How to Buy Dogecoin – Invest with Low Fees Today

Author: Jimmy Aki

Dogecoin is one of the most popular cryptocurrencies available. The asset has become especially popular in 2021, thanks to impressive price gains that have attracted many investors. Now, many people want to buy Dogecoin or trade it. Want to jump in on the Dogecoin boom? This guide unpacks everything there is to know on Dogecoin and the best places to buy the asset online.

Best Places to Buy Dogecoin in August 2021

Before we go ahead, let’s explore some of the best places to buy Dogecoin this year. Our top choices include:

How to Buy Dogecoin Quick Guide on The Best Brokers for Buying Dogecoin in August 2021

Want to learn how to buy Dogecoin right away? Just follow these quick steps to buy Dogecoin instantly.

  1. Open an account: You’ll first need to open an account with a trusted cryptocurrency broker. We recommend eToro.
  2. Upload ID: As a regulated brokerage site, eToro will ask you to upload a copy of your government-issued ID.
  3. Deposit: You can now deposit funds with a debit/credit card, Paypal, Neteller, Skrill, or a bank wire.
  4. Buy Dogecoin: Search for ‘DOGE’ and click on the ‘Trade’ button. Enter the amount of Bitcoin you wish to buy ($25 minimum) and confirm the order.

You will now have Dogecoin in your eToro portfolio.

How to Buy Dogecoin – eToro Tutorial

Looking for a more comprehensive walkthrough of how to buy Bitcoin online? If so, the section below will show you exactly what you need to do to get your hands on Bitcoin in the safest and most cost-effective way possible.

Step 1: Open an Account

To open an eToro account, head to eToro’s website and click ‘Join Now’ at the top of the homepage. Enter your email address and a password, and then click on the link in the email that is sent to you to verify your email address.   

eToro sign up

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

On the next page, you will then be asked for additional personal information – such as your country of residence, home address, date of birth, and national tax number. eToro will send an SMS to your mobile phone for verification.

Step 2: Upload ID

eToro requires you to verify your identity in order to comply with local regulatory laws. As such, you will need to have your identity verified. You can actually complete this step at a later date – but it does need to be done before you are able to:

  • Deposit more than $2,250
  • Make a withdrawal

With this in mind, it’s best to quickly upload the required documents now to avoid any delays in the future.

This requires a copy of your:

  • Passport, driver’s license, or national ID card
  • Utility bill or bank account statement issued within the last 3 months

In most cases, eToro will authenticate your documents straight away and subsequently remove all account restrictions.

Step 3: Make a Deposit

eToro doesn’t offer direct Dogecoin purchases – meaning that you will first need to deposit some funds. Apart from a bank transfer, all deposit methods are credited to your account instantly.

You can choose from:

  • Debit/credit card (Visa, MasterCard, Maestro)
  • Paypal
  • Skrill
  • Neteller
  • Local bank transfer (country-specific)
  • International bank wire

In terms of fees, eToro charges just 0.5% on deposits – irrespective of the payment method. This is much cheaper than some of its main competitors, with the likes of Coinbase charging 3.99% to buy Bitcoin with a debit card.

Furthermore, if you are a US resident depositing funds with a USD-backed payment method, there is no transaction fee at all. In terms of the minimum deposit, this stands at $50 for US residents and $200 for most other countries.

Step 4: Search for Dogecoin

At this stage of our step-by-step guide, you should now have an eToro account that is funded. Now it’s time to buy Dogecoin. The easiest way of doing this is to enter ‘DOGE’ into the search box at the top of the page.

buy dogecoin

Then, you’ll need to click on the ‘Trade’ button to open up an order box.

Step 5: Buy Dogecoin

You can now buy Bitcoin by entering the size of your stake into the ‘Amount’ box($25 minimum).

Finally, click on the ‘Open Trade’ button to complete your investment.

Where to Buy Dogecoin

Dogecoin’s popularity has risen over the years. This dog-inspired meme coin now has a very loud bark. This has led to its rapid adoption and accessibility across exchanges. From crypto-facing trading platforms to regular online brokers, there’s no shortage of companies facilitating Dogecoin trading.

