How to Buy Dogecoin UK – Invest with Low Fees Today Author: Kane Pepi Last Updated: 18 May 2021 Based in the UK and looking at how to buy Dogecoin from the comfort of your home? The process shouldn’t take you more than a few minutes – as it’s just a case of opening an account with a regulated cryptocurrency broker and making a deposit with your debit/credit card. In this guide, we walk you through the process of how to buy Dogecoin UK with a commission-free platform. How to Buy Dogecoin UK in 2021 – Quick Guide Don’t have time to read this guide and wondering how to buy Dogecoin UK right now? If so, follow the steps below to buy Dogecoin without paying any commission! Open an Account with eToro: eToro is by far the best FCA-regulated broker to buy Dogecoin – as you can invest from just $25 (£17) and won’t pay any fees. Therefore, begin the process by visiting the eToro website and open an account. Deposit: If you’re not depositing more than $2,250 (£1,600), you can upload your ID documents at a later date. As such, you can proceed to make an instant deposit with your UK debit/credit card or Paypal/Skrill. Buy Dogecoin: Now that your account is funded, enter ‘Dogecoin’ into the search box. After clicking on the ‘Trade’ button, enter the amount of Dogecoin you wish to buy and confirm the trade. And that’s it – you’ve just bought Dogecoin in less than a few minutes without paying a single penny in commissions or fees! Create Account Your capital is at risk. 67% of retail investor accounts lose money when trading CFDs with this provider. How to Buy Dogecoin Online – eToro Tutorial If you’re new to the world of digital currencies and blockchain assets – you might be in need of a more comprehensive walkthrough. If so, this section will explain how to buy Dogecoin UK in a more comprehensive manner. Once again, we are showing you the process with top-rated FCA broker eToro. Step 1: Open an Account and Upload ID As is the case with stock brokers and other trading platforms – eToro requires you to open an account by proving some personal information. This is a minimum requirement for all online brokers that are regulated by the Financial Conduct Authority (FCA). The information that you need to supply at eToro is as follows: Full Name Date of Birth National Insurance Number Home Address Mobile Number Email Address You’ll also need to choose a username and a strong password. To complete the registration process, eToro will send a unique code to your phone via SMS. Simply enter the code on-screen to verify your number. Visit eToro Now 67% of retail investor accounts lose money when trading CFDs with this provider. Step 2: Upload ID Another requirement for FCA-regulated cryptocurrency brokers is that all customers must have their identity verified. The process at eToro is simple – as it’s just a case of uploading a copy of your passport or driver’s license. You’ll also need to supply a copy of a bank account statement or utility bill to verify your home address. Note: If you are depositing less than $2,250 (about £1,600), there is no need to upload the above documents straight away. Instead, you can proceed to make a deposit and buy Dogecoin. You will, however, need to make sure you upload the documents before you request a withdrawal to avoid any delays. Step 3: Deposit Funds Depositing funds into your eToro account is also simple. You can choose from a variety of UK payment methods – such as a debit/credit card or bank account transfer. Alternatively, you might consider funding your account with an e-wallet like Paypal or Skrill. The minimum deposit is $200 (about £140), albeit, you can invest from just $25 (about £17) per Dogecoin trade. Step 4: Search for Dogecoin You should now have a funded eToro account – meaning you can now proceed with your investment. The easiest way to do this is to enter ‘Dogecoin’ into the search box and click on the ‘Trade’ button. Step 5: Buy Dogecoin You will now see an order box – which you need to fill out to complete your Dogecoin purchase. Simply enter the amount you wish to invest (stated in US dollars), and confirm the order. Your Dogecoin tokens are now stored in the eToro wallet. You can view the value of your investment in real-time by clicking on the ‘Portfolio’ button. Step 6: How to Sell Dogecoin eToro is a fee-free broker, meaning you can store your Dogecoin tokens for as long as you want without being charged. The cryptocurrency markets operate 24/7 – so you can sell your Dogecoin investment whenever you wish. All you need to do is head over to your eToro portfolio and click on the ‘Sell’ button. The funds will then appear in your account – which can be withdrawn or reinvested. Where to Buy Dogecoin UK – eToro Dogecoin is now firmly a top-10 digital currency in terms of market capitalization, meaning there are plenty of online brokers and exchanges that allow you to make a purchase. As you likely know, the cryptocurrency exchange industry still has a murky reputation for scams and hacks. Therefore, it’s absolutely crucial that you perform your homework on the platform before parting with your money. To save you from having to do the legwork yourself – below we discuss the best online platforms that allow you to buy Dogecoin UK. 1. eToro – Buy Dogecoin with 0% Commission It will