You might wondering what is Dogecoin. Well, it is one of the best performing digital currencies of 2023 – with the crypto-asset going from $0.004 to $0.71 in a matter of just five months. This translates into gains of over 17,000%
Looking to get in on the action yourself? If so, this How to Buy Dogecoin Guide will show you how to invest in this cryptocurrency online without paying a cent in commission.
In This Guide
If you don’t have time to read our guide in full – below you will find a quick 4-step walkthrough of how to buy Dogecoin right now.
Your newly purchased Dogecoin tokens will remain in your eToro portfolio until you decide to cash out!
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Wondering how to buy Dogecoin with top-rated brokerage firm eToro? If so, the walkthrough below will show you how to buy Dogecoin in less than 10 minutes without paying any trading commission.
The first step is to visit the eToro website and click on the ‘Join Now’ button. Follow the on-screen instructions by entering your personal information and contact details.
Your capital is at risk.
67% of retail investor accounts lose money when trading CFDs with this provider.
You will now be asked to upload a clear copy of your passport or driver’s license. You also need to verify your home address by uploading a copy of a recently issued bank account statement or utility bill.
eToro will now ask you to make a deposit so that you can proceed to buy Dogecoin. The minimum is just $50 if you’re based in the US and $200 in most other nations.
Supported payment methods include debit/credit cards, e-wallets, and a bank transfer.
Now that you have cash in your eToro account you can enter ‘Dogecoin’ into the search box at the top of the screen. When you see Dogecoin load from the search bar, click it. On the next page, click on ‘Trade’.
You will now see an order box like the image below. All you need to do is enter your stake – ensuring you invest at least $25
To place your order, click on the ‘Open Trade’ button.
Now that you have completed your Dogecoin investment – your tokens will be kept in your eToro portfolio. When you decide to cash out, it’s just a case of clicking on the ‘Sell’ button. Once you confirm the sale, the cash will be available to withdraw back to your bank account, debit/credit card, or e-wallet.
So now that we have discussed the ins and outs of how this crypto asset works from an investment perspective, it’s now time to talk about where to buy Dogecoin. After all, if you want to buy Dogecoin in the safest and most effective manner, you’ll need to go through a trusted brokerage site.
Below you will find a small selection of platforms that allow you to buy Dogecoin without paying any commission.
eToro is an online broker that offers a huge library of assets and markets. Not only does this include cryptocurrencies like Dogecoin – but thousands of stocks, ETFs, currency pairs, and indices. When using eToro to buy Dogecoin, the process should take you less than 10 minutes.
Simply register an account, make a deposit, search for Dogecoin, and decide how much you wish to invest. You can instantly make a deposit with a debit/credit card or e-wallet, which is inclusive of Paypal. US traders need to meet a minimum deposit of just $50 (no transaction fee). Users from other countries typically need to deposit at least $200 (0.5% FX fee). Even at 0.5%, that’s significantly lower than the 3.99% charged by Coinbase.
When it comes to trading fees – you’ll be pleased to know that eToro charges nothing in commissions and spreads are typically very tight. The minimum stake required per Dogecoin investment is just $25. This is great for taking a risk-averse approach to Dogecoin – which suffers from huge volatility levels. On top of Dogecoin, eToro also offers Bitcoin trading markets, alongside Ethereum, EOS, Cardano, Ripple, Litecoin, Ethereum Classic, and more.
We also like eToro for its Copy Trading feature, which allows you to trade in a passive nature. All you need to do is choose an expert trader that you like and select your stake (minimum $500), and all future trades will be mirrored in your own account. Most importantly, eToro is a heavily regulated social trading platform. As we covered earlier, this includes registration with the SEC and FINRA and regulation with the FCA, CySEC, and ASIC.
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75% of retail investors lose money trading CFDs at this site
If you’re interested in day trading Dogecoin and want maximum control over your trades, Binance is one of the top platforms around. This trading platform offers a simple instant buy and sell interface, but the heart of Binance is its comprehensive web and mobile trading desk. You can monitor prices and trends with dozens of technical indicators and drawing tools, and Binance gives you access to the Dogecoin order book and depth chart.
On top of that, Binance stands out for offering more than just standard cryptocurrency trading. The platform offers leveraged tokens, cryptocurrency futures, and other types of crypto derivatives. While these instruments can be complex, they allow you to speculate on the timing of Dogecoin’s price movements and open up opportunities for hedging strategies.
Another benefit to Binance is that trading with this platform is relatively inexpensive. You’ll be charged a commission of 0.10% per trade regardless of whether you make or take liquidity from the Dogecoin order book. In addition, you can get a discount on trading fees if you keep your account balance in BNB, Binance’s own cryptocurrency.
Binance is not regulated, which we’d typically say is a red flag. However, Binance is one of the world’s largest cryptocurrency exchanges and is widely trusted. The platform follows all anti-money laundering rules and is working with US and UK regulators to set out guidelines for crypto trading.
