How to Invest in Dogecoin (DOGE)
If you’re thinking of adding it to your portfolio, there are three ways to invest in Dogecoin. Here’s how:
Buy and hold
HODLing is a popular investment strategy, particularly in the crypto community. Because of the volatility in the crypto markets, many investors choose to HODL their investments in the hopes that they appreciate in value.
DOGE has a promising future if its historical performance is anything to go by. With giant corporations like Tesla and SpaceXFin rallying behind the crypto, it seems that it’s only headed upward. Therefore, buying and keeping DOGE tokens in a secure wallet is an excellent long-term investment strategy.
Dogecoin CFD trading
The other way to invest in DOGE is by trading in CFDs. In this case, you get a Contract for Difference that lets you speculate on DOGE’s price movement. Your platform of choice lets you hypothesize on whether the CFD’s underlying asset, which is DOGE, in this case, will move up or down.
Since CFDs are leveraged products, you can trade on margin, which essentially means you can open a trade by placing only a portion of the trade’s full value. This way, investors stand to gain massive profits, depending on the amount of leverage used. On the flip side, they could also get significant losses because of the high risks.
DOGE day trading
Finally, you can invest in DOGE by participating in the coin’s day trading. This involves buying and selling DOGE within a single trading day. In order to be successful at day trading, you’ll need to be on top of DOGE’s market trends and get the hang of the forex and crypto markets. Although this is quite a lucrative way of investing in the coin, it may be a bit of a challenge for beginners. Learning how to day trade may take quite some time, but you could always hire a professional to manage your portfolio.
How to Buy Dogecoin (DOGE) Guide
So, you know the steps that you need to take when you want to buy Dogecoin (DOGE), but how exactly do you pay for it? There are several ways to buy Dogecoin globally, so finding one that suits you won’t be much of an issue.
How to Buy Dogecoin (DOGE) With Credit/Debit Card
Using a credit/debit card is one of the most convenient ways to get new tokens. Most exchanges will have this as one of their payment methods but you’ll probably find they have limitations on the countries allowed to use it.
eToro, one of the most popular trading platforms in the world, allows traders from most countries to deposit funds into their accounts using a credit/debit card. Once the fiat is deposited into the account, traders can then choose whether to buy actual DOGE coins or to hold a CFD to speculate on DOGE’s price.
You won’t incur any other charge besides the spread- the difference between the buy and sell prices- when depositing using your credit or debit card. But, using a different currency from the USD will attract some conversion fees. Another upside is that your deposit will be instant and the funds will reflect on your eToro account immediately.
How to Buy Dogecoin with PayPal
PayPal is another convenient method to pay for your DOGE tokens. It will often be the second option in most brokers /exchanges. eToro allows this option for most countries in the world, and the list of exceptions /is available on the website.
PayPal payments support four base currencies; USD, GBP, EUR, and AUD. The maximum deposit limit is set at $10,000 and users can use the same method to withdraw their funds. In order to use PayPal, users must have an active PayPal account with a credit/debit card linked to it or an account balance.
As is the case with credit/debit card payments, you will not incur extra charges unless you use a different currency. Besides, the payments are usually instant and the balance will reflect in your account immediately.
How to Buy DOGE with eWallets (Skrill, Neteller)
Like PayPal, this method doesn’t incur extra charges and is also an instant transaction. Some countries, such as the UK, Norway, Netherlands, and France get to enjoy rapid transfers.
Skrill and Neteller only support USD, EUR, and GBP. You must sign up for an account with any of the platforms before you can start using it. Both methods have a $10,000 limit on the deposit.
How to Buy Dogecoin through bank wire transfers
Bank wire transfers will take a bit of a longer time than any of the other methods. Transactions take about 4-7 days to reflect in your account and the method supports USD, GBP, and AUR. To speed things up, ensure you deposit funds in the same currency as your bank account. Also, you won’t incur any extra bank charges.
A significant benefit of using bank wire transfers is that there are no limits to how much you can deposit into your eToro account.
How to Buy Dogecoin anonymously without ID verification
If you would like to buy your DOGE tokens anonymously, you will need to use the eToro account without completing the verification process. The registration process requires you to complete a KYC verification process, but if you want to hide your identity, you can simply skip the verification process.
eToro allows unverified accounts to deposit up to $2250 using the different available payment methods. You can then use these funds to buy DOGE tokens without revealing your identity.
