Dogecoin is still one of the most widely traded cryptocurrencies. If you’re looking to learn how to invest in this popular digital currency, you’ve come to the right place. Not only will we show you how to purchase Dogecoin through a regulated broker, but we’ll also analyze if this coin is worth adding to your portfolio.
What is Dogecoin?
Dogecoin (DOGE) is a cryptocurrency that has been around for quite some time now. It was created in 2013 by two software developers inspired by the Bitcoin and “doge” memes. They wanted to create a currency accessible to everyone, with faster transaction speeds and lower fees than Bitcoin.
One may trace dogecoin’s roots back to Bitcoin; however, it is not the same coin. Dogecoin is a Litecoin fork with some minor changes, and it is mainly used as a tipping currency on Reddit and Twitter. Dogecoin has also been used for purchasing goods and services, but it is not as popular for this use case as Bitcoin or Ethereum.
The “auxiliary proof of work” system is what Dogecoin uses for mining. This allows crypto miners to simultaneously work on other proof-of-work cryptocurrencies, such as Litecoin, while mining Dogecoin for free.
Miners compete in Dogecoin’s system and other proof-of-work coin systems to see who can solve challenging mathematical problems the fastest to validate transactions and win coins. For each Dogecoin block mined, miners receive 10,000 Dogecoins.
You may use Dogecoin to purchase various products and services, including premium vehicles from bitcars.eu and vacations from travolier.com. You may also use Bitpay to turn your Dogecoins into a prepaid Mastercard that you can use anywhere credit cards are accepted.
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How To Invest In Dogecoin In The UK With GBP (Step By Step)
If you are looking to invest in dogecoin in the UK, there are a few things you need to know. Below, you will find a step-by-step guide to buying dogecoins with GBP.
- First, you need to register an account with a cryptocurrency exchange. Several exchanges allow you to buy dogecoin with GBP, which we will discuss further.
- Once you have registered an account with an online exchange, you will need to deposit some funds into your account. Then, you can transfer GBP from your bank account to your exchange account.
- Once your funds have been deposited, you can buy dogecoin with GBP. The process of buying dogecoin will vary depending on the exchange you use, but most exchanges will allow you to purchase directly with GBP.
- Once you have purchased dogecoin, you can store them in a wallet on the exchange or transfer them to a more secure wallet.
Now, let’s examine some of the best platforms where you can invest in dogecoins on the UK market.
Where To Buy Dogecoin In The UK
For those who ask, “Where can I buy Dogecoin in the UK?,” the following platforms offer an easy way to invest online. They accept GBP payments via debit/credit cards and bank transfers. In addition, some of the most undervalued cryptos are available on these prominent exchanges, so you can diversify your portfolio while paying low fees and maintaining tight spreads.
Explore their websites for more information on how to buy DOGE.
eToro
eToro comes first on our list as it is the simplest way to buy Dogecoin in the UK. To get started, follow these steps:
1) Go to eToro.com and sign up for an account. It will require you to provide personal information, including your name and email address.
2) Once you have registered for an account, you will be asked to complete a quick verification process. This step will involve uploading some documentation to prove your identity.
3) Once you have registered and verified your account, you can fund it using various methods, including debit or credit card, PayPal, or wire transfer.
4) Once your account is funded, you can search for Dogecoin on the eToro platform.
5) Once you have found Dogecoin, click on “trade” and enter the amount of DOGE you wish to buy.
6) The order will then be placed, and once it is filled, the DOGE will be deposited into your eToro account.
7) You can then hold, sell or trade your Dogecoin.
eToro is one of the most popular online platforms for trading and investing and has over 10 million registered users. It allows users to trade stocks, commodities, indices, and currencies (including Bitcoin and Ethereum) online. It also offers a social trading feature that allows users to copy the trades of other users.
eToro is regulated by the SEC and licensed with FINRA, which is the most significant factor to consider when selecting a broker. In addition, the company is registered with the Financial Conduct Authority (FCA) in the UK and is also registered with other financial regulators in Europe, Australia, and South Africa.
Accounts with eToro are either standard or managed accounts. A standard account is where the user has complete control of their investments and can make their own investment decisions. On the other hand, a managed account is an account in which users entrust their investments to a professional fund manager who will make the investment decisions on their behalf.
