pay the difference between the buy and sell price at the time of the trade.

Although we’re focused on Dogecoin in this guide, eToro also offers a variety of other digital currencies. You can choose from EOS, Bitcoin, AAVE, Litecoin, Cardano, Ethereum and so on.

This gives you the opportunity to buy a wide range of different cryptocurrencies and, therefore, easily diversify your portfolio, which we recommend doing.

Additionally, eToro offers thousands of UK and foreign stocks and ETFs at 0% commission. These securities are also covered by the FSCS.

You should bear in mind that the FSCS does not cover crypto investments; digital assets are unregulated financial products in the UK.

Nonetheless, if you choose eToro as your Dogecoin broker, you can also access copy trading tools and follow the steps of numerous successful traders.

Another passive investment product is the CryptoPortfolio allowing you to easily diversify across dozens of crypto assets. Read our full eToro review.

2. Coinbase – Accessible Place to Buy Dogecoin UK

With over 70 million customers, Coinbase is one of the most popular US-based cryptocurrency exchanges.

Since Coinbase expanded into the UK market, it has become one of the best UK crypto exchanges for beginners, and you can now use it to buy Dogecoin in the UK without hassle.

Pros	Cons
Free and swift payment that supports GBP	Complicated fee structure
Large number of coin listings	Features that are mainly useful for beginners but not experienced traders
Availability of secure built-in cryptocurrency wallet

You just need to set up a verified account by supplying some basic personal information and uploading a copy of your passport or driver’s license.

After you’ve set up an account, you can buy Dogecoin securely using Visa or MasterCard. Your purchase will be processed instantly with a charge of 3.99%. For example, if you buy £500 worth of Dogecoin, you will pay a hefty fee of almost £20.

Alternatively, you can transfer funds from your UK bank account. This option doesn’t imply any deposit fees, but you will still need to pay a trading commission of 1.49% when you buy Dogecoin stock.

That said, both of these options are a lot more expensive than eToro.

If you decide to use Coinbase anyway, you’ll have the opportunity to invest in more than 50+ other crypto assets; from Ethereum Classic, Litecoin, and Shiba Inu to Bitcoin, Decentraland, and Cardano.

The minimum investment required at Coinbase is only £2, and that’s another advantage for crypto beginners. Coinbase is also a very secure and reliable option. Plus, you’ll have access to a mobile app that connects to your main account.

3. Binance – Largest Crypto Exchange to Buy Dogecoin UK 

Binance used to be one of the most popular exchanges for trading crypto assets in the United Kingdom.

But that changed after the FCA opened an investigation and a number of core account features have been removed.

Pros	Cons
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 crypto market	Complicated UI is mainly designed for experienced users
A wide range of supported transaction types

For example, UK bank transfers have since been suspended at Binance. That used to be free and almost instant, but you generally can’t deposit and withdraw pounds via a UK bank transfer anymore.

Also, Binance used to allow buying crypto in the UK instantly with a debit/credit card at just 1.8%. However, the platform has since been forced to use third-party payment processors.

Consequently, card payments can cost up to 10%. Binance is, therefore, a great option if you’re able to deposit funds with crypto since there are no transaction fees.

And if you swap a crypto like Bitcoin, BNB, or Tether for Dogecoin, you will only pay a commission of 0.10%.

Binance has a great crypto savings account though. They allow you to earn interest on your Dogecoin investments.

The exchange is paying a rather small APY of 0.70% on Dogecoin; this is offered via a flexible savings account so you can withdraw your tokens anytime.

Another advantage of using Binance to buy Dogecoin online in the UK is that the platform offers a wide range of trading tools and features: technical indicators and advanced order types, just to name a few. Read our full Binance review.

What is Dogecoin?

Now that you know where are the best places to buy Dogecoin in the UK, let’s take a deeper look at what Dogecoin is all about.

In short, Dogecoin is a cryptocurrency and blockchain technology project launched in 2013.

In fact, the project was initially created as a meme coin, taking inspiration from the Shiba Inu dog breed.

This laid-back approach to the development of Dogecoin resulted in the digital currency taking a backseat approach for quite some time. The value of tokens remained flat until early 2021.  

