How to Buy Dogecoin UK 2024 - Best Places to Buy DOGE

How to Invest in Dogecoin in UK - Step-by-Step Guide

We believe eToro is the best place to buy Dogecoin in the UK. The buying process is pretty straightforward—all you need to do is follow these simple steps.

1. Sign up with eToro

Hit the “Join Now” button on the eToro website and you will be redirected to a registration form. Provide a username, email address, and password, then accept the terms and conditions and click “Create Account”.

2. Verify your account

Click the link in the email you receive in order to verify your email address. You will be prompted to complete your profile by filling in your full name, date of birth, address, and National Insurance number, as well as answering some questions on your investing experience and attitude to risk.

You will then need to provide your mobile number and enter the verification code texted to you, after which you will be sent an email to let you know that your account has been verified.

3. Make a deposit

Once your account is verified, you can click on the “Deposit Funds” button. Select GBP as the currency and enter the amount you wish to deposit in pounds. Choose your preferred payment method (your options in the UK are credit/debit card, bank transfer, Skrill, Neteller, Rapid Transfer, and online banking through Trustly). Now fill in any other details required and click “Deposit”.

4. Buy Dogecoin

Type “DOGE” into the search box to find Dogecoin and click on the “Trade” button. Enter how much Dogecoin you wish to purchase in either USD or DOGE (you can also select “Order” at the top to create a limit order that will execute once DOGE reaches a specific price). Now simply hit the “Open Trade” button to buy some Dogecoin.

What is Dogecoin?

Dogecoin is a “meme coin” that was created in 2013, inspired by the popular “doge” meme. It was intended as a light-hearted cryptocurrency that could be used as a tipping system on Reddit and Twitter.

The coin has attracted an enthusiastic following known as the “Doge Army” and its price can be even more volatile than the rest of the crypto market, often surging with the help of social media trends and endorsements from celebrities.

Dogecoin is based on the code for Litecoin and, like Litecoin, it is a Proof of Work blockchain, meaning that you can mine Dogecoin.

Is Dogecoin a Good Investment?

Only you can decide whether investing in Dogecoin is the right move for you, but let’s take a look at some of the things you might want to consider when making that decision.

One of the attractions of investing in Dogecoin is becoming a part of the famous Doge Army. Dogecoin has a strong community that is active on social media and often shares memes and banter. The community has even promoted the coin with fundraising efforts, such as financing the Jamaican bobsled team at the 2014 Winter Olympics, building a well in Kenya, and sponsoring a NASCAR driver.

Many investors are drawn to Dogecoin by the low price per coin, enabling them to own a huge number of coins without spending much money. There is also plenty you can do with your coins once you’ve bought them. As well as being able to earn interest on them through savings accounts provided by platforms such as Nexo and Binance , the coin has real-world utility, with thousands of places to exchange DOGE for goods and services.

Dogecoin has come a long way from being merely a cult coin—it has developed into a credible blockchain project and become one of the most famous cryptocurrencies, regularly receiving attention in the mainstream media. It often receives hype as a result of social media trends and celebrity endorsements, most notably from Elon Musk, who has joined the project as an advisor.

All of this has seen Dogecoin blossom into a significant crypto project with a huge market cap, even breaking into the top 10 largest cryptocurrencies. Although its price is volatile, the hype around DOGE has often led to incredible surges in value.

In fact, between the start of 2021 and the peak in May, DOGE prices surged by more than 16,000%, massively outpacing all the other large cryptocurrencies and providing impressive returns for holders.

All of these factors have the potential to make Dogecoin a strong investment, both for short-term profits and long-term value. You can learn more about how to invest responsibly here.

Risks of Buying Dogecoin

You should always be aware of the risks before making any crypto investment in the UK. Cryptocurrencies are considered a “risk-on” asset and you should never invest more than you can afford to lose.

As already mentioned, DOGE is very volatile and while it sometimes surges in price, dramatic crashes are also possible. This is something you should factor into your investment plan.

Using an unsecured exchange or wallet could put your DOGE at risk, which is why we recommend using a regulated and reputable platform, such as the ones described in this article. If storing your DOGE in a private wallet, make sure to keep your seed phrase somewhere safe to ensure you will be able to recover access to your coins if necessary.

What Payment Methods Can I Use to Buy Dogecoin in the UK?

Many major platforms support GBP. Even if your desired platform doesn’t, you can always use your bank card as the final payment is converted into the base currency of the exchange. You can buy Dogecoin in the UK through the following methods.

Credit/debit cards

Credit and debit cards are widely accepted so you can use them to purchase Dogecoin on a number of different platforms. The fees charged for card deposits can be higher than other payment methods. On Binance, for example, GBP bank card deposits carry a 1.8% fee, while on Coinbase the fee is 2.49%. eToro, on the other hand, doesn’t charge deposit fees. Find out more about buying DOGE with a credit card or debit card.

Bank transfer

Making a bank transfer via Faster Payments can be a quick and cheap way to buy Dogecoin. There is a fee of £1 for using this payment method on Binance and no fee on eToro. Coinbase suggests allowing 1-3 business days for the payment to be processed but it is usually immediate.

