How to Buy Dogecoin UK

How to Buy Dogecoin UK

Dogecoin has attracted a lot of media attention through 2021, and may continue to in 2022 as Elon Musk tweeted in mid-December 2021 that Tesla will begin to accept Dogecoin as payment for merchandise. That tweet alone caused a 30% pump in the DOGE price.

SpaceX founder and Tesla CEO Elon Musk continues to endorse the digital currency to his 57.6 million Twitter followers. For early investors the Dogecoin cryptocurrency has seen astronomical gains in 2021 in the thousands of percentage points.

DOGE broke into the top 10 crypto coins by marketcap for some time - at the time of writing it's ranked 12th as AVAX and LUNA have been performing well this week. In this guide, we show you How to Buy Dogecoin in the UK and which cryptocurrency brokers you should consider when completing your online purchase.

How to Buy Dogecoin in the UK – Quick Guide

Want to learn how to buy Dogecoin right away? Just follow these quick steps to buy Dogecoin instantly.

  1. Choose a Dogecoin exchange – we recommend eToro as it’s FCA, ASIC and CySEC regulated
  2. Create an account
  3. Deposit funds into your account
  4. Search ‘Doge’ in the drop-down menu
  5. Click ‘Open Trade’ and select an amount of Dogecoin to buy

Where to Buy Dogecoin in the UK - Best Brokers List

eToro - Regulated UK Crypto Exchange

Looking for a more comprehensive walkthrough of how to buy Dogecoin online? If so, the section below will show you exactly what you need to do to get your hands on DOGE in the safest and most cost-effective way possible.

Step 1: Open an Account

To open an eToro account, head to the eToro website and click ‘Join Now’ at the top of the homepage. Enter your email address and a password, and then click on the link in the email that is sent to you to verify your email address.

On the next page, you will then be asked for additional personal information – such as your country of residence, home address, date of birth, and national tax number. eToro will send an SMS to your mobile phone for verification.

Step 2: Upload ID

eToro requires you to verify your identity in order to comply with local regulatory laws. As such, you will need to have your identity verified.

This requires a copy of your: Passport, driver’s license, or national ID card, and a utility bill or bank account statement issued within the last 3 months.

In most cases, eToro will authenticate your documents straight away and subsequently remove all account restrictions.

Step 3: Make a Deposit

eToro doesn’t offer direct Dogecoin purchases – meaning that you will first need to deposit some funds. Apart from a bank transfer, all deposit methods are credited to your account instantly.

You can choose from:

  • Debit/credit card (Visa, MasterCard, Maestro)
  • Paypal
  • Skrill
  • Neteller
  • Local bank transfer (country-specific)
  • International bank wire

Step 4: Search for Dogecoin

At this stage of our step-by-step guide, you should now have an eToro account that is funded. Now it’s time to buy Dogecoin. The easiest way of doing this is to enter ‘DOGE’ into the search box at the top of the page.

Then, you’ll need to click on the ‘Trade’ button to open up an order box.

Step 5: Buy Dogecoin

You can now buy Dogecoin by entering the size of your stake into the ‘Amount’ box (previously a $25 minimum trade, now $10 as of December 2021).

Finally, click on the ‘Open Trade’ button on the next box that pops up, to buy Dogecoin.

Where to Buy Dogecoin UK

Opening an account at eToro to buy Dogecoin in the UK takes just a few minutes and this United Kingdom based cryptocurrency exchange is regulated by the British Financial Conduct Authority (FCA) with an office in Canary Wharf, London.

Click here to open an account at eToro.

2. Binance – Top-Rated Cryptocurrency Exchange to Buy Dogecoin

Another option is Binance – the world’s largest cryptocurrency exchange in terms of trading volume. This popular online platform is home to hundreds of fiat-to-crypto and crypto-to-crypto pairs – all of which can be traded at a commission of just 0.1%.

This fee can be reduced even further if you hold BNB coins – which is the native digital currency backed by Binance.

However, we should note that if you wish to buy Dogecoin UK from Binance with a debit/credit card, the fees increase tremendously. In fact, Binance has a standard direct-purchase fee of 1.8%.

From time to time, the platform will offer a promotion where the debit/credit card fee is reduced, so keep an eye out for this. With that said, the fee at eToro remains at 0.5% at all times.

Click here to open an account at Binance.