What are the Pros and Cons when you buy Dogecoin (DOGE)?
- Fast transactions: DOGE transactions are quite fast, especially compared to bitcoin. Confirmation time takes under a minute, which is quite favorable for crypto enthusiasts.
- Lower transaction costs: Fees on the DOGE blockchain start at $0.0075, lower than that for bitcoin and other altcoins.
- Great for tipping: DOGE’s low value compared to other cryptocurrencies make it excellent for tipping content creators. Bloggers, vloggers, and other creators can easily incorporate DOGE tokens to have their fans support their work.
- Strong community: It’s possible that DOGE has only made it this far because of the strong community behind it.
- Merged mining with Litecoin: DOGE and Litecoin have a merged mining process, which makes both blockchains more secure.
- Unlimited supply: DOGE has an infinite supply, which poses an inflationary issue. In the future, this could cause stunted growth in the coin’s value.
- Less stable: Although all cryptos are usually volatile, DOGE is particularly unstable, and investing in the coin is much riskier.
- Slow development: DOGE has had a slow development phase since its launch. The developers work part-time and the coin’s meme history means not many people take it seriously. Without further development, DOGE may not cut it out in the crypto scene.
What do You Need Before You Buy Dogecoin (DOGE)?
Before you get started on adding DOGE coins into your crypto portfolio, ensure you have all the tools you need; a trader account, investment capital, and a DOGE wallet.
1. A trader account
As we’ve mentioned above, a trader account is necessary for you to buy Dogecoin. Open an account with an exchange or broker that supports DOGE. There are several options available, so you should shop around to find the best one. Most will offer a trial period or a demo account option for you to have a feel without fully committing to it. You should also note that different trading platforms offer a variety of trader accounts.
2. Investment capital
Of course, you’re going to need some capital to actually buy Dogecoin. The exact amount, however, will entirely depend on your method of investing. HODLing doesn’t require much capital, since you can even buy the tokens infractions. CFD and day trading will require a bit more capital, depending on the broker’s or exchange’s trading terms.
3. DOGE Wallet
After purchasing your tokens, you’ll need a secure place to store the coins. DOGE offers an official wallet that you can download for your desktop or mobile. However, it wouldn’t be the wisest choice since it’s not actively worked on. You could opt for any other hot or cold wallet that will keep your crypto assets much safer.
How Much Do You Need to Buy Dogecoin (DOGE)?
You’ll need to consider several factors when determining the amount you need to buy DOGE tokens. Of course, the biggest determinant is the digital currency’s actual price. At the time of writing this, DOGE was trading at $0.4962 on Coinmarketcap.
Besides the token price, you’ll have to factor in several other costs. Most exchanges and brokers have trading limits in place that are unique to them. You should check whether the platform charges any deposit fees, transaction fees, and conversion fees if you’re using a different currency from the exchange’s base.
HODLing DOGE may not incur any extra charges. However, if you plan to invest in DOGE through trading, check whether there are overnight charges, inactivity fees, and any other costs you may incur.
Where Can You Buy Dogecoins today?
Once you have all the three things you need, buying DOGE tokens is a straightforward process. Most platforms will allow you to open an account and buy DOGE through a simple process that will probably take only a few minutes.
DOGE is available in different forms and most exchanges will offer more than one option. Besides buying the actual coin, you could invest in CFDs, trusts, or futures contracts. When doing your research on your exchange of choice, be sure to check out what DOGE options are available.
There are primarily two types of trading platforms where you can buy DOGE instantly. These are exchanges and brokerage firms. With exchanges like Binance, you can buy the actual DOGE coins using credit/debit cards, P2P trading, or bank transfers. Brokerage firms like Capital.com let you buy DOGE CFDs. However, some like eToro offer both actual coins and CFDs. Usually, such platforms will set limits by determining what regions have access to what type of crypto assets.
How to buy Dogecoin (DOGE) at an ATM?
Just as you can withdraw fiat money from an ATM machine, there exist crypto ATMs where you can buy digital currencies. Just recently, CoinFlip, one of the largest ATM providers in the world announced that DOGE would now be available in 1800 ATM locations.
Here’s how you should go about getting some DOGE coins from an ATM.
- Use an ATM locator to find a DOGE ATM near you. Some excellent examples of locators include Coinatradar and Coinmap.org
- Purchase a DOGE wallet.