And then everything changed for Dogecoin. In 2021, Elon Musk explained that he was a token holder and the price of Dogecoin. But more on that later.

In terms of technology, Dogecoin is now primarily marketed as a global payments network.

In fact, some people believe that Dogecoin is far more suitable as a payments network than Bitcoin.

Well, in comparison to buying Bitcoin, Dogecoin transactions are indeed faster, cheaper, and more scalable.

For example, while Bitcoin transactions take 10 minutes to confirm, Dogecoin will only take 1 minute. And that’s probably why it has so many proponents.

Is Dogecoin a Good Investment?

Before purchasing anything, you should determine whether Dogecoin is a good investment. You should also consider other options.

Dogecoin is not the only popular meme coin – there’s Shiba Inu for example, and you can also buy it on an eToro live trading account from your phone.

Either way, your analysis should be based on whether this digital token fits your financial goals as well as risk tolerance. You should also think about what the future potentially holds for the project.

To help you make the right decision, we will now look at Dogecoin’s features and factors you should take into account.

Changes in Price

As we mentioned earlier, the value of Dogecoin remained flat until 2021. And then Elon Musk created hype by publicly saying he owns it. Dogecoin wasn’t a joke anymore. Therefore, it would be better to analyse the price during this period. 

At the beginning of 2021, Dogecoin was trading at around $0.005 per token. So, with an investment of just £500, you would have been able to purchase 100,000 DOGE.

In July 2021, Dogecoin peaked at $0.74 per token. In other words, in seven months of trading activity, the value of Dogecoin increased by 15,000%! An initial investment of £500 at the start of the year would have been worth over £73,000 at its peak.

However, the value of Dogecoin has retreated significantly since then. The price of DOGE tokens opened in 2022 at £0.13 each, from its peak, representing a decline of 77%.

Cheap Entry Price

On another note, you should consider the wider cryptocurrency markets too. The thing is, the general crypto market hasn’t been in the best state since the final quarter of 2021.

Therefore, although Dogecoin dropped by 77% since its record high just a few months earlier, that wasn’t a unique situation.

So, compared to its peak price, you now have the opportunity to buy Doge today in the UK at a significantly cheaper price.

Another thing we want to point out is that for as long as Dogecoin trades below its all-time high, you can buy larger volumes of tokens with a smaller capital outlay. Even at £0.59 per token, for example, an investment of £500 would still get you over 675 Dogecoin.

Elon Musk

We have to go back to Elon Musk. After all, he is the main reason investors started to take Dogecoin more seriously in early 2021.

That kind of hype was unprecedented (and unexpected), and Dogecoin increased by nearly 15,000% in just seven months.

Musk is one of the world’s most influential business leaders, so people can’t ignore the fact that he supports Dogecoin. His Twitter posts were also influential – every single DOGE-related tweet would have an impact. He has nearly 90 million followers, after all.

However, the Securities and Exchange Commission (SEC) investigated whether Musk’s Dogecoin tweets broke US securities laws. So we might not see many more Doge-related tweets from Musk, although he does mention it now and then.

Finally, Dogecoin spiked again in April 2022 after Twitter agreed to Musk’s buyout deal. 

Dogecoin vs Bitcoin

So, is Dogecoin the next Bitcoin?

Well, we did mention earlier that, Dogecoin is potentially more suitable as a global payments network. Some of the reasons are:

• Bitcoin transactions take 10 minutes to validate, while Dogecoin requires just 1 minute. As such, Dogecoin is 10 times faster than Bitcoin.
• In terms of fees, a CoinDesk report concluded that Dogecoin transactions average $0.65 per transfer (irrespective of the amount being sent).
• Another element that sets Dogecoin and Bitcoin apart is scalability. While Bitcoin is able to handle just 7 transactions per second, Dogecoin is capable of 33.

All things considered, Dogecoin does perform better than Bitcoin in some areas. But it’s also important to remember that there are several other blockchain networks that are generally better and more efficient than Dogecoin.

Some of the examples are:

• XRP – it can handle 1,500 transactions per second and fees cost a small fraction of $0.01.
• Solana – it’s able to handle 65,000 transactions per second at a small fraction of $0.01 per transfer.
• Cardano – it’s building its blockchain to handle over 1 million transactions per second without incurring any fees. And that’s taking it to the next level.

