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How to buy Dogecoin (DOGE)

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

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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 $500 million at the time of writing on 8 July 2020.

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

Disclaimer: 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.
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Quick guide: How to buy DOGE

  1. Go to the Coinswitch website.
  2. Select your payment currency in the “You Send” box.
  3. Select your desired cryptocurrency in the “You Get” box.
  4. Click “View All Offers”.
  5. Select the offer that’s best for you.
  6. Enter your cryptocurrency wallet address.
  7. Click “next”.
  8. Follow the steps Coinswitch provides to complete your purchase.
Go to Coinswitch's site

This is our quick guide to just one way to buy DOGE. Compare some other options in the table below.

Where to buy DOGE in the US

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

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody
USD, EUR, GBP, JPY, CAD, CHF, AUD

50
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Changelly Crypto-to-Crypto Exchange
Credit card,Debit card
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
YoBit Cryptocurrency Exchange
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

290
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
ShapeShift Cryptocurrency Exchange
Cryptocurrency
-

51
cryptocurrencies

Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.
Bitit Cryptocurrency Marketplace
Cash,Credit card,Debit card,Neosurf,Bank transfer (SEPA)
EUR, USD, JPY, DKK, GBP, SEK, NOK, TRY & 5+ more

50
cryptocurrencies

Buy cryptocurrency with cash or credit card and get express delivery in as little as 10 minutes.
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Compare up to 4 providers

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

If your chosen exchange accepts fiat currency – your US dollars (USD) – you can buy DOGE directly. Otherwise you might 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.

You can check out a list of the best Dogecoin wallets for a place to get started.

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, reaching its all time high in January 2018 with 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 (8 July 2020), CoinMarketCap listed the circulating supply of Dogecoin as 125,311,597,887 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.

Disclaimer: 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.

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