How to Buy Dogecoin for Beginners

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How to Buy Dogecoin for Beginners

Given the coin’s incredible success in 2021, more people than ever are looking to buy Dogecoin in the hope of obtaining market-beating returns.

To help you out with the investment process, this article will discuss how to buy Dogecoin in detail, highlighting the top exchanges available and showing you how to make your Dogecoin purchase today – all in just a few minutes!

How to Buy Dogecoin Easily in 2022

  1. Open an account with eToro: Head over to eToro’s homepage, click ‘Join Now’, and choose a username and a password. Following this, click ‘Complete Profile’ and upload proof of ID and proof of address to verify your account. 
  2. Deposit: Deposit at least $10 into your trading balance.
  3. Search for Dogecoin: Type ‘DOGE’ into the search bar and click ‘Trade’ next to Dogecoin.
  4. Buy: Enter your desired position size into the order box (minimum $10) and click ‘Open Trade’.

Where to Buy Dogecoin

If you’re wondering where to buy Dogecoin, look no further! Reviewed below are our three picks for the best trading platforms to invest in Dogecoin this year.

1. eToro – Overall Best Broker to Buy Dogecoin 

Through extensive research and testing, we’ve found that eToro is the best place to buy Dogecoin this year. eToro is one of the world’s largest online brokers, with over 23 million users across 140 countries. One of the main reasons to buy Dogecoin with eToro is the platform’s high level of safety, as it is regulated by top organisations such as the FCA, ASIC, CySEC, FinCEN, and FINRA.

In terms of fees, eToro charges no commissions to place a crypto trade, as they include all of their costs into the asset’s spread. The spread for Dogecoin is 2.9%, although this can be lower for other cryptocurrencies. Notably, when you buy crypto with eToro, you gain full ownership of the underlying asset, allowing you to transfer it to another wallet if you wish. 

eToro accepts deposits from only $10 and supports all major credit/debit cards, along with bank transfers and e-wallets (including PayPal). Users can also benefit from eToro’s CopyTrader feature, which allows you to automatically copy the trades placed by other eToro investors. Finally, eToro even provides a free crypto wallet app for iOS and Android, featuring advanced standardisation protocols to keep crypto holdings safe.

Buy Dogecoin on eToro

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Binance – Leading Crypto Exchange to Buy Dogecoin with Low Fees

Another option if you’re looking to buy Dogecoin stock is Binance. According to CoinMarketCap, Binance is the world’s largest crypto exchange and offers over 500 different crypto assets for users to buy, and you can even buy Bitcoin if you want. Binance is ideal if you’re looking to buy Dogecoin, as you’ll only have to pay a 0.1% transaction fee per trade. 

You can reduce this fee by 25% if you hold Binance Coin (BNB), the platform’s native token. In terms of funding, Binance offers free crypto deposits and also accepts FIAT deposits, with payment methods varying depending on the currency. Finally, Binance even allows users to instantly buy crypto with their credit card, making the entire process straightforward for beginners! 

Buy Dogecoin on Binance 

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

3. Coinbase – Reputable Crypto Exchange with Free Crypto Wallet App

Coinbase is another of the world’s top crypto brokers and has a fantastic reputation within the trading scene, as it is registered in the US by FinCEN and authorised in the UK by the FCA. Users can trade over 90 different cryptos, including altcoins and numerous ERC-20 tokens. Coinbase also offers the best app to buy Dogecoin, featuring a sleek interface and a straightforward investing process for beginners.

Coinbase has two platforms for trading – the classic platform or Coinbase Pro. Users of the classic platform will be charged a transaction fee and the spread when placing a trade, whilst Coinbase Pro users will pay a maker/taker fee. Finally, Coinbase offers a free self-custody crypto app for all users, with industry-leading security and support for over 4000 crypto assets. One of the flaws, however, that you will find on Coinbase is that they do not have all of the best cryptocurrency to invest in. Only the most popular ones.

Buy Dogecoin on Coinbase

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Ways of Buying Dogecoin

There are multiple ways in which you can make your Dogecoin investment – we discuss two of the most popular below:

Buy Dogecoin with PayPal

Many people opt to buy Dogecoin with PayPal due to the platform’s stellar reputation and high level of security. Although you cannot buy DOGE directly through PayPal, you can use PayPal to deposit into your brokerage account and then use the funds to invest in Dogecoin. An example of this would be eToro, which offers free PayPal deposits and withdrawals. What’s more, withdrawals tend to only take around two business days to complete.

Buy Dogecoin with Credit Card or Debit Card

Alternatively, you can also buy DOGE with your card. The two main ways of doing this are to deposit into your trading balance using a credit/debit card or partner with a crypto exchange that offers an ‘Instant Buy’ service. The latter option tends to come with a much higher fee.

Should I Buy Dogecoin?

Dogecoin is often considered one of the best cryptocurrencies to buy, and although DOGE has dropped significantly from 2021’s highs, there are still reasons to be optimistic. Let’s take a look at three of the main benefits of buying Dogecoin:

New Use Cases

Forbes recently announced that Elon Musk is now accepting DOGE as a payment method for Tesla merchandise. Furthermore, you can now use Dogecoin online to ‘tip’ on various websites. Although these seem minor, use cases like this provide Dogecoin with real-world value and mean there is now a reason to hold DOGE, aside from mere speculation.

Huge Community Backing

The Dogecoin subreddit has 2.3m members, highlighting the coin’s incredible support from retail traders. This support cannot be understated, as this (along with other factors) helped the price rocket over 1000% in May 2021. This backing would play a vital role in future price movements if there were further coin developments.

Price Potential

Finally, Dogecoin’s returns potential is exceptionally high relative to other cryptos, making it ideal for risk-seeking investors. To prove this, the coin rose 73% in a matter of weeks during late 2021 and even increased by 57% in January 2022. Although it can be volatile, these returns highlight DOGE’s price potential.  

Dogecoin Price

At the time of writing, the DOGE price is hovering around $0.1405. This represents a decrease of nearly 80% from May’s all-time highs, although the bearish momentum does seem to be slowing slightly. Notably, Dogecoin’s price does seem to be respecting the support level around $0.1285, where the price was rejected in early December. In addition to this, the DOGE price also appears to be forming a falling wedge pattern, which tends to develop before a bullish breakout.

Dogecoin Price Prediction

If you’re wondering when to buy Dogecoin, there could be a few opportunities ahead. Assuming price breaks out of this falling wedge pattern, then that could signify the start of a bullish surge. The first target would be the resistance level around $0.20, which has stopped price three times over the past month. If the DOGE price could break these cleanly, we may even see a push back up to the next significant resistance level around $0.30 – which would represent a return of 113% from today’s price!

How to Buy Dogecoin – Tutorial

Before rounding off this article, let’s take a look at the best way to buy Dogecoin today. We recommend making your investment with eToro, as you can sign up in minutes and benefit from tight spreads and a free crypto wallet app.

Step 1 – Open an eToro Account

Head to eToro’s homepage and click ‘Join Now’. Enter your email address and choose a username and a password for your account.

Step 2 – Verify your Account

Click ‘Complete Profile’ and complete the KYC checks. Following this, upload a copy of your photo ID (passport or driver’s license) and proof of address (bank statement or utility bill) for verification.

Step 3 – Deposit

Deposit at least $10 into your account via credit/debit card, bank transfer, or e-wallet. 

Step 4 – Buy Dogecoin

Type ‘DOGE’ into the search bar and click ‘Trade’. Enter your position size in the order box (minimum $10) and click ‘Open Trade’.

Buy Dogecoin on eToro

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.  

 

How to Buy Dogecoin for Beginners

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