With eToro, users can look at the portfolios and statistics of other investors and communicate with them to exchange ideas, discuss strategies, and learn from each other’s experiences. Users’ risk scores and investment strategies are also displayed, and those who meet specific criteria are classified as “Popular Investors.”
Users can also access various tools and features to help them trade cryptocurrencies on the platform, including charts, technical indicators, and many order types. Based on market conditions, it builds investment strategies and curates assets into CopyPortfolios based on algorithms, machine learning, and artificial intelligence.
Whether you are a seasoned veteran or a total novice, you will enjoy that eToro has some of the lowest trading costs in the industry. You will not be charged any transaction fees if you deposit US money into your account using a debit or credit card. Compared to Coinbase, which charges a fee of 2.4%, this is a bargain.
Coinbase
Coinbase is another popular platform that allows users to buy and sell cryptocurrencies. Here is how you can get started:
1) Create an account on Coinbase.com by providing your name, email address, and password.
2) Verify your account by uploading some documentation. This step will involve verifying your identity and residence and help prevent identity theft and fraud.
3) Once you have verified your account, you can choose a payment method. You can add a debit or credit card, or you can add a bank account.
4) Once your account is funded, you can search for Dogecoin on the Coinbase platform.
5) Once you have found Dogecoin, click on “buy” and enter the amount of DOGE you wish to acquire.
6) The order will then be placed, and once it is filled, the DOGE will be deposited into your Coinbase account.
7) You can then hold, sell, or trade your Dogecoin.
Coinbase is a leading digital currency exchange based in San Francisco, California. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and is regulated by the SEC and licensed with FINRA.
When buying DOGE on Coinbase you will need to open a funded account. The platform allows you to purchase crypto in portions, so you can start with as little as $25 in your account.
Coinbase allows users to buy and sell various cryptocurrencies, including Dogecoin, Bitcoin, and Ethereum. Its mobile app also offers a wallet service, allowing users to buy and sell DOGE anytime.
Coinbase accepts credit cards, bank transfers, and other payment methods. In addition to offering a mobile app, it also offers a separate wallet, making it one of the best alternatives to eToro. It is also easy for investors to use credit cards to purchase Dogecoins because the user interface is intuitive and straightforward.
Although it does charge a trading fee, Coinbase offers some of the lowest ones in the industry. It charges a flat rate of 2.49 percent for all transactions, which is much lower than other exchanges.
The crypto trading platform also offers a user-friendly platform that makes it easy for beginners to get started. It also has a very intuitive design, making it convenient for experienced traders. Moreover, Coinbase offers consumers educational materials and activities to learn about cryptocurrency, how it works, and how it can be profitable for investors.
Overall, the platform is a great choice for both novices and experts when looking to buy Dogecoin in the UK.
OKX
OKX, formerly known as OKEx, is a Hong Kong-based cryptocurrency exchange that allows users to buy and sell cryptocurrencies. Here is how you can start trading on this platform:
1) Create an account on okx.com by providing your name, email address, and password.
2) Get verified by providing some documentation. This step will involve verifying your identity and residence.
3) Once your account is verified, you first need to secure it with 2-Factor Authentication before you can start trading.
4) Once your account is secured, you can fund it using various methods, including debit or credit card, PayPal, or wire transfer.
5) Once your account is funded, select the fiat currency you wish to trade in.
6) Search for DOGE on the platform and enter the amount of cryptocurrency you wish to buy.
7) Choose your preferred payment method.
8) After the payment is confirmed, the DOGE will be deposited into your OKX account.
OKX is a regulated cryptocurrency exchange registered with the Securities and Futures Commission (SFC) in Hong Kong. The company was founded in 2014 by Star Xu. The platform’s user-friendly interface and wide range of features have made it one of the most popular exchanges in the world.
In addition to playing a pioneering role in the blockchain industry, OKX has also innovated in other fields, such as mining pools, public chains, cloud-based services, consumer lending, and more. Users can view the platform in-browser or by downloading it for use on their desktops.
Trading platforms are quite large, so downloaded software handles the bulk of the demands and eliminates the chance of a browser crashing due to memory or processing problems. Because of this, the OKX platform places more demands on hardware than other Dogecoin exchanges.
When buying DOGE on OKX, you need to open a funded account. The company offers a variety of trading pairs, including DOGE/BTC, DOGE/ETH, and DOGE/USDT.