Cash via ATM

While using cash can be an easy and quick option to buy Dogecoin in the UK, it has its own risk and potential dangers. The chances of being scammed are high. Using reputed trading platforms reduces this risk.

If you still want to use cash, you can always use Dogecoin ATMs for a quick buying experience. There are 11 such machines placed in three cities in the UK, namely London (6), Cardiff (2) and Birmingham (3).

If you reside near any of the 193 crypto ATMs in the UK that don’t offer Dogecoin, you can always buy Bitcoin and use it to fund your exchange account and then use a DOGE/BTC pair to buy Dogecoin.

PayPal

Not all crypto platforms accept PayPal, but eToro is one of the few that do. If you have a PayPal account, you can simply select PayPal as the deposit method when buying Dogecoin. Find out how to buy DOGE with PayPal here.

Neteller

Neteller is a digital wallet for making secure payments online. Although many crypto platforms don’t accept Neteller, you can use it to purchase Dogecoin on eToro.

Skrill

Skrill is another digital wallet that allows you to easily move money online in seconds. While not widely accepted by crypto platforms, Skrill can be used to purchase Dogecoin on eToro.

Other cryptocurrencies

On some crypto platforms, you can use other cryptocurrencies such as stablecoins to purchase Dogecoin. Binance, for example, lets users buy DOGE with cryptocurrencies including BTC and USDT.

Ways to Invest in Dogecoin UK

There are a number of different ways that people in the UK can invest in Dogecoin. We’ll look at a few in more detail below.

Buy and Hold Dogecoin

The benefits of this method of investing in Dogecoin are that it is simple and anyone can do it. The strategy is fairly self-explanatory—you just buy some DOGE and hold onto it for a period of time.

The buy-and-hold strategy is favoured by people who believe the value of Dogecoin will increase in the long term, giving them the chance to sell at a higher price in the future. This method is great for those who don’t have the time and/or skills to constantly analyse the market and make regular trades.

Trade Dogecoin

The volatile nature of DOGE’s price means that it also lends itself to trading. Traders can benefit from short-term price fluctuations by making frequent trades to generate profits.

Trading strategies are more complicated than buying and holding and require more time and effort. Skills in technical analysis are also useful to identify the best times to make trades.

Best Dogecoin Wallets

There are various types of Dogecoin wallets to suit different users. You can read more about the different types in the Choosing a Dogecoin Wallet Section. We’ve already shortlisted the best and safest places to store DOGE, and you can click on one of the wallet providers below to get started.

Dogecoin Mining

Dogecoin is a Proof of Work blockchain, meaning that the network is secured by miners who validate transactions and are rewarded with DOGE.

Using a different mining algorithm that resists the super-powered ASIC machines, Dogecoin can be mined using a powerful computer. You can mine on your own or join many mining pools and cloud mining operations. Read more about mining Dogecoin here.

Although DOge is one of the best cryptocurrencies to mine, mining Dogecoin isn’t for everyone due to the cost, equipment, and effort involved. Those who want an easy way of acquiring DOGE would be better off purchasing it from one of the platforms recommended on this page.

Choosing a Dogecoin Wallet

Once you have purchased your Dogecoin, you will need to decide where to store it. There are a number of options available to suit different needs.

Dogecoin Software Wallets

• Web wallet: Accessible through any browser, all you need is an internet connection to send and receive your DOGE. eToro, Binance, and Coinbase all provide free web wallets where you can store your DOGE.

• Desktop wallet: This is a wallet that you download and run on your computer, with your private keys being stored on your hard drive. There are two desktop wallets available on dogecoin.com for Windows, Mac, and Linux PCs. These are the “full” wallet, Dogecoin Core, and the “light” version, Multidoge.

• Mobile wallet: This type of wallet takes the form of an app that can be downloaded onto your phone. There is a mobile Dogecoin wallet for Android devices listed on dogecoin.com. Options for Apple users include various crypto apps for iPhone.

Physical and Hardware Wallets

• Hardware wallet: A hardware wallet is a physical device, often a USB, and is the most secure place to store DOGE. Hardware wallets that support Dogecoin include Trezor and Ledger.

• Paper wallet: You can create a paper Dogecoin wallet by using a private key generator to generate a public and private key. They will be in the form of strings of characters and/or QR codes which you can print or write down. However, paper wallets aren’t a secure way to store DOGE.

Wallet Combinations

There are also Dogecoin storage solutions that combine more than one of the wallet types listed above. For example, if you store your Dogecoin on a Ledger hardware device, you can also download the Ledger Live app to easily manage and trade your DOGE.

Should I Buy Doge Now?

It is ultimately your decision whether and when to buy Dogecoin, but there are some factors that might influence it.

One such factor is strategy. If you intend to use a dollar-cost averaging strategy (buying set amounts of DOGE at regular intervals to hold for the long term), then timing isn’t that important as you’re not concerned with short-term price fluctuations.

If, however, you want to buy Dogecoin for the short term and turn a quick profit, it might be better to buy it after a price dip and/or in anticipation of a price rise.

