How to Buy Dogecoin – Invest with Low Fees Today

We cover everything you need to know about how to buy Dogecoin.
Michael Graw
Author: Michael Graw
Last Updated: 18 May 2021
Dogecoin Cover Image
Dogecoin Cover Image

Dogecoin has been the hottest cryptocurrency of 2021 so far, gaining nearly 17,000% in the span of just a few months.

In this guide, we’ll cover everything you need to know about how to buy Dogecoin and where to buy Dogecoin in 2021.

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    How to Buy Dogecoin – Quick Steps 

    Want to buy Dogecoin right away? You can get started with these 4 quick steps.

    1. Open an account: We recommend using eToro to buy Dogecoin because it offers commission-free trading and a wide range of deposit methods. Head to eToro and click ‘Join Now.’

    2. Upload ID: Upload a copy of your driver’s license or passport to verify your identity.

    3. Deposit Funds: Deposit at least $50 with a debit or credit card, PayPal, Neteller, Skrill, or bank transfer.

    4. Buy Dogecoin: Search for Dogecoin, enter the amount you want to buy, and click ‘Buy Dogecoin.’

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

    How to Buy Dogecoin Online in 2021 – eToro Tutorial

    Want to learn how to buy Dogecoin using our top-rated cryptocurrency exchange, eToro? We’ll walk you through the steps for how to buy Dogecoin in less than 10 minutes.

    Step 1: Open an Account

    Head to the eToro website and click ‘Join Now’ to open a new account. Enter a new username and password for your account, or set up your account using your Google or Facebook credentials.Sign up for eToro Account

    Step 2: Upload ID

    Next, eToro will ask you to verify your identity. Upload a copy of your driver’s license or passport along with a copy of a recent bank statement or utility bill that shows your address. The verification process typically takes less than 5 minutes.

    Step 3: Deposit Funds

    Once your account has been verified, you can deposit funds. eToro requires a minimum deposit of $50 if you’re in the US and $200 in most other countries.Fund your eToro Account

    You can pay using a wide variety of methods, including a debit card, credit card, PayPal, Neteller, Skrill, and bank transfer.

    Step 4: Buy Dogecoin

    Enter ‘Dogecoin’ into the search box at the top of the eToro dashboard and click ‘Trade’ when Dogecoin appears. In the order form that appears, enter the amount of Dogecoin you want to purchase (you must invest at least $25). You can set a stop loss or take profit level for your trade if you want.Buy Dogecoin with eToro

    When you’re ready, click ‘Open Trade’ to buy Dogecoin.

    How to Sell Dogecoin

    When it comes time to sell your Dogecoin, you can do so by repeating Step 4. Just select ‘Sell’ in the Dogecoin order form and enter the amount of Dogecoin you want to sell at the current market price. Once your trade is complete, you can use the funds to make another trade or withdraw them to your payment method of choice.

    Where to Buy Dogecoin

    Now that you know more about the mechanics of buying Dogecoin, where should you actually go to do it?

    Many cryptocurrency exchanges and multi-asset brokers now offer Dogecoin trading. Let’s take a closer look at where to buy Dogecoin today.

    1. eToro – Overall Best Crypto Exchange to Buy Dogecoin

    Our #1-rated cryptocurrency trading platform to buy Dogecoin is eToro. This broker offers trading on more than 15 of the most popular cryptocurrencies. So, you can use it to buy Bitcoin or to buy Ethereum in addition to trading Dogecoin.

    A big part of what sets eToro apart is that cryptocurrency trading with this broker is 100% commission-free. You just pay a spread for trading, which is just 2.9% for Dogecoin – and as little as 0.75% for Bitcoin trading.eToro Cryptocurrencies

    eToro also accepts a wide range of payment methods, which makes it easy for anyone to buy Dogecoin. You can get started with a deposit of just $50 and the platform accepts deposits by debit or credit card, PayPal, and more. You can also easily transfer cryptocurrency to eToro if you want to buy Dogecoin with Bitcoin.

    eToro has a very easy to use trading interface for web and mobile. There are dozens of technical indicators and drawing tools to track price movements. Plus, eToro has a social trading network so you can see what crypto enthusiasts around the world think about the latest Dogecoin meme.eToro Dogecoin Chart

    eToro is regulated by the UK’s Financial Conduct Authority (FCA). The platform offers 24/5 customer support and also has its own cryptocurrency wallet that you can use to store your Dogecoin.