come as no surprise to learn that eToro is the best broker to buy Dogecoin UK. This top-rated platform is super popular with newbies – as the process of registering, depositing funds, and trading can be completed with ease. eToro is a multi-asset broker – meaning that it offers lots of different financial markets. On top of cryptocurrencies, this includes thousands of stock trading markets from 17 international exchanges. You can also trade forex, indices, and commodities. In terms of buying Dogecoin, the minimum stake per trade is just $25. You won’t pay a single penny in commissions when using eToro – which is also the case when storing your Dogecoin in the broker’s in-house wallet. If you are interested in buying other cryptocurrencies – eToro also supports Bitcoin, EOS, Uniswap, Litecoin, Ripple, Cardano, and more. If you have an interest in the wider digital currency markets, you might consider a managed portfolio. At eToro, this consists of a diversified basket of cryptocurrencies that is regularly rebalanced. Another passive investment tool is the Copy Trading feature. This allows you to copy the trades of another eToro investor. Both of these innovative social trading tools can be accessed without paying any fees. When it comes to reputation, eToro is now home to over 20 million active traders. The platform is authorized and regulated by the FCA and covered by the FSCS. You can easily and safely fund your account with a debit/credit card, bank account transfer, or an e-wallet like Paypal or Skrill. Pros 0% commission broker No stamp duty tax on UK shares Over 2,400 global shares and 250 ETFs CFD markets also offered Social network with copy trading Regulated by the FCA FSCS partnered Cons Withdrawal and inactivity fees Visit eToro Now 67% of retail investor accounts lose money when trading CFDs with this provider. 2. Binance – Top-Rated Cryptocurrency Exchange to Buy Dogecoin Next up Binance – the world’s largest cryptocurrency exchange in terms of trading volume. This popular online platform is home to hundreds of fiat-to-crypto and crypto-to-crypto pairs – all of which can be traded at a commission of just 0.1%. This fee can be reduced even further if you hold BNB coins – which is the native digital currency backed by Binance. However, we should note that if you wish to buy Dogecoin UK from Binance with a debit/credit card, the fees increase tremendously. In fact, Binance has a standard direct-purchase fee of 1.8%. From time to time, the platform will offer a promotion where the debit/credit card fee is reduced, so keep an eye out for this. With that said, the fee at eToro remains at 0.5% at all times. Nevertheless, Binance does allow you to deposit funds via a UK bank transfer on a fee-free basis – so this is another option to consider. Once you have completed your purchase, you have several options when it comes to storage. You can either keep the DOGE tokens in your Binance account or withdraw them to a private wallet on your desktop or mobile device. Pros Largest cryptocurrency exchange UK in terms of trading volume Hundreds of cryptocurrency pairs supported Trading commission of just 0.1% Supports UK debit/credit cards and bank transfers Great reputation in the cryptocurrency scene Ideal for advanced traders that seek sophisticated tools and features Cons Not great for newbie investors A standard charge of 1.8% on debit/credit card deposits Visit Binance Now Your Capital is at risk. Dogecoin Brokers Price Comparison Brokerage fees can and will vary between brokers when buying Dogecoin online. As such, below we have outlined the main fees that you need to be aware of. Deposit Fee Standard Commission Spread eToro 0.50% 0% From 0.75% Binance 1.80% 0.10% Variable Be sure to check what fees are payable before proceeding as this can change at any time. What is Dogecoin? Dogecoin is a digital currency that has risen to fame in recent months. Although the project was first launched in 2013 – which makes it one of the oldest cryptocurrencies in the space, Dogecoin remained on the sidelines for many years. But, since Elon Musk – founder and CEO of Tesla, took a public interest in the digital asset, the value of Dogecoin has rocketed. In fact, the digital currency is up over 17,000% in 2021 alone. In terms of how Dogecoin works, it operates on top of the blockchain protocol – much like Bitcoin. Ethereum, and most other cryptocurrencies. Users can transfer Dogecoin to other wallets – with transaction times averaging 1 minute. This is considerably faster than Bitcoin – which takes 10 minutes. Although Dogecoin could be useful as a payments network, it should be noted that the digital currency is highly speculative – meaning people are investing with the hope of making huge financial gains. What is Dogecoin Stock? We get a lot of questions from beginners asking about Dogecoin stock. However, there is no such thing as a Dogecoin stock, as the asset is a digital currency. As such, when you invest, you are not buying Dogecoin stock but digital tokens. Some people simply refer to Dogecoin crypto as Dogecoin stock. Why Buy Dogecoin UK? Dogecoin UK Analysis Put simply, there is no reason to buy Dogecoin other than with the view of making money. This is no different from buying stocks or trading commodities – as you are