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In this guide we review how to buy Dogecoin with an SEC-regulated broker – and whether or not this meme coin is worth adding to your portfolio.
If you are looking for an easy and quick way to buy Dogecoin today, follow the steps outlined below to get started. We are going to show you how to buy Dogecoin on the best trading platform.
Virtual currencies are highly volatile. Your capital is at risk.
By following the simple step-by-step walkthrough outlined above, you have just learned how to buy DOGE today with a heavily regulated broker.
The process from start to finish should take you no more than 5 minutes, which includes getting your account verified. If, however, you need a more detailed and thorough walkthrough – keep reading.
For a breakdown of where to buy Dogecoin online today, consider the brokers and exchanges reviewed below.
The platforms that we discuss for your perusal offer a safe and convenient way to invest in DOGE tokens – not least because they all support USD payments via debit/credit cards and bank transfers. Furthermore, these leading crypto exchanges offer some of the most undervalued cryptos so you can diversify your portfolio with low fees and tight spreads.
We analyzed thousands of online cryptocurrency brokers and exchanges and found that eToro is by far the best place to buy Dogecoin and all the other best altcoins to buy. The most important aspect of choosing eToro as your go-to broker is that the platform is regulated by the SEC and registered with FINRA.
Moreover, for added protection, you will be pleased to know that the broker is also regulated by licensing bodies in Europe and Australia. Irrespective of whether you are a seasoned pro or complete beginner, you will appreciate that eToro offers some of the lowest trading fees in this space.
For example, when you deposit US dollars into your account with a debit or credit card, you will not pay any transaction fees. Compare this to the likes of Coinbase, and you will pay 3.99%. This zero-fee deposit offering is also the case with e-wallets like Skrill and PayPal, as well as ACH and domestic bank wires.
Another thing to note is that when you buy Dogecoin at eToro, you only need to cover the spread. We found that in most cases, the spread at eToro on cryptocurrency trades starts from just 0.75%. In addition to a strong regulatory framework and industry-leading fees, we also like eToro's budget-friendly framework.
For example, when you buy Dogecoin or any other best shitcoin or crypto for that matter, you only need to risk $10. This is the case regardless of how much your chosen digital currency is trading for. And as such, you can buy expensive coins like Bitcoin with a very small amount of capital.
Another top-rated feature offered by eToro is its Smart Portfolios. Put simply, by investing in a crypto-related Small Portfolio, you can inject capital into a diversified basket of tokens. Best of all, your Smart Portfolio will be managed by the eToro team, which promotes a passive investment experience.
eToro is also the best app to buy Dogecoin as its mobile crypto app is supported by both iOS and Android, if you'd rather trade on a handheld device.
Virtual currencies are highly volatile. Your capital is at risk.
The next exchange to consider when learning how to buy Dogecoin is Crypto.com. Although this platform was only founded in 2016, it is now one of the largest exchanges in the cryptocurrency trading arena. It attracts billions of dollars in daily volume and now serves millions of clients of all skill sets.
Perhaps one of the most attractive features of using Crypto.com is that the process of opening an account, uploading ID, making a deposit, and subsequently buying Dogecoin can be completed in just 5 minutes. This is because Crypto.com uses automated verification tools, so your government-issued ID will be validated near-instantly.
Furthermore, to complement its fast KYC processes, Crypto.com allows you to buy Dogecoin with a debit/credit card in real-time. Although the process at Crypto.com is both simple and fast, we should note that debit and credit card deposits will cost you 2.99%. This is more expensive than eToro, which charges no fees on Visa or MasterCard payments made in US dollars.
Another great perk of using Crypto.com to buy Dogecoin is that you can easily diversify across many other digital currency markets. In fact, Crypto.com hosts over 250 different coins of all shapes, sizes, and market capitalizations. In addition to this, Crypto.com also offers fully-fledged savings accounts.
In a nutshell, these crypto savings accounts allow you to earn interest on digital tokens that you own and hold on the Crypto.com platform. The specific APYs and terms of the lock-up period will depend on a variety of factors. For example, if you want to earn the highest yield possible, you will need to stake a minimum number of CRO tokens and lock your digital assets away for at least 3 months.