    Pros

    • Trading on 15 top cryptocurrencies
    • No commissions for Dogecoin trading
    • Accepts debit/credit cards and PayPal
    • Built-in cryptocurrency wallet for Dogecoin
    • 24/5 customer support available
    • Social trading network
    • Regulated by the UK FCA

    Cons

    • Limited selection of altcoins
    • Charges a $5 withdrawal fee

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

    2. Capital.com – Trade Dogecoin with CFDs

    Capital.com LogoCapital.com is a CFD trading platform that offers access to dozens of cryptocurrencies, including Dogecoin. With CFD trading, you don’t actually own the underlying token – so there’s no need for a Dogecoin wallet. On top of that, Capital.com allows you to trade Dogecoin with leverage up to 2:1.

    Trading Dogecoin CFDs with Capital.com is 100% commission-free. The broker does charge a spread, but it’s under 4%. Capital.com doesn’t charge any deposit or withdrawal fees, and there’s no inactivity fee if you decide to take a few weeks off trading.Capital.com Dogecoin Trading (1)

    Capital.com’s trading platform is easy to use and offers a number of helpful features for trading. What especially stands out is it’s AI features, which analyze your trading habits and suggest ways you can trade more profitably. Capital.com’s mobile app also offers price alerts, which can help you keep track of Dogecoin’s rapid price fluctuations.

    This trading platform is also a good choice for first-time traders because of its rich educational content. Capital.com has dozens of introductory videos and tutorials that walk you through the basics of trading, as well as a mobile app that you can use to test your knowledge. You can also open a demo trading account with Capital.com to practice trading.Capital.com Mobile App

    Capital.com is regulated by the UK FCA and the Cyprus Securities and Exchange Commission (CySEC). The broker offers 24/7 customer support by phone, email, and live chat, so you can always get in touch if you need help.

    Pros

    • Trade Dogecoin CFDs with 2:1 leverage
    • No commissions or deposit fees
    • Mobile app with price alerts
    • AI helps improve your trading success
    • Regulated in the UK and Cyprus
    • 24/7 customer support

    Cons

    • No access to Dogecoin order history
    • Cannot buy Dogecoin outright
    • Spreads up to 4% of your trade

    71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

    3. Binance – Best Advanced Trading Platform to Buy Dogecoin

    Binance is one of the top crypto platforms for traders who want to dive deep into the price movements of Dogecoin. This cryptocurrency exchange offers an extremely comprehensive trading platform for the web and mobile devices that includes dozens of technical indicators and drawing tools. Binance’s trading platform also lets you look at the order book and depth charts for Dogecoin, which can help you track the coin’s momentum in response to news.

    Binance is somewhat more complex to get started with than either eToro or Capital.com. That said, the broker does offer an instant buy option if you just want to invest in Dogecoin quickly. Binance accepts a wide variety of payment methods, including debit and credit cards.Binance homepage

    Another thing we like about Binance is that it’s relatively inexpensive. The platform charges a 0.10% commission on all Dogecoin trades. You can qualify for a discounted commission if you use BNB, Binance’s own cryptocurrency, to fund your trade. There are no deposit or withdrawal fees.Binance trading platform Dogecoin chart

    Binance offers its own cryptocurrency wallet, the Trust wallet, that supports all of the more than 500 tokens that trade on Binance. The exchange also offers leveraged tokens, cryptocurrency futures, and other derivatives that can appeal to more advanced traders.

    Binance is not regulated, either in the US or Europe. However, the platform is widely trusted and is considered to be safe.

