How to Buy Dogecoin in the UK

Throughout this page, we will be discussing how to get started on such platforms. In addition, we will be discussing the benefits, potential pitfalls, and whether you should be considering a Dogecoin investment today. It’s all covered below.

 

Where To Buy Dogecoin?

As stressed above, the best places to invest in Dogecoin are through brokerage accounts. And of all the different brokerage accounts out there, there are two that steal the show:

 

eToro - visit here

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In recent years, eToro really has become a household name when it comes to investing. They have become one of the trusted, secure, and diverse brokerage platforms of all. Of course, on the subject of diversity, eToro has expanded to cover Dogecoin. Once you have set up an account with eToro, you can almost instantly start purchasing Dogecoin. Thousands of people already do so on a daily basis, and you could become one of them within a matter of minutes.

Pros
 

• Real-time price updates
• Trades carry zero commission charges
• FCA regulated

Cons

 

• Must invest at least $25 (or GBP equivalent) to get started
• Cryptocurrency investing still very new to the platform

 

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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. 67% 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.

 

What Is The Difference Between Buying And Trading Dogecoin?

Although you’ll often hear people speak of ‘investing’ when it comes to Dogecoin, it’s not quite that basic. Investing can cover various activities and actions, and this includes a distinct difference between buying and trading the coin. It’s critical that you understand this difference to become an informed investor too, which is why we’ve highlighted some clear differences between the two here:

Buying
 

• Physically purchasing the coin with the intention of holding
• Not quite as time-sensitive as trading 
• Short term volatility becomes less of an issue

When we speak of buying Dogecoin, we explicitly mean a purchase of a set amount of the coin. For example, you might head to eToro and purchase 1,000 Dogecoins for whatever price it is on that day. When you make your purchase, it is highly likely that you then plan on holding onto your Dogecoin for a reasonable length of time. You won’t generally be purchasing your Dogecoin through any specified product either. It’s just a straight-up buy and hold for the coin.

 

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Trading

• Various ways of obtaining Dogecoin (spread, CFDs, etc.)
• Actively trading the coin - more attention needed on market timing and volatility
• Fees & real-time prices extremely important

Trading essentially means that you are buying and selling the coin with the intention of turning a profit. This is done professionally by many investors, and it’s far more specialised than simply buying Dogecoin. As you can see, given that the price of Dogecoin can fluctuate quite wildly, market timing becomes critical. When trading, many investors will also look at chart patterns to try and predict the future price, usually on a short-term time scale. 

Trading involves many transactions within a short period of time, whereas simply buying Dogecoin doesn’t.

 

How To Buy Dogecoin Online?

If you want to get started with buying Dogecoin, as long as you have access to the internet, which you obviously do - you can get involved within a matter of minutes. Setting up an account with a recommended platform is your first port of call, and here’s how you do it:

 

1. Decide which broker you’d like to use - eToro recommended!
2. Run through the registration process and verify your account
3. Deposit funds through a preferred payment method
4. Choose your preferred method of purchase - standard buy, trading, ETFs, CFDs, etc.
5. Go ahead and execute your transaction

 

Follow these steps and you will be all set to make your first Dogecoin purchase. And to make sure you purchase at one of the top platforms, be sure to visit eToro here to get started.

 67% of retail investor accounts lose money when trading CFDs with this provider

 

How To Trade Dogecoin?

To get slightly more professional about things, there’s always the option to trade Dogecoin. This is the avenue to go down if you are somewhat experienced, open to natural market risks, and have some time on your hands. Here’s what you need to do to execute your first Dogecoin trade:

 

1. Choose an appropriate broker
2. Open your brokerage account - provide personal ID, set up log-in details, agree to terms
3. Decide which product you’d like to trade through - standard, CFDs, ETFs, etc.
4. Fund your account to cover the cost of trading Dogecoin
5. Execute your trade

 

There are many products open to Dogecoin traders who want exposure to this asset. So, simply open your brokerage account with eToro, deposit funds, and away you go!

67% of retail investor accounts lose money when trading CFDs with this provider

 

What Are The Different Ways To Pay For Dogecoin?

Now we are getting a little more specific on how to make your first Dogecoin investment. Luckily, eToro supports a vast range of payment options. But naturally, the methods do vary depending on geographic location. Overall, here are the supported payment methods for most jurisdictions:

Bitcoin

This is more for trading as opposed to simply buying Dogecoin. Basically, through exchanges, you may purchase Bitcoin via a range of payment options (as listed below). This then opens up the BTC/DOGE market, and as indicated, you can then buy Dogecoin with your Bitcoin holdings. If that sounds confusing at first, don’t worry. This method simply requires converting your Bitcoin into Dogecoin by executing a trade.