You can visit the Crypto.com website to view the platform's full list of supported coins, yields, and lock-up terms. Another thing we like about Crypto.com is that the platform offers digital asset lending services. This means that by depositing a popular coin like Dogecoin, Bitcoin, or Ethereum, you have the opportunity to borrow additional digital tokens.
Virtual currencies are highly volatile. Your capital is at risk.
Another online broker that allows you to buy Dogecoin in a matter of minutes is Binance. This cryptocurrency exchange is actually the largest platform in this industry, with more than 100 million clients on its book.
However, Binance has a dedicated platform for US clients, which offers in excess of 60 digital currencies. In terms of how to buy DOGE at Binance, you have two options if you wish to use US dollars. The cheapest way is to deposit funds with a domestic bank wire or ACH. This is because Binance will not charge you any transaction fees.
The other option you have is to deposit funds with a debit or credit card. The payment will be processed instantly once you have uploaded your ID, albeit, Binance will charge you 4.5% in fees. Furthermore, you will also pay an instant buy fee of 0.5%, taking the total debit/credit card charge to 5%.
On the other hand, if you have digital currencies stored in a private wallet, you can deposit the funds into Binance and subsequently swap the tokens for Dogecoin at just 0.10% commission. When it comes to security, we must make it clear that Binance is not regulated by any licensing body.
To counter this risk, Binance offers a wide range of security controls to ensure your funds are kept safe. For example, when you first register an account, you will be required to set up two-factor authentication. This will then be required on each login attempt thereon.
Binance has also implemented IP address whitelisting, which means if you try to log in from a new location, an additional security check is enforced. Another security feature offered by Binance is its SAFU feature. This is a reserve pot that collects funds from transaction fees and which will subsequently repay account holders in the event of a hack.
Virtual currencies are highly volatile. Your capital is at risk.
While Binance is typically used by cryptocurrency investors with prior experience, Coinbase caters to an entirely different demographic. That is to say, Coinbase is best used by those with little to no experience of trading digital currencies like Dogecoin online.
To get the ball rolling with Coinbase, you will initially need to create an account by entering some basic personal information before uploading a copy of your government-issued ID. Once verified, you can then buy Dogecoin with US dollars across a variety of supported payment methods. For example, if you elect to transfer funds via ACH, you won't pay any deposit fees.
Instead, when the funds arrive, you will pay a standard commission of 1.49%. If speed is important to you, then you can also buy Dogecoin in the US with a debit/credit card or PayPal. Coinbase will, however, charge you a fee of 3.99% when using these payment methods. Furthermore, additional fees will apply when you elect to make a withdrawal.
On the flip side, although Coinbase is an expensive broke to consider using when you buy Dogecoin, it is one of the most trusted platforms in this industry. For example, Coinbase has been trading since 2012, which makes it one of the longest-standing cryptocurrency exchanges in the online arena.
Coinbase is also a public company listed on the NASDAQ exchange, which adds further scrutiny from regulatory bodies. And of course, Coinbase as an entity is regulated to offer cryptocurrency brokerage services in the US. In addition to this, Coinbase offers even more security when you consider that it keeps 98% of client digital funds in cold storage.
Another reason to consider buying Dogecoin at Coinbase is that the platform offers more than 50 other digital currencies on its website. Moreover, you can access each and every supported market online or via the provider's mobile app. Coinbase offers a secure Dogecoin wallet which also comes in the form of a mobile app for iOS and Android.
Virtual currencies are highly volatile. Your capital is at risk.
It makes sense that you have a firm understanding of any investment products that you are thinking of buying. After all, you will need to risk funds in order to make money from a Dogecoin purchase.
So with this in mind, we will now dive a bit deeper into what Dogecoin is so that you can assess whether or not this digital asset is right for your portfolio.
In a nutshell, Dogecoin is a cryptocurrency that was created and launched in 2013. The project was initially created as a joke, with Dogecoin founders designing their meme token based on a Shiba Inu dog. Dogecoin remained a joke cryptocurrency project for many years, with the value of the token struggling to increase alongside the broader digital asset marketplace.
