Dogecoin is one of the cryptocurrencies inspired by a dog meme. Although it started as a joke, it has become widespread and among the most lucrative and highly valued cryptocurrencies. However, the crypto’s detractors argue that investing in it is highly risky, and you can quickly lose your investment capital. While we agree with the criticism, you can mitigate the risks by being knowledgeable about Dogecoin and how it works. Also, ensure you invest using the best broker to maximise your potential.
Fortunately, our ultimate guide below helps you understand how to buy Dogecoin. We also recommend the top brokers for buying Dogecoin to save you the stress that comes with lengthy research procedures. In the end, you will have a clear insight into Dogecoin investment and make the best decision.
In this guide
Brokers For Buying Dogecoin
If you are familiar with Dogecoin and want to invest your money in it, you need the best broker in the UK. Note that the UK market hosts hundreds of brokers, making it challenging to identify the best. We will guide you on tips and tricks for determining the best broker to buy Dogecoin in the UK later in this guide. However, you must ensure that it is regulated by the Financial Conduct Authority (FCA).
Additionally, you need a broker with access to the right exchanges where Dogecoin and its shares are listed. If you plan to trade the asset as CFD, ensure the broker you choose allows you to do so. That being said, here are our top recommendations to choose from.
1. eToro
eToro is among the best brokers for buying Dogecoin and other cryptocurrencies. Besides Dogecoin, eToro also offers over 30 cryptocurrencies for portfolio diversification. All you need is a minimum deposit of $100 to get started.
One thing we like about eToro is that it is beginner-friendly. For instance, it has a navigable platform that executes trades fast. You will also have access to a social and copy trading platform to interact with other traders and mirror positions with higher profitability. On top of that, there is an educational platform where you will access guides, articles, and more resources for skills development. Test this broker via its demo account and decide whether it matches your trading needs.
Disclaimer: eToro is regulated as a platform, however crypto currencies are unregulated products highly volatile with no consumer protection. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
✔Low minimum to fund an account and begin investing
- eToro is one of the best cryptocurrency brokers on the market
- Copy trading features that saves both time and effort
- Quite expensive to use with high fees for trading and investments
- Has a limited selection of cryptocurrencies on offer
2. IG Markets
IG Markets is a pioneer broker with an excellent reputation in the UK Market. One of the reasons this broker excels is the availability of quality trading resources for strategy development. For instance, it features a social trading platform for interacting with other traders and learning trading skills. Moreover, advanced traders will explore platforms like the MT4, ProRealTime, and L-2 Dealer.
Unfortunately, IG Markets allows you to trade Dogecoin as CFD. So, if you do not want to take ownership of the asset, this platform is the best for you. Additional cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc., are also available to explore at low spreads. You simply need a minimum deposit of $300 to get started. Like eToro, there is a demo account to test the broker and gauge your skill level before trading.
✔ Leading broker with low fees
- The huge selection of assets offered means you can switch between cryptocurrencies and other markets whenever you like
- Advanced analytic tools to help you plan every investment you make
- Choose the platform that you are most comfortable with
- You can only trade Dogecoin as a CFD (speculative) and no possibilities to invest long-term or buy the actual asset
- High minimum deposit requirement that’s not great for those with a thin wallet
Read our list of the best bitcoin brokers in the UK in our other article.
How to Buy* Dogecoin With eToro
Buying Dogecoin continues to be a challenge for investors who do not know how to go about it. Below, we walk you through the step-by-step procedures to ensure you are fully prepared and ready to venture into the asset. Note that these procedures apply to any eligible broker in the UK, and we only use eToro as an example.
At this point, we assume you have the right knowledge about Dogecoin and how the cryptocurrency market works. Then, visit eToro’s website by clicking on the links shared on this page for quick access. Note that the broker has terms and conditions to agree to before signing up for a trading account. Also, consider installing eToro’s trading app from the App Store or Google Play on your mobile device to manage your Dogecoin trades or investment on the go.
Signing up for an investment account to buy Dogecoin is a pretty straightforward procedure with eToro. To set up the account, you will share your personal details, including your name, email, phone number, etc. Also, eToro requires that you create a username and password for safe login. If trading with the broker’s app, consider setting a two-factor authentication login for maximum security.
Any broker regulated by the Financial Conduct Authority must verify traders’ identities and locations before fully activating their investment accounts. Since eToro falls in this category, you must verify your identity by sharing a copy of your ID card or driver’s license. Additionally, a copy of your recent utility bill or bank statement will be required to verify your jurisdiction area. We advise you always to be honest and provide accurate information to enjoy trading with eToro long term.
Once your account verification is confirmed, you will be required to deposit funds and buy Dogecoin. Note that every broker has its own minimum deposit requirement, and for eToro, you only need at least a $100 deposit to access Dogecoin for purchase. Remember, eToro doesn’t charge transaction fees, and you have access to plenty of payment methods, including debit cards, bank transfers, etc.
eToro will confirm your deposit before allowing you to access Dogecoin and complete the purchase. To maximise your potential, ensure you conduct thorough research on Dogecoin’s price and ensure you are investing at the right time.
