How to Buy Dogecoin (DOGE) in UK | Beginner’s Guide
Dogecoin has been one of the hottest cryptocurrencies on the digital market in 2022. This cryptocurrency, which originally sprung from a meme, was endorsed by Elon Musk on Twitter and has been an incredibly popular speculative investment.
Want to get in on the Dogecoin boom? In this guide, we’ll show you how to buy Dogecoin in the UK and cover everything you need to know about this red hot cryptocurrency.
What is Dogecoin (DOGE)?
If you’re interested in Dogecoin, chances are you’ll be looking for the best meme coins to buy right now. As such, you can also read our in-depth guide on everything meme-related.
Dogecoin is a cryptocurrency created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke. This digital coin was meant to enshrine a popular meme of a Shiba Inu, named ‘Shibe,’ looking skeptical – a meme that has remained popular over many years.
Dogecoin has a lot in common with Bitcoin, the world’s most popular and valuable digital currency. Like Bitcoin, Dogecoin allows for peer-to-peer transactions. Dogecoin also uses a proof-of-work mining system, which means that miners are rewarded with Dogecoin for verifying transactions to the coin’s blockchain.
In fact, the original creator of Dogecoin copied Bitcoin’s code and simply replaced the word ‘Bitcoin’ with ‘Dogecoin.’
However, one big difference between Dogecoin and Bitcoin is that there is no limit to the number of Dogecoin that can be released into circulation. Bitcoin, on the other hand, has a limited supply of 21 million coins that will ever be released.
Why Buy Dogecoin (DOGE) in the UK? Dogecoin Analysis
Although Dogecoin was intended as a joke, the coin became an instant hit. It was widely used on Reddit, a social media platform with tens of millions of users around the world. Very quickly, Dogecoin became a cryptocurrency that people invested in as opposed to just a digital token to be used for fun.
Still, with over 100 billion coins currently in circulation, a single Dogecoin was never very valuable. For most of last year, the price of a single Dogecoin hovered at around $0.0025. The joke never quite died, but it had faded.
Then, at the end of 2020, Elon Musk – the founder of Tesla and SpaceX – tweeted about Dogecoin. That renewed interest in the altcoin and set off a buying spree. Over the first two months of 2021, Musk continued to tweet about Dogecoin and other celebrities, like Snoop Dog, also backed the cryptocurrency.
The celebrity spotlight and attention from Reddit traders have pushed Dogecoin to a recent high of $0.087. That’s a gain of more than 3,000% in the span of a few months. Dogecoin has since fallen significantly, to $0.051 per coin.
Past performance is not an indication of future results Past performance is not an indication of future results
So, should you buy Doge?
If you’re interested in a long term investment, the answer is probably no. There’s nothing fundamentally valuable about Dogecoin. While the same could be said about Bitcoin, at the very least Bitcoin has a limited supply and has gained traction in the traditional financial world. Dogecoin has a massive supply with no cap, and it’s difficult to see how it could ever catch up to Bitcoin in user adoption.
However, if you’re interested in a short term investment, Dogecoin has more potential. Clearly, the coin’s value can spike on a tweet alone. While the joke appears to have faded slightly, the forces that pushed Dogecoin to new all-time highs haven’t subsided.
So, all it could take for Dogecoin to soar again is another tweet or a renewed push on social media. There’s no guarantee that will happen, so buying Dogecoin right now is extremely speculative.
On the other hand, you could consider other new meme coins such as Baby Doge Coin and Shiba Inu that could gain traction moving forward.
Dogecoin Price – How Much Does it Cost to Buy DOGE?
Dogecoin is currently trading at a price of $0.051 per coin. So, you could buy almost 28 Dogecoins for a single pound.
Investing in Dogecoin vs. Trading Dogecoin
The massive gain in the price of Dogecoin has many crypto enthusiasts wondering whether they should be investing in Dogecoin or trading Dogecoin. While many cryptocurrencies can be good long term investments, Dogecoin should be reserved strictly for trading.
That’s because Dogecoin doesn’t have any mechanism to retain its value over the long-term. While Bitcoin and Ethereum have limited supplies, which ensures their value will rise over time as long as demand increases, Dogecoin is limitless. If demand increases, the supply of Dogecoin tokens can always increase to match. So, Dogecoin’s price can only rise temporarily, when the pace of mining hasn’t yet caught up with demand.
Given that, we recommend that you focus on trading Dogecoin. The coin is extremely volatile, which makes it an ideal target for day trading. Keep an eye on the news and on the Dogecoin Reddit message board, which tends to drive the price of the coin up or down.
Ways of Buying Dogecoin with GBP
In order to buy Doge, you’ll need to sign up for a cryptocurrency exchange and get a Dogecoin wallet. Once you have these things in place, you can buy Doge using either fiat currency like GBP or a cryptocurrency like Bitcoin.
Buy Dogecoin with PayPal
PayPal allows you to buy some cryptocurrencies, including Bitcoin and Ethereum. However, you cannot currently buy this crypto directly through PayPal.
The best way to use PayPal to buy Doge is to purchase Bitcoin using your PayPal funds and then to convert that Bitcoin to Dogecoin through a cryptocurrency exchange.