In the later sections of this guide, we discuss the price action of Dogecoin in much more detail. Nevertheless, Dogecoin carries many similarities to other popular cryptocurrencies such as Bitcoin.
This is because Dogecoin is built on top of the blockchain protocol, and tokens can be transferred on a wallet-to-wallet basis. The Dogecoin blockchain is both safe and secure, and transaction fees are much lower than its Bitcoin counterpart.
This is one of the many reasons why Elon Musk prefers Dogecoin as a Global Payments method rather than Bitcoin.
Virtual currencies are highly volatile. Your capital is at risk.
Dogecoin is considered as a good investment, it is one of the best 10 cryptos to invest in today. If you are an experienced investor in the cryptocurrency industry, then you will know the importance of performing your own research before parting with any capital.
This sentiment is even more imperative when considering just how volatile digital assets like Dogecoin are.
And as such, in this section of our guide on how to invest in Dogecoin, we're going to explore the fundamentals of this project from an investment perspective paying particular attention to whether we think Dogecoin is a good investment or not. We urge you to conduct your own research in addition to the findings outlined below.
The first positive aspect to consider about Dogecoin is that it is actually one of the cheapest cryptocurrencies to buy.
For example, many digital currencies now trade for thousands of dollars per token, which includes the likes of Bitcoin, Ethereum, Yearn.finance, and more.
Although you can still buy the aforementioned cryptocurrencies with a small amount of money at a broker like eToro, which supports fractional ownership, many investors prefer to hold a large allocation of tokens.
And Dogecoin is perfect in this aspect, not least because you can buy a single token for less than $0.15 as of writing. This means that you can purchase a significant number of Dogecoin tokens even with an investment of just a couple of hundred dollars.
Once again, this may appeal to investors that have no interest in purchasing a tiny fraction of 1 Bitcoin or Ethereum token.
In addition to carrying a low token price, we should also note that moving into 2022, Dogecoin is trading at a much lower valuation than it was in mid-2021.
This is because Dogecoin has since dropped from highs of $0.73 per token to lows or just $0.10. Although a slight recovery has since been achieved, current pricing levels still allow you to buy Dogecoin at a huge discount.
We briefly mentioned earlier that Dogecoin was a sleeping giant between 2013 and 2021. That was until Tesla CEO Elon Musk began to plug the Dogecoin project to his millions of loyal followers.
In other words, if you invested $2,000 into Dogecoin at the start of 2021 and cashed out in June, your capital would have been worth over $160,000.
In terms of the technology itself, Dogecoin is potentially suitable as a global payments network. For example, users can transfer Dogecoin tokens from one wallet to another with a confirmation time of just one minute.
Transaction fees are also very cheap, which again, makes it perfect for transferring funds – both domestically and overseas.
Another thing to mention is that Dogecoin is much faster than Bitcoin, with the latter requiring 10 minutes to confirm a transaction. Furthermore, Dogecoin can process 33 transactions per second, compared to Bitcoin's seven.
Since Dogecoin's resurgence in early 2021, the digital token has since become a multi-billion-dollar asset. As an investor, this is beneficial for a number of reasons.
First and foremost, Dogecoin is one of the most popular cryptocurrencies to buy, so the digital token is now listed at dozens of of the best crypto exchanges and Brokers. And therefore, this makes it very easy to invest in Dogecoin from the comfort of home.
Furthermore, and perhaps most importantly, the large market capitalization that Dogecoin carries means that the digital asset is highly liquid.
In simple terms, this means that you will never have an issue cashing out your tokens when the time eventually comes.
This is not something that can be said of many digital currencies that trade online, which, because of small valuations, can make it challenging when it comes to selling.
Virtual currencies are highly volatile. Your capital is at risk.
In the sections above we discussed five core reasons why you might decide to buy Dogecoin today. However, as a shrewd investor, you must also make considerations for the potential risk of loss.
As such, below we discuss the main risks that you must take into account before you complete your Dogecoin investment
It goes without saying that all cryptocurrencies are speculative in nature, not least because many people invest with the sole intention of making significant profits.