- On the screen, specify that you would like DOGE tokens.
- Enter the amount you would want to spend (trade size)
Note: Most ATMs have the minimum buying limit. They also have an upper limit for bitcoins purchased anonymously. Above this limit, you will be required to scan your ID or provide your phone number to verify your identity.
- Scan your wallet’s QR Code so you can have your Dogecoin sent to it after buying them.
- Insert cash notes.
- Press the Buy button. Your DOGE tokens will be sent to the wallet you provided.
What to Look for in a Dogecoin Trading Platform
Before settling down for the right trading platform for your DOGE tokens, you need to carry out a vetting process. If you don’t know where to start, you can use the following factors for your checklist.
Of course, transaction fees play a crucial role when you’re deciding. Confirm all the charges you are going to incur and ensure they are kept to a reasonable level. If you, especially, plan to invest through trading, trading fees will be quite essential. Going for a platform with high transaction costs may have you incurring losses.
Supported payment methods
Your trading platform of choice should offer more than one payment method for convenience. Check that your preferred method is available and that it won’t incur outrageous fees. Be sure to also check the confirmation times for your preferred payment method.
If you are new to the trading platform of your choice, check whether it is beginner-friendly. An excellent place to start would be to check the online reviews and see what other users have to say about the platform. Most platforms also offer a demo account or a trial period. Sign up on your favorite platform and look around to have a feel.
Finally, be sure to crosscheck a platform’s reputation before investing in DOGE. Again, the online reviews will help you have a clear indication of the company’s reputation. It’d be wise to stay away from platforms whose history is marred with hacks and other malpractices.
You have plenty of options when it comes to buy DOGE tokens, so how do you settle for one? We narrowed down your options and included our top 6 choices for the best places to buy DOGE tokens.
Capital At Risk
eToro is one of the most popular trading platforms, supporting a variety of financial instruments including stocks, indices, ETFs, cryptocurrencies, CFDs, and commodities. The broker-exchanger was founded in 2007 and is a global leader in the industry. eToro is especially known for its social trading, which allows users to replicate trades from more experienced traders.
Buying DOGE on eToro is quite straightforward and once everything is in place, you shouldn’t run into any problems. The platform is seamless and even beginners have an easy time getting around. As we mentioned earlier, you can invest in DOGE on eToro through CFD trading, or by buying the actual coins. However, in some countries, such as the UK, eToro users can only buy actual DOGE coins.
If you’re a complete novice trader, you can sign up for the demo account so you can test the platform. Signing up is free, though you’ll need verification documents to complete registration. The exchange/broker is regulated by top-tier agencies including CySEC, FCA, and ASIC.
Pros and cons of buying DOGE on eToro
- Instant buy: The platform allows you to buy DOGE coins immediately. Once your transaction is confirmed, the coins will immediately appear in your account.
- Beginner-friendly: eToro is one of the easiest platforms for novice traders to navigate. Besides, the website is rich in educational content and research material.
- Security: Although you can choose to have the standalone eToro wallet for your DOGE coins, eToro provides custodial services. You can store your cryptos on the custodial brokerage, where they remain safe.
- Social trading: CopyTrading and CopyPortfolios are two of the most significant selling points for eToro. The innovative features provide beginner traders an excellent opportunity to earn as they learn more about trading.
- High initial deposit: The first-time deposit on eToro is $200, which may seem too high for some traders.
- Support is subscription-based: Most of the support services are only available for a subscription plan; eToro Club.
How to Buy Dogecoin (DOGE) on eToro
1. Visit the official webpage of exchange and click on the register now.
2. Fill in the details required in the signup form. You will also have to verify your identity before you can start trading on the platform.
3. Once you have your account verified, scroll down to the bottom of the menu on the left side. Click on ‘Deposit Funds.’ On the pop-up window, choose your preferred currency and enter the amount you would wish to deposit into your account.
4. Proceed to choose your preferred payment method. The available options include PayPal, credit/debit cards, Skrill, Neteller, and bank transfer. Click the ‘Deposit’ button to complete the transaction.
5. To buy some DOGE tokens, click on Trade Markets on the left pane. Click on crypto and then scroll down to DOGE. Click on the buy button to authorize the transaction. The coins will appear in your account immediately.
Note: eToro users can transfer their DOGE coins to other wallets. However, if the destination address isn’t an eToro one, they’ll have to first transfer the coins from the wallet on the broker/exchange and into the official eToro wallet app.
