Initially created as a joke or meme cryptocurrency, Dogecoin (DOGE) has come a long way since its launch in 2013. Dogecoin has appreciated considerably over the years, even becoming one of the largest crypto coins in terms of market cap. A lot of credit for this goes to its passionate fan community, which includes the likes of Elon Musk.
While Mexico’s financial institutions are disallowed from dealing in cryptocurrencies, average Mexicans can freely buy and trade crypto coins, including Dogecoin. Let’s learn more about how to buy Dogecoin in Mexico below.
Online cryptocurrency exchanges and broker platforms are the best places to buy Dogecoin in Mexico. The country has many local and international crypto trading platforms, and some even accept cash deposits through local stores like Oxxo and 7-Eleven for funding of crypto and Dogecoin purchases. We have compared and shortlisted some of the best crypto brokers in the country below to help you buy Dogecoin instantly without any delays or hassles.
eToro is a crypto broker with a presence in over 150 countries, including Mexico, contributing to a global user base of 25 million+ users. The platform is one of the top choices for buying, trading, and investing in crypto.
The broker is popular among the masses because it provides a holistic experience. With eToro, you’re not just buying crypto, you’re investing thanks to tools like its thematic investment that allows users to invest in specific themes and sectors, thereby allowing some form of diversification.
You can buy into a memecoin theme that includes Dogecoin and a few other top memecoins or just buy Dogecoin directly by converting fiat into crypto at a low cost of 1% per transaction.
Before executing any conversions, you’ll need first to fund your account. eToro supports several popular payment methods like bank transfers, e-wallets like PayPal, Skrill, and Neteller, SEPA, and credit card payments.
Deposits are free but are subject to a $10 minimum limit. Withdrawals are also free, but only for amounts above $30. All amounts under $30 come with a $5 charge.
Lastly, eToro is well regulated and you can read our full eToro review here.
Binance is a popular crypto exchange with a global presence, a robust crypto collection, extensive fiat payment support, and a robust ecosystem that supports buying, selling, trading, investing, staking, and several other services.
We love Binance because of the scale of its services. It is probably the most complete crypto solution for any user, from investors to traders to people looking to generate income with their holdings.
The exchange lists over 600 cryptos, including Dogecoin, that are tradable at a 0.10% trading fee, one of the lowest in the industry. If you hold the exchange’s token, BNB, on your balance, you can get up to a 25% discount on the trading fee. However, trading is done in preset pairs
If you wish to convert to Dogecoin from any cryptocurrency, use the Convert function to do so directly. However, this service costs a 1% conversation fee.
You can buy cryptos like Dogecoin directly with fiat by selecting the Buy Crypto option, which allows you to select from over 40 fiat currencies, including the Mexican Pesos. You can use a credit card to buy crypto directly with fiat.
All you need to do is select the crypto you want to buy. Not all cryptos are available with this method, and the ones available differ with currency. For example, Dogecoin is unavailable with Mexican pesos but is available with the US dollar. You can read our Binance review for a more in-depth guide.
Coinbase is a global exchange with one distinct trait; it makes buying, selling, and handling crypto extremely easy, which aligns with the company’s ethos of being the most accessible place to buy and sell cryptos.
The exchange has a collection of up to 200 cryptos, including Dogecoin, that it makes available to its 108 million+ users in over 100 countries, including Mexico.
With Coinbase, you can manage your entire crypto portfolio, Dollar Cost Average (DCA) into Dogecoin by setting up recurring buys that automatically buy a specified amount at a preset time interval and store tokens in a vault for extra protection.
Coinbase supports major payment methods like bank transfers, credit card payments, PayPal, and mobile payment solutions like Google and Apple Pay. You can connect your bank account to quickly move funds between accounts, especially for time-based strategies like DCA.
Regular investors can buy Dogecoin at a flat 1% fee per transaction by using the convert option. Traders get better rates between 0.4% and 0.6%. However, the pairs are fixed. Coinbase offers two primary options for traders, Pro and Advancecd.
Pro offers 350 trading pairs and charts with basic indicators while Advanced offers over 550 trading pairs, charts with multiple advanced indicators, and FDIC-insured accounts up to $250,000 per account. You can read our Coinbase review for a more in-depth guide.