Another trading platform to consider in your search about how to buy Dogecoin is Robinhood. This popular online broker is better known for its stock trading offering. With that said, more and more US traders are now turning to Robinhood to invest in digital currencies like Dogecoin.
The reason for this is two-fold. Firstly, and much like eToro, Robinhood allows you to buy Dogecoin without paying any commissions or dealing fees. Secondly, the broker also allows you to invest micro amounts into cryptocurrencies – with the minimum starting at just $1. As such, even if you’ve got only got a few dollars to spare – Robinhood has you covered.
In addition to Dogecoin, Robinhood also supports Bitcoin, Litecoin, Ethereum, Ethereum Classic, and more. When it comes to payments, Robinhood only supports US bank transfers. There is no minimum deposit requirement nor will you be charged any fees when using ACH. As a US-based brokerage firm, it goes without saying that Robinhood is heavily regulated. As such, your capital is safe at all times.
Dogecoin is a digital currency that was launched in 2013. As a cryptocurrency, the Dogecoin network operates much the same as other digital coins in this space.
For example, you can send and receive Dogecoin tokens from wallet to wallet, and the value of the coins will rise and fall on the open marketplace. The Dogecoin project was initially founded as a joke.
Its native logo is that of a popular Shiba Inu dog meme that went viral in 2013. According to commentators in the blockchain arena, Dogecoin transactions take just 1 minute to process.
This is much faster than Bitcoin – which takes 10 minutes. Bitcoin is also capped to just 7 transactions per second while Dogecoin extends to 40. With that said, Dogecoin is one of the most speculative digital currencies in the market – so most people will purchase the crypto asset with the hope of making money.
As noted above, the vast majority of Dogecoin investors like this digital currency because it offers a super high risk/reward ratio. After all, the cryptocurrency is one of the best performing coins for 2023. The key problem here is that much of Dogecoin’s recent success is linked to Elon Musk.
That is to say, Musk appears to have a strong affiliation with Dogecoin – which is why has made public comments on the project several times over the past year. This has led to a parabolic upswing for the Dogecoin value. For example, when Elon Musk posts positive Dogecoin news, this results in a rapid price increase.
Even more recently was Elon Musk’s appearance on the Saturday Night Live show – where he announced that Tesla will likely start accepting Dogecoin as a payment method. Being backed by such a prominent figure is largely the reason why Dogecoin continues to outpace market expectations.
Dogecoin is priced in US dollars – like the vast majority of cryptocurrencies. Its price will rise and fall on a second-by-second basis – in a much more volatile nature than the likes of Bitcoin and Ethereum. In terms of the project’s historical price action – CoinMarketCap notes that Dogecoin first hit public exchanges at $0.0006.
This valued the cryptocurrency at just $2 million at the time. The Dogecoin price remained pretty much flat for the next four years, before going on its first major upward trend in early 2017. Like the vast bulk of the digital currency industry – Dogecoin peaked in early 2018 before crashing back down to Earth.
At a price of $0.71 – this valued the entire Dogecoin project at over $90 billion. Although the digital currency has since dropped back to $0.50 level – this still means that Dogecoin is the fourth largest cryptocurrency in terms of market capitalization.
Put simply, if you are looking for a Dogecoin prediction – there is very little hope of extracting any meaningful data. This is because Dogecoin is overly speculative, not least because its recent price action is all but certainly down to Elon Musk. If you like the thrill of high risk and return markets – then Dogecoin is likely going to be up your street.
You could, perhaps, consider monitoring online news websites to see when Musk gives Dogecoin a mention. If you find that Musk’s plug is positive, then this could be a good time to enter a long position. On the contrary, if you find that the comments made by Musk on Dogecoin were negative, then you might consider a short position.
Dogecoin is a little bit different from other cryptocurrencies in that it’s solely meant for trading. Dogecoin should not be a long term investment.
There are a few reasons for this. The most important is that the mechanism underlying Dogecoin allows for an unlimited supply of tokens to be mined. So, Dogecoin can’t rise in value in the same way as Bitcoin or Ethereum because tokens will never become scarce.
Another important reason to trade Dogecoin as opposed to investing in Dogecoin is that the cryptocurrency’s price is so volatile. Much of the recent price movement has been because of Dogecoin’s status as a meme and the backing of Elon Musk. If the joke gets old, there’s nothing to hold up the price of Dogecoin in the long term.
If you’re a speculative investor and wondering the best way to gain exposure to Dogecoin – we explain what options you have in the sections below.
Without a doubt, the best way to buy Dogecoin is to use a regulated trading platform. This will present several benefits over other options in the market. First and foremost, by using a regulated provider, you don’t need to worry about the safety of your funds.
For example, at eToro, you can use a debit/credit card, bank account transfer, or an e-wallet like Paypal. We should also note that the process of buying Dogecoin at a regulated platform is super easy. All you need to do is open an account, make a deposit, and then choose how many Dogecoin tokens you wish to buy.