There are plenty of things that could affect the price of Dogecoin, such as global economics, market sentiment, news, project developments, social media hype, and celebrity endorsements. For example, a Dogecoin-related tweet from Elon Musk could cause the price of DOGE to surge.

Dogecoin Fees & Regulations

You will most likely need to pay a fee when you purchase Dogecoin, regardless of which platform you use. Binance charges a trading fee of up to 0.1% for each DOGE trade and Coinbase up to 0.6%. On eToro, the market price quoted for Dogecoin includes a bid-ask spread and there is a 1% fee on top of this for each DOGE trade.

There are also deposit and withdrawal fees to consider. eToro doesn’t charge any fees for deposits, while the deposit fees on Binance and Coinbase depend on the payment method used. eToro doesn’t currently support the withdrawal of DOGE to a private wallet, while Coinbase charges a 1% withdrawal fee and Binance charges a withdrawal fee of 1.81 DOGE or 5 DOGE depending on the blockchain used.

Dogecoin (along with all other crypto assets) is unregulated in the UK, meaning there is no consumer protection if your DOGE is lost or stolen. This is why it is important to use a regulated and reputable platform that has strong security and insurance.

Dogecoin Price

The price of DOGE is volatile, meaning it can change quickly and by a significant amount. Investors who buy and hold for the long term may choose to buy at any price, while short-term traders will likely aim to buy during dips and sell at peaks.

The price history of DOGE has broadly correlated with Bitcoin and the rest of the crypto market, surging to an all-time high of £0.46 in May 2021. There are plenty of factors more specific to Dogecoin that may also affect its price. If you want to learn about DOGE’s future price potential, you can check out our Dogecoin price prediction page.

Buying Dogecoin Safely & Securely

If you have decided to invest in Dogecoin, the last thing you want is to lose your investment due to a lack of security. If you buy DOGE on a dodgy platform, it’s possible that you could find yourself the victim of a rug pull or lose your funds if the platform gets hacked.

The best way to avoid these scenarios is to only purchase Dogecoin from a well-respected and regulated platform, such as the ones recommended in this guide. Make sure to use a strong, unique password for your account and set up two-factor authentication if possible to keep it secure.

Once you’ve purchased DOGE, the safest place to store it is a hardware wallet—but make sure to get your wallet address exactly right when withdrawing or your coins could be lost forever. If you prefer the convenience of keeping your DOGE on the platform, it’s best to select a platform that uses cold storage and has crypto insurance.

3 Tips to Remember When Buying Dogecoin in the UK

While you can learn how to buy Dogecoin, there is more to it than just placing an order. There are several factors that can influence your decision and we have listed the three most common ones.

1. Choose the right time and do your own research

As a cryptocurrency, Dogecoin is a volatile asset and its price is constantly fluctuating. A piece of news from the Far East can have the same impact as local news, and therefore, knowing when to buy is important.

You should study past performance, current news, and potential developments to get an idea of when is the perfect time to buy Dogecoin.

2. Comparing costs to buy Dogecoin

Every platform has a different fee structure. This is not only limited to buying and selling but also deposits and withdrawals.

Comparing all the costs involved will let you know which is the best platform for you. An efficient exchange with low transaction fees might still charge you heavily for withdrawals, eating into your profits.

3. Safety and security

Never compromise on security. Exchanges are a hot target for hackers and scammers due to the large number of cryptocurrencies being held there. Always check out the type of security being used by your preferred platform.

Many exchanges offer Two two-factor authentication (2FA) and withdrawal address whitelisting. Enabling withdrawal address whitelisting means that the exchange will only send your DOGE or other cryptos to wallet addresses that you have approved.

Is it Legal to Buy Dogecoin in the UK?

At the time of writing, purchasing Dogecoin in the UK is completely legal. Selling DOGE may make you liable to pay capital gains tax if you turn a profit, but for purchasing alone, no reporting is required.

While it is legal to buy Dogecoin in the UK, it would be wise to always use a reputable and regulated platform to purchase DOGE tokens. This avoids any potential legal complications and associations with bad actors. It is always wise to document purchases too so that you can prove ownership of your DOGE if necessary.

Where Can I Use Dogecoin in the UK?

As it stands, there are no major retailers or brands that accept Dogecoin payments in the UK. This means that if you want to pay for something using DOGE, you will have to find a private individual willing to provide goods or services in exchange for Dogecoin. This means that Dogecoin acts more like an investment than a currency at the moment.

Keep your eyes peeled, though. The Dallas Mavericks, an American basketball team, have announced plans to accept DOGE payments in the near future, and Tesla CEO Elon Musk has reportedly considered accepting Dogecoin payments for his firm’s electric vehicles. Developments like these could certainly migrate to this side of the Atlantic as crypto adoption accelerates.

Final Thoughts on How to Buy Dogecoin in the UK

There is clearly a lot to consider when it comes to where, when, and how to purchase Dogecoin in the UK, but the most important thing is to choose the best platform for you.

We believe eToro is the top platform for buying DOGE in the UK due to its strong reputation, security, ease of use, and range of innovative tools and features. It’s quick and easy to set up an account and make a deposit with eToro—after that, you can purchase Dogecoin in a matter of seconds.