However, the issue with variety is that it makes it difficult to choose the best place to buy Dogecoin. In this guide, we took our time to vet hundreds of platforms and we came up with this shortlist. Our list of places to buy Dogecoin includes their features, fees, and why each one is unique.

To save you from researching dozens of different platforms, below you will find the best places to buy Dogecoin this year.

1. eToro

eToro is one of the most popular and recommended services available for anyone looking to buy cryptocurrencies. It is highly rated, providing access to various assets and granting users a seamless interface.  etoro logo

There’s a lot to love about eToro. The service provides access to bonds, stocks, commodities, cryptocurrencies, exchange-traded funds (ETFs), and much more. There are 50 cryptocurrencies available on the platform, including Dogecoin.

buy bitcoin

Another benefit of the platform is the fees. You get to trade without commissions, and you can use eToro’s Copy Trader feature to imitate the moves of top traders. When they make money, you do too. eToro is a regulated crypto broker with operational licenses from the UK, U.S, Cyprus among others.

Pros

  • Commission-free trading
  • Low withdrawal fee
  • Impressive Copy Trader feature
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Cons

  • $10 inactivity fee if you don’t use eToro for a year

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

2. Binance

Binance is easily the best alternative to eToro. Currently the largest crypto exchange by daily transaction volumes, Binance handles over $20 billion in trades every day. It provides access to hundreds of assets and a seamless trading service that will help you to make money easily.Binance Logo

Binance’s benefits are quite impressive. Trading commissions are a flat 0.1 percent, which is beyond competitive. The exchange provides an abundance of deposit and withdrawal options, and expert traders can also access sophisticated tools like futures and margin trading. Add this to Binance’s excellent liquidity, and you’ll see why it is so popular.

binance buy bitcoin credit card

On the flip side, Binance is limited to crypto only. The exchange also has some expensive credit card transaction fees, and the main platform isn’t so beginner-friendly. In addition, the Binance platform is not the most beginner-friendly. The charts and several menu options could be confusing for first-time Dogecoin buyers.

Pros

  • Excellent liquidity
  • Great security features
  • Access to sophisticated products for professional traders.
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Cons

  • Not suitable for beginners

Your Capital is at risk.

3. Coinbase

Based in San Francisco, Coinbase is the world’s third-largest crypto exchange. It is also the most valuable publicly traded crypto company, with billions in daily transactions.

Coinbase has several benefits. It provides different payment gateways, and its user interface is much better for beginners than Binance. Coinbase also has a $2 minimum balance, so just about anyone can open an account and begin trading.

coinbase website

Coinbase has two platforms that cater to both beginner and professional traders. In addition to its trading services, Coinbase also offers a payment platform for retail businesses and a suite of services targeted at institutions.

As for its drawbacks, there are a few. For one, fees on Coinbase are much higher than many of its competitors. You’ll need to switch to Coinbase Pro to lower your fees – note that switching is free. The exchange also has a complex fee structure, with costs ranging from 0.5 percent to 4.5 percent depending on things like your coin choice, payment gateway, and transaction volume.

Pros

  • High liquidity
  • Great range of altcoins
  • Clean user interface
[/one_half]

Cons

  • Complex fee structure

Your Capital is at risk.

4. Capital.com

With Capital.com, we have a pretty unique service. Based in London, Capital.com focuses on trading contracts for difference (CFDs) – agreements to pay the difference between an asset’s current price and its price when the contract ends. Capital.com Logo

CFDs provide a great way to invest in something without owning it, making them a great way to gain exposure to cryptocurrencies. When it comes to CFDs, Capital.com is matchless.

capital.com Bitcoin CFDs

The platform has an impressive range of digital assets, and Dogecoin is one of them. Capital.com is also beneficial for advanced traders as it provides leveraged trading with up to 1:2 margins.

Users also enjoy a quick account opening experience and low fees on Forex and stock CFD trading. That said, there are downsides, too – especially the platform’s minimum deposit of $250 on bank transfers. For beginners, this is a bit too costly.

