How to buy Dogecoin (DOGE)?

How to buy Dogecoin (DOGE)?

written by John Murphy | November 22, 2022

Interestingly, Dogecoin began its journey as a joke on the famous Bitcoin – yes, a joke! Time passed, and now it is one of the most valued cryptocurrencies, thanks mainly to Mr. Elon Musk for jolting digital currency into consciousness. Every dog has its time, but DOGE has its era. Despite price volatility, it has left many investors searching for how to buy Dogecoin (DOGE)?

Despite its origins in poking at Bitcoins, Dogecoin has captured the fancy investing; the broken, English-speaking Shiba Inu dog is now worth millions of dollars. Although it was not initially issued to solve a problem, but became a hit in the crypto environment.

We have your back, as this guide will walk you through step-by-step methods of putting a DOGE coin in your basket.

So, let us get started without any further ado.

A step-by-step guide to buying Dogecoin (DOGE)

We can segregate buying Dogecoin in simple steps as discussed below:

  • Measuring Risk Tolerance Levels

Invest with caution, despite all those fancy stories of people who became millionaires for investing trivial amounts in DOGE.

Since Dogecoin has an unlimited supply, it adds uncertainty to an already highly volatile industry. So, firstly, you need to make a practical assessment of your tolerance level. 

Having a clear pathway only leads to success; putting all your eggs in one basket is risky. Therefore consider your financial position, investment portfolio, and risk associated with the investment before investing your money.

Firstly, set your investment bar, which is changeable depending on the market direction.

  • Decide on a Cryptocurrency Exchange

To buy Dogecoin, you need to have an account with a cryptocurrency exchange. An exchange platform facilitates buyers and sellers to exchange crypto coins for fiat money like dollars or pounds. 

Furthermore, an exchange selection decision is essential in several ways. The points below will help you choose the right dealer for buying Dogecoins.

  • Dogecoin availability: Start searching exchange with a simple question: Does it trades Dogecoin? Despite its popularity, many dealers still need to sell Dogecoin. However, numerous dealers offer sale purchases of DOGE.
  • Fees: Secondly, check our commission fees for the platform. You surely would love to pay minimum fees and save extra cents. There is no universal formula for fess, as each exchange has charges which vary on the purchased quantity.
  • Security features: As evident as daylight, always choose an exchange that offers the highest level of security. It may sound expensive, but trust it will save your investment in the long run. 
  • Select a Payment Option

You need to deposit in your brokerage account before purchasing DOGE. Each exchange offers a variety of payment methods; you can select the best suited to you.

Additionally, if you deposit a large amount, like $ 1,000, you may have to wait a few days to get this amount reflected in your account. So, making small deposits keeps your money readily available for trading.

Similarly, few cryptocurrency exchanges accept credit card payments; however, they carry additional service charges. We suggest you either make a direct bank transfer or pay through your debit card. It will save you bank service charges.  

Apart from the methods mentioned above, you can use PayPal or Venmo accounts to make deposits for subsequent buying of Dogecoins.

  • Place Oder for Dogecoin

Once the money is accepted in your broker’s account, you can purchase Dogecoin. You can follow the below steps to affect the purchase.

  • Login to your exchange’s account, and search for Dogecoin by entering its ticker symbol: DOGE. 
  • Pick your trade type by entering the dollar amount or Dogecoins you want to buy
  • Click Buy option

Your order is successfully placed, subsequent payment is deducted from your account, and you will receive DOGE in your wallet. Like other cryptocurrencies, you can buy Dogecoins any time of the day as its trade runs 24 hours a day, seven days a week.

  • Consider Storage Options

By default, your Dogecoins are stored in the exchange’s crypto wallet. However, you can quickly transfer them to your digital wallet. Since traders’ wallets are cold, they are always connected to the internet, thus making them easy to hack.

Contrarily, cold wallets offer better storage options. As they are not always connected to the internet, thus provide better security and safety for digital currency. They are generally expensive; however, many experts recommend storing crypto coins in cold wallets.

That completes our steps about how to buy Dogecoin (DOGE)?

Selling Dogecoin (DOGE)

In addition to buying, the method is straightforward if you’d like to sell Dogecoin. Just log in to your exchange account, select the amount of Dogecoins to sell, and select the Sell button on the platform’s app or website.

Remember that you may have to pay capital gains if you know hoe to buy dogecoin (DOGE)? So, consult a tax professional to understand applicable tax rates better.

Frequently Asked Questions

Can Dogecoin get to $1?

Dogecoin has already broken the $1 barrier; according to predictions, it may go beyond $1 by 2025.

Is Dogecoin a worthy investment?

Despite the high volatility nature of the crypto environment, experts tip Dogecoin as a better option for investment. The risk-reward ratio is at its best when it comes to DOGE. So, you can expect good returns from Dogecoin. However, we suggest always professional advice before investing in digital currency.

What can I buy with Dogecoin?

Below mentioned are the names of companies that accept Dogecoin:

  • Tesla
  • Keys4Coins
  • AMC Theaters
  • GameStop
  • airBaltic

Where can I buy Dogecoins?

You can easily DOGE from below mentioned crypto exchanges:

  • CoinBase
  • Binance
  • Gemini
  • Paybis

Parting Thoughts

Always look for your risk limits if you are buying cryptocurrency like Dogecoin. Since the crypto cloud busts frequently, keeping your eyes wide open is essential.

However, you can make good returns if you invest wisely and keep your portfolio versatile. DOGE is one of the better-performing digital currencies, which keeps investors interested. Thus, leaving newcomers scratching their heads as to how to buy Dogecoin (DOGE)?

The article covered all the steps in simple ways to get your hands on Dogecoin. We hope you are now well-versed in the process of buying Dogecoins.

Please leave feedback in the comments section. Let us know your experience trading Dogecoins and give first-hand information to our community of crypto lovers. Adios!