    Pros

    • Trade more than 500 cryptocurrencies
    • Comprehensive web and mobile trading platform
    • Access the Dogecoin order book and depth charts
    • Trade commissions of 0.10% or less
    • Built-in cryptocurrency wallet
    • Accepts debit and credit cards

    Cons

    • Not regulated in the US or Europe
    • Somewhat complicated to get started with

    Your capital is at risk.

    How Much Does It Cost to Buy Dogecoin?

    Dogecoin Broker Dogecoin Trading Fees Deposit/Withdrawal Fees Payment Methods
    eToro 2.9% $5 per withdrawal Debit/credit card, PayPal, Skrill, Neteller, bank transfer, crypto transfer
    Capital.com 4% None Debit/credit card,  Sofort, IDeal, MultiBanko, Trustly, WebMoney, Qiwi, Skrill, Neteller, bank transfer
    Binance 0.10% None Debit/credit card, bank transfer, crypto transfer

    Buying Dogecoin Payment Methods

    When it comes to paying for Dogecoin, you have a lot of options. Let’s look at how to buy Dogecoin using several of the most popular payment methods.

    Buy Dogecoin with PayPal

    You can use a cryptocurrency exchange like eToro to buy Dogecoin with PayPal, as well as with e-wallets like Neteller and Skrill. Simply select PayPal as your payment method, log into your account, and transfer the funds. eToro allows you to buy Dogecoin with PayPal with as little as $50.

    Buy Dogecoin with Credit Card

    Many cryptocurrency trading platforms, including eToro, Capital.com, and Binance, allow you to buy Dogecoin with a credit card. Enter your credit card number and the amount you want to deposit, and the funds will be instantly available in your account.

    Note that some platforms like Binance charge an extra fee for instant credit card transactions. eToro and Capital.com do not have deposit fees.

    Buy Dogecoin with Debit Card

    You can also buy Dogecoin with a debit card using the same process as for a credit card. When you fund your trading account with a Visa or Mastercard debit card, your money is available for buying and selling Dogecoin right away.

    What is Dogecoin?

    Dogecoin is a cryptocurrency that originally launched in 2013. It was created by Jackson Palmer and Billy Markus. The token was intended by its founders to be a joke around the then-popular meme of a Shiba Inu dog that called itself a ‘Doge.’ Dogecoin LogoIn many ways, Dogecoin is a lot like Bitcoin. It’s primarily used as a means of transferring money from one person to another anywhere in the world using a blockchain. Dogecoin transactions are actually much faster and cheaper than Bitcoin transactions, since Dogecoin’s blockchain can handle up to 40 transactions per second while Bitcoin’s blockchain can only handle 7.

    However, there is an important difference between Dogecoin and Bitcoin: the supply of Dogecoin is unlimited. That means that there is no maximum number of Dogecoin tokens that can be mined – as long as transactions continue happening on the Dogecoin blockchain, more Dogecoin will be released into circulation.

    Ultimately, this makes it impossible for Dogecoin to appreciate in the long run in the same way that other cryptocurrencies have.

    Dogecoin Analysis – Is it a Good Investment?

    Dogecoin was founded as a joke and the digital currency doesn’t have a limit on its supply. So why has this cryptocurrency gained more than 17,000% since the start of 2021?

    Much of the activity around Dogecoin is speculative. The cryptocurrency has gained popularity among cryptocurrency enthusiasts and particularly among crypto traders on Reddit and other social media networks. Dogecoin has also been endorsed by a number of celebrities, including Tesla founder Elon Musk, and that has helped to drive up interest in the coin.

    Although Dogecoin’s supply isn’t capped, the price of the coin can rise as long as increasing demand outstrips the pace of Dogecoin mining. The huge interest in Dogecoin in recent months has caused such a situation – but beware that any decline in demand for Dogecoin could give miners a chance to catch up, which would drive the value of this digital asset down.

    For now, you could buy Dogecoin as a short-term investment or use it as an instrument for day trading. Dogecoin’s price is extremely volatile and reacts enormously to any news from Elon Musk or other celebrities. If you have a high tolerance for risk, there are potentially significant rewards for traders who time Dogecoin’s price movements correctly.

