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How to buy Dogecoin (DOGE)
A beginner’s guide to buying and selling DOGE in the UK.
Dogecoin (DOGE) is a decentralised, peer-to-peer cryptocurrency that’s similar to Bitcoin (BTC) and Litecoin (LTC). What started out as a joke has grown into one of the most widely traded cryptocurrencies in the world with a market capitalisation of more than $5 billion as of January 2021. Here’s our guide to how to buy DOGE.
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.
Where to buy DOGE in the UK
Table: shows partner brands and other brands, sorted by popularity
You can buy DOGE on a wide variety of popular cryptocurrency exchanges, including:A step-by-step guide to buying DOGE
Set up an account with an exchange that supports Dogecoin in three steps.
Step 1. Search for and register an account to buy DOGE
Look through the table above to see a list of exchanges that sell or trade Dogecoin. You can also check whether they accept pound sterling (GBP) or cryptocurrency.
Many exchanges also require your full name, contact information and proof of ID before allowing you to trade. We suggest two-factor authentication on your account for extra security.
Step 2. Deposit funds into your account
The table above shows you which exchanges let you purchase Dogecoin with pound sterling (GBP). If the exchange you want to use only accepts cryptocurrency, then you will need to acquire a cryptocurrency that can be traded for DOGE, such as Bitcoin (BTC) or Ether (ETH) which can then be traded for DOGE.
Step 3. Buy DOGE
Navigate to the markets section on your chosen exchange to find your desired DOGE pairing. Look for the section on buying DOGE, and type in the amount of the paired cryptocurrency you want to spend or the amount of DOGE you want to buy.
Carefully review your transaction details – including how much DOGE you’re buying and the total cost of the purchase – before completing the transaction.
How to sell DOGE
To sell your DOGE holdings, look for a “Sell DOGE” link in your exchange. 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, we don’t recommend storing cryptocurrency in an account on an exchange. It’s often safer to store your DOGE in a secure cryptocurrency wallet.
Check out our list of the best Dogecoin wallets to get started.
How DOGE works
Founded in 2013 by 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 the idea for Dogecoin started from a lighthearted tweet criticising the rapid rise of “scammy” altcoins at the time. Dogecoin takes its name from the popular viral “doge” memes. Its mascot, which features heavily on the Dogecoin website, is a Shiba Inu.
Behind 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 capitalisation of $74 million. DOGE’s value has experienced several rises and falls since then, reaching its all-time high in January 2021 with a market cap of more than $5 billion.
Find out more in our guide to Dogecoin.
Key factors to consider when buying DOGE
Cryptocurrencies are complicated and highly speculative, and many factors can affect their value. Understand the risks associated with cryptocurrencies before making a purchase.
If you’re thinking of buying Dogecoin, weigh the following factors against your financial goals:
- Supply. In February 2021, CoinMarketCap listed the circulating supply of Dogecoin as 128,331,548,882 DOGE.
There is no maximum supply of Dogecoin, as there’s no set limit on the number of coins produced. - Availability. Availability affects the popularity of a cryptocurrency. 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. Something of a legend in cryptocurrency circles, Dogecoin 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 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 is 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, consider whether DOGE fits with your cryptocurrency strategy.
- Future development. As for what the future holds for Dogecoin, consider cofounder Jackson Palmer said in a March 2017 interview with CoinDesk: “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.
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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