Coinbase Features
Just as in conventional trading, though choosing the asset is crucial, it is even more critical to pick the right broker for your needs. Several reputable and experienced crypto brokers in Mexico will allow you to buy DOGE through them.
However, they may vary based on their regulatory status, customer service, fees, supported crypto coins, terms of service and payment options. You can either research and locate a good platform yourself or pick any from the recommended ones in our list above and start right away. Below we have detailed how you can use such brokers to easily buy Dogecoin in Mexico.
After you have found the broker you’d like to use to buy or trade DOGE, visit its homepage and look for the ‘Open a New Account’, ‘Sign Up’, or ‘Register’ button. Click it and then complete the registration process by providing some basic details like your name, address, phone number and a valid email ID.
All regulated brokerage platforms will ask you to verify your identity through a government-issued photo ID. Some may even ask you to upload a separate document like a utility bill to verify your address. These are all necessary steps that must be taken by crypto brokers to comply with the global CFT (Combating the Financing of Terrorism) and AML (Anti Money Laundering) laws.
It’s always better to use regulated service providers as they ensure the safety of everyone involved by taking such steps and keeping bad actors at bay.
Crypto brokers in Mexico will normally allow you to deposit funds using a good variety of payment methods, including popular ones like credit/debit cards, PayPal, Skrill, Neteller, and bank transfer. Nonetheless, the options provided may vary from portal to portal. Hence, it’s always better to check beforehand.
You take a long position on a crypto coin to benefit from a rise in its market value and a short position to exploit its price drop. Let’s go through an example using the eToro broker platform to better understand such trading.
When you open a long position on Dogecoin through eToro, without using the leverage option, you’ll be trading DOGE’s actual ownership. If DOGE rises in value, you’ll book a profit, and if it falls, you’ll make a loss.
On the other hand, a short position on Dogecoin is opened on eToro through a derivative like a CFD (Contract for Difference). In this case, you simply bet on the possibility of Dogecoin’s price dropping in the near future. No actual DOGE is exchanged. If DOGE drops in value, the difference between the prices of your opening and closing CFD trades will make up your profit.
You can use different order types like stop-losses, trailing stops, market orders, and limit orders to manually or automatically open and close your positions. Doing so can help you open trades, register profits, and cut back losses at the right price points.
Closing an open position on Dogecoin implies completing the trade and assuming the profit or loss arising from it. Though you can close your positions manually any time, if you feel that DOGE’s price has reached the right level, you can also automate this task by specifying take-profit, stop-loss, and trailing-stop loss points beforehand.
CoinMarketCap actively tracks over 300 crypto exchanges operating in various parts of the world. Many such international and local trading platforms serve Mexican investors and traders too. Platforms like Binance and others have unique characteristics that make them appealing to Mexican citizens for the purchase of Dogecoin in the country.
However, to make a purchase through crypto exchanges, you’ll need to familiarise yourself with certain processes like setting up a wallet and more, as detailed below.
A cryptocurrency wallet can be described as a software program that encrypts and safeguards the private keys associated with your crypto coins, including Dogecoin. These are mainly of two types:
Software wallets – Meant for installation and use on laptops, mobile devices, and desktop computers, software crypto wallets stay online most of the time, which, while making them readily available, also increases the risk of hacks.
Hardware wallets – Sold as small flash-drive-sized physical devices, hardware crypto wallets are believed to be the safest among all wallet types. They remain offline but can be plugged into a computer or mobile device at any time for the easy transfer of funds.
It’s important to opt for a crypto exchange that’s well-known in the market and holds a good track record with seasoned crypto investors and traders. To successfully choose and join the right exchange for your needs, you should compare multiple platforms based on factors like their security features, fees, customer service, offered trading pairs, regulations and payment methods.
Well-regulated exchanges are always preferred over unregulated portals, as they’re more secure.
Considering that there’s a good number of both local and international crypto exchanges operating in the country, you can use a wide variety of payment methods, including debit/credit cards and bank transfers, to fund your account and buy Dogecoin. Some local crypto exchanges also allow cash deposits through Oxxo and/or 7-Eleven outlets spread all over the country.
Please note each payment method has its own advantages and disadvantages. For instance, while bank transfers are affordable but slow, debit/credit card deposits get processed quickly but for a higher transaction fee.
This step will involve selecting a trading pair of your choice, specifying the quantity of Dogecoin you’d like to buy, reviewing the current exchange rate and then clicking the ‘Buy’ button to execute the trade. There may be different trading pairs offered at different exchanges.