2. Capital.com – Best for CFD Trading
78.77% of retail cfd accounts lose money
Capital.com is our second choice for the best platforms to buy DOGE tokens. Unlike eToro, which allows you to buy DOGE with or without leverage, Capital.com only supports CFD trading. Therefore, using the brokerage only allows you to speculate DOGE prices and not own the actual coin.
Capital.com features an AI-powered platform that is very intuitive and beginner-friendly. Besides its ease of use, Capital.com allows you to personalize your trading experience. You will also get personalized trade insights for your DOGE tokens and other crypto assets.
Registering an account on the platform so you can buy Dogecoin is a simple process. The broker/exchange also has an impressive fee schedule. There are no charges for deposits or withdrawals and there are no hidden additional fees. Instead, the broker/exchange makes its money from the spreads. You can choose any of the three CFD accounts available for trading, and the minimum deposit starts at $3,000 to $10,000. You can also trade DOGE on margin for a 1:2 leverage.
Like eToro, you can sign up for the demo account to give the broker/exchange a test run. Capital.com is regulated by the CySEC and FCA, which makes it pretty reliable. Besides cryptocurrencies, you can use your account to trade in indices, forex, stocks, and commodities.
Pros and cons of buying DOGE on Capital.com
- AI-powered: There are very few AI-powered platforms and Capital.com is one of the best ones around. This makes it easy for traders to have a personalized experience on the platform.
- Competitive fees: Capital.com offers some competitive trading fees, making it a favorite for many traders.
- Secure: Capital.com is highly regulated by top-tier financial authorities and is, therefore, much safer than other platforms.
- Variety of trading pairs: Buying DOGE tokens on Capital.com gives you access to an impressive collection of trading pairs.
- Low leverage: The maximum leverage for trading cryptos on Capital.com is low at 1:2, while other platforms have the limit set at 1:100.
- Advanced technology: Although the AI-powered platform is quite insightful, it could be a bit overwhelming for beginner traders.
How to Buy Dogecoin (DOGE) on Capital.com
1. Head to the official website to open a trading account. Click on ‘Trade Now’ to begin the sign-up process.
2. Enter your email address and password before proceeding to verify your account so you can start trading.
3. When everything is in place, log into your account and click on ‘Fund Account’ at the top of the user dashboard. The popup window will let you choose your preferred method of payment. For faster transactions, your best bet will be to use credit and debit cards. Other available options include Apple Pay and bank transfer, which both take about 1-5 days.
4. Search for DOGE on the search tab at the top to have a look at all the available trading pairs for DOGE.
5. Choose your preferred trading pair and click on ‘Trade’ on the side panel that appears. The panel also highlights all the charges you’ll incur when you open the trade. Click ‘Buy’ to complete the transaction.
It’s worth noting that because Capital.com only offers DOGE CFD trading, you cannot transfer the tokens to another user.
3. BitPanda – Best for Automated DOGE Trading
Capital At Risk
BitPanda started out as a trading platform only when it was launched in 2014. Over the years, the platform has increased the number of digital assets it supports and has grown to be one of the favorite platforms among veteran traders in Europe.
Just recently, the brokerage introduced BitPanda PRO- a professional trading wing for the brokerage firm. Therefore, besides buying, you can also trade DOGE tokens on the platform and possibly make profits from it. BitPanda PRO comes with some impressive trading features, including multiple price alerts and an automated order system for DOGE trades.
The broker exchange also offers a secure and free wallet service that you can use to keep your DOGE tokens secure. Besides Dogecoin, you can access other cryptocurrencies, indices, stocks, metals, and ETFs.
Opening an account on the platform is quite easy and you’ll need to verify your account before you can start using it. You will incur some transaction costs, which we highlight in the screenshot below.
Pros and cons of buying DOGE on BitPanda
- Fully automated trading: The platform is one of the few that is fully automated. Therefore, you can automate all your DOGE trades on BitPanda, set up multiple price alerts, and even automate your entire order system.
- Multiple payment methods: BitPanda supports a range of payment methods, which makes it one of the best trading platforms in this regard.There are about 10 payment methods including PayPal, bank transfer, and Neteller.
- Multiple base currencies: BitPanda supports 5 base currencies, making it convenient for global traders.
