Where & How to Buy Dogecoin (DOGE) for Beginners in 2024

By:

James Knight

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

 & 

Prash Raval

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.

Updated: Jun 26, 2024

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Dogecoin coins are available buy via a cryptocurrency exchange, which functions similar to a stock trading platform. It takes just a few minutes to buy Dogecoin this way. Follow our quick step guide below.

How to buy Dogecoin quickly in 3 steps

To buy Dogecoin you need a smartphone or a computer and an internet connection. It takes 10-15 minutes the first time and you should have some photo ID to hand. Here’s how to do it.

Where to buy DOGE easily

The overall best platform to buy Dogecoin for beginners is Start Trading .

Here are the top five places to buy Dogecoin, ranked according to their simplicity for beginners, fees, customer reviews, and safety ratings.

Read more about how we rate, rank and review platforms.

Best exchanges to buy Dogecoin (DOGE), reviewed

How to trade DOGE

You can trade Dogecoin on a cryptocurrency exchange using a few simple steps. Here’s a quick example that clearly lays out how DOGE crypto trading works:

1. Monitor the price: For simplicity, let’s say the price of DOGE/USDT is $1. You read the price charts and decide that now is a good time to start purchasing DOGE.
2. Open a trade: You trade one USDT for one DOGE ($1 USD for 1 DOGE).
3. Continue to monitor the price: The following month, one DOGE token is now worth $2, a 100% increase.
4. Close your trade: You trade your DOGE token back to USDT for $2.

In this example, you buy and sell Dogecoin, doubling your money (trading). While the steps are simple, executing them in a profitable way is not so easy. You need to spend countless hours learning to trade, reading charts, technical patterns, and understanding markets and margin trading; which you can do right here on Invezz.com.

What is the best way to pay for Dogecoin (DOGE)?

The simplest way to buy Dogecoin cryptocurrency is with your bank card. However, there are plenty of other options as well. Here are some of the top ways to pay for DOGE.

• Buy Dogecoin with a credit card or debit card. Card payments are convenient and instantaneous but you may have to pay a higher fee to make a deposit this way. Binance charges 1.8% for a card deposit and some platforms charge as much as 4%.

• Buy Dogecoin with bank transfer. A bank transfer is usually the cheapest way to buy crypto. Crypto platforms like Crypto.com and Coinbase do not charge for bank transfer deposits, while Binance only charges a $1 fee, and these transactions are more or less instant as they run through the Automated Clearing House (ACH) in the US, Faster Payments System (FPS) in the UK, or Single Euro Payments Area (SEPA) in Europe.

• Buy Dogecoin with PayPal. Some crypto brokers accept deposits via PayPal. Not many exchanges offer this option, however you can find here the best crypto exchanges that accept PayPal.

• Alternative payment methods. Crypto brokers often let you pay with other providers or money transfer services, like Neteller, Venmo, or Payoneer. The options vary by broker, though, so check what’s accepted before you sign up.

How do I store Dogecoin (DOGE)?

Most people keep their crypto on the exchange they used to buy it. If you only plan to hold onto it for a little while then that’s a perfectly acceptable option. If you want to hold it for years or you own a lot of Dogecoin then you should move it to a crypto wallet.

A crypto exchange is similar to a bank account, in that it means trusting a company to protect your funds for you. A wallet is like your personal wallet, or a safe, where you take responsibility for it yourself. Two of the best Dogecoin wallets to use are MetaMask and the Ledger Nano S.

Is now a good time to buy Dogecoin?

The answer depends on the current price and your own investment goals. Put simply, buying Dogecoin, selling Dogecoin, and trading DOGE are all the exact same process in literal terms. It’s really just your personal investing intentions that defines whether ‘now’ is a good time to invest or not.

• If you’re a trader: as a cryptocurrency trader, your goal is to make money trading regularly. What do we mean by regularly? Hourly, daily, weekly. Traders buy and sell a coin quickly to secure their profit (or to avoid a loss). They don’t #HODL a coin long term in the hopes of larger profits. In this sense, any time is a good time to trade Dogecoin.

• As a long-term investor: a long term investor is not concerned if the price is up or down 10% on any given day. Rather, they care that the price of the native token is overall up months or years later, when they’re ready to sell that investment. So if you’re a firm believer in the foundations of DOGE, then a good time to purchase Dogecoin is on any major dip.

In our experience, most newcomers to the crypto market sit between the two. You don’t want to wait several years for a return, but buying Dogecoin and selling it the next day probably isn’t why you’re here either.

How has Dogecoin (DOGE) performed this year?

The current Dogecoin price today is $0.11, which is -85.70% versus its all time high of $0.74, which it reached on 08 May 2021. DOGE is +69.48% this year, with a 52 week high of $0.23 and a 52 week low of $0.06. 

Regardless, closely following Dogecoin price news & analysis will help you decide when to pull the trigger.

Is Dogecoin (DOGE) a good investment?

Whether it’s good for you depends on your goals and the fundamentals of the project. Here are some key features of Dogecoin and its token to help you decide whether to invest in DOGE.

• Dogecoin is a light-hearted alternative to Bitcoin. Like Bitcoin, Dogecoin is a peer-to-peer digital currency. But rather than forming the vanguard of a new decentralised financial system, Dogecoin is a bit of fun. It was originally created as a way to tip online content creators and its price had never gone above a couple of cents prior to 2021.
• Elon Musk regularly moves the price with his tweets. Dogecoin was catapulted to public prominence when Elon Musk, head of Tesla and Twitter, started posting memes about it from his Twitter account. Musk’s tweets often move the price and his endorsement carried Dogecoin to an all-time-high prior to his Saturday Night Live appearance in 2021.
• Dogecoin is one of many ‘meme’ coins. Meme coins are crypto assets where their value is based on online hype on social media message boards like Twitter and Reddit or Telegram. These coins hold no inherent value, in that they don’t have real-world uses in the way that other digital currencies like Bitcoin or Ethereum do.
• One of Dogecoin’s founders has been critical of the project. Billy Markus and Jackson Palmer created Dogecoin as a satirical take on cryptocurrency. Markus remains involved and is on the Dogecoin board, but Palmer has been vociferous in his criticism of the crypto industry as a whole.

Use this quick summary of pros and cons to compare Dogecoin with other, similar projects.

Ultimately, many different factors play into the answer. Cryptocurrency is inherently volatile but you can reduce the risks by investing in quality projects that provide value to the community.

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