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Dogecoin (DOGE) has been one of the most prominent meme coins out of the lot. It was the first dog-faced meme-frenzy coin to be introduced to the public. Top celebrities from Elon Musk to Mark Cuban, all have been pretty involved with Doge. They have even voiced their enthusiasm for the original meme crypto. This led to the speedy rise of the currency to over 7,000% in the first half of 2021 and is still in the same condition.
Despite market volatility, Dogecoin is still a popular crypto option. In this article, we will be discussing how to buy Dogecoin from various cryptocurrency exchanges. Additionally, we will also shed light on some information related to how you can buy dogecoin with PayPal and other related details.
How To Buy Dogecoin In 5 Easy Steps
Below are the five easy steps that will let you Buy Dogecoin online or DOGE easily even if you are a novice. So, let’s dive right in!
- Decide Your Investing Amount: There are viral stories of people investing large amounts in DOGE becoming millionaires. But, still, you need to be cautious while investing in anything even if that is crypto. Since cryptocurrencies are more volatile than any other assets, the very first step is to decide how much exactly you would like to invest. This means that you need to decide how much you can risk or lose.
- Choose A Cryptocurrency Exchange: For purchasing Dogecoin, you will have to have a crypto exchange account. If you do not have one, you will have to create one. You can check out the various crypto exchange reviews to choose one for yourself. Also, make sure your chosen crypto coin exchange is compatible with DOGE.
- Choose Your Preferred Payment Option: Before you start trading cryptos, you are required to deposit currency in your chosen exchange. The exchange will have a list of options for depositing money in your wallet. You can choose any one you prefer. Usually, instant access to a portion of the deposit is possible for trading. However, in some cases, this might take 1 hour to up to 24 hours.
- Place Your Order: After your deposit amount is reflected in your account, you will be able to purchase Dogecoin. You need to find the coin from the search bar using the words DOGE or Dogecoin. Next, pick your trade type and place the order.
- Select Your Storage Option: by default, your bought DOGE is stored in your account’s wallet. You can keep them stored there. However, there are risks of leaving your crypto in an exchange wallet. Alternatively, you can choose to withdraw the crypto from your exchange wallet and store it in a cold wallet or hardware wallet.
How To Buy DOGE On Binance?
If your preferred cryptocurrency exchange is Binance and you are not sure how to buy Dogecoin on Binance, we have got you covered. Here are all the required steps you would have to follow:
1. Create A Free Account
The first and foremost step is to create a wallet on the Binance Exchange. You can do so by either visiting the Binance website or downloading the Binance app on your mobile. But before you can proceed to buy Dogecoin online, you will have to verify your identification. The following are the options you can go for:
- Registration via the official website using your email address.
- Registration via the official website using your mobile number.
- Registration via the Binance App.
2. Choose Your Preferred Payment Mode To Buy Dogecoin
Now, you will have to click on the “Buy Crypto” button located at the top left of the website. This will show the available options for your country. For the application, you have to find the option to buy crypto.
Note: If you want better coin compatibility, you must first buy a stablecoin such as Tether (USDT) or Binance USD (BUSD). Following this, you must use the coin to buy DOGE.
The available payment options supported by the cryptocurrency exchange are as follows:
- Bank Deposit: Bank deposit is possible on this platform. For this, you will have to transfer the fiat currency to Binance from your bank account. Next, you can use the amount to buy Dogecoin.
- Credit Card & Debit Card: This is probably the easiest option to choose if you are a newbie. The crypto exchange platform supports both MasterCard and Visa cards.
- Peer-to-Peer (P2P) Trading: With the help of the peer-to-peer service, you will be able to buy Dogecoin directly from other users.
- Third-Party Payment: If you are choosing this payment mode, you can avail of multiple options. You must check the FAQ page of Binance to know the ones that are supported by your country.
3. Confirm Your Order
After you have placed your order on the exchange platform, you will have just 1 minute to verify or confirm the order/transaction at the current price. After 1 minute, your order will get recalculated depending on the latest market price. To know the new amount, you are required to refresh the page.
4. Store Or Use Your Bought DOGE
As you have acquired your DOGE, you can either store it in your Binance account or go ahead and store them in your personal cryptocurrency wallet. You can also choose to trade it for other cryptocurrencies or even stake it on Binance Earn for generating some passive income. You can consider using Trust Wallet supporting millions of assets and blockchains if you would like to trade your DOGE to a decentralized exchange.
How To Buy Dogecoin On Coinbase?
