How to Buy DogeCoin in the UK? – Simpler Than You Think!

Benefits of Learning How To Buy Dogecoin

Dogecoin was the first “meme coin” to take off in 2021, and it continues to enjoy strong social media support in 2022, opening the door for potential future price increases.

If you’re considering investing in Dogecoin, you’ve come to the right place as this guide will explain how you can buy Dogecoin in the UK, go over the best trading sites, and walk you through the process of buying DOGE.

Step By Step Guide on How to Buy Dogecoin in the UK?

Dogecoin can be purchased on crypto exchanges like eToro, Coinbase, or Uphold.

To buy Dogecoin safely, follow the instructions listed below:

Step 1 – Sign up for an exchange

You may buy, trade, keep, and give a variety of cryptocurrencies on a crypto exchange, including well-known ones like Dogecoin, Bitcoin, Ethereum, USD Coin, and Solana. To see our list of cypto exchanges in the UK where you can buy and sell Dogecoin, scroll down.

To open an account with the majority of these exchanges, you’ll need a working ID card and a preferred payment method. Only utilize crypto exchanges for transactions; don’t store your coins there. Instead, save your Dogecoin and other cryptocurrencies in a crypto wallet.

Step 2 – Add a payment method

The majority of cryptocurrency exchanges let you deposit money using your GBP debit card, a bank transfer, or Open Banking.

Step 3 – ‍Choose and configure your wallet

Wallets are crucial because they enable you to store your Dogecoin stock and other cryptocurrency assets. Since wallets are frequently independent of crypto exchanges, it is preferable to store your cryptocurrencies there rather than on a cryptocurrency exchange.

You can be sure that your money is secure on the blockchain and distinct from the crypto exchange even if the exchange fails, for example. Coinbase Wallet and MyDoge Wallet are two instances of Dogecoin wallets.

Step 4 – Buy Dogecoin UK

You are now prepared to buy Dogecoin UK after creating an account with a crypto exchange and setting up your crypto wallet. Simply buy Dogecoins by going to the trading section of your favourite crypto exchange.

Step 5 – ‍Transfer your Dogecoins to a secure crypto wallet

After buying dogecoin, move your Dogecoins to a safe crypto wallet so they can be kept securely. If you decide you want to turn your Dogecoins into fiat currency later, you may always transfer it back to the crypto exchange.

Where to Buy Dogecoin in the UK

We’ve compiled a list of some of the top online stores in the UK where you can buy Dogecoin. These are the crypto exchanges, wallets, applications, and websites where UK residents can buy Dogecoin, Bitcoin, Ethereum, and other cryptocurrencies.

‍Do not forget that uncontrolled, extremely volatile cryptoassets like Dogecoin offer no UK or EU investor protection. All of the money you invested in them could be lost. Profits from bitcoin sales may also be subject to capital gains tax.

eToro

A multi-asset trading platform called eToro provides CFD trading along with stock and cryptocurrency investing. Over 120 different cryptocurrencies are available on eToro, including well-known ones like Bitcoin, Ethereum, Tether, XRP, Binance Coin (BNB), and Solana.

Opening an account with eToro is completely free, and all registered customers receive a free US$100,000 demo account that they may use to try purchasing cryptocurrency and other assets before you buy a dogecoin.

While there is no deposit cost on eToro, there is a 1% trading fee for all cryptocurrency positions. If you deposit or withdraw money in a currency other than USD on eToro, there will be a conversion fee. The minimum withdrawal amount is $50 and there is a $5 fee for each withdrawal.

Customers in the UK can download the free eToro Money app from the company’s website to convert their GBP to USD and avoid paying exchange fees. The program also serves as a dogecoin wallet where you may store your cryptocurrency assets and easily move them between wallets or crypto exchanges.

eToro also provides other goods, including as equities with 0% commission, in addition to cryptocurrency.

Disclaimer: Cryptoassets are highly volatile unregulated investment products with no UK or EU consumer protection.

Coinbase

Coinbase is a crypto exchange that enables you to buy, sell, earn, and keep track of a variety of digital currencies in one location. Over 500 cryptocurrencies and other digital assets are available through Coinbase, including well-known ones like Bitcoin, Ethereum, USD Coin, Tether, Dogecoin, and Cardano.

By setting up regular purchases on a daily, weekly, or monthly basis, you can invest in cryptocurrencies gradually over time. Through the web app or the iOS and Android mobile apps, you can also keep track of your trades and keep tabs on market activity.

You may trade more than 500 assets on DEXes, collect interest, and store all of your cryptocurrencies and NFTs in one location with the Coinbase Wallet.