Read about how to buy cryptocurrency in the UK in our other guide.
*Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.
Tips on Choosing The Best Broker For Buying Dogecoin
When engaging with cryptocurrencies, it’s crucial to recognise that these digital assets are characterised by their extreme volatility and speculative nature. This can result in swift and substantial price fluctuations. To safeguard your crypto holdings, it is imperative to utilise reputable wallets and exchanges, prioritising the security of your investments.
Also, exercise vigilance and due diligence to guard against crypto-related scams and fraudulent schemes that can potentially threaten your financial well-being. You can also spread your investments across multiple digital tokens and avoid making decisions based on emotions.
Generally, the cryptocurrency market is highly volatile, and you need the best broker to help mitigate trading risks. With plenty of options in the UK, choosing the best is challenging since you must conduct extensive research. For this reason, we recommend the top brokers above for buying Dogecoin. Alternatively, you can apply the tips below to find a suitable broker and invest in Dogecoin while enjoying your experience.
When looking for the best Dogecoin broker in the UK, consider your investment funds’ safety. Note that while many brokers claim to offer the asset, not all of them are legitimate. That is why you must ensure you choose a broker regulated by the FCA. Moreover, such brokers offer the best trading conditions and are highly encrypted to secure your data.
The platform of a Dogecoin broker should be user-friendly and host the necessary tools for a worthwhile experience. The good news is that most Dogecoin brokers in the UK are customisable, thus accommodating all types of traders. Additionally, choose a broker with a trading app to keep you informed on all your trading activities while on the go. On top of that, it should host a demo account, especially if it charges high service fees.
Always ensure the broker you choose lists Dogecoin among its trading/investment assets. A broker hosting additional cryptocurrencies is a plus since you will need the assets for portfolio diversification. You may also want to try other markets like forex, stocks, commodities, etc., in the future. Using brokers offering such assets will make it easier for you to do so without going through the lengthy procedure of identifying another broker.
Like other businesses, always have a budget before choosing a Dogecoin broker. You see, brokerage fees vary, and you must use an affordable broker to enjoy your experience. Consider a broker’s minimum deposit requirement, commissions/spreads, inactivity fees, transaction costs, etc. Most importantly, ensure there are no hidden costs as this may inconvenience your trading/investment plans in the long run.
While some Dogecoin brokers in the UK have 24/7 support service, others only operate five days a week. Since you are bound to experience trading challenges, ensure the broker you use to buy Dogecoin has a support service operating around your trading schedule. Plus, it must be accessible via a convenient communication method, whether via phone, email, or live chat.
If you are new to a Dogecoin broker in the UK, consider reviewing users’ testimonials regarding their experiences with a broker. You can visit platforms like Trustpilot, Google, Play, or the App Store for honest reviews and ratings. This way, you will know what to expect investing with a broker and decide whether it is worth using.
Dogecoin Price Today
Dogecoin share price keeps fluctuating with demand and supply rates. Since it is a highly volatile asset, staying abreast with its price trends will help you strategise and identify proper entry and exit points. Below is a live chart indicating Dogecoin’s current price. You can also use the live chart to analyse the asset’s historical price trends to develop solid trading/investment strategies.
Top Dogecoin Stocks For 2024
If you want to try your luck in Dogecoin shares, we list below the top three companies listing the asset. Note that you should conduct additional research to identify the best entry and exit points for increased potential.
- Coinbase
Coinbase is a popular cryptocurrency exchange listing Dogecoin as one of its assets. It is listed on the NASDAQ exchange under the symbol COIN. Besides using Coinbase for crypto trading, the company is also a sponsor for debit cards. It only allows its members to spend from their digital wallets’ balances. Moreover, Coinbase offers asset loans to cryptocurrency owners, where you get to use your asset as collateral. Simply put, the company is highly reputable and safe, making it a considerable investment for 2024.
- Robinhood
Robinhood is another Dogecoin stock to trade in 2024. The company specialises in brokerage services in the US, and investing in it this year can be lucrative. Besides listing Dogecoin for purchase, you also get access to additional assets, including Bitcoin, altcoins, stocks, ETFs, etc. You will access this Dogecoin’s stocks through the NASDAQ exchange, where it is listed using the ticker HOOD.
- Tesla
You probably know Tesla as one of the leading electric car manufacturers, but the company owns millions of dollars worth of cryptocurrencies, with Dogecoin as one of them. Keep in mind that Tesla also accepts Dogecoin as its only digital asset for transactions. This means that you can use your Dogecoins to make a purchase on Tesla. The company has potential for growth in 2024, and investing in it could pay off in the long run. It is listed on the NASDAQ exchange under the ticker symbol TSLA.
What is Dogecoin?