When you are planning to buy cryptocurrencies, you are required to consider a number of factors. This includes location and protocol. The exchange website states that you can buy Dogecoin (DOGE) on the company’s centralized exchange. They have also mentioned that the process is very easy, secure, and quick. Here is a step-by-step guide:
1. Create An Account On Coinbase
The very first step includes creating an account on the platform. You either have to sign up to create an account. You can either do this from the official website of Coinbase or download the Coinbase App and then start up the sign-up process. To successfully create an account, you will have to furnish your valid ID proof.
You might also be asked to provide your address proof if you would like to transact on the crypto exchange platform. That said, you need to be prepared for this and have all of them at the time of signing up. You need to note that the process of verifying your ID might consume a couple of minutes or more depending on your location.
2. Add Payment Mode
Locate the payment method box and tap on it. Choose the payment method you are comfortable with. The options available to you are a bank account, debit card, or wire transaction. You can choose any one of these options to complete the upcoming steps.
3. Begin A Trade
If you are doing all the processes on the website through a browser, then you will have to select “Buy & Sell”. If you have already downloaded the Coinbase App on your device and are conducting the process, then you will have to tap on the button “(+) Buy” on the home tab.
4. Pick Dogecoin From Crypto Asset List
On the Coinbase website, click on the “Buy” panel to search and select Dogecoin (DOGE). On the mobile app, search for Dogecoin by typing it in the search field. When the results display Dogecoin, tap to open the purchase screen.
5. Enter Your Desired Purchase Amount
Make use of the number pad to put in the amount you wish to spend in your local currency to buy Dogecoin online. Automatically, the app will convert that into a Dogecoin amount worth that. You can then tap on the arrow buttons located to the right of the amount input field. This will help you to switch your desired local currency amount to an equivalent Dogecoin amount.
6. Finalize The Purchase
When ready, tap on the “Preview Buy” option. All the details of your purchase will be displayed. Recheck everything available in the details and make sure that the details look good. After you are satisfied with the correctness of the details, you can confirm your purchase by clicking on the option “Buy Now”. As soon as the order processes, you will be directed to the confirmation screen. That’s it!
How To Buy DOGE On eToro?
This part of the article covers the basics of how you can buy Dogecoin on the eToro crypto trading platform. This is a step-by-step guide meaning that the steps for purchasing Dogecoin on eToro have been broken down into steps for you to easily follow:
1. Open An Account On eToro
For getting started, you first have to head to the official website of eToro and then click on Sign Up. Enter your valid email address and then choose a username and password for your new account on the crypto trading platform. You will be directed to a page where you will have to enter your details such as birthday, name, phone number, and zip code. You can also sign up with your existing Facebook account.
2. Verify Your Identity
In the bid to comply with the KYC or Know Your Customer requirements, the platform requires you to verify your identity. To complete this step successfully, you can take a photo of your passport or driver’s license and upload it to the platform. Additionally, you are also required to verify your address by uploading documents verifying your residency. You can either choose to upload a bank statement or your recent utility bill.
3. Deposit Funds
To conduct a purchase, the first thing you would need is to deposit a minimum amount to the platform. The minimum deposit for all new accounts in the US is $10. You can pay this via payment methods such as:
- Bank Transfer (minimum deposit is $500)
- Credit card
- Debit card
- Mastercard
- Neteller
- PayPal
- Skrill
- Visa
Choose a payment method that you are most comfortable with. If PayPal is your preferred payment method, you can buy Dogecoin with PayPal.
4. Set Up A Cryptocurrency Wallet (Optional)
In order to buy Dogecoin on eToro, you are not required to have a wallet on eToro. However, if you do have one, that will be helpful in conducting transactions. The platform also offers its users a free cryptocurrency wallet for both Android and iOS. Depending on your device’s OS, you can download it from Google Play Store or Apple Store. Open the app and log in with your created username and password.
5. Buy Dogecoin On eToro
Now, visit the dashboard and locate the search field at the top of the page. Search for Dogecoin. When the Search result containing Dogecoin is displayed, open it and click on “Trade”. This opens a new order form for you.
Next, enter the desired amount with which you want to buy Dogecoin on eToro. You will either have to choose to take a profit price or select a stop loss. These options are typically in use on the eToro platform for trading Dogecoin rather than long-term investments. When you are ready, click on “Open Trade” to successfully complete your Dogecoin purchase.
Conclusion
Irrespective of the cryptocurrency exchanges, the processes to buy Dogecoin are almost similar. However, with the varying platforms, you might find some minor differences. Nevertheless, the processes are very easy and even suit all beginners. After purchasing DOGE, you can either hold it (Hodl) or choose to spend it or trade it.
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