When trading cryptocurrencies on Coinbase, there are a variety of costs associated. Fees are calculated at the moment of order placement and may be based on a number of variables, such as the preferred payment method, the order size, and market circumstances including volatility and liquidity. Coinbase provides USDC trading without commissions.

Disclaimer: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection.

Uphold

You can buy and sell over 90 cryptocurrencies and utility tokens, including majors, altcoins, and emerging tokens, on Uphold, a cryptocurrency exchange that is user-friendly for beginners. Along with GBP, EUR, and USD, you can buy and sell up to three different national currencies.

Using AutoPilot, which enables you to put up recurrent buy or sell orders and lessen the effects of price volatility, you can schedule routine dogecoin transactions with Uphold. Users of Uphold can promptly and without fees withdraw money to private wallets on five different cryptocurrency networks or bank accounts in 36 different countries.

Currently, Uphold serves more than 2 million clients globally.

When trading cryptocurrencies on Uphold, there are a variety of costs associated. The price you see before you trade is the same price you pay when you trade because fees are computed at the moment of your order. Trading costs, FX fees, and market spreads are the three types of expenses that need the greatest attention.

Disclaimer: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection.

Gemini

Tyler and Cameron Winklevoss launched Gemini, a user-friendly bitcoin exchange appropriate for both novice and experienced traders. Gemini makes it simple to learn about the cryptocurrency market, purchase Bitcoin, Ethereum, and more than 50 other digital currencies, and create a portfolio of digital assets.

You can trade assets, manage your holdings, establish recurring trades, receive dynamic price notifications, and select GBP, USD, AUD, CAD, EUR, HKD, or SGD as your default currency with Gemini.

Through the web app or the iOS and Android mobile apps, you can also keep track of your trades and keep tabs on market activity. Customers in the UK have access to the Gemini Exchange, which provides both simple and complex crypto trading tools.

The Gemini wallet, which enables you to keep all of your crypto assets in an insured hot wallet or institutional-grade cold storage system, is also available to consumers in the UK.

Depending on whether you access the Gemini Exchange through the mobile app, web app, or ActiveTrader interface, there are a variety of expenses associated with trading cryptocurrencies on Gemini, including transaction fees, Maker-Taker fees, and withdrawal fees.

Gemini charges Maker-Taker fees for orders issued through ActiveTrader and from £0.75 and 1.49% for trades made through its mobile and online apps.

Disclaimer: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection.

Coinsmart

A user-friendly cryptocurrency exchange called Coinsmart is on a mission to make cryptocurrencies available to everyone. It is intended to be a user-friendly, straightforward platform for trading cryptocurrencies.

With Coinsmart, you can quickly and conveniently purchase and sell Dogecoin, Bitcoin, Ethereum, Litecoin, and other virtual currencies on desktop and mobile devices. When trading cryptocurrencies on Coinsmart, there are a variety of costs associated. Depending on your withdrawal method, there may be withdrawal costs as well as trading fees.

Disclaimer: Crypto assets are highly volatile unregulated investment products with no UK or EU investor protection.

OKX

One of the largest crypto exchanges in the world, OKX enables you to purchase, sell, and store a large number of well-known cryptocurrencies and altcoins. Users of OKX can trade a variety of well-known cryptocurrencies, including Bitcoin, Ethereum, Tether, USD Coin, XRP, ADA, SOL, and DOGE. Additionally, users can trade a variety of DeFi cryptocurrencies, including Uniswap, AAVE, Maker, Synthetix, and Compound, as well as cryptocurrencies associated to NFT, including ApeCoin, FLOW, Chiliz, and MANA (Decentraland).

You may purchase cryptocurrency on OKX using GBP, more than 30 other fiat currencies, or your own cryptoassets. For newcomers, experienced traders, and institutions alike, OKX features cryptocurrency trading tools. Users can also join OKX’s mining pool, receive early access to new tokens, earn large yields, or borrow money at cheap interest rates using their cryptoassets.

Maker-Taker fees are levied by OKX for all trades made on the exchange. Regular and VIP users pay varying costs. The total OKB holdings of regular users determine their tier, whereas the 30-day trading volumes and daily asset balances of VIP users determine their tier. Every day, the trade tiers are modified.

Disclaimer: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection.

Phemex

A cryptocurrency trading platform called Phemex uses specially developed trading engines to perform 300,000 transactions every second with order response rates of under one millisecond. Former Morgan Stanley executives who have years of real-world Wall Street experience make up the founding team.

With Phemex, you may use a debit or credit card to purchase major cryptocurrencies including Bitcoin, Ethereum, Tether, Dogecoin, Chainlink, Cardano, XRP, Litecoin, and others. Both novice and seasoned crypto traders can use the site.