- Easy to use: BitPanda comes in two versions; the basic and the Pro. Both are beginner-friendly, easy to set up and navigate.
- No free deposits and withdrawals: Unlike most of the other platforms on our list, BitPanda usually charges deposit and withdrawal fees.
- Low deposit limits: New verified users can only deposit about $3000, which is a bit on the lower end compared to other broker/exchanges.
How to Buy Dogecoin (DOGE) on BitPanda
1. Create a BitPanda account by signing up on their official website. You will only need your email address and a strong password to create the account.
2. Proceed to verify your account by providing your identity.
4. Click on Prices in the navigation bar and proceed to search for DOGE on the search bar. Click on ‘Buy’ to purchase some coins.
5. Choose the wallet you are using to pay with, and the amount of DOGE tokens you would like to purchase. Click on ‘Go to Summary’ to review your order and ensure it’s fine before hitting the ‘Buy Now’ button.
4. Binance – Best for Low Fees
Capital At Risk
Binance is the largest exchange in the world, whose popularity has been increasing since its launch in 2017. The platform is quite lucrative, thanks to the low transaction fees imposed on the trades. Binance is an excellent place to start if you’re looking for ways to invest in DOGE.
The platform offers more than 500 cryptocurrencies, among other financial instruments. Like many other platforms, you can buy DOGE tokens in different ways. For example, you can load up your account and use the funds to buy DOGE on the P2P exchange. You can also opt to use the mobile app or the web trader to acquire your DOGE tokens.
As we’ve mentioned, Binance fees are quite low, which is one of the factors that make it stand out. If you choose to invest in DOGE by trading it on the platform, you will only incur a small maker-taker fee, which varies depending on your 30-day trading volume. You won’t be charged for anything else including overnight costs and trading commissions.
Pros and cons of buying DOGE on Binance
- Low fees: Binance is one of your best bets if you’re looking for an easy way to buy DOGE without incurring significant costs.
- Reliable exchange: Although Binance has only been around for a short time, it has managed to build a strong reputation for itself. It also helps that it is highly regulated by top-tier financial authorities.
- Discounted BNB transactions: Binance has its native token BNB, and users can purchase it on the platform. The platform offers traders discounted offers for BNB powered transactions.
- Advanced trading tools: Binance offers an array of highly advanced trading tools. Professional traders will particularly find the trading and analysis tools particularly useful.
- Not suitable for beginners: Because it is highly advanced beginner traders may have a challenging time navigating through the platform.
- No phone support: You can only contact customer support through email and live chat. Even then, the team is quite sluggish and you’d have to wait for a while to have your issues sorted out.
How to Buy Dogecoin (DOGE) on Binance
Register for a Binance account on the official website and complete the verification process. For this, you’ll need to verify your identity to complete the KYC process. Enter all the required details in the signup form provided.
2. Log into your account and click on Buy Crypto on the user dashboard to fund your account. Choose your preferred currency and method of payment. The available options are bank deposits, credit/debit cards, P2P trading, and through third parties like Simplex. (For this article, we chose credit/debit card payment).
3. Enter the amount of DOGE coins you want to buy and click on ‘Buy DOGE’ to enter your card details. Ensure the name associated with your Binance account is the same as that of the cardholder.
4. Confirm the card payment details and complete the safety certification to complete the transaction. Your DOGE tokens will reflect in your account once the process is complete.
5. CoinMama – Best for Fast Transactions
Capital At Risk
CoinMama is a non-custodial platform that was launched in 2013. The brokerage firm has since grown to become one of the most popular platforms for traders across the globe. CoinMama makes it to our list of the best places to buy DOGE for its fast transaction times and easy onboarding process. Besides, buying DOGE on the platform is quite straightforward and convenient, thanks to the multiple payment methods available.
However, Coinmama falls short in some areas. For example, the trading platform charges deposit fees, unlike most of the others on our list. When making deposits using a credit card, you will incur a 5% charge. If you choose to trade DOGE on the platform, you will need a minimum of $50 in your account so you can start trading.
Pros and cons of buying DOGE on CoinMama
- Instant buy: Transaction times on the platform are fast, despite the payment method you use. Once the transaction is complete, your DOGE tokens will reflect in the account immediately.
- High limits: All broker/exchanges usually set trading limits on how much the platform’s users can deposit, withdraw, or trade. Coinmama’s limits are slightly higher than other platforms, making it more convenient than other options. If using the bank transfer payment method, users can buy DOGE worth up to $30,000.