And by significant, we mean in comparison to traditional asset classes such as blue-chip stocks.
In order to replicate similar returns with blue-chip stocks, you might need to wait several decades.
And ultimately, if an asset class like Dogecoin can increase in value by thousands of percentage points in such a small amount of time, equally, it can drop in price considerably just as quickly.
Virtual currencies are highly volatile. Your capital is at risk.
Leading on from the about section on speculation, hype, and rapid volatility, it must be noted Dogecoin is now worth considerably less than it was in mid-2021 when the token was trading at $0.73.
As of writing, you can buy Dogecoin for less than $0.12 per token. This translates into a market downfall of over 80%. This means that had you invested $1,000 into Dogecoin at its peak, your money would now be worth approximately $200.
Losses of this magnitude in such a short timeframe are seldom seen when buying solid blue-chip stocks.
We mentioned a moment ago that Dogecoin is potentially suited as a global payment system because it promotes fast, secure, and low-cost transactions.
However, there are many other blockchain networks in this industry that perform significantly better than that of Dogecoin.
As a prime example, Solano can generate thousands of transactions per second at a cost of nearly zero. This makes it much more suitable as a global payments network than Dogecoin.
Ultimately, if Dogecoin cannot improve the efficiency of its network, the project could very quickly become redundant.
Another risk to consider before you buy Dogecoin today is that Elon Musk has since gone silent on this project.
This could be more significant than first meets the eye, not least because Dogecoin's rapid upward pricing swing was largely due to Musk's tweets and TV appearances promoting the project.
And, as these positive Dogecoin mentions have since dried up, this could prevent the digital currency from witnessing another bull run.
As we mentioned in the sections above, Dogecoin was created as a global payments network. It aims to provide users with cheap, fast, and low-cost transactions.
Most importantly, the location of the buyer and sender is completely irrelevant when Dogecoin is used. This is because Dogecoin is built on top of the blockchain protocol, which means that borders are non-existent.
However, we must once again note that most people buying Dogecoin do so with the intention of making money.
As such, unless Dogecoin becomes a mainstream payments network soon, the digital currency will likely remain a speculative asset class that is fueled by hype.
If you have performed significant research on the pros and cons of buying Dogecoin and you wish to proceed with an investment today, you also need to think about which payment method you want to use.
Below, we briefly explain the best ways to buy Dogecoin in 2022.
In terms of safety, convenience, and speed, the best way to buy cryptocurrency like Dogecoin is with a credit card or debit card.
For example, Coinbase charges 3.99% and Binance is even more expensive at 4.5%. The good news is that eToro charges no fees on debit and credit card payments, as long as the transaction is executed in US dollars.
Virtual currencies are highly volatile. Your capital is at risk.
Another option that will allow you to buy Dogecoin instantly is to use an e-wallet like PayPal. When you buy Dogecoin with PayPal in the US, fees will vary considerably depending on your chosen exchange or broker.
Once again, eToro charges no fees if your PayPal account is denominated in US dollars. However, if using Coinbase to deposit funds with PayPal, you will be charged 3.99%.
Virtual currencies are highly volatile. Your capital is at risk.
At this stage of our guide, you should now know the best way to buy Dogecoin for your personal requirements.
Now, it's time to think about storage. In other words, how do you intend on keeping your purchased Dogecoin tokens safe and away from unauthorized access? You need to compare the best Dogecoin wallets and find the right one for you.
With that being said, we would argue that keeping your Dogecoin tokens in the eToro web wallet is just as safe. This is because eToro is a regulated entity that is licensed and approved by the SEC – among other bodies.
And as such, you can be sure that your Dogecoin tokens are in safe hands at all times. However, in choosing eToro over a private wallet, the process of cashing out your Dogecoin tokens will be considerably easier.
This is because you can offload your DOGE tokens by simply logging into your account, heading over to your portfolio, and placing a sell order.
Virtual currencies are highly volatile. Your capital is at risk.
Some investors will look to buy Dogecoin when the digital asset is going through a market correction, as it is in early 2022. The main concept here is that when the price of Dogecoin eventually recovers, greater profit margins can be achieved.