Launched in 2013 by digital engineers Jackson Palmer and Billy Markus, Dogecoin is a digital currency that continues to skyrocket in popularity. The currency was initially created as a joke based on the popular “Doge” meme featuring a Shiba Inu dog. However, it gained traction and popularity among internet users and has since become a legitimate cryptocurrency.
Dogecoin operates on a decentralised peer-to-peer network, similar to other cryptocurrencies such as Bitcoin. Despite its origin as a joke, the token has experienced significant market fluctuations and has become one of the most talked-about cryptocurrencies. Its price has seen dramatic spikes and drops, with major events such as Elon Musk’s tweets contributing to its volatility.
While some investors see Dogecoin as a speculative investment opportunity, others remain sceptical of its long-term value. Nonetheless, Dogecoin has undoubtedly made its mark on the cryptocurrency world and has amassed a devoted following of supporters who embrace its quirky and fun-loving culture.
How is Dogecoin Mined?
Dogecoin is mined through a process called Proof-of-Work (PoW). To mine Dogecoin, miners use their computer’s processing power to solve mathematical equations, which help to validate transactions on the Dogecoin network. This process involves competing with other miners to solve the equation and be the first to add a new block to the blockchain. Only miners who successfully solve the equation are rewarded a set amount of Dogecoin.
The process of mining Dogecoin requires significant computational power, meaning miners typically use specialised hardware known as Application-Specific Integrated Circuit (ASIC) devices. Designed specifically for mining crypto tokens, these devices are much more efficient at solving the complex equations required for mining. While it is possible to mine Dogecoin using a standard computer, its rewards are relatively low. Plus, you may work extra hard to earn a significant amount of Dogecoin.
What is Dogecoin Used For?
Dogecoin cryptocurrency can be used for various purposes. One of the notable uses of Dogecoin is promoting charitable donations. The token’s community has a long history of supporting charitable causes. It has raised significant amounts of money for organisations such as the Jamaican bobsled team, the Dogecoin Foundation, and various disaster relief efforts.
In addition to charitable giving, Dogecoin can be used for online purchasing of goods and services since many businesses accept it as a form of payment. Furthermore, like other tokens, Dogecoin can be traded on various exchanges, making it a considerable investment asset for growing your wealth.
How to Store Your Dogecoin
When it comes to storing Dogecoin, a few different options are available. For instance, the asset holders can secure it in software or hardware digital wallets. Software or hot wallets are typically free; you can access them online using your browser-powered device. In contrast, hardware wallets are physical storage devices specifically tailored to secure your Dogecoin offline. Most users consider the hardware or cold wallets more secure. Whichever option you choose, keeping your private keys safe and secure is essential, as these are required to access, recover lost or stolen Dogecoin, and manage your Dogecoin.
Another option for storing Dogecoin is to use a cryptocurrency exchange, although this is generally not recommended for long-term storage due to security concerns. However, if you still prefer storing your tokens in a crypto exchange, ensure you select a reputable one with a good track record of security like the ones we recommend on this page. Most importantly, enable the two-factor authentication to protect your crypto investment account.
FAQs
You can trade Dogecoin using a CFD broker that is user-friendly and hosts the necessary tools for a worthwhile experience. To maximise your potential with Dogecoin investment, ensure you are familiar with how the asset works. You must also be willing to strategize by conducting thorough market research and analysis.
Yes. The only safe way to buy Dogecoin using online brokers is to ensure the brokers are regulated by the FCA. Keep in mind that there are online scammers and you must follow our guidelines above to choose a safe and suitable Dogecoin broker.
To effectively store your Dogecoin, consider investing with a broker hosting a digital wallet. For instance, eToro has a digital wallet, meaning that you can store your earned Dogecoins with the broker. You can also store your Dogecoin in an external digital wallet. Simply ensure it is safe to avoid getting hacked.
Absolutely. Although there is a cryptocurrency market crash, investing in Dogecoin could pay off in the long run. Simply ensure you conduct a thorough market analysis to effectively predict the asset’s price and make the best decisions.
Yes. Cryptocurrency trading in the UK is considered a federal activity. This means that for any profit your earn trading Dogecoin or other cryptocurrencies. In this case, they must be subjected to capital gains tax.
Yes. Storing Dogecoin on unverified crypto wallets is risky since the wallets can easily be hacked, and your assets get stolen. For this reason, consider keeping your Dogecoins on regulated brokers’ wallets since they are highly encrypted and monitored by tier-one authorities.
Conclusion
Dogecoin has existed since 2013 and continues to become popular not only in the UK but globally. Like other cryptos, Dogecoin is a highly volatile asset, so you must be keen when investing in it to maximise your potential to succeed. Using the best broker to buy Dogecoin will help you mitigate those risks considering that most of them host reliable trading tools to help you with strategy development. The brokers also have trading apps to help you take advantage of every arising opportunity while you are on the move.
As an investor, note that you can also lose your money trading with the best Dogecoin broker in the UK. Therefore, always conduct a thorough market analysis and strategise before opening a position. Also, test a broker using its demo account before spending your hard-earned money.
