Where to Buy Dogecoin 2024 – Beginner’s Guide

Update – the Dogecoin price pumped as high as $0.15 in October 2022 when billionaire Elon Musk completed his acquisition of Twitter. That marked an over 300% move from the yearly lows of $0.049.

This latest Dogecoin pump has not quickly retraced, unlike other DOGE price spikes such as when Elon Musk tweeted that Dogecoin has potential as a currency or that Tesla and SpaceX would accept Dogecoin as payment for merchandise.

In this guide we review how to buy Dogecoin online safely with an SEC-regulated broker – and whether or not this meme coin is a good investment for the future.

By following the simple step-by-step walkthrough outlined above, you have just learned how to buy DOGE in the US with an SEC-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 – read on.

Where to Buy Dogecoin 

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 other underrated crypto options so you can diversify your portfolio with low fees and tight spreads.

1. Crypto.com – Buy Dogecoin in Under 5 Minutes With a Debit Card

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%.

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. Earning interest on DOGE is not currently supported however.

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.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

2. Binance – Buy Dogecoin via a Bank Transfer 

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.

Binance has both spot trading on a DOGE/USDT pair (trade Dogecoin against Tether) and the option to margin trade DOGE on leverage.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

3. Coinbase – Easy Place to Safely Buy Dogecoin Online

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.

Cryptoassets are a highly volatile unregulated investment product. 

What is Dogecoin?

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.

The Basics of Dogecoin

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.

• However, in early 2021, the value of Dogecoin began to spike considerably.
• This is largely attributed to Tesla CEO Elon Musk, who announced that in addition to Ethereum and Bitcoin, he also owned an allocation of Dogecoin.
• Having such a prominent public figure legitimizing Dogecoin did absolute wonders to the value of the token.
• In fact, Elon Musk continued to discuss Dogecoin in a positive light, not only on Twitter but in a variety of live TV appearances.
• And upon each subsequent mention, this had a highly positive impact on the price of Dogecoin.

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.

Dogecoin price history

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.

Is Dogecoin a Good Investment?

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.

Low-Cost Token

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, 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.

Huge Market Correction Since Peaking 

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. 

DOGE Price Performance Since 2021 

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.

• At the start of 2021, Dogecoin was priced at just $0.009 per token. By early June of the same year, Dogecoin had skyrocketed to $0.73
• This means that in just seven months, the value of Dogecoin witnessed gains of over 8.000%

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. 

DOGE Price Action in 2022

Those that invested in Dogecoin at the start of 2022 are approximately break even after a correction followed by a recovery.

• The 2022 yearly open for DOGE was $0.14, and the 2022 high was hit in January – $0.214 on Binance against USDT
• Dogecoin retraced as low as $0.0491 in June 2022 when Bitcoin crashed to its yearly low of $17,500 and Ethereum to $881
• Heading into November 2022, Dogecoin has retested the yearly open, spiking to $0.151 when Elon Musk’s Tesla engineers moved into Twitter’s head office to ‘dig into the source code’

Potentially Suitable for Global Payments

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.

Highly Liquid

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.

Risks of Buying Dogecoin?

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

Speculation and Hype 

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.

• For example, while a risk-averse investor might be happy to make 5% per year from a solid stock like Johnson & Johnson or GlaxoSmithKline, it is not uncommon for cryptocurrencies to increase by double or even triple digits percentages in the space of one month.
• For example, as we mentioned earlier, Dogecoin increased by over 8,000% in just seven months in 2021.

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.

Dogecoin is Worth Much Less Than its 2021 Peaks

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.

Not the Best Performing Blockchain 

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, Solana 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.

Musk has Gone Silent on Dogecoin 

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.

What is Dogecoin Used For?

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.

Dogecoin Price

The Dogecoin value per coin fluctuates throughout the trading day based on market conditions. This means that when the broader cryptocurrency markets are bullish, there is every chance that Dogecoin will increase in value.

Ultimately, this is often determined by the sentiment on Bitcoin, insofar that if BTC performs well, so will the rest of the industry.

However, similarly, if Bitcoin is performing poorly, this has the desired impact of dragging the rest of the market down, which includes Dogecoin.

Dogecoin price chart – monthly timeframe via TradingView

The Dogecoin value is typically quoted against US dollars, which makes it relatively easy to check how your investment is performing.

You may, however, find that Dogecoin is quoted at various prices across different cryptocurrency exchanges. These price differences will rarely amount to more than a couple of micro percentage points nonetheless.  

Dogecoin Price Prediction

In spending some time researching Dogecoin price predictions online, you will come across a significant number of videos and articles that claim that the value of the digital currency is due to explode in value.

However, we would argue that price predictions are a waste of time when analyzing cryptocurrency valuations, especially with speculative tokens like Dogecoin.

You might be tempted to seek out bullish content that reaffirms your opinion that Dogecoin is sure to rise in value in the coming weeks or months. But it’s best to perform your own research so that you can make an informed investment decision.

Don’t forget, for every positive Dogecoin price prediction that you come across, you will likely find an opposing view. See this mid 2022 ‘Is Dogecoin dead?‘ piece for a more bearish outlook.

Do your own research (DYOR) to make investment decisions surrounding Dogecoin by considering fundamental data surrounding the technology, its use cases, partnerships, and the health of the wider cryptocurrency industry.

Ways of Buying Dogecoin

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.

Buy Dogecoin with Credit Card or Debit Card

In terms of safety, convenience, and speed, the best way to buy cryptocurrency like Dogecoin is with a credit card or debit card.

• Regardless of whether you are looking to use Visa or MasterCard, most brokers allow you to deposit funds instantly when opting for this payment method.
• However, you should know that many Dogecoin brokers in the space will charge high fees on debit and credit card payments, so this is something you need to check before you open an account.

For example, Coinbase charges 3.99% and Binance is even more expensive at 4.5%.

Buy Dogecoin With Paypal

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.

Choosing a Dogecoin Wallet

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.

• The first option to consider is to download a private wallet that comes in the form of non-custodial protection.
• In its most basic form, this means that you will be 100% responsible for keeping your Dogecoin wallet safe.
• If you’re comfortable doing that, you will be the only person that had access to your private keys.
• This will appeal to investors that wish to retain full control of their digital assets.

When to Buy Dogecoin

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 $0.73 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.

There is also another meme coin alternative to Dogecoin, Baby Doge that might be a good investment. The same goes for PlayDoge token, which is tied to the nostalgic P2E game similar to Tamagochi. It’s better to be an early investor in relatively new meme tokens.

Some investors may also want to buy Vita Inu.

How to Sell Dogecoin 

To sell Dogecoin, you will need to transfer your tokens into an exchange.

Aall you have to do is log into your account and click on the ‘Portfolio’ button. Then, create a sell order and your account will be credited with US dollars.

Conclusion

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  SEC-regulated platforms.

Elon Musk buying Twitter has put Dogecoin back into the headlines, and all eyes are on the DOGE price now that it has recovered back above the ten cents level, erasing most of its losses in 2022.

FAQs When Buying Dogecoin