Pros

  • Access to margin trading
  • Excellent customer support
  • Regulated by the FCA and CySEC
[/one_half]

Cons

  • Limited product portfolio

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

5. Libertex

Libertex specializes in offering CFDs. However, it does one better than Capital.com by providing access to assets like commodities, cryptocurrencies, and stocks. Libertex logo

Regulated by the CySEC, Libertex offers several benefits too. You can use it to trade CFDs without paying any spreads, and the service also gives you leverage trading facilities. Commissions on forex and stock trading are very competitive, and withdrawals are usually processed in 24 hours.

That said, Libertex has a high minimum deposit of $100. Withdrawal fees also vary, so there’s no uniform charge for transactions.

Pros

  • Regulated broker service
  • Competitive trading fees on stocks and forex
  • Excellent customer service
[/one_half]

Cons

  • High minimum deposit amount

Your Capital is at risk.

6. Plus500

Plus500 is perhaps the most famous CFD trading service available. Listed on the London Stock Exchange, this service is as legitimate as they come. Plus500 logo

Like Capital.com, Plus500’s offering is limited to CFDs alone. But, the service does pretty well overall, and there’s a lot to be interested in.

As you can expect, Plus500 has the basics – a great user interface, an abundance of deposit and withdrawal methods, and regulation from the U.K.’s FCA.

Its customer service is also helpful, and you will be able to open an account in less than a day with these guys. Withdrawals are free, but you will have to deal with charges based on your payment gateway.

In terms of cons, Plus500’s minimum deposit is $100. The service also charges an inactivity fee of $10 if you fail to log in within a period.

Pros

  • Quick account opening process
  • Secure platform
  • Excellent customer service
[/one_half]

Cons

  • The inactivity fee is charged after just 3 months

Your Capital is at risk.

7. AvaTrade

Focusing on CFDs and forex trading, AvaTrade has been operating since 2006. The service is based in Australia, but it has offices in Japan, the British Virgin Islands, Canada, and South Africa as well.  AvaTrade

AvaTrade does a lot right. It provides an easy-to-use interface, compatibility with different trading platforms, and various education and research tools for those who would like to do some studying before they invest.

AvaTrade-Home-scaled-1

However, the cream of the crop for this service will have to be AvaOptions – a proprietary platform where users get to trade forex and retail options. As for drawbacks, AvaTrade has a high minimum deposit balance of $100. Its fee structure is also complicated, with various options determining how much you pay for transactions

Pros

  • Great security system
  • AvaOptions
  • Regulated platform
[/one_half]

Cons

  • High minimum deposit balance

Your Capital is at risk.

8. Revolut

Revolut is another Fintech service that is getting deserved attention these days. Based in London, this is a full-scale neobank that provides a full suite of financial services to customers. Revolut only started offering Dogecoin services in June 2021, but it is doing a pretty good job.

Now, users can buy, sell, and trade Dogecoin on the platform. One of Revolut’s many benefits is its trading interface. The app has an impressive design and layout, allowing users to easily see buttons and navigate their way easily.

Revolut website

Another important benefit is the Revolut card, which makes transactions and payments much more convenient. Of all the services named, Revolut has a unique structure. You can choose your preferred account tier and enjoy its benefits – including unique fees and withdrawal caps.

Pros

  • Savings account available, offering up to 4.7 percent APY
  • Impressive range of cryptocurrencies
  • Impressive user interface
[/one_half]

Cons

  • Revolut card comes with delivery fees

Your Capital is at risk.

9. CryptoRocket

CryptoRocket is a popular exchange that has been making the rounds quite well. Based in St. Vincent and Grenadines, CryptoRocket provides access to markets like crypto, forex, stocks, and indices. It is also compatible with the WebTrader and MT4 trading platforms.

Users will love quite a lot about CryptoRocket, including the absence of transaction and deposit fees. When you’re on its Live Trader platform, you also get to pay no commissions.

CryptoRocket website

The exchange’s minimum deposit is just $10, and advanced traders can get leverage of up to 1:500. But, CryptoRocket also has drawbacks. It is unregulated, so you might not want to trust it so much.