Alternatively, some cryptocurrency exchanges allow you to fund your trading account using PayPal. In that case, you can deposit GBP from PayPal and then buy DOGE instantly.
Buy Dogecoin with Debit Card
Many cryptocurrency exchanges allow you to fund your trades using a debit card. This is simple since you don’t have to roll from one digital currency into another. Just keep in mind that you may pay higher fees for using a debit card to buy DOGE.
Buy Dogecoin with Bitcoin
If you already own Bitcoin, you can use that digital currency to purchase Dogecoin. Many cryptocurrency exchanges enable you to deposit Bitcoin without verifying your identity.
You can also buy Dogecoin (DOGE) in the UK using a bank transfer and one of the many crypto exchanges and brokers that support DOGE and bank transfers.
Where to Buy Dogecoin in the UK
Wondering where to buy DOGE in the UK? Then you’ll need a cryptocurrency exchange that offers trading on this meme altcoin.
There are a lot of things to consider when picking a cryptocurrency exchange, including what digital currencies you’ll have access to, how much it costs to trade, and what trading tools are available. To help you pick the best place to buy DOGE instantly, let’s take a closer look at some of the top crypto brokers/exchanges in the UK. While this list is short, there are heaps of other popular crypto exchanges such as Coinbase, Kraken, Huobi, Crypto.com, and Gemini. Coinbase in particular is listed on the NASDAQ exchange and offers a user-friendly mobile crypto app with a fully fledged crypto wallet.
1. Coinbase – Trade Different Cryptocurrencies Including DOGE
Coinbase is a cryptocurrency exchange that is one of the largest in the world. The exchange also joined the Nasdaq composite in April 2021, making it the only major exchange to trade publicly.
Investors can enter the blockchain world through an easy-to-use platform that accepts fiat. The fact that Coinbase is a public exchange offers users a greater degree of transparency and regulation than some of its rivals, regardless of its fees or features.
Coinbase has become one of the most popular options for investors and institutions because of its public status, educational resources, and longevity in the market. If you’re interested in trading DOGE, Coinbase is an excellent site to do it.
- Offering a wide variety of coins
- User-friendly interface
- There are several options for crypto wallets
- For beginners, the fee structure is complex and difficult to understand
- Commissions on stakes are high
Your money is at risk.
2. Binance – Trade a Wide Range of Digital Currencies
Binance is one of the most popular cryptocurrency exchanges for anyone looking to get into day trading or swing trading digital currencies. In that sense, it’s perfect for trading Dogecoin, since most positions in this meme token will be short-lived.
What makes Binance so good for short-term trading is that it offers a powerful suite of analysis tools. The trading platform includes dozens of technical indicators and leaves plenty of room for customization. In addition, you can connect Binance to third-party tools to enable automated trading strategies or to deploy trading robots.
Binance’s platform also shows you the entire order book for each cryptocurrency. This is critical since you can immediately see when the momentum around a coin is shifting, and respond accordingly with your trades.
Binance also has a very wide selection of cryptocurrencies – over 100 in all, meaning you can buy and sell Dogecoin from the comfort of your own home.
Another thing we like about Binance is that it’s incredibly cheap to trade with – as long as you fund your account ahead of time. Trade commissions start at just 0.10%, and you can reduce your fees even further by trading large volumes or holding Binance’s BNB cryptocurrency.
That said, be careful trying to buy DOGE with a credit card at Binance – the commission shoots upwards to 2%.
Binance isn’t a regulated cryptocurrency exchange, but this US-based firm does have a strong reputation for customer safety. It also offers its own highly secure Bitcoin wallet that you can use to store Dogecoin. The biggest downside is that Binance doesn’t offer customer service by phone or live chat – you’ll have to send an email to get in touch.
- Excellent technical analysis tools
- Includes access to order book data
- Extremely low trade commissions
- Includes a custom crypto wallet
- Connects to trading robot tools
- Not regulated
- Customer support by email only
- High fees for funding with a credit card
Your money is at risk.
One key thing you’ll need in order to buy DOGE is a cryptocurrency wallet. This is the digital home for your cryptocurrency. When choosing a wallet, it’s important to consider factors like what cryptocurrencies it supports, how secure it is, and whether it comes with any extra features.
The Binance Trust wallet is a very good wallet. This wallet supports all of the more than 500 cryptocurrencies that Binance offers and leverages BinanceDEX, a decentralized crypto exchange, to enable you to seamlessly switch between cryptocurrency tokens. Notably, the Binance wallet also has a built-in marketplace for decentralized financial apps (dApps). So, you can take advantage of features like banking and lending right from inside your crypto wallet.
The Binance wallet is among our top picks, but its not your only options for a Dogecoin wallet. The Exodus wallet is a top choice for beginners since it’s extremely simple to use and supports over 100 popular cryptocurrencies. Mycelium is also easy to use and enables you to connect to a hardware wallet, so you can store your coins offline and keep them safe from potential attacks.
Although Dogecoin was created as a joke, this cryptocurrency has now thrived for more than 8 years. The meme coin received a recent lift thanks to Elon Musk – and while the excitement has died down, it may be only a matter of time before Dogecoin gets a spotlight from social media once again.
Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.