That being said, Dogecoin is not the best performing blockchain out there, although it’s far more efficient than some other options. And nevertheless, Bitcoin still remains a market leader.

Highly Liquid and Easy to Sell

Dogecoin become a multi-billion dollar crypto-asset, therefore the digital currency is highly liquid.

To put it more simply, this means that the asset attracts vast amounts of trading volume which erases all the potential issues around entering or exiting the market. 

For example, if you decide to buy Dogecoin in the UK using the FCA-regulated broker eToro, your tokens will instantly be added to your account portfolio. You can then instantly cash out back to fiat money by placing a sell order.

If you take that into account, it comes as no surprise that Dogecoin became a highly desirable cryptocurrency. Compared to low-cap projects that simply can’t attract liquidity, Dogecoin is a clear winner.

Dogecoin Price

You already know that the price of cryptocurrencies tends to fluctuate a lot. And the price of Dogecoin is no different. It all depends on market forces. In a way, it’s like buying and selling shares on the London Stock Exchange. 

If more and more people start to buy Dogecoin (perhaps someone like Elon Musk will mention it), the price of Dogecoin will increase. And the rate at which it increases will depend on how much buying pressure there is in the market.

On the other hand, Dogecoin’s price will move in the opposite direction when more sellers appear. This can happen if the wider cryptocurrency markets are down and investors want to cover further losses by offloading their Dogecoin tokens.

If you’re looking for real-time data on the price of Dogecoin, you should check out CoinMarketCap. It’s a reliable website that takes the weighted Dogecoin price from all of the UK cryptocurrency exchanges that list the token.

Dogecoin Price Predictions 

As you can see, Dogecoin is highly speculative. After all, it increased by almost 15,000% in just seven months because Elon Musk supports it, and that only proves that cryptocurrency markets can be quite irrational.

Therefore, formulating a reliable Dogecoin price prediction is very hard. Of course, you can find a variety of Dogecoin price predictions online.

They are based on technical analysis, but then again, the marketplace obviously also relies on hype and speculation. And that’s impossible to predict.

At the end of the day, your investment decisions should be based on thorough independent research rather than relying on Dogecoin price predictions found on the Internet.

Ways of Buying Dogecoin UK

If you’re ready to buy Dogecoin in the UK, the first thing you should do is to decide which payment method suits you best.  

Let’s see what are the best ways to buy Dogecoin in 2022. 

Buying Dogecoin With a Credit or Debit Card

With a regulated broker eToro, you can buy Dogecoin in the UK with a debit card in literally less than five minutes.

You just need to open an account, provide your card details, and select your preferred investment size (minimum $10). After that, your Dogecoin purchase will be processed instantly and the tokens will be in your portfolio.

Just be careful with fees when you buy Dogecoin in the UK with Visa or MasterCard. While you will only pay 0.5% at eToro, debit card fees at Coinbase amount to 3.99%.

Buy Dogecoin With PayPal

You can also use Paypal to buy Dogecoin in the UK.

Paypal is supported by eToro, at a fee of 0.5% and a minimum deposit of $10.

Also, in using Paypal, you won’t need to enter your card details into the website of your chosen broker as you already have your Visa or MasterCard linked to Paypal.

You just need to confirm your login credentials via an encrypted pop-up box.

And with Coinbase, you’ll pay 3.99% if you decide to use Paypal.

Choosing a Dogecoin Wallet

Like all digital assets, Dogecoin is stored in a crypto wallet. A Dogecoin wallet will allow you to send and receive funds with ease.

The best Dogecoin wallets for beginners are mobile apps. That’s arguably the easiest way to find a wallet.

You just need to download the app to your phone, choose a PIN, write down your backup passphrase, and transfer the DOGE tokens over.

eToro Money Crypto Wallet is a great choice for newcomers. It’s very safe and user-friendly.

And if you buy Dogecoin in the UK via the main eToro website, you won’t have to download a wallet – your tokens will be safeguarded by eToro and you can keep the investment in your portfolio until you decide to cash out.