Pros

  • Up to 1:500 leverage
  • No hidden fees
  • Commission-free trading on Live Trade
[/one_half]

Cons

  • Not available in the United States

Your Capital is at risk.

10. Changelly

Changelly has a unique value proposition – it is an instant exchange, allowing you to make quick and friction-free transactions.

Based in Prague, Changelly has been operating since 2013. The exchange provides access to over 100 cryptocurrencies, with the ability to make transactions in various payment gateways.

changelly website

Changelly also provides some of the best rates available in the market, allowing you to maximize your profit when making transactions. Its wallet is also pretty popular, with exchanges like Huobi and Exodus using its API.

However, Changelly is limited in its scope. The exchange only allows transactions, so traders won’t have much use for it.

Pros

  • Secure wallet
    Best rates in the market
    Non-custodial exchange, so you hold your fund
[/one_half]

Cons

  • Crypto trading is not available

Your Capital is at risk.

What is Dogecoin?

Dogecoin is one of the most popular cryptocurrencies available in the market today. Created in 2013, Dogecoin is inspired by the famous Japanese Shiba Inu dog. Just like crypto heavyweights names like Bitcoin and Ether, Dogecoin runs on blockchain technology. Holders can carry a copy of the Dogecoin blockchain, and Dogecoin can also be mined in the same manner as the other top assets mentioned.

Dogecoin chart eToro

In fact, Dogecoin creators copied Bitcoin’s code word for word and only changed the Bitcoin keyword in its whitepaper. They replaced the word ‘Bitcoin’ with ‘Dogecoin.’ One major difference between the two is in their maximum supply. While Bitcoin has a hard cap of 21 million coins as supply, Dogecoin has no limit. There’s no limit to the number of Dogecoin that can ever be released to the public. As for use cases, Dogecoin can be used for payments and asset transfers. However, it doesn’t quite work as a store of value. For one, its price is incredibly volatile – even more so than Bitcoin.

As stated earlier, Dogecoin was created in 2013. The asset was developed by Billy Markus and Jackson Palmer – two software engineers – as a way of poking fun at Bitcoin and other cryptocurrencies with lofty plans to change the world. Markus and Palmer didn’t exactly have a use case or plan for Dogecoin. But, it eventually caught on.
Dogecoin’s main value proposition is its community. In its early days, fans gathered funds to sponsor the Jamaican bobsled team to the 2014 Winter Olympics. They also sponsored a NASCAR driver that same year.

To this day, there isn’t much to it – save for the community of adoring fans, which now includes celebrities like Snoop Dogg, Jason Derulo, and Elon Musk.

Is it Worth Buying Dogecoin in 2021?

Due to the rising inflation, very few people keep their money in the bank. Savvy investors looking for higher returns have turned to digital assets like Dogecoin. The meme-based cryptocurrency has been on a roller-coaster run in 2021. The coin grew by over 12,000% from January 2021 to May 2021. That return is significantly higher than the returns posted by Bitcoin and Ether. Both large-cap assets grew about 95% and 369% respectively during the same period.

Dogecoin price charts from Jan-May 2021

One reason why Dogecoin became an instant hit in 2021 was the influence of Tesla boss Elon Musk. The consistent tweet from Musk and the attention from Reddit GameStop traders pushed DOGE to its all-time high of $0.087. But, should you still buy Dogecoin in 2021?

dogecoin elon musk

It depends. Dogecoin has little fundamentals compared to other cryptocurrencies like Bitcoin or Ethereum. A single tweet can cause a spike or slump in price. It’s not an asset to be considered as a long-term investment. There’s no value there and the adoption level is quite low.

Let’s not forget that an infinite amount of Dogecoin can be created out of thin air. However, if you’re looking for a short-term investment that can generate 30% upwards, Dogecoin should be on your radar. The joke coin has faded slightly since the market slumped, along with other assets. However, Dogecoin’s price movement is just another tweet or renewed social media push away. It’s only a matter of time before the price pumps again.