3. Coinbase – Best Broker to Buy Dogecoin for Beginners

If your main focus when choosing a broker to buy Dogecoin in the UK is that of user-friendliness, then Coinbase could be the right platform for you. Launched back in 2012 – Coinbase has quickly grown to become one of the largest cryptocurrency brokers in this industry.

In fact, it now boasts a customer base of over 70 million verified users.

In a similar nature to eToro, Coinbase makes the Dogecoin investment process super easy – even if you have never traded digital assets previously.

To get started, you’ll need to register an account by entering your personal information and contact details, followed by the upload of your government-issued ID. Then, you can deposit funds instantly with your debit card.

Click here to open an account at Coinbase.

What is Dogecoin?

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? 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 2020, 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.

Now investors are buying Dogecoin in the UK at 13 pence per coin on Coinbase and other cryptocurrency exchanges like eToro.

Buy Dogecoin UK GBP Coinbase

Should you buy Doge in 2022?

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.

Dogecoin Price – How Much Does it Cost to Buy Dogecoin?

Dogecoin is currently trading at a price of $0.17 per coin (USD), or 13 pence. So, you could buy 7 to 8 Dogecoins for a single pound (GBP).

Its all-time high was just short of $1, at 74 cents. Or 56 pence. If it retests that all-time high in 2022 that will be an over 400% price gain from its current valuation.

Risks of Buying Dogecoin in the UK

Before you proceed to buy Dogecoin in the UK, it’s really important that you consider the risks. Crucially, this is because there is every chance that you will get back less than you originally invested into the digital asset.

Although cryptocurrencies like Bitcoin and Ethereum have also experienced significant price increases over the past few years, Dogecoin’s growth in 2021 has been nothing short of parabolic. 

It goes without saying that an upward trajectory of this magnitude cannot forever. On the contrary, this is illustrative of an asset class that is not only overly speculative – but one that is potentially in the midst of a bubble that could eventually burst. If it does, then this could result in your losing a considerable amount of money.

Another risk that you need to consider is that the upside potential with Dogecoin is now potentially limited. This is because the cryptocurrency has grown so quickly that it has since hit an all-time high market capitalization of over $90 billion.

There is only so much higher that the digital currency can go – which is why the current risk/reward ratio on offer does begin to look somewhat unattractive. This means that you are taking a large amount of risk by buying Dogecoin with little upside on the table.

Investing in Dogecoin as Speculation

Many people buy a cryptocurrency because they believe the underlying project offers real-world usage and thus – it solves current-day problems. For example, Bitcoin is now seriously being considered as a store of value that investors can turn to during times of economic uncertainty.

However, Dogecoin offers little in the way of actual use-case. Sure, the technology allows people to send and receive funds in a decentralized, fast, and low-cost manner.

But, there are dozens of other blockchain protocols that can do the same thing – only better. As a result of this, you are essentially buying Dogecoin in the UK on the back of FOMO (Fear of Missing Out) and wider market speculation. Ultimately, if you’re a conservative or risk-averse investor, Dogecoin won’t align with your financial goals.

Selling Dogecoin

The process of selling Dogecoin is much the same as buying the digital asset – but in reverse. The specifics will, however, depend on whether you keep your coins in the brokerage account you bought them from or withdraw them from a private wallet.

If, for example, you bought Dogecoin at eToro, you can just place a sell order.  As soon as you do, the cash proceeds will be added to your account – which you can then withdraw.  Alternatively, if you are storing the coins in a private wallet, you will need to deposit the funds into an exchange.

Then, you can sell Dogecoin into a cryptocurrency like Bitcoin or Ripple. Some platforms – such as Coinbase, also allow you to sell Dogecoin straight into cash – which you can then withdraw back to your bank account.

How to Buy Dogecoin UK – The Verdict

This guide has explained how to buy Dogecoin in the UK. Not only does this include the best brokers to consider when investing in this digital cryptocurrency – but the specific steps required. As we have noted throughout this guide, eToro is the best brokerage site to buy Dogecoin in the UK.

The platform is heavily regulated – which includes a license with the FCA. You will only pay the spread to make a purchase and the minimum investment is now just $10.

Best of all, it takes just a few minutes from start to finish to buy Dogecoin at eToro – as the platform supports instant payment methods in the form of a debit / credit cards, Paypal and e-wallets like Skrill and Neteller.

Click here to open an account at eToro.