The fact that skilled traders can trade Dogecoin, BTC, ETH, and more than 224 Crypto Pairs with no trading costs makes Phemex very tempting (Premium users only). By utilizing the 400+ articles on trending crypto projects that are available on the platform, users can additionally advance their knowledge of cryptocurrencies.

Trading and withdrawal fees are just two of the many costs associated with trading cryptocurrencies on Phemex. Whether you trade cryptocurrencies through Phemex wallets, trading accounts, spot trading platforms, or contract trading platforms will affect the costs you pay.

Disclaimer: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. ‘

Methods of Buying Dogecoin in the UK

There are many ways to make your investment easier if you want to buy Dogecoin in the UK. Let’s talk about two strategies:

Buying Dogecoin with PayPal

Due to the user-friendliness and high level of security of the platform, many individuals look to purchase Dogecoin using PayPal. PayPal currently does not permit bitcoin investment within the UK. However, a lot of trustworthy brokers (like eToro) allow PayPal deposits, so investors can fund their accounts using this method and use the money to buy Dogecoin in the UK.

Buy Dogecoin with Credit Card or Debit Card

Many investors think using a credit or debit card to buy Dogecoin is the best option. You can deposit your trading account balance using your card in this quick and simple process. As an alternative, some cryptocurrency exchanges even permit consumers to instantaneously purchase cryptocurrency using a credit card with no deposit necessary.

How to Find the Best Place to Buy Dogecoin in the UK

• When buying Dogecoin in the UK, you have a wide range of trading platforms to select from. To assist you in determining which one is ideal for you, consider the following:
• Place of Registration – A smart move would be to use a locally registered exchange. In order to avoid currency exchange expenses, it is more likely to take pounds and local payment options like PayID. A UK-based exchange is also more likely to be registered with the Financial Conduct Authority (FCA), which means it must abide by UK regulations.
• Security – Consider the platform’s security features, such as 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is regarded as industry norm, but less frequently used insurance funds are a sign of strong security procedures.
• Fees – To find out the precise cost of your transaction, read the small print. Spreads, trading fees, and deposit and withdrawal fees may apply, depending on the platform you select.
• Transaction limits – Are there any restrictions on the smallest or largest amount of Dogecoin you may buy? Does the exchange have any restrictions on how much money you can remove from your account in a single transaction or over the course of a day?
• Other platform features – Watch out for additional features that meet your trading or investment requirements. For instance, a lot of exchanges now offer yield on your holdings, and some even offer cryptocurrency debit cards so you may spend your coins.
• Customer support – Will it be simple and quick for you to contact customer assistance if you ever experience an issue with a transaction? They’re based in the UK, right? See what communication options are available and how quickly the team responds to questions.
• Insurance fund – Currently, only a few exchanges insure user funds. A word of caution: if insurance is important to you, you should be aware that policies differ significantly amongst exchanges.
• Reputation – Being a new industry, reputation can give a lot of information when selecting an exchange. Who, for example, are the founders? There have been any disputes, right? Are their commercial operations open and honest? It can be a warning sign if you can’t find any of this information.
• Variety of coins – Check to discover what more coins you can purchase through the site if you’re considering expanding your portfolio with further cryptocurrencies in the future.
• Read reviews – The user comments in Finder’s reviews of cryptocurrency exchanges give you a better picture of what the exchange is like to use for other beginners like you.

What Is Dogecoin?

A peer-to-peer, open-source cryptocurrency called Dogecoin calls itself the “fun and friendly internet currency.” Software developers Jackson Palmer and Billy Markus made it in 2013 as a parody of Bitcoin that was motivated by the “doge” meme. With a market cap of approximately £8 billion, it is currently one of the most well-known cryptocurrencies worldwide (at the time of writing).

Dogecoin is built on technology that are comparable to those used by other cryptocurrencies like Bitcoin, but it offers faster access and more reasonable transaction fees. It receives work from other Scrypt-based networks using the proof-of-work protocol and Scrypt’s hashing algorithm.

The price of Dogecoin has increased by more than 4,000% thanks to the backing of sizable online communities on websites like Reddit, Twitter, and Discord, as well as marketing gimmicks like supporting the Jamaican bobsled squad for the 2014 winter Olympics.

Dogecoin has no limit supply, in contrast to other cryptocurrencies like Bitcoin, and its miners receive 10,000 DOGE for each block they produce. Only five billion Dogecoins are added annually, despite the fact that each block is created every minute.

How Does Dogecoin Work?

Dogecoin uses blockchain technology to run on a decentralized network of computers, like many other cryptocurrencies. A distributed, encrypted digital ledger called blockchain is used to record and keep all dogecoin transactions that take place on its network.

A blockchain can be compared to a bank ledger or your bank statement, where you can view a history of transactions made over a specific time period.