- Secure trading platform: CoinMama doesn’t store any client information, including your DOGE tokens. Users can also use the platform without providing their verification documents.
- Easy onboarding process: The signup process is quite straightforward. Thanks to the tiered verification schedule, users can use the platform without the hassle of verifying their accounts.
- No mobile app: Unlike most trading platforms, CoinMama doesn’t come with a mobile trading app. Therefore, users cannot access their wallets on the go.
How to buy Dogecoin (DOGE) on Coinmama
1. Head over to the official website and register for an account. Upload your ID to complete Level 1 verification and start using the platform.
2. On the navigation panel, click on ‘Buy’ and scroll down to Dogecoin on the drop-down menu.
3. You will be directed to the buy page where you have predefined packages for you to buy DOGE tokens. You can also use the form provided to customize how much you want to spend on DOGE.
4. Click on the ‘Buy’ button to complete the transaction. You will be prompted to choose your preferred payment method and enter the required details. You get to choose between bank transfers, credit/debit cards, other cryptocurrencies, SEPA, or SWIFT.
Note: UK users can opt to have faster payments when using their bank accounts to buy DOGE. Here’s a breakdown of the extra fees incurred with this option.
6. Kraken – Best for Safe DOGE Storage
Capital At Risk
Kraken is one of the longest-standing exchanges, seeing as it was established in 2011. Its reputation over the years makes the platform a favorite for traders who are looking for a safe place for their crypto assets.
Kraken is highly secure and is regulated by top-tier agencies. The interface is also intuitive and user-friendly. It integrates some advanced trading and research tools, which makes it ideal for both novice and experienced traders.
Additionally, Kraken offers some competitive trading and non-trading fees. If you want to buy DOGE on the platform, you will first need to deposit funds into your account. The platform offers a standard fee schedule, which you can see in the image below.
Pros and cons of buying DOGE on Kraken
- Liquid exchange: Kraken is one of the most liquid exchanges, ranking fourth on Coinmarketcap.com. Thanks to their global footprint, orders are completed fast enough and users don’t have to go through the market and order books even when transacting large orders.
- Very secure: Kraken offers cold storage for your DOGE coins, in addition to several advanced security measures. These include two-factor authentication and session logs to keep the accounts safe.
- Competitive trading fees: Kraken users get some very competitive trading fees on the platform.
- Highly reputable: Kraken has maintained an excellent reputation in the industry. It is a very transparent platform that hasn’t ever been hacked.
- Limited resources: Kraken offers limited educational material on its site for users.
- Complicated user interface: Beginner users on Kraken may have a longer learning curve since the interface is a bit more complicated than the average options available.
How to buy Dogecoin (DOGE) on Kraken
1. Sign up for an account on the official website and complete the verification process so you can start using the platform.
2. On the user dashboard, click on ‘Funding’ to make deposits into your account. You can choose to make either fiat or crypto deposits, all of which offer different payment methods. Kraken supports several fiat currencies; USD, GBP, CAD, EUR, AUD, CHF, and JPY.
3. Navigate to ‘Buy Crypto’ on the user dashboard to buy DOGE tokens.
4. On the popup window, enter the amount of money you wish to spend and choose DOGE as your preferred cryptocurrency.
5. Click on ‘Buy’ to complete the transaction.
Other Ways of Getting Dogecoin
Besides buying DOGE at brokerage firms, exchanges, and ATM machines, you can acquire the tokens through several other ways. Here’s a look at some of them.
Gift or tip
Thanks to its low value, many people consider DOGE as the ideal digital currency for tipping or gifting. If you are especially a content creator, you can incorporate a tip jar that accepts DOGE donations. You can also acquire DOGE tokens as a gift from a friend or family member. All you need for this is a DOGE wallet address where you would want to send the tokens.
Through Dogecoin faucets
Dogecoin faucets are websites that collect digital tokens from contributors. Then, anyone who would like a share can request to have the tokens distributed to them. These faucets work to help- people who have very few tokens acquire some for free. Through a Dogecoin faucet, users can request DOGE tokens after a short period, usually anything between 15 minutes and three hours. Here’s how to go about it:
- Ensure you have a DOGE wallet.
- Choose your preferred Dogecoin faucet and sign up at the official website. Some popular faucets include BonusBitcoin, BitFun, Moondash, and Mooncash. Set up the technicalities including the faucet claim and how to open the sequence of tabs.