Ethereum

While Bitcoin is the largest crypto in the industry, Ethereum comes in at number two. And if you are trading Dogecoin on an exchange, you may see the ETH/DOGE pairing. Much like Bitcoin described above, this way requires that you first purchase Ethereum before being able to trade it into Dogecoin. Since Ethereum carries a substantially lower value than Bitcoin, the numbers involved for Dogecoin trades with this pairing will be quite different to Bitcoin. 

Fiat Currency

Buying Dogecoin with Fiat currency is by far the most popular payment method among active traders. Of course, this includes currencies like USD, GBP, EUR, and many others. And on that note, to purchase Dogecoin, you must first fund your online account using Fiat currency. Here are some of the main methods currently supported to do this:

 

• Debit/Credit Card

The beauty of choosing these methods is that you probably have them at your disposal already. Most of us own a debit card, and the vast majority will also own a credit card. Popular brokerage platforms such as eToro accept these methods, and most transactions executed with these methods are processed instantly. The only downside is that maximum transaction values tend to be lower than other methods.

 

• Bank transfer

Funding an account via bank transfer is one of the most secure methods of all. That’s because any and all transactions need to be manually approved and executed. Of course, that removes the worry of any sensitive data being intercepted. However, while the security element of bank transfers is fantastic, they can be slow to come through.

 

• PayPal

PayPal is an incredibly popular digital wallet available in multiple jurisdictions. Setting up a PayPal account takes a matter of minutes, and most platforms offering exposure to Dogecoin accept PayPal. These transactions are highly secure, they are monitored by a 24/7 fraud detection team, and they are extremely quick to come through. A potential pitfall of PayPal, however, is that withdrawals and certain currency conversions can result in unwanted fees.

 

• E-wallets (Neteller/Skrill)

While PayPal was pretty much the first e-wallet to emerge, others such as Skrill and Neteller have also blossomed in recent years. And much like PayPal, these are third-party digital wallets that provide additional layers of security when purchasing Dogecoin. No private financial data is shared when transacting with these e-wallets, and they rarely charge any fees.

Maximum limits are usually significantly higher with Skrill and Neteller too, which is perfect if you plan on going heavy on Dogecoin.

 

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What To Consider When Buying Dogecoin?

Although purchasing is clearly a viable investment for many these days, it’s important to address all considerations. These go beyond simply where to buy Dogecoin, how to purchase it, and whether to buy or trade this asset. On that note, here are some additional considerations:

• Deposit fees

Some platforms out there will actually charge you to fund your account, and that’s before buying Dogecoin. Of course, nobody wants to be charged unnecessary fees, so make sure you choose a broker with zero deposit fees.

 

• Trading fees

Each and every time you execute a Dogecoin trade, in some cases, your chosen platform will take a small cut. That’s just part of the trading game, up until commission-free platforms like eToro came about that is.

 

• Volatility

Volatility is unavoidable when it comes to investing, and cryptocurrency is pretty much the most volatile of all asset classes. We are including Dogecoin in this, and while huge pumps do happen, large corrections are very common too.

 

• Regulations

Dogecoin can be purchased on many different platforms, but not all of them. Therefore, assuming you want to buy Dogecoin, you need to choose a platform that actually lists the asset in the first place. However, remember that regulations involving Dogecoin’s availability can change at any moment.

 

• Long term holding (HODL)

You need to decide on your strategy when purchasing Dogecoin. Are you buying it as a long term investment, a store of value, or because you want to use it as actual currency? 

 

• Short term holding

This is more for traders than ‘buyers’ of Dogecoin. Those who hold for a short term are likely doing so for quick profits, which is a risky strategy, and should only really be done by experienced traders.

 

Is It Safe To Buy Dogecoin Online?

Purchasing cryptocurrencies, in general, is far safer than it used to be. In fact, investing in assets like Dogecoin through reputable platforms such as eToro is extremely safe. Given the scale of investments flooding into these kinds of assets, layer upon layer of security has since been implemented by most brokerages, exchanges, and wallets. With that said, there are ways to purchase Dogecoin, and protect your Dogecoin in an even safer manner:

 

• Storing in a protected online wallet
• Storing in a hardware wallet (cold storage)
• Enabling 2FA for your online accounts
• Verifying your online account 
• Setting up security questions for your account
• Creating a ‘strong password’ and obscure username

 

Follow through on the bits of advice presented above and you can rest assured that you’ve done everything possible to invest in Dogecoin securely.