risking your hard-earned capital to grow your wealth. With this in mind, we need to understand some of the reasons why so many people are buying Dogecoin. Huge Returns in 2021 The rate at which Dogecoin has grown since the turn of 2021 is nothing but unprecedented. For example, in early January 2021, Dogecoin was trading at $0.004 per token. Fast forward to May 2021 and the same digital currency hit highs of over $0.17 per token. In just five months, this means that the value of Dogecoin increase by a whopping 17,000%. In other words, if you invested £2,000 into Dogecoin at the start of the year, your investment would have been worth over £340,000. Since then, the value of Dogecoin has dropped off slightly – but it is still up by a significant amount for the year. Cheap to Buy As you likely know, the likes of Bitcoin and Ethereum are now very expensive to own. At the time of writing, a single BTC/ETH coin will set you back over $55,000 and $3,800 respectively. Sure, with online brokers like eToro, allows you to buy a small fraction of a digital currency – you can still buy these crypto-assets without breaking the bank. However, in many ways, investors in the UK prefer to own a full financial instrument as opposed to a fraction of an asset. If this sounds like you, then Dogecoin is ideal. After all, even at its all-time high price of $0.71 – you can get your hands on lots of coins with a small investment. For example, if you were to invest $710 (about £505), you would get 1,000 Dogecoin tokens. If you want to be a bit more conservative, an investment of just $100 (about £71) would get you just over 140 Dogecoin tokens. Elon Musk As noted earlier, the general consensus is that Elon Musk is behind much of the Dogecoin craze that we have seen over the past few months. In fact, every time Musk mentions Dogecoin – whether that’s on Twitter on in a TV interview, the value of Dogecoin moves in a parabolic manner. That is to say, if Musk talks about the digital currency in a positive way, expect a rapid upward trajectory. However, Elon Musk cannot determine the fate of Dogecoin in the long run. As such, just make sure you understand the risks involved when investing in a speculative asset like Dogecoin. Dogecoin Price At the time of writing, the Dogecoin price is trading at $0.40 per token. This amounts to a decline of 43% from its recent high of $0.71. However, when you consider that Dogecoin was worth just $0.004 in January 2021, this means that the digital currency is still up by almost 10,000% for the year. Once again, this should illustrate just how volatile this crypto asset is. In fact, in the 24 hours prior to writing this guide, Dogecoin is down 20%. If you are unable to handle such large daily pricing swings, Dogecoin won’t be for you. Dogecoin Price Prediction The speculative and highly volatile nature of Dogecoin means that performing a price prediction is pretty much impossible. Once again, this is because investors are buying Dogecoin on the back of comments made by Elon Musk. Some proponents are targeting a Dogecoin price of $1 per token – but this is nothing but speculation. Dogecoin to GBP As you might have noticed, this guide has priced Dogecoin in US dollars. This is because USD is the primary currency of choice when valuing digital assets. Even if you use a UK-based online broker or exchange to buy DOGE tokens, you can be all but certain that this will still be priced in US dollars and cents. Nevertheless, based on prices at the time of writing this guide, at $0.40 per Dogecoin, this amounts to approximately 28p. As such, a £280 investment would get you in the region of 1,000 Dogecoin tokens. Investing in Dogecoin vs Trading Dogecoin You might hear some people say that they are ‘investing’ in Dogecoin. While in other cases, you might see that Dogecoin is being ‘traded’. Although these two terms are often used interchangeably, they actually refer to different strategies. If you are investing in Dogecoin, this means that you are looking to buy the digital currency and keep hold of your coins in the long run. This might be over the course of a few years – with the hope that Dogecoin will be worth significantly more. This strategy is not too dissimilar to buying stocks and shares. On the other hand, if you are trading Dogecoin, this is generally considered to be a short-term strategy. You will be looking to enter and exit the market over a matter of hours or days – making trading decisions based on your own research. For example, you might buy Dogecoin when Elon Musk posts a positive Tweet and then cash out a few hours later when the FOMO (Fear of Missing Out) has peaked. Then, you might decide to reverse your position by placing a short-selling order – allowing you to profit from falling Dogecoin prices. Best Dogecoin Wallets If you are looking to invest in Dogecoin – you need to start thinking about wallets. This is because Dogecoin is a digital currency and thus – it isn’t stored in the same way as cash in a bank account. Instead, the best Dogecoin wallets can be accessed online, via a mobile app, desktop software, or a hardware device. If you’re not sure which option you prefer – below we discuss the best Dogecoin wallets for beginners. eToro Dogecoin Wallet eToro – which is the best broker to buy