    Dogecoin Price

    For most of Dogecoin’s existence, the coin was nearly worthless. It began 2021 with a value of $0.0054, around half a cent per Dogecoin.

    At the end of January, however, interest in Dogecoin began to spike. This was around the same time that Reddit traders were driving up the prices of Gamestop and other internet meme stocks, and the spike in Dogecoin’s price was part of the same trend. Elon Musk tweeted about Dogecoin on January 28, which sent the price rocketing upwards. By the end of February, the price of Dogecoin had jumped by nearly 10x.Dogecoin Price ChartThen in mid-April, Musk began tweeting about Dogecoin again. As a result, the price of the coin shot from $0.075 to as high as $0.72 in early May. For traders who got into Dogecoin last year, that represents a gain of more than 17,000%. At its peak, Dogecoin as a whole was valued at more than $90 billion.

    Dogecoin’s price recently took a big hit, though, when Elon Musk joked on the comedy show Saturday Night Live that Dogecoin is ‘a hustle.’ The price fell to $0.45 – a loss of almost 40% – showing just how much about Dogecoin’s value is predicated on Musk keeping up enthusiasm for the coin.

    Dogecoin Price Prediction

    It’s extremely hard to predict where the price of Dogecoin is headed in the short term. The coin looked to be heading higher, but Musk’s joke that the coin is a hustle could also be the beginning of the end of Dogecoin’s meteoric rise. A supportive tweet from Elon Musk could send Dogecoin above $1, but silence from the Tesla founder could leave traders wondering whether it’s time to move on.

    Over the long term, there’s little question that Dogecoin’s price will fall. It may not return to it’s pre-2021 price level for months or even years, but the fact the Dogecoin has an unlimited supply means it cannot sustain current prices forever.

    Investing in Dogecoin vs. Trading Dogecoin

    Dogecoin should be seen strictly as an instrument for trading, not as a long term investment. The massive drop in price after Musk’s recent comments illustrate that there is almost nothing propping up the price of this coin other than enthusiasm for it. If the joke fades, the price of Dogecoin will likely crash quickly.

    Dogecoin’s structure also ensures that the coin cannot hold value for the long term. Since there is an unlimited supply of Dogecoin, mining will eventually catch up with demand. As that happens, the price of Dogecoin will fall.

    That said, Dogecoin could potentially be lucrative for traders. While the price of the coin fell recently, it seems unlikely that the hype around Dogecoin is over. A single enthusiastic tweet from Musk could drive the price up. Even if Dogecoin has begun its descent back to earth, there will be many ups and downs along the way that traders can try to profit off of.

    Ways of Buying DOGE

    There’s more than one way to buy Dogecoin. Let’s take a look at some of your options for trading this volatile cryptocurrency.

    Buy Dogecoin Through a Regulated Trading Platform

    One of the best ways to trade Dogecoin is through a regulated trading platform like eToro or Capital.com.

    Regulated trading platforms are overseen by a government agency like the Financial Industry Regulatory Authority (FINRA) in the US or the Financial Conduct Authority (FCA) in the UK. These regulators ensure that trading platforms are playing by the rules and looking out for your safety as a trader. That means there are rules around how they store your funds, how they execute your trades, and what fees they can charge and how they have to disclose them.eToro Homepage

    Since regulated trading platforms have to follow these rules, they tend to be relatively easy to use. For example, eToro is able to accept a wide range of deposit methods, including debit and credit cards, PayPal, and bank transfers in part because it’s regulated. You can also be confident that any funds you store with eToro or another regulated platform are safe.

    Invest in Dogecoin via a Cryptocurrency Exchange

    Cryptocurrency exchanges like Binance can be relatively safe, although they’re often not subject to the same scrutiny as regulated platforms. Binance, Coinbase, and other major exchanges are reliable, but there are hundreds of unlicensed exchanges that you should be more wary of.