How to Choose the Right Crypto Broker

Given that there are so many brokers to buy Dogecoin from, it’s important for you to make the right choice. Check some of the parameters below as you select the right broker for you:

1. Fees

When it comes to trading cryptocurrencies like Dogecoin, choosing a broker with reasonable fees is critical. Why is this important? Well, because fees can add up really fast. Before selecting a trading platform to use, get a rundown of the broker’s fee structure. This should include withdrawal and deposit fees, transaction fees, and trading fees (if you plan to trade).

2. Safety

The right broker should have proper safety and security protocols to prevent unauthorized access to your funds.

3. Support

A good broker will also have a solid customer support arm to help cater to your every need.

4. Deposit Options

You want to have as many deposit options as possible. From bank transfers and credit cards to payment processors, variety is always great. Just remember to check the fees attached to each one as well.

Responsible Investing: Note When Investing in Dogecoin

Dogecoin has become increasingly popular, thanks to its massive following and the community of people who believe in it. However, every cryptocurrency comes with risks, and this is especially true in the case of Dogecoin.

When investing, it is important that you don’t get drawn into FOMO. The fact that others are investing in something doesn’t mean you should invest too. With that in mind, keep the following at heart when you invest:

Research, research, research: Investment is a continuous journey. You have to always anticipate the market, and research is the best way to get that done. Do your research and be confident before you make an investment.

Set a target: Always have a target when investing. This way, you can measure your performance and see how you’re performing.

Monitor the market: Even with your research, the market could move in a different direction from what you expect. So, you have to always monitor the market to know how best to react. You can also check out review sites and see what they recommend. Many of them work with seasoned experts who know what they are doing and will be able to provide adequate suggestions.

Dogecoin Mining: Can You Still Mine DOGE?

With Dogecoin’s spectacular rise, many people have been interested in it. Well, one of the most interesting ways to get your hands on some DOGE is through mining.
Dogecoin employs proof-of-work mining – like Bitcoin. It also employs the Scrypt algorithm, like Litecoin. So, mining Dogecoin is much faster and less energy-intensive than Bitcoin. Also, you can easily mine Dogecoin with a GPU – unlike Bitcoin that will need an ASIC.

Dogecoin mining also suffers from the same problem as Bitcoin – it is quite expensive since competition on the Dogecoin blockchain has grown. Mining Dogecoin won’t be so profitable unless you’re willing to shell out the significant sums needed to run a GPU and a mining outfit.

If you don’t have the resources, you could join a mining pool instead. A mining pool allows you to join your computing power with other people and share the mining benefits with them in order of contributed power. Mining pools are great because you get to join with whatever you are. However, many of them charge fees, and you still won’t be able to maximize your earnings as you would with solo mining.

Minimizing Risk in Dogecoin Investment

The inherent risk of cryptocurrencies makes it important for every investor to find ways to protect themselves. If you want to cap your exposure, perhaps try the following:

Hedge your risks: Always have a balanced portfolio of investments. Putting all your eggs in one basket won’t end well.

Use a stop loss: A stop loss is an investor’s ally. Set it and make sure to follow it. When investing and things don’t go right, you want to know when to pull your funds.

Set a target: Don’t get greedy when you invest. Set an earnings target and be contented with it

Continue to research: This will help you to understand market trends and prepare for their action. Review sites and expert suggestions are an excellent way for you to get the information you need.

Dogecoin vs. Other Cryptocurrencies

Dogecoin vs. Bitcoin

Bitcoin is the most popular and most valuable cryptocurrency. It continues to hold the standard for digital assets, including Dogecoin.
That said, Bitcoin and Dogecoin have several similarities. They are both mined using the proof-of-work algorithm, and their values have risen significantly this year. However, with Dogecoin not having a specific use case, Bitcoin remains the more valuable currency.

Dogecoin vs. Ether

Ether is the silver to Bitcoin’s gold. The second most valuable cryptocurrency, Ether’s value is primarily tied to the use of the Ethereum blockchain.
Today, many of the fledgling sub-industries in the crypto space use the Ethereum blockchain – from decentralized finance (DeFi) to non-fungible tokens (NFTs) and more. With the use of the Ethereum blockchain growing, Ether’s value is increasing as well.