While local exchanges will almost always offer a DOGE/MXN or BTC/MXN pair to facilitate easy crypto purchases with local Mexican Pesos, international platforms provide a larger variety involving numerous crypto and fiat currencies.
The last step in buying Dogecoin from a crypto exchange, concerns safely moving the purchased DOGE from the exchange wallet to a self-owned external wallet. It’s an optional step and is usually preferred by occasional and long-term crypto traders.
To execute the transfer, use the withdrawal option on the website, enter the quantity of DOGE you’d like to move, input your wallet address, and click the ‘Withdraw’ button.
As per Coin ATM Radar, there are 12 Bitcoin ATMs installed across Mexico, with 4 in Mexico City. You can buy Bitcoin using cash through any of these 12 ATMs and then easily convert it into Dogecoin at any of the crypto exchanges operating in the country.
Another way to make a cash Dogecoin purchase in Mexico is through a peer-to-peer (P2P) platform where you can deposit funds in cash, which are then maintained in an escrow account till confirmation of the DOGE transfer.
Besides these, there are some local crypto exchanges that allow cash deposits through local stores like Oxxo and 7-Eleven for Dogecoin purchases.
As per Mexico’s Fintech Law (Ley Fintech), launched in March 2018, the banks and financial institutions in the country are banned from directly dealing in cryptocurrencies. However, average citizens are allowed to freely trade and invest in the majority of crypto coins, including Dogecoin.
The increasingly burdensome banking requirements in the North American country are also pushing many locals to embrace cryptocurrencies for their investment, trading, and transactional needs. Furthermore, any crypto-related business in Mexico is required to obtain an authorization from National Banking and Securities Commission (CNBV) to operate in the country.
Below are 3 useful tips that can help you make a smooth, secure, and cost-effective Dogecoin purchase in Mexico.
Buying Dogecoin at the right time essentially means procuring it at the lowest possible price. This can be done by studying DOGE’s past price movements and analyzing technical & fundamental factors which may influence its future price movements. Doing all this can give you a fair idea about which way its price is moving, so you can buy and enter the market just at the right moment.
No matter which trading platform you use to buy and sell DOGE, there will be certain costs like spreads, commissions, deposit fees and withdrawal fees that will come into play. Make sure you have compared all shortlisted platforms based on these costs before using any single service provider.
It’s your responsibility to check that the platform used for your DOGE purchase implements leading security protocols to safeguard your interests. An alternative way of ensuring this is by transacting on a platform regulated by a leading global authority and licensed in Mexico. You may even use additional security layers like Two-Factor Authentication (2FA) to safeguard your funds.
Yes, it is possible to buy Dogecoin with Mexican Pesos (MXN) in a handful of ways. As highlighted earlier, you can buy Bitcoin with cash at a Bitcoin ATM and then exchange it for Dogecoin at a crypto exchange of your choice. Many peer-to-peer (P2P) platforms in Mexico may also allow you to buy Dogecoin with MXN. Lastly, there are multiple local crypto exchanges operating in the country that readily accept deposits in Mexican Pesos.
Having stated all the above, please remember that online platforms that accept Peso deposits may convert the local currency into USD or some other well-known fiat currency before making the funds accessible for trading. Such conversion will be done at the prevailing exchange rates and may impact your overall profit margin in the end.
You can buy Bitcoin from any of the 12 Bitcoin ATMs installed across Mexico and then convert BTC into DOGE at a recognized crypto exchange.
There are a few other effective ways in which you can acquire Dogecoin in Mexico. First among these is Dogecoin mining. Dogecoin works based on the Proof of Work system, and Dogecoin miners use computer hardware to process complex DOGE transactions on its blockchain. They get rewarded in DOGE for this effort.
Another possible way to acquire it is by accepting it as a form of payment for selling goods and services in the country. Lastly, you can get tipped in Dogecoin on platforms like Twitter (X) and Reddit too, for creating and sharing quality content.
Mexico has a fairly large and technically adept young population, with constantly rising income levels. The country is witnessing a sort of crypto boom, with billions of dollars worth of cryptocurrencies traded on local and international platforms. You can easily buy Dogecoin or any other cryptocurrency in Mexico today, using a wide variety of methods as discussed above in this article.