Best Apps To Invest In Dogecoin: Your Ultimate Guide

Dogecoin is a cryptocurrency that was started as a joke in 2013. Its name comes from a Shiba Inu dog meme from 2012/2013. While it began as a joke, it quickly gained traction and a loyal community. Dogecoin is a first-generation cryptocurrency that can be used to transfer value globally in a secure manner. It is also used for applications such as social media tipping for users who provide noteworthy content. Dogecoin can be purchased using various cryptocurrency and exchange platforms. Some of the best apps to invest in Dogecoin include Robinhood, Binance, Coinbase, Kraken, Crypto.com, eToro, and Gemini.

Dogecoin wallets

Dogecoin Hardware Wallets

Hardware wallets are considered one of the safest wallet types available, as they keep the private key to your Dogecoin offline on a physical device. However, they do require an initial investment, unlike software wallets, which are almost always free. Popular options include the Ledger Nano S and Nano X, which support over 5000 different crypto assets, as well as the TREZOR One and TREZOR Model T.

Dogecoin Software Wallets

Software wallets store the private key to your Dogecoin on your device, whether that be a mobile phone, desktop computer, or laptop. These wallets might be vulnerable to malware, so it is important to take the necessary precautions and only download official or highly recommended wallets. Examples of Doge-specific wallets include MultiDoge (available for Windows, Mac, and Linux), while Exodus and Coinomi are popular multi-currency options. For Android mobile devices, there is also the official Dogecoin Mobile Wallet, although there is no such version for iOS.

Dogecoin exchanges

Binance

Binance is the largest crypto trading platform in terms of volume and has a good reputation for being a safe place to buy and sell Dogecoin. It supports more than 200 cryptocurrencies, including Dogecoin, and offers a "lite" interface designed for beginners. Binance is available on both iOS and Android devices.

Bitpanda

Bitpanda is an Austrian exchange founded in October 2014. It allows residents of the EU and a few other countries to buy Dogecoin and other cryptocurrencies using various payment methods such as Neteller, Skrill, and SEPA. The daily limit for verified accounts is €2,500 for credit card purchases and €10,000 for other payment options.

Coinbase

Coinbase is a user-friendly digital marketplace and one of the largest U.S.-based cryptocurrency exchanges. It offers hundreds of coins and tokens, including Dogecoin, and caters to all kinds of traders. Coinbase provides a low account minimum to get started and offers wallet storage for digital assets. It is available on both iOS and Android devices.

Kraken

Kraken is a well-established and secure global crypto exchange. It offers more than 200 cryptocurrencies, including Dogecoin. Kraken provides beginners and advanced investors with access to margin and spot trading. It also offers a free offline, self-custody cold wallet storage for storing and managing digital coins, tokens, and NFTs. Kraken is available on iOS and Android devices.

EToro

EToro is a good option if you're interested in profiting from Dogecoin's price changes without actually owning the coins. It offers a friendly and intuitive UI to exchange DOGE for fiat currency (USD, EUR, etc.). However, due to its complicated withdrawal process, eToro is less suitable for accessing and using the actual coins.

Changelly

Changelly is a conversion service that allows you to buy Dogecoin with almost any currency (fiat or crypto). It works relatively quickly and only requires an email to sign up. However, it can be expensive, especially when buying Dogecoin with a credit card.

Gemini

Gemini is a New York-based exchange founded by the Winklevoss twins. It offers instant purchases using a bank card or fiat currency deposits via wire transfers or ACH. To buy Dogecoin, click on "Dogecoin" on the dashboard, enter the amount you wish to purchase, and review the order details before finalizing. Gemini is available on iOS and Android devices.

Bittrex

Bittrex is a US-based cryptocurrency exchange that has grown in popularity. It offers a DOGE/BTC pair, which means you will need to buy or deposit Bitcoin to exchange it for Dogecoin.

Uphold

Uphold is a New York-based platform offering trading for cryptocurrencies, commodities, equities, and fiat currencies. While it doesn't have fancy crypto features like lending or staking, it allows easy funding of your account with a bank card or bank deposit. Uphold has no trading fees, but there are hidden spreads for each trade, so be sure to check the costs before making a trade.

Payment methods

Once you have chosen an app or exchange to buy Dogecoin, you will need to fund your account. The payment methods available to you will depend on the platform you have chosen. Most platforms will allow you to deposit money from a checking or savings account. Some also accept wire transfers and PayPal transfers.

A few exchanges and brokerages allow you to use a credit card to buy Dogecoin. However, it is important to be aware that your credit card company will consider the money to be a cash advance and will charge added fees and a higher APR. This can make investing in Dogecoin much more expensive and riskier. For this reason, experts generally advise against buying crypto with a credit card.

After depositing money into your account, you can then purchase Dogecoin. On the exchange or brokerage's trading platform, search for Dogecoin or enter its ticker symbol, DOGE. Then, choose your trade type and input the dollar amount you want to invest or the number of Dogecoins you want to buy.

Your broker or crypto exchange may charge trading fees for buying or selling Dogecoin. You may see fees ranging from about 0.05% to 5% per trade, but every exchange is different. However, some investing apps that offer Dogecoin, such as Robinhood and Webull, offer commission-free crypto trades.

Investment amounts

When deciding how much to invest in Dogecoin, it's important to keep in mind that cryptocurrencies are very risky investments, and Dogecoin is particularly volatile due to its unlimited supply. Consider your overall financial situation, investment portfolio, and risk tolerance before investing. It's generally recommended that you invest no more than you're willing to lose, especially with cryptocurrencies.

Financial planners typically advise investing no more than 3% to 5% of your money in highly volatile assets like cryptocurrencies. This is even more crucial when it comes to Dogecoin, given its unpredictable nature.

Dogecoin's price is influenced by the continuous purchase of more coins by investors, as its value diminishes with a rapid increase in the supply of DOGE. This is in contrast to cryptocurrencies like Bitcoin, which have caps on the number of coins issued, creating scarcity and helping retain their value.

When determining your investment amount, it's wise to assess your financial stability, retirement goals, and the cushion of funds you have available. If you're behind on retirement savings or lack an emergency fund, it's advisable to invest a smaller amount in Dogecoin. On the other hand, if you're financially stable and on track with your retirement targets, you may consider investing a larger portion of your portfolio in Dogecoin.

It's important to remember that viral stories of people becoming millionaires from trivial investments in Dogecoin are exceptions, and investing in cryptocurrencies should be done with caution.

Storage options

When you buy Dogecoin, it is, by default, kept in the crypto wallet provided by your exchange or brokerage. However, some investors prefer to withdraw their crypto and store it in a separate wallet. This is because exchange wallets are generally connected to the internet, making them more susceptible to hacking.

Crypto wallets are software or physical devices that contain the keys or passwords that give you access to your cryptocurrency balance. These keys also allow you to send, receive, and spend cryptocurrencies.

There are two types of crypto wallets: hot wallets and cold wallets. Hot wallets are digital and connected to the internet. They are usually encrypted and require two-factor authentication before you can log in. Cold wallets, on the other hand, are physical hardware devices that you can disconnect from the internet, making them much more secure. Cold wallets are generally more expensive than hot wallets, and you run the risk of losing access to your cryptocurrency if you lose or forget the password to your cold wallet.

Frequently asked questions