    One major downside to trading Dogecoin with a cryptocurrency exchange is that most don’t accept fiat currency for payment. You may need to buy Bitcoin first and then transfer your Bitcoin over to the exchange to buy Dogecoin. That makes the process a bit more complex and time-consuming compared to using a full-service broker like eToro.

    Trade DOGE on a CFD Trading Site

    You can also trade Dogecoin without actually owning Dogecoin outright. CFD (contract for difference) trading platforms like Capital.com enable you to speculate on the price of Dogecoin just like if you owned it. However, you don’t have to worry about setting up a cryptocurrency wallet.

    In addition, CFD trading sites often allow you to trade with leverage – with Capital.com, you can trade with 2:1 leverage. You may also be able to speculate on how the price of Dogecoin will change relative to Bitcoin or Euros instead of just relative to the US dollar.

    The Best Dogecoin Wallet

    If you plan to buy Dogecoin outright with a regulated trading platform or cryptocurrency exchange, you’ll need a Dogecoin wallet. This is where you store your Dogecoin tokens for safekeeping until you’re ready to sell. So, what’s the best Dogecoin wallet to use?

    Our favourite Bitcoin wallet is from eToro. The eToro crypto wallet supports more than 150 cryptocurrencies, including Dogecoin, and enables you to instantly trade between tokens at any time. It also allows you to send money to anyone using their wallet address or a QR code, which makes payments easy. The eToro wallet is completely free and is available for iOS and Android devices.eToro Crypto WalletIf you’re looking for even more functionality, Binance’s Trust wallet is a good option. This wallet supports over 500 cryptocurrencies, including many lesser-known altcoins. You can interchange between cryptocurrencies in your wallet easily using BinanceDEX, a decentralized exchange. The Binance wallet also offers decentralized financial apps (dApps), so you can take advantage of banking services for your cryptocurrency assets.

    There are many other options, too. Exodus and Mycelium are both very secure crypto wallets that are simple for first-time crypto traders to use. If you want to keep your cryptocurrency offline so that it’s protected from potential hackers, consider cold storage wallets from Ledger and Trezor.

    Dogecoin Reddit – Keep Up to Date with DOGE

    Reddit has played a huge role in the rise of Dogecoin, and it continues to be one of the main places where Dogecoin traders discuss the coin. The Dogecoin Reddit group has nearly 2 million members and is definitely a message board you’ll want to watch if you’re trading Dogecoin.

    Conclusion

    Trading Dogecoin has never been easier thanks to trading platforms like eToro, Capital.com, and Binance. While we don’t recommend this coin as a long term investment, it’s volatility makes it a prime target for trading.

    With eToro, you can buy Dogecoin with 0% commission and invest as little as $25. Click the link below to get started today!

    eToro – Buy DOGE With 0% Commission

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

    FAQs

    How is Dogecoin different from Bitcoin?

    Dogecoin uses the same blockchain technology as Bitcoin and can be used to send money anywhere in the world. However, the supply of Dogecoin is unlimited, whereas there is a finite supply of Bitcoin that can ever be mined.

    Will the price of Dogecoin keep rising?

    It’s impossible to say whether Dogecoin can continue its meteoric rise - a lot depends on what Elon Musk says about the coin next. Over the long term, however, Dogecoin should lose value since there is no limit to how much of it can be mined.

    Can I buy Dogecoin with a credit card?

    Yes, trading platforms like eToro and Binance allow you to buy Dogecoin with a debit card or credit card. eToro also allows you to buy Dogecoin with PayPal.

    Can I short-sell Dogecoin?

    If you think Dogecoin’s price will fall, you can short-sell the token using CFDs. eToro offers CFD trading on Dogecoin - just choose ‘Sell’ instead of ‘Buy’ when entering your order.

    Where can I buy Dogecoin stock?

    Dogecoin is a cryptocurrency, not a stock. If you want to buy Dogecoin, you’ll need to buy the DOGE token using a trading platform like eToro, Capital.com, or Binance.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
    Michael Graw

    Michael is a writer covering finance, new markets, and business services in the US and UK. His work has been published in leading online outlets and magazines.