Then, you can keep your Dogecoin investment in your brokerage account until you are ready to cash out. Once again, you know that you are secure when it comes to wallet security – as the provider will be regulated by at least one reputable body.
You might be tempted to use a conventional cryptocurrency exchange to buy Dogecoin. After all, there are hundreds of such platforms that now support Dogecoin – so the choice is plentiful. However, other than a small handful of cryptocurrency exchanges, the vast majority operate without a license.
This means that you are entrusting your funds with an unregulated provider. A side-effect of using a cryptocurrency exchange that isn’t regulated, is that you likely won’t be able to use fiat currency to deposit and withdraw funds.
Instead, you’ll need to find your account with another cryptocurrency – such as Bitcoin. This won’t be suitable if you don’t own any digital currencies, as you will first need to obtain some from another broker and then transfer the coins into the exchange.
A third option that is well worth considering is a CFD trading site. For those in the dark, CFDs are contracts-for-differences and they allow you to trade assets without actually owning them. The CFD instrument will track the price of the asset in real-time – which allows you to speculate on its future value.
Finally, trading Dogecoin via a CFD instrument is usually available on a commission-free basis – as the underlying asset doesn’t exist.
In order to buy this digital currency and hold it, you’ll need a Dogecoin wallet. So, what’s the best Dogecoin wallet to use?
We recommend eToro’s cryptocurrency wallet, which is available as a mobile app for iOS and Android devices. It supports over 120 cryptocurrencies including Dogecoin and allows you to easily trade between crypto pairs. You can easily send money to anyone using blockchain technology. eToro manages your private key for you so you never have to worry about losing it, and the wallet itself is regulated by the Gibraltar Financial Services Commission (GFSC).
If the eToro wallet doesn’t quite meet your needs, we also like Binance’s Trust wallet. It’s completely free to use and very secure. It also offers some advanced features like a marketplace for decentralized financial apps (dApps), so you can take advantage of banking services using cryptocurrency. You can also instantly swap one cryptocurrency for another using Binance’s decentralized exchange, BinanceDEX.
Of course, you have lots of options when it comes to choosing a cryptocurrency wallet. Coinbase, the largest cryptocurrency exchange in the world, offers its own wallet. Exodus is a simple multi-currency wallet that supports Dogecoin and is very easy for first time cryptocurrency investors to use. For extra security, be sure to look into hardware wallets like Trezor that keep your cryptocurrency disconnected from the internet when you’re not trading.
Dogecoin is home to a huge community on Reddit. In fact, the Dogecoin Reddit group itself has more than 1.8 million subscribers at the time of writing. If you’re looking to communicate and share ideas with other Dogecoin believers – Reddit is a great place to go.
If you’re looking to jump on the Dogecoin bandwagon, the process has never been easier. By using top-rated broker eToro, you only need to meet a $25 minimum investment and the platform charges 0% in commission.
You have the option of depositing funds with a debit/credit card or e-wallet, and getting started with an account takes minutes. Just make sure you diversify well when buying Dogecoin to counter the added risk of extreme market volatility.
Make no mistake about it - Dogecoin is an extremely speculative cryptocurrency that can rise or fall at a rapid pace. As such, you need to ensure that you are comfortable with enhanced volatility before making an investment into Dogecoin. As a side tip, when using a broker like eToro to buy Dogecoin, you can set up a stop-loss order on your position. This will instruct eToro to sell your Dogecoin investment back to cash if the position goes down by a specified amount.
The best place to buy Dogecoin is eToro - as you can invest without paying any commission. The broker is heavily regulated and has a minimum investment amount of just $25 per Dogecoin trade.
Dogecoin is a cryptocurrency, not a stock. As such, if you want to invest in Dogecoin - you will need to purchase some DOGE tokens.
The simple answer to this question is that you should never invest more than you can afford to lose. Fortunately, platforms like eToro allow you to buy Dogecoin by meeting a minimum per-trade investment of $25.
At the time of writing on May 11th 2021, the Dogecoin value is trading at just over $0.41 on eToro. Just a couple of weeks previously, the Dogecoin value hit all-time highs of $0.71.
There is no way of knowing whether or not the Dogecoin value will go up or down in the near future. Technical analysis doesn't really count for anything with this highly speculative digital currency - so it's best to keep stakes modest. You might also consider deploying a dollar-cost averaging strategy to reduce your exposure to constant price swings.
If you think that Dogecoin is overvalued and is likely to experience a rapid decline in value, you can short-sell the digital currency with ease. All you need to do is head over to eToro and place a CFD sell order. Take note, this option is not available to residents of the US or UK.
Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Kane has also written for websites such as MoneyCheck, InsideBitcoins, Blockonomi, Learnbonds, Buysharesand the Malta Association of Compliance Officers.
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