Dogecoin vs. Litecoin

Litecoin is one of the most popular cryptocurrencies available. Like Dogecoin, it uses the Scrypt algorithm for mining. Litecoin also has a much less stressful mining process than names like Bitcoin.

However, Dogecoin and Litecoin vary on different fronts. Most important is the fact that Litecoin has found a bit of a foothold in payments. Dogecoin, on the other hand, hasn’t.

Dogecoin vs. Libra

Libra is the stablecoin project announced by Facebook in 2019. The asset functions as a stablecoin with backing from some of the world’s top fiat currencies.
Libra is yet to launch. Facebook planned to launch the asset in 2020, but regulators have expressed concerns over it and how it will operate. Facebook will need to appease these regulators before Libra can fly.

Dogecoin Price Predictions: Where Does Dogecoin Go From Here?

Dogecoin has had a pretty impressive year, especially in the first four months. DOGE started the year trading at $0.05, and it rose to an all-time high of $0.74 in early May. But, the asset got hit when the market downturn came, and it has been trying to get back up since.

dogecoin current price

Currently, Dogecoin trades at $0.1823. This is still much higher than what the asset started 2021 with, but the drop has been stunning nonetheless. With the bears still in control of the market, it might take a while for DOGE to hit its lofty heights again.

Remember to do your research before investing. You want to make sure you’re confident when you make an investment, and you need to read and gather as much as you can. Do your own research, get expert predictions, and read review sites for more.

eToro – Best Place to Buy Dogecoin

Dogecoin might be a lot different from Bitcoin, but it is here to stay. Despite the attempts from copycats and regulators to clamp down on Dogecoin, the asset’s value has continued to rise, posting over 4,000% return within the first three months of 2021. It’s clear many are buying Dogecoin for speculative purposes. If you’re ready to take the plunge to get in on the action, you can complete your crypto journey using our recommended broker eToro. It only takes three minutes to get your account setup and ready to purchase Dogecoin.

You should also remember the following:

  • Investing and trading Dogecoin requires a lot of research and work
  • Dogecoin is a risky asset. Only invest what you can afford to lose
  • When trading or investing, do so with only registered brokers and exchanges
  • You should also check out review sites and online experts to get their opinions about Bitcoin
  • Resist FOMO. Only invest if you’re sure of i

etoro logo

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

FAQs

Any risks in buying Dogecoin now?

There's always risks in buying digital assets. The major risk is in the possibility of Dogecoin's price falling off the cliff or the asset becoming totally worthless.

Should I buy Dogecoin?

From a fundamental perspective, Dogecoin has little value. The coin has also not witnessed many institutional adoptions like Bitcoin. However, it has enjoyed numerous price volatility in the past and could enjoy more in the future. Trading Dogecoin in the short term could be very profitable if you time the market properly.

How can I buy Dogecoin instantly?

The easiest way of buying Dogecoin asap is to use a trusted and regulated exchange like eToro.

How can I buy Dogecoin anonymously?

Looking to buy Dogecoin anonymously? One smart way of buying altcoins is by using Bitcoin to fund the transaction. To buy Bitcoin anonymously, you can use a Bitcoin ATM.

Where can I spend my Dogecoin?

Dogecoin is still not as widely used as Bitcoin. However, there is an increasing number of stores that are now accepting the joke-coin including pet stores, sports franchises and travel agencies.

Is it safe to buy Dogecoin?

Dogecoin is built on the blockchain and shares security similarities with Bitcoin. Before the Dogecoin can be hacked or altered, an attacker needs to control about 51% of the hash power.

Will Dogecoin make me rich?

Trading DOGE on a daily basis could help you make a lot of money if you time the market correctly. The asset has the potential to be a lucrative short-term investment, but you should only invest an amount you're willing to lose.

Will Dogecoin ever hit $1

It's possible, but it depends. So far, DOGE's price movement has been spurred by Twitter celebrities and top business leaders like Elon Musk. The cryptocurrency offers virtually no utility compared to Ethereum or Bitcoin. Right now, it has lost its thunder and is only waiting for the next big push so it can rally round and try to push towards its ATH.

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

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