How & where to buy Dogecoin (DOGE) in the UK
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Dogecoin has been a fixture among the most traded cryptocurrencies in recent years. This beginner-friendly guide takes you through all the details about its rollercoaster rise to popularity and how to buy DOGE in the UK.
What are the best UK exchanges to buy DOGE?
The options below are our top rated exchanges that let you buy Dogecoin. Click the links to sign up or keep reading to learn more about DOGE and how to buy your first coins.
How to buy DOGE online – a step-by-step guide
Step 1. Find an exchange
The best place to buy Dogecoin in the UK is on a crypto exchange. An exchange is like a marketplace where you can buy cryptocurrency from other people. The exchange matches you with a seller and the price is set according to fluctuations in supply and demand.
Here is the top platform that we most highly recommend:
- Binance: Binance is the largest crypto exchange in the world. It offers hundreds of cryptocurrencies and lets you buy them with many of the most popular fiat currencies, including GBP. Sign up for Binance today >
Step 2. Sign up and fund your account
Once you have selected a platform, you normally have to create an account before you can buy anything. This usually involves a level of identity verification that varies from platform to platform but can mean providing a copy of your photo ID. Most exchanges and brokers are required to collect this information to comply with regulatory bodies such as the Financial Conduct Authority (FCA) in the United Kingdom. This also means that your funds are safer should any contingency occurs.
The process of funding your account will depend on the exchange you select. Many of the larger platforms accept deposits in GBP, but some exchanges still only allow you to fund your account with crypto. For beginners, it’s best to stick to a platform like Binance, where you can pay for Dogecoin in pounds.
Step 3. Purchase
Once you have set up and funded your exchange account, you’ll be able to exchange the GBP in your account for Dogecoin. Log into your account and search for Dogecoin, then choose the GBP/DOGE pair from the list of available options. Enter how much you want to spend and execute the trade.
Step 4. (Optional) Get a suitable wallet
For added security, you can get your own Dogecoin wallet and transfer your coins into it for safekeeping. This step is not essential, and most exchanges will allow you to hold coins within your account.
The only real reason to consider this is if you’re planning on buying and holding a large amount of Dogecoin for the long term, but given the coin’s small price and popularity as a tipping method, this is unlikely to be necessary.
How to trade Dogecoin in the UK
Step 1. Find a broker
To trade Doge, you need to find a reliable broker. Some key things to look out for in a broker are low trading fees and charting and analysis tools, so that you can predict how the price might move in the future.
You also need to find a platform that lets you buy and sell the underlying crypto asset – the Dogecoin itself – rather than offering CFDs. Crypto CFDs (contracts for difference) are banned in the UK, so you won’t be able to trade Dogecoin CFDs.
Here is our top rated UK broker:
- eToro: eToro is a popular and inexpensive crypto broker. It charges a 1% fee on each trade and is extremely beginner-friendly. Most importantly, it lets you buy and sell the underlying cryptocurrency, which means it’s available to British traders. Sign up to eToro now >
*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
Step 2. Deposit money
Once you have decided on a particular broker, you can usually fund your account using British Pounds. Set up an account and choose a payment method to start making a deposit.
Normally, you can make a deposit via a bank transfer, credit or debit card payment, or through third-party payment providers like PayPal. If you want to use the latter, it’s best to check your broker accepts that method before you sign up.
Step 3. Decide how you’d like to trade
To trade successfully you need to decide on a strategy. This means studying the Dogecoin price chart to find patterns in the way the price moves, and using that information to decide when to buy or sell. Spend some time reading about different trading strategies before deciding which one you’d like to try.
Some platforms, like eToro, offer copy trading, where you can see what other traders are doing and copy their trades. This is a good way to learn the different strategies, as the best traders explain their decision making and you can follow along.
Another option is to start with a demo or virtual account. Almost every broker offers a demo account, where you can trade with virtual money rather than the real thing. You can use this to practice and test out different strategies before putting any of your own money at risk.
Step 4. Start trading
Once you’ve set up and funded your trading account, you’re good to go. When trading Doge you can either go long or short. A long position is when you invest your money in the belief that an asset will rise in value, going short (or shorting) is when you believe its value will fall and you try and sell it early and buy your coins back at a lower price.
One other trading strategy available when using online brokers is trading with leverage. This technique allows you to make large trades while only having to put up a small amount of the trade value (known as the margin). We recommend that beginner traders avoid using leverage as it massively increases the risks of losing large amounts if the market moves against you.
Still undecided?
It’s always best to take time to think over any potential investment, and this is especially true when it comes to cryptocurrency. Here are some pros and cons to consider when it comes to investing in Dogecoin, along with some key questions to think about below.
Pros
- The low cost of DOGE means it’s a great entry-level coin
- Low transaction fees encourage regular use
- The Dogecoin community is welcoming and fun
- Elon Musk’s support means there is the potential for regular spikes in value
Cons
If you’re still undecided after these pros and cons, then here are three more things to consider before investing in Dogecoin.
1. Is now a good time to buy Dogecoin?
The answer to this question depends on why you want to invest. If you simply want to get involved in the community and use Dogecoin to tip people online, then it’s rarely a bad time to invest.
While the price is yet to reach £1, it has experienced plenty of volatility in recent years, so make sure to check out the current price of Dogecoin to see how it is performing.
If, however, you want to hold the cryptocurrency as a form of investment, then you’ll want to consider the cryptocurrency markets more broadly. You can pick up some Doge very cheaply, though it’s a good idea to keep on top of our latest analysis to see if your coins are likely to climb to a higher price:
2. What problem does Dogecoin solve, and what are the coin’s investment prospects?
Some cryptos have an overarching vision driving them. Doge is not one of these coins, however, and so if you’re looking for a coin that could achieve success through the growth of an innovative platform it’s best to look elsewhere.
Dogecoin’s appeal is in its simplicity and humour. Having originally been founded as a joke in the early days of cryptocurrency experimentation, it holds value today mainly because people enjoy it and it’s regularly traded between users. Dogecoin is certainly not on a mission to change the world, although Elon Musk – one of the richest people in the world – is on that mission, and he’s a keen adopter.
This doesn’t mean Dogecoin has no investment prospects though, and it’s undeniably had more longevity than some early cryptos. Keep up to date with the latest news to see if anything is coming up that could impact Dogecoins’s value:
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3. Do you want to hold Dogecoin for the long term?
If you’re thinking about Dogecoin as an investment, then the central consideration is what kind of investor do you want to be. Whether you want to take a long-term view and hold Dogecoins in order to sell later on (hopefully at a higher price), or your focus is on short-term trading gains will determine your approach.
Considerations for a long term investment strategy
If you think that Dogecoin’s best days lie ahead and you want to get in on the ground floor, then you should sign up to a reliable cryptocurrency exchange right away. Depending on how long your time horizon is, you might also consider getting a personal wallet to hold your coins.
Considerations for a short term trading strategy
If you’re aiming to trade Dogecoin quickly in order to profit from fluctuations in the crypto market, then the overall strength and long term trend of the coin’s price doesn’t matter so much. The important thing to do is familiarise yourself with technical analysis and sign up with a broker that offers low trading fees.
FAQs
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