 67% of retail investor accounts lose money when trading CFDs with this provider

 

How To Store Dogecoin?

If you plan to store Dogecoin, this indicates that you are planning on holding the coin for a decent length of time. If that wasn’t the case, you’d be trading it. Therefore, it’s important to address the ways in which you can store your Dogecoin safely. Mainly, you’ll be storing your Dogecoin in a virtual wallet, as described below:

 

• Online wallets

Online wallets are virtual storage areas that provide you with private keys. The goal is that only you can see and know the private keys, and these are used to send and receive Dogecoin. These can come in the form of apps, through software, and via desktop sites.

 

• Physical wallets (cold storage)

This is the safest way of securing your Dogecoin as you are removing the threat of online hacks. Physical wallets, sometimes called ledgers, are similar to USB sticks that you can store your Dogecoin on. Of course, since the USB isn’t connected to anything online (unless you plug it in), it can’t be hacked and your Dogecoin can’t be stolen.

 

How To Sell Dogecoin?

Once it’s time to sell your Dogecoin, regardless of your reasons for selling, it’s good to know that this is incredibly easy to do. There are actually a number of ways you can sell Dogecoin right now, as mentioned here:

 

• Exchanges

Crypto exchanges are essentially trading platforms, and they support all kinds of coins, including Dogecoin. These are typically separate platforms from brokers or wallets.

 

• Brokerage accounts

As mentioned above, eToro provides exposure to Dogecoin. It is a commission-free, simple platform that often lets you copy experienced traders too.

 

• P2Ps

Peer-to-peer Dogecoin selling is also extremely common. This way cuts out the middleman and you can sell your Dogecoin to friends, strangers, or anyone you choose to. All you need is a Dogecoin address and you’re ready to roll.

 

• Online wallets

To sell Dogecoin through an online wallet, you’d need to purchase Dogecoin through that wallet too. The largest in the world right now is Coinbase, although fees are usually larger via such online wallets.

 

• ATMs

This is actually possible in the US right now. Companies such as CoinFlip have positioned Dogecoin ATMs all over the nation. And according to reports, more than 4,000 Dogecoin-approved ATMs will be in place by the end of 2021.

 

Is It Worth Buying Dogecoin Right Now?

Trying to time the cryptocurrency market is practically impossible for regular people. In fact, even seasoned traders find it incredibly tricky due to the sheer volatility. So, rather than waiting for some kind of correction to pick up Dogecoin on the cheap, we’d say investing at any time is a good idea. Not only has Dogecoin posted serious gains from a price increase standpoint in recent years, but real-world adoption of the coin is already in full view.

Of course, the price and indeed your investment could go up or down in value. However, it’s better to be in the market than out.

 

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Final Thoughts

Although many still claim that Dogecoin has no obvious intrinsic value, its adoption and acceptance from high-profile figures like Mark Cuban and Elon Musk suggest otherwise. The fact that Dogecoin is also in the top 10 for all cryptocurrencies in terms of market cap is another promising indicator. And as discussed throughout, it’s an asset that is now widely accessible for the masses.

Through platforms such as eToro exposure to Dogecoin can be set up within a matter of minutes. Those that fancy dipping their toe into the water can simply buy Dogecoin and hold it for the long term. Whereas those who want to actively trade the coin can also do so in a commission-free environment. It’s a win-win for all who want to explore the intriguing world of Dogecoin right now.

 

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FAQs

Can I buy Dogecoin in any country?

No - you can only buy Dogecoin in countries where cryptocurrency purchasing and trading is legal.

 

Is there a limit to how many Dogecoins I can buy?

No. With that said, you should only buy as much as you can reasonably afford at the time.

 

Can I buy Dogecoin without ID?

 

No. If you plan to buy Dogecoin online, you’ll need to provide identification and confirm the details.

 

Can I buy Dogecoin instantly?

Yes, once you have an online account setup you can buy Dogecoin with the click of a button.

 

What is Dogecoin?

Although popularly referred to as a ‘meme token’ for the Shiba Inu dog image on the virtual coin, Dogecoin is actually a peer-to-peer virtual currency.

 

How does Dogecoin work?

Since Dogecoin is a peer-to-peer coin, its use is to allow people to purchase goods or services with the coin, instead of fiat currency.