What is Dogecoin (DOGE)?
Dogecoin was created by software engineers Jackson Palmer and Billy Marcus towards the end of 2013 as a bit of a joke and a way to make fun of Bitcoin. This is clear from the fact that Palmer used a popular meme at the time as the cryptocurrency’s logo. However, fast forward eight years, and Dogecoin is no longer a joke, as last year it gained over 800%. It has also been endorsed by Elon Musk, the Tesla CEO, who has named Dogecoin as his favourite cryptocurrency. If you want to be part of the Dogecoin revolution and are wondering how you go about buying in Dogecoin, then you need to keep reading.
How to Buy Dogecoin UK – Quick Steps
Before you can invest in Dogecoin UK you must set up a wallet. This can quickly and easily be done using eToro:
- Open an account by visiting the eToro website.
- Verify your account and deposit your currency.
- Search for Dogecoin using the search bar at the top of the homepage.
- Select the amount of Dogecoin you would like to purchase and add it to your portfolio.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
How to Invest in Dogecoin in the UK
While you will hear a number of viral stories about people who have invested small amounts in Doge and are now millionaires, it is important that you invest with caution. Make sure you read our guide on How to Buy Dogecoin.
If you are a bit confused at this last statement, let us just take a moment to explain how it works. For the price of Dogecoin to increase or stay steady, investors need to continually buy more coins. If this is not the case, then the supply of Dogecoin will rise rapidly and decrease the value of the coins that are already circulating.
There used to be a limit on how many Dogecoins a person could have, but this was removed to stop people from holding on to them long term. This is in stark contrast to other main cryptocurrencies like Bitcoin as there is a cap on the number of coins that are issued. This leads to scarcity, and this is what helps Bitcoin to retain their value.
Therefore, when you are deciding on how much money you want to invest in Dogecoin, you need to consider your financial situation, risk tolerance, and investment portfolio. The experts recommend that you do not invest more money than you are willing to lose.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Where to Buy Dogecoin in the UK?
1. eToro – Best Crypto Trading Platform with Low Fees
eToro is our preferred broker. It is ideal for all levels of investors due to its user-friendly website. It’s also FCA-regulated, which means all deposits are protected by the Financial Services Compensation Scheme.
If you appreciate the concept of social investment, eToro might be a good fit for you. Its social trading feature allows investors from all around the world to join and exchange market information and recommendations. Furthermore, eToro’s copy trader feature lets investors replicate some of Toro’s most successful portfolios.
Due to its tight spreads on crypto trading, eToro is also an economical choice for purchasing and trading DOGE in the UK. It also has its own crypto wallet, which is available as a mobile app and is a terrific method to keep track of your funds.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
2. Coinbase – Top-Rated Crypto Exchange that’s Listed on NASDAQ
Coinbase is also a fantastic choice for first-time investors wishing to open a crypto wallet. It is free and simple to install on both iOS and Android, and it is also available on the desktop.
Coinbase has a market capitalization of $40.65 billion and is listed on the NASDAQ exchange. Coinbase outperforms its rivals in terms of trade volume and client base. The fact that this popular crypto exchange is listed on a major stock market demonstrates the company’s transparency and commitment to top-tier security.
In terms of Coinbase trading costs, these are on the higher end of the scale. Furthermore, the majority of withdrawals are subject to fees. Coinbase, for example, has high immediate buy fees, with the majority of this coming from the 3.99 percent credit/debit card deposit fee. Furthermore, there is a 0.5 percent spread fee dependent on the deal value. There are no non-trading fees to be concerned about, such as inactivity fees or account maintenance fees.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
3. Binance – Popular Crypto Exchange with Low Trading Fees
Binance is widely regarded as one of the largest cryptocurrency exchanges in the world. It is a go-to option for most newbie crypto traders due to its massive trading volumes and excellent liquidity, with a client base of over 15 million and over 2.5k workers.
There are no deposit minimums and over 400+ coins to pick from. In terms of trading fees, quick crypto purchases have relatively cheap expenses. Binance imposes a set fee of 2% for debit or credit card purchase orders. Furthermore, customers who have BNB tokens in their Binance exchange accounts will only pay a 0.075 percent trade charge.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Best Way to Buy Dogecoin – The Top Payment Methods
The great thing about opening an account with eToro is that you may fund your account using a multitude of payment methods. We will now look at how you may connect each of these to your eToro wallet in order to invest in Dogecoin UK.
How to buy Dogecoin with PayPal
If you’re still unsure about how to buy dogecoin, the first option is to link your PayPal e-wallet to eToro. This is a quick and simple process.
PayPal, on the other hand, allows you to buy cryptocurrencies directly from the app. If you want to buy dogecoin with paypal, simply navigate to the wallet’s crypto section and add cryptos to your wallet using your funds.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Buy Dogecoin with a credit card or debit card
Adding funds with a debit or credit card is significantly slower than with an e-wallet, but it is still a possibility. Again, simply go to eToro’s “deposit funds” area and select the debit/credit card option.
Buy Dogecoin with Neteller or Skrill
In addition to PayPal, eToro accepts Neteller and Skrill as e-wallet deposit methods. These are as quick and simple to use as PayPal, and they are also faster than bank transfers.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
How to Buy Dogecoin in UK – Step-by-step Tutorial
Step 1: Set up your account
The first step is to set up an account with eToro. After clicking the sign-up button, simply enter some personal details to set up your account.
Step 2: Verify your account
Verify your account by uploading proof of ID and address.
Step 3: Make a deposit
The next step is to add a minimum of $10 to your account to invest in Dogecoin UK.
Step 4: Search for Dogecoin
Simply search for DOGE then click the ‘Trade’ button. Enter the amount you would like to purchase and click ‘Open Trade’.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Selling Your Dogecoin
If you have Dogecoin and you want to sell it, you will be glad to hear that it is a very simple procedure. All you have to do is go to the holdings section on your brokerage platform or crypto exchange and enter the amount that you wish to sell. Once you have done this, your sale will be processed.
If you make a profit when investing in Dogecoin, you will probably have to pay taxes on it. Therefore, if you fail to declare your profits to avoid paying taxes and you get found out, you could see yourself facing some hefty penalties. Anyway, if you are not too sure about how you go about reporting any profit that you make with Dogecoin, you should get in touch with a tax professional.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
How to invest in Dogecoin UK – Conclusion
While we all know that the Dogecoin began as a joke, it is safe to assume that investors today take it much more seriously. Despite this, it is still a very dangerous investment, which is why many experts advocate investing no more than 3-10% of your budget in cryptocurrency.
With Dogecoin so far down from it’s all-time high, it could be an excellent investment to take advantage of the current market.
So, if you want to buy Dogecoin in the UK, we recommend that you register an account with eToro. It is fully regulated, has cheap costs, and accepts a variety of payment ways.
Source: CryptoPR
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