Dogecoin online, also offers a safe and secure way of storing your digital funds. In fact, the platform actually offers two options. Most traders will buy Dogecoin at eToro and then keep their tokens on the platform. This is because eToro will ensure that your funds are kept safe. Then, when it comes to cashing out, you only need to click on the ‘Sell’ button. This will be especially important if you wish to sell your Dogecoin instantly. With that said, eToro also offers a top-rated cryptocurrency wallet that can be downloaded via an Android or iOS mobile app. Not only does the wallet allow you to store Dogecoin securely, but 120+ other cryptocurrencies. As such, you can keep all of your digital assets in one safe place. In addition to being able to store Dogecoin, the eToro wallet also gives you access to investment services. That is to say, you can buy cryptocurrencies from within the wallet app, and even exchange one digital currency for another. Binance Dogecoin Wallet If you buy Dogecoin on the Binance website, you will also have a couple of options when it comes to storage. If you want the most convenient option, you can leave your Dogecoin tokens in your Binance web wallet. The exchange claims that it keeps the vast majority of client funds in cold storage, which is a major safeguard. For those unaware, cold storage means that the wallet is kept offline and away from live servers. Or, you might consider downloading the Binance mobile app to your phone – which the provider calls the Trust Wallet. The mobile wallet is fully decentralized, meaning that you have full control over your private keys. Take note, this does mean that if you lose your private key or an external hacker gains access – your Dogecoin tokens will be gone forever. As such, if you’re a newbie, the better option is eToro. Dogecoin Reddit – Keep Up to Date with Dogecoin If you’re looking for a great source of information from other Dogecoin enthusiasts – look no further than the online forum Reddit. At the time of writing, the Dogecoin Reddit group is home to over 1.8 million members. This is where a lot of the market speculation arises, as users share information on when Elon Musk is next due to make an appearance on TV. You can also post questions and new threads about Dogecoin – should you wish to communicate with other members of the group. eToro – Buy Dogecoin UK With Low Fees & PayPal This guide on how to buy Dogecoin UK has explained everything there is to know about this volatile and speculative digital currency. If you’re keen to make an investment right now – the best broker for the job is eToro. Not only is eToro regulated by the FCA – but the platform allows you to buy Dogecoin with a debit/credit card or e-wallet at the click of a button. Best of all, eToro charges just 0.5% on deposits and 0% in Dogecoin trading commission! Create Account Your capital is at risk. 67% of retail investor accounts lose money when trading CFDs with this provider. FAQs Should I buy Dogecoin If you’re a risk-averse investor, then Dogecoin likely won’t be the right asset class for you. After all, the digital currency can rise or fall by over 20-30% in a single day of trading. On the other hand, Dogecoin has grown in value by over 17,000% in 2021 alone. As such, you wouldn’t need to risk a lot of money to get a look in. This is especially the case when using eToro, as the broker allows you to buy Dogecoin UK without paying any commission. Where can I buy Dogecoin? There are hundreds of online exchanges and brokers that allow you to buy Dogecoin. However, if you’re wondering how to buy Dogecoin UK in the safest and most cost-effective way – consider eToro. The broker is regulated by the FCA, supports debit/credit cards and e-wallets and charges 0% in commission fees. How much is Dogecoin worth? At the time of writing, the Dogecoin price is trading at $0.40 per token. This down from its previous all-time high of $0.71 – but significantly more than the January 2021 Dogecoin price of $0.004. How to sell Dogecoin? If you want to sell Dogecoin, it’s best to complete the process with the same broker that you used to make the purchase. For example, if you bought Dogecoin at eToro and kept the tokens on the platform, you could instantly cash your investment out at any time you wish. If you are storing your Dogecoin in a private wallet, you will first need to transfer the tokens to a broker or exchange. What is Dogecoin mining? When you ‘mine’ Dogecoin, you are helping to keep the network decentralized by confirming transactions. You do this by inserting a piece of specialist hardware into your computer. In theory, if you mine Dogecoin, you will be rewarded with tokens. However, the more people that attempt to mine Dogecoin, the more competitive it gets. Is Dogecoin a scam? Although Dogecoin was initially created as a joke (Shiba Inu Meme) – it’s far from a scam. On the contrary, Dogecoin is a cryptocurrency that operates on a decentralized network. This means that no single person or authority owns Dogecoin. With that said, although Dogecoin isn’t a scam, it is a super volatile asset that is driven by speculation. How do you buy Dogecoin stock? There is no such thing as a Dogecoin stock. On the contrary, you are buying digital tokens – not Dogecoin stocks or shares.