However, there is, of course, no guarantee that the price of Dogecoin will ever get back to its prior highs of $0.76 per token – at least in the short term anyway.
If you want to try and time the market, it's best to focus on fundamental data as opposed to attempting to perform technical analysis.
Once again, this is because cryptocurrencies like Dogecoin are just too volatile and speculative to rely on the historical pricing trends that you have in front of you.
With that being said, the best strategy here is to dollar-cost average your Dogecoin token investments. This means investing small amounts but at fixed intervals, such as every week or month.
In taking this approach, you don't need to keep watching pricing charts with the view of timing the market correctly, as you will be building your Dogecoin portfolio slowly but surely over the course of time.
If you are eager to buy Dogecoin right now from the comfort of your home via an SEC-regulated broker, the section below will walk you through the simple process with eToro.
The reason that we like this broker for the purpose of buying Dogecoin is that you only need to risk $10 per trade. Moreover, fees are super low and USD deposits via debit/credit cards are fee-free.
You will need to register a brokerage account with eToro to get the Dogecoin investment process underway. Unlike traditional brokerage sites, verified eToro accounts take just minutes to open.
First, enter your basic personal information and choose a suitable username and password. Enter and verify your email address and cell phone number to proceed to the next step.
Next, to complete the registration process, you will need to get yourself verified. Upload a passport or driver's license for this purpose, which will be verified in under a minute.
Now that you are verified, you can deposit US dollars into your eToro without paying a single cent in transaction fees. ACH and bank wires are supported, as are e-wallets like Neteller and Paypal.
With that said, perhaps the fastest way to deposit funds is via a debit or credit card – with eToro supported Visa, MasterCard, and Maestro. The minimum amount that you can deposit as a US-based client is just $10.
Next, you can search for Dogecoin. All you need to do here is enter the name of the digital currency into the search bar – like in the image below.
And, when you see Dogecoin appear, click 'Trade' to move on to the final step.
Think about how much money you would like to risk on Dogecoin and enter the figure into the 'Amount' box of the 'Buy DOGE' pop-up screen. This can be any amount from $10 upwards.
Click on the 'Open Trade' button to confirm to eToro that you would like to buy Dogecoin. The tokens will then be added to your eToro investment portfolio.
eToro is also a stocks trading platform, and while there's no way yet to buy Dogecoin stock it has listed 'meme stocks' like Gamestop and AMC, which had similar high ROI bull runs to the meme coins DOGE and SHIB.
Virtual currencies are highly volatile. Your capital is at risk.
To sell Dogecoin, you will need to transfer your tokens into an exchange. With that said, if you bought Dogecoin at eToro as per our beginner's walkthrough, no transfer is necessary.
Instead, all you have to do is log into your eToro account and click on the 'Portfolio' button. Then, create a sell order and in doing so – eToro will cash out your Dogecoin position and credit your account with US dollars.
This beginner's guide on how to invest in Dogecoin has left no stone unturned. We've explained where to buy Dogecoin in terms of the best brokers and exchanges, as well as the specific steps required to complete your purchase with the SEC-regulated platform eToro.
If you want to go ahead and add some Dogecoin tokens to your portfolio today, just $10 is required to open an eToro account. And, the investment process takes just minutes, not least because the low-cost broker supports fee-free and instant debit/credit card payments.
Virtual currencies are highly volatile. Your capital is at risk.
Dogecoin is one of the most popular crypto assets to buy today, so you can take your pick when it comes to choosing a suitable broker or exchange. Nevertheless, the standard process requires you to register an account and deposit some funds. Next, you'll need to search for Dogecoin crypto and then place a buy order.
If you're looking for a regulated broker that allows you to buy Dogecoin in a low-cost way, eToro stands out from the crowd as the best place to buy the meme coin. You can deposit US dollars fee-free and the minimum Dogecoin investment requirement is just $10.
You can buy Dogecoin from dozens of exchanges and platforms – so do some research to find an exchange or broker you like the look of. We would, however, suggest checking out eToro – as the Dogecoin broker stands out in terms of regulation, low fees, and customer service.
Virtual currencies are highly volatile. Your capital is at risk.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