- Claim your coins from the faucet. You can do this as often as you can, depending on the limits set by the faucet.
- Convert the crypto to DOGE. You may have claimed other coins besides DOGE. Therefore, at the end of the session, be sure to convert them to Dogecoin. Depending on the faucet of your choice, you should find the option of converting your coins on the navigation panel.
- Withdraw your DOGE tokens. Enter the amount you wish to withdraw and the recipient’s wallet address as well. Your DOGE should appear in your wallet once the transaction is complete.
The last way to get some DOGE tokens is through mining. Dogecoin mining is linked to Litecoin mining, so both coins can be mined during the same process. DOGE mining uses Scrypt, which is a lot quicker than Bitcoin’s SHA-256. It is also less power-consuming. The current block reward for mining is 10,000 DOGE. However, Dogecoin is still a lot less valuable than bitcoin and other top cryptocurrencies.
How Can You Use Dogecoin?
Now that you’ve acquired DOGE, what do you do with them? How or where can you use or spend them? Here are a few ideas to help you out.
- HODL as a speculative asset
If you’re really not a risky investor, you might find HODLing the ideal investment strategy for you. This simply involves holding the DOGE tokens in your wallet for a long period, in the hopes that it will increase in value.HODLing is a somewhat safe way of investing in DOGE. If you think the coin’s value will increase in the long term, you only need to buy a few of them and keep them until then. However, thanks to the volatile nature of the crypto markets, the coin’s value could plummet, incurring huge losses for you.
- Trade the altcoin
Most of the platforms we’ve highlighted in this article are brokers/exchanges. Therefore, you can use the same platforms to trade your DOGE coins and earn from it. There are different trading strategies you can use, including day trading- where you stand to earn from DOGE’s daily price movements- and CFD trading.It’s worth mentioning that trading is quite risky and combined with crypto’s volatility, you could make some significant losses. Therefore, it’s best to first have a demo account with your broker and practice your trading strategies before you actually start trading.
- Pay for goods and services
DOGE has grown in popularity over the years, which has impacted its adoption. There are over 100 companies globally that accept DOGE as a payment method. Therefore, you can use digital currencies to pay for goods and services from merchants who support the payment method.
- Donate to charity
DOGE has already been used in numerous charity cases, as is the case with many popular cryptocurrencies. If you have no idea what to do with your Dogecoin, you can look around for a charity organization that accepts DOGE donations.
What Do Reddit & Quora Users Say About Dogecoin (DOGE)?
It’s no secret that the Reddit community is wholeheartedly behind Dogecoin. In fact, the active community is the force behind DOGE’s rise to fame. Early on in the year, a subreddit called SatoshiStreetBets rallied behind the altcoin, in a bid to imitate Gamestop’s performance in the markets.
The price of DOGE ricketed in the days following Gamestop’s theatrics. Redditors pushed on attempting to get the coin to $1. The coin’s trajectory was further plummeted by Elon Musk’s endorsement.
Overall, the Reddit community seems divided on the DOGE issue. While there are loyal enthusiasts who believe it’s the next big cryptocurrency, some still believe it’s a joke and it could never get to $1.
However, a major concern is that DOGE’s surge has paved the way for scam coins to enter the scene. Some Redditors have raised concern over the mushrooming of these mimic coins.
The scene on Quora is not that different. While there are some users who believe Dogecoin isn’t a scam, some aren’t entirely convinced that the coin is worthwhile. For example, when one Quora user asks whether they should invest in DOGE, they receive some conflicting advice from other users.
It seems that some crypto critics will never take DOGE seriously, simply because it started out as a joke. Here’s how one user explains it all.
Overall, the Quora community, just like the Reddit one, is divided on what stand to take when it comes to Dogecoin.
To buy Dogecoin (DOGE) isn’t as much of a hassle, thanks to all the available options. broker/exchanges are perhaps your best bet since you can buy and trade DOGE on the platforms. Ultimately, when choosing the ideal platform, ensure they are regulated, offer additional services, and have a straightforward process of signing up and buying DOGE tokens.
We’ve summed up six of the best platforms that you can use to buy Dogecoin. We’ve also included a step-by-step process of buying DOGE on these platforms. So, have a look at all of them, choose the one that suits you best, and gear up to take DOGE to the moon.