You can also 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.

When Should You Buy Dogecoin

When is the best time to buy Dogecoin? Well, more experienced investors usually strive to buy Dogecoin when the crypto asset is going through a market correction.

In that case, the price of Dogecoin has since dropped from its recent highs.

Either way, trying to time the markets is rather complicated. As we’ve already mentioned, the crypto market can be irrational and it’s prone to be changed by speculation and hype.

But instead of trying to time the market correctly, you can turn to dollar-cost averaging your Dogecoin purchases. That way, you will invest regular amounts into Dogecoin on a consistent basis. For example, you can invest £50 at the end of each month.

Many experts and investors agree that dollar-cost averaging is a safer method of crypto investing.

Now, let’s take you to easy steps to buy Dogecoin in the UK.

How to Buy Dogecoin UK – Simple Guide

If you did your research and you’re ready to invest in Dogecoin, let us take you through all the essential steps. We will take the FCA-regulated trading platform eToro as an example.

Just a little reminder – if you choose eToro to buy Dogecoin, you will be able to:

• Feel completely safe thanks to the broker’s regulation by the FCA
• Invest on a spread-only basis
• Get started with just $10 (or about £7)
• Pay for your purchase with a UK debit/credit card, bank transfer, or e-wallet

Without further ado, let’s see how to complete your Dogecoin purchase. If you follow these steps, you’ll get there in no time.

1. Sign up with eToro

As is the case with all online brokers in the UK, in order to start trading, you first need to open an account. You can get this process started by clicking on ‘Join Now’ on the homepage. 

Next, complete the registration form by entering your name, email address, mobile number, and any other details required by eToro.

2. Account verification

As part of the Know-Your-Customer (KYC) process, eToro will ask you to upload valid identification documents. This includes:

• Passport or driver’s license
• A bank/tax statement or utility bill issued within the prior three months

However, if you’re depositing less than €2,000 (about £1,600), you can still buy Dogecoin in the UK without previously uploading these documents. But this needs to be done before withdrawals are authorised.

3. Deposit fiat currency

Now you’re ready to make a deposit into your eToro account.

You only need to fund your account with $10 or more. Also, eToro charges an FX fee of 0.5% on all GBP deposits.

This will convert your deposit into USD and subsequently allow you to buy Dogecoin. A debit card is arguably the fastest deposit method.

4. Navigate to Dogecoin

Once you have a funded account, you can search for Dogecoin on the eToro website. This will only take you seconds: you just need to enter enter ‘DOGE’ into the search bar and click on trade.

5. Buy Dogecoin UK

After you’ve found Dogecoin, an order box should appear on your screen.

You can then determine and enter the amount of money (in USD) that you wish to allocate to Dogecoin.

Once again, that has to be at least $10. To confirm the investment, click on ‘Open Trade’; eToro will then add your DOGE tokens to your portfolio.

And that’s all it takes!

6. Dogecoin is added to your eToro portfolio

After a successful purchase, an equivalent amount of Dogecoin will appear in your portfolio.

How to Sell Dogecoin

Since Dogecoin is a multi-billion dollar crypto asset, you can easily sell your tokens. If you purchased Dogecoin via eToro, you can cash out your investment in less than a minute.

First, you need to click on the ‘Portfolio’ button on the left side of the dashboard. Look for Dogecoin and click on the settings button located next to the market. Now click on the ‘Close’ button and your tokens will be cashed out!

After you’ve done it, you’ll be able to see that eToro updated your cash balance accordingly. And then you’ll be free to withdraw the cash or use the funds to invest in other assets.

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 Doge.

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.

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 eToro and Coinbase to buy Dogecoin in the UK. Their 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.

Final Thoughts

All things considered, buying Dogecoin in the UK via the FCA-regulated broker eToro is very convenient and not to mention safe.

The process takes less than five minutes – even less if you use an instantly processed payment method like a debit or credit card.

Generally, eToro has many benefits, and it’s a good option for crypto beginners. You only need to invest $10 into Dogecoin.

However, you should make sure you really want to invest in this cryptocurrency. Hopefully, our guide on how to buy Dogecoin in the UK has helped you make the right decision.

FAQs