Best Platforms To Invest In Dogecoin

Dogecoin is a cryptocurrency that was initially created as a joke based on the Doge meme, featuring a Shiba Inu dog as its logo. Despite its lighthearted origins, Dogecoin has gained popularity and become a promising alternative to Bitcoin, with support from Elon Musk.

There are several platforms that allow you to buy Dogecoin, including:

- Binance

- Coinbase

- Robinhood

- eToro

- IC Markets

- Gemini

- Crypto.com

- Webull

- Kraken

- Cash App

- ShorelineCrypto

- Gemini

- LocalBitcoins

Crypto Exchanges

Dogecoin can be purchased on several crypto exchanges, including:

• Binance
• Coinbase
• Robinhood Crypto
• EToro
• Gemini
• Crypto.com
• Webull
• IC Markets
• EToro
• Pepperstone
• AvaTrade
• FP Markets
• EasyMarkets
• SpreadEx
• Admiral Markets
• ThinkMarkets
• Trading 212
• Kraken
• Robinhood
• Cash App
• ShorelineCrypto
• Gemini
• Coinbase Pro
• Bitcoin
• Litecoin
• LocalBitcoins
• Livecoin
• Exrates
• YoBit

When choosing a crypto exchange, it is important to consider the following:

• Whether the exchange is user-friendly and has good customer support, especially if you are new to crypto
• The verification process and time
• The fees charged by the exchange and for your preferred payment method
• The payment methods supported by the exchange

Online Brokers

IC Markets

IC Markets is a good option for more experienced traders. It offers feature trading platforms like MT4, MT5, cTrader, and TradingView, with super-fast backbone and low latency Dogecoin orders for lightning-fast trades. It has an average Dogecoin order execution speed of 40ms and particularly narrow Dogecoin spreads. IC Markets has a broad portfolio covering everything from Forex to cryptos like Dogecoin.

RoboForex

RoboForex is a good option for experienced traders who want to trade Dogecoin with higher leverage. It offers razor-thin spreads starting at zero points and caters to traders who like to play it both big and small, with micro accounts allowing trades from just 0.01 lots. The platform includes the stalwart MT4 and MT5, alongside versatile web, desktop, and mobile interfaces.

EToro

EToro is a social trading platform that allows you to piggyback on the trades of experienced traders. It has a user base of over 30 million and is regulated by CySEC and FCA, meaning you can trade Dogecoin in a safe and well-regulated trading environment.

XTB

XTB stands out for traders who want to dive deep into Dogecoin market analysis and can't get enough of research tools. It offers top-notch educational resources, making it a prime spot for both new and veteran Dogecoin traders. XTB is regulated by FCA and CySEC, ensuring that it adheres to strict rules and plays by the book.

XM

XM shines when it comes to customer support and a diversified offering. It offers support across a wide range of assets, including Forex and cryptos like Dogecoin. XM is well-regulated, with oversight from ASIC, CySEC, and IFSC.

Binance

Binance is one of the largest and most well-known cryptocurrency exchanges globally. It offers lower fees and increased liquidity, enabling you to buy and sell Dogecoin quickly and take advantage of market movements.

Coinbase

Coinbase is a specialized cryptocurrency platform that allows you to trade various digital currencies directly, including Bitcoin, Ethereum, Solana, and Tether. It charges a spread markup of about 0.5% and adds a transaction fee depending on the transaction size and funding source.

Kraken

Kraken is a well-known cryptocurrency exchange that offers trading in various digital currencies, including Bitcoin, Ethereum, Cardano, and Solana. Its trading fees are competitive, starting at 0.16% and going down based on your 30-day trading volume.

Other Options

Other online brokers and exchanges that allow Dogecoin trading include Webull, TradeStation, Uphold, Kraken, KuCoin, Paybis, Gate.io, HTX, WazirX, and Robinhood.

Fiat Currency

Dogecoin is a unique cryptocurrency that was born out of the popular "Doge" meme, featuring a Shiba Inu dog. It is a peer-to-peer digital currency, which operates like any other currency. You can exchange it for goods and services at retailers and other firms that accept it, and you can trade it for other currencies, including fiat currencies like the US dollar, the euro, or the pound sterling.

Dogecoin, on the other hand, is not backed by any government entity, and its value is derived solely through supply and demand. It is built on a decentralised database called a blockchain, which is a public record of every transaction in the history of the currency. Each dogecoin is a "token", which exists only as a record on the blockchain of who owns it.

There are several ways to buy Dogecoin with fiat currency. One common method is to use a cryptocurrency exchange such as Coinbase, Binance, or Robinhood. These exchanges allow you to buy Dogecoin with fiat currency or another cryptocurrency that you own. Another option is to use a peer-to-peer Bitcoin exchange like LocalBitcoins, where you can buy Bitcoin with almost any currency and then trade it for Dogecoin on another exchange.

It is important to note that investing in cryptocurrencies like Dogecoin can be risky due to their volatile nature. The value of Dogecoin is based solely on supply and demand and can fluctuate significantly. Additionally, unlike Bitcoin, Dogecoin does not have a limit on the number of coins that can be created, which can impact its value over time.

Payment Methods

Dogecoin can be purchased on several platforms, including:

• Binance
• Coinbase
• Robinhood Crypto
• EToro
• Gemini Crypto
• Webull
• Crypto.com

Each platform has its own set of payment methods, but some common options include:

• Credit or debit card
• Bank wire transfer
• ACH bank transfer
• SWIFT
• PayPal
• Bitcoin

For example, Binance accepts Visa, Mastercard, wire transfer, ACH bank transfer, and SWIFT payments. It's important to note that not all platforms support the same payment methods, so it's recommended to check with the platform you choose before making a purchase.

Additionally, some platforms may charge fees for certain payment methods, so it's worth considering the associated costs when deciding how to pay for your Dogecoin.

Once you've purchased Dogecoin, it's important to withdraw your coins to a secure wallet that you control. This helps protect your investment from potential hacks or scams that could result in the loss of your funds.

Wallets

Custodial wallets are typically favoured by people who trade Dogecoin more frequently due to their convenience. On the other hand, non-custodial wallets are preferred by those who value having direct control over their private keys and want to avoid the risks associated with centralised third-party storage. It is important to note that losing your private keys or seed phrases can result in losing access to your Dogecoin, so it is crucial to back up your non-custodial wallet and keep your private information secure.

• DogeWallet (Dogeparty wallet)
• Dogecoin Core
• Hardware wallets (e.g. Ledger, Trezor)
• Smartphone wallets
• Browser extension wallets (e.g. MetaMask)

Frequently asked questions