Dogecoin (DOGE): How to buy, sell or trade | finder.com
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How to buy Dogecoin (DOGE)

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A beginner’s guide to buying and selling DOGE in the US.

Dogecoin (DOGE) is a decentralized, peer-to-peer cryptocurrency similar to bitcoin (BTC) and Litecoin (LTC). Though it started out as a joke, Dogecoin has grown into one of the most widely traded cryptocurrencies in the world with a market capitalization in excess of $637 million at the time of writing.

This guide takes a closer look at how DOGE works and the best ways to buy and store DOGE in the US.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Where to buy DOGE in the US

You can buy DOGE on a wide variety of popular cryptocurrency exchanges, including:

Name Product Payment Methods Available Fiat Currencies Available Cryptocurrencies
Cash, BPAY, POLi, Cryptocurrency
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG & over 60+ more
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Cryptocurrency
-
BTC, BTG, DASH, ZET, XVP, XPM, WDC, VTC, VRC, UNO, TROLL, START, SLR, SLG, RDD, QTUM, PPC, POT, OK, NVC, NMC, NLG, NEOS & 25+ more
Trade an array of cryptocurrencies through this globally accessible exchange based in Brazil.
Credit card, Debit card
USD, EUR
BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC & 70+ more
Access competitive crypto-to-crypto exchange rates for more than 35 cryptocurrencies on this global exchange.
OKPay, PerfectMoney, Yandex Money, Payeer, QIWI, Cryptocurrency
USD, EUR, RUB
BTC, XRB, ETH, DCN, BCH, NIO, TRX, DASH, COB, DOGE, PRIX, DSR, XCPO, LTC, VERI, LOC, NUA, PKT, PPT, ICO & 80+ more
Supporting over 100 coins, you can exchange a variety of cryptocurrency pairs on this peer-to-peer platform.
Cryptocurrency
-
BTC, BCH, ETH, LTC, DOGE, NEO, XMR, POWR, DASH, PIVX, XEM, OMG, GNT & 500+ more
Buy and sell hundreds of cryptocurrencies with minimal verification on this all-in-one, New Zealand-based exchange.
Cryptocurrency
-
BTC, BCH, BTG, ETH, ETC, FUN, 1ST, ANT, BAT, BNT, BLK, CVC, CLAM, DASH, DCR, DGB, DNT, DOGE, EDG, EOS, FCT, GAME & 25+ more
A global exchange where no account is needed to begin trading cryptocurrency to cryptocurrency.
Cryptocurrency
-
BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB, BCH, LSK, XMR & 50 more
Trade various coins through a global crypto to crypto exchange based in the US.
Cryptocurrency
-
BTC, ETH, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, QTUM, ZCL, RDD, LTC, NEO & 120+ more
Buy from one of the largest crypto to crypto exchanges with a selection of over 190+ cryptocurrencies.

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A step-by-step guide to buying DOGE

If you want to buy DOGE, here’s an example of how you can do it:

Step 1. Register for an account with an exchange that allows you to buy DOGE

The first step is to search for an exchange that lists DOGE in one or more currency pairings. Once you’ve found a suitable exchange, you can sign up for an account by providing your email address and creating a password.

Many exchanges will require you to provide your full name, contact information and proof of ID before allowing you to trade, while we also suggest enabling two-factor authentication on your account for extra security.

Step 2. Deposit funds into your account

Most crypto exchanges don’t allow you to directly exchange fiat currency – your US dollars (USD) – for DOGE. This means you’ll first need to acquire a cryptocurrency that’s listed in a pairing with DOGE, such as Ether (ETH) or bitcoin (BTC), and then trade it for DOGE.

Step 3. Buy DOGE

The final step is to navigate to the markets section on your chosen exchange and then look for your desired DOGE pairing. Look for the section on buying DOGE and then type in the amount of the paired cryptocurrency you want to spend or the amount of DOGE you want to buy.

Make sure to carefully review all transaction details, including the amount of DOGE you’re buying and the total cost of the purchase, before completing the transaction.

How to sell DOGE

If you want to sell your DOGE holdings, you can do so by following a similar process to that outlined in Step 3. You’ll obviously need to look for the “Sell DOGE” link, while it’s also worth remembering that you may not be able to directly exchange DOGE for the currency you want to acquire.

Which wallets can I use to hold DOGE?

Unless you’re looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it’s generally much safer to store your DOGE in a secure wallet.

The official Dogecoin wallet for Windows, Mac and Linux operating systems is available for download from the Dogecoin website, while there’s an Android mobile wallet available as well.

There are also several other online and desktop wallets that support DOGE, or you may wish to use a hardware wallet such as the Ledger Nano S.

How DOGE works

Founded in 2013 by Australian Jackson Palmer and IBM software developer Billy Markus, Dogecoin started life as a joke. In a January 2018 article in the Sydney Morning Herald, Palmer explained that the idea for Dogecoin started from a light-hearted tweet criticizing the rapid rise of “scammy” altcoins at the time. Dogecoin takes its name from the immensely popular (in 2013) viral “doge” memes. Its mascot, which features heavily on the Dogecoin website, is a Shiba Inu.

However, behind all the fun and games of Dogecoin lies a very popular cryptocurrency. Designed to offer fast and affordable online transactions, this open-source digital currency can be used as a form of payment for goods and services, a vehicle to trade for other currencies and a way to “tip” other Internet users who create or share popular content.

Based on the LuckyCoin protocol, a fork of Litecoin, Dogecoin uses the Scrypt encryption algorithm. Dogecoin was instantly popular in the crypto community, and within two months of its launch, it had a market capitalization of $74 million. DOGE’s value has experienced several rises and falls since then, most recently in January 2018 when it reached a market cap of more than $2 billion and a price of $0.017359.

Find out more about Dogecoin in our complete guide.

Key things to consider if you’re thinking about buying DOGE

All cryptocurrencies are complicated and highly speculative, and there are many factors that can affect their value. It’s essential to be fully aware of all the risks associated with cryptocurrencies before making a purchase.

If you’re thinking of buying any Dogecoin, make sure you consider the following factors first:

  • Supply. At the time of writing (2/13/18), CoinMarketCap listed the circulating supply of Dogecoin as 113,174,969,242 DOGE.
    There is no maximum supply of Dogecoin as there is no set limit on the number of coins produced.
  • Availability. One of the key factors that affects the popularity of a cryptocurrency is its availability. Dogecoin is listed on a wide range of cryptocurrency exchanges, making it relatively accessible in comparison to more obscure coins for anyone thinking of buying.
  • Community support. Dogecoin is something of a legend in cryptocurrency circles and is supported by a vibrant and active community, as shown by its active Reddit page. This support has seen Dogecoin survive since 2013, which is a very long time in the world of digital currency.
  • Joke or not? Dogecoin started life as a joke, and a quick visit to the coin’s website is enough to reveal that this currency doesn’t take itself too seriously. This has been a key factor in its survival and success. However, if you’re looking for a coin to buy and hold in the hope of achieving long-term profits, you’ll need to consider whether DOGE fits with your cryptocurrency strategy.
  • Future development. As for what the future may hold for Dogecoin, it’s worth considering what the coin’s co-founder, Jackson Palmer, said in an interview with CoinDesk in March 2017: “New features aren’t being implemented into Dogecoin because there’s no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down.” Palmer left the Dogecoin team in 2015, but this does raise important questions about the longevity of the currency.

By researching all the important information you can find about Dogecoin and considering the above factors, you’ll be in a much better position to decide whether or not to buy DOGE.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping people find the right products for them. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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