A proof-of-work consensus technique is used by Dogecoin’s own blockchain to ensure that a miner can only add a new block of transactions if the network’s mining nodes concur that the block is genuine. The network uses encryption to verify transactions and guarantee the accuracy of the data.

What Is Dogecoin Used for?

Dogecoin is a peer-to-peer digital currency that can be used to pay for goods and services, tip online service providers, or just to send money between individuals.

Even if a record is visible to everyone on the blockchain, transactions can still be made in a somewhat anonymous fashion. And you can accomplish this without using a conventional middleman, like a bank. Due to the possibility of creating an infinite amount of coins, dogecoin cannot be utilized to keep value properly and is typically used for levity.

FAQs

1. Is Dogecoin owned by Elon Musk?

No, Elon Musk doesn’t own Dogecoin, to be clear. In 2013, Jackson Palmer and Billy Markus invented Dogecoin.

Elon Musk first revealed in early 2021 that he owns some Dogecoins, which led to a rise in price of roughly 15,000% in just seven months. Although Musk has not specified how many Dogecoins he owns, he tweeted in February 2021 that he had donated to a nonprofit organization using Dogecoin.

Reddit users kept tabs on the organization’s transactions and conjectured that Musk may have given about 150,000 DOGE. Tesla liquidated the majority of its Bitcoin holdings in July 2022, but oddly, Musk revealed that no Dogecoin had been sold.

2. How safe is Dogecoin?

Like all cryptocurrencies, there are common hazards, like as the possibility of losing all of your money in the event that your wallet is lost. Although a network of decentralized nodes means that no single body controls the network and that all users must concur on the blockchain for a block to be valid, it also means that if you fall victim to fraud or scam, there are no safeguards that can be put in place to protect you.

A 51% attack happens when one person or group is able to control more than 50% of the blockchain’s capacity to generate code. This gives them the ability to block new transactions from being confirmed, alter the order of transactions, and “double-spend,” or use the same cryptocurrency more than once.

In comparison to Dogecoin’s 1,090 nodes, Ethereum and Bitcoin’s networks contain a substantially higher number of decentralized nodes and have both been subject to 51% attacks. As a result of its comparatively lax security, Dogecoin might be less secure.

3. Is Dogecoin a good investment?

You must choose whether Dogecoin is worth your money, just like with any other investment. Dogecoin, like the majority of cryptocurrencies, is a speculative investment because its price is largely based on what other people are willing to pay.

Additionally, there are no assets or monetary reserves that support Dogecoin. If you want to invest in Dogecoin, keep in mind that success is not assured and that you could lose all of your money.

4. Why is Dogecoin so cheap?

Dogecoin’s low price is primarily due to its volumetric abundance. Dogecoin is deliberately abundant, and there is no limit supply, in contrast to Bitcoin, which was created to be rare and resist inflation.

Although the software governing Bitcoin has a limit of 21 million coins in circulation, there are more than 130 billion Dogecoins in existence, and 10,000 of them are created every minute.

5. Does Dogecoin have a future?

Due to its oversupply, Dogecoin is not a useful cryptocurrency for value storage, although most cryptocurrency exchanges allow you to pay with and send Dogecoin rather effortlessly. Given that Elon Musk’s tweets and other viral publicity stunts cause the majority of Dogecoin’s price increases, it may not be appropriate for long-term investors.

6. How do I sell my Dogecoin for cash?

The same way you place your buy order to buy Dogecoin, you may sell Dogecoin and pay out on a cryptocurrency exchange like eToro, Coinbase, or Uphold.

7. How is Dogecoin different from Bitcoin?

The code of Bitcoin and Dogecoin is comparable. One of the inventors, Billy Markus, even claimed that he used the Control F function to browse through the code of Bitcoin and replace every instance of the word “Bitcoin” with the word “Dogecoin.” There are some observable distinctions, though:

• Shorter block time: The block time of a blockchain tells us how quickly a new ‘block’ of transactions is added to the chain of transactions and how long it takes to validate a transaction. Markus chose a 1-minute block period for Dogecoin transactions as opposed to the 10-minute processing time for Bitcoin transactions.
• Processing fees: Processing a Bitcoin transaction is more expensive than processing a Dogecoin transaction. This is as a result of their various fee schedules. Users of Bitcoin have the option of paying a larger charge for a quicker transaction, and the fee is the same regardless of the transaction’s value. Dogecoin transaction fees are calculated based on the amount of data involved in the transaction in kilobytes, with 0.01 DOGE charged per kilobyte.

8. Can I buy Dogecoin in GBP?

Yes, you may buy Dogecoin on a cryptocurrency exchange like eToro, Coinbase, or Uphold with your GBP debit or credit card.