The platform offers users flexible payment methods, including PayPal, debit and credit cards, and wire transfers. OKEx also supports many local currencies that make trading cryptocurrency accessible, making it a great choice for traders in the UK.
Binance
Binance is the largest cryptocurrency exchange in the world, and a popular choice for traders looking to invest in DOGE. Follow these steps to get started:
1) After creating and verifying your account, select P2P Trading on the interface.
2) Under Buy USDT, enter the amount of DOGE you wish to buy.
3) Transfer the cash to the Seller and wait for the Seller to confirm receipt. The USDT will then be released to your P2P USDT wallet.
4) Transfer the USDT to your SPOT Wallet.
5) On the interface, click on Markets and search DOGEUSDT.
6) Select Buy, then enter the amount of DOGE you want to buy. Your order will then be placed.
7) The transaction’s success will depend on the price you set; make sure it’s equal to the market price. If successful, DOGE will automatically be transferred to your account.
Binance was founded in 2017 by Changpeng Zhao and Yi He. The company is headquartered in Malta and is a regulated cryptocurrency exchange.
Binance offers a variety of features that appeal to experienced traders. These features include margin trading, a futures market, and over-the-counter (OTC) trading. The platform also boasts a high-speed trading engine that can process up to 1.4 million orders per second.
Binance supports a wide range of cryptocurrencies, making it an excellent choice for traders looking to invest in various cryptos. It is also the most liquid cryptocurrency exchange in the world, which makes it a great choice for traders looking to buy or sell DOGE quickly.
Low trading fees, fast transactions, and an intuitive interface make Binance a popular platform. The platform was envisioned as an ecosystem that would include all blockchain community members, including digital asset projects, merchants, traders, and investors.
The platform even has a multi-tier and multi-cluster security system that helps protect user funds, and a Secure Assets Fund for Users insurance funds that cover user funds up to $10 million in case of hacks or theft.
Reasons to Invest in Dogecoin
As one of the lucrative cryptocurrencies in today’s market, Dogecoin proves to be a great investment for anyone looking for a quick and easy return.
Although it was initially created as a joke, Dogecoin has developed a solid online community. As a result, it has become a force to be reckoned with in the world of digital currency, and with a current market capitalisation of over $6 billion, there’s no doubt that Dogecoin is here to stay.
Here are some of the key reasons you should invest in Dogecoin:
Affordability
Dogecoin is one of the affordable cryptocurrencies, making it a great entry point for those beginning their investment journey in the digital currency space. 1 DOGE is currently trading at $0.05 (as of writing this article). In addition, it has a low transaction fee of $0.01, which is much lower than the transaction fees of other cryptocurrencies.
High Potential for Growth
There is a lot of potential for growth with Dogecoin, as it has an active and large community that uses and promotes it constantly. For example, Dogecoin was used to tip people on Reddit for providing helpful content. As more people become aware of Dogecoin and its use cases, its price will likely increase.
Fun and Friendly Community
The Dogecoin community is very friendly and supportive. This is because the currency was created as a joke, but the community has taken it seriously and is now using it for various purposes. For example, the Dogecoin Foundation has raised money for various charitable causes.
Credibility
If you’re afraid of investing in a currency that might not be around in the future, you can rest assured knowing that Dogecoin has been around since 2013 and is here to stay. In fact, Dogecoin is supported by major exchanges such as Binance and Coinbase. In this way, there’s no need for you to worry about where your money goes and whether or not you’ll be able to cash out your investment.
Popularity
Dogecoin has stood its ground since its inception, becoming one of the most popular cryptocurrencies in the world. This is because it has a strong community backing it up, as well as a recognizable brand. Dogecoin is also accepted by many merchants and can be used to purchase goods and services, as well as other cryptocurrencies!
Media Influence
Because of Dogecoin’s popularity, it has been widely spread on social media as a meme. Consequently, this has given Dogecoin a lot of exposure and has helped raise awareness about the currency. In addition, major media outlets such as CNBC and The Wall Street Journal have also covered Dogecoin, which has helped legitimize it as a currency.
Market Value
Depending on the situation of the market trade, the value of Dogecoin is always volatile. For example, when Bitcoin dropped to $3,000 in the year 2017, Dogecoin’s market value increased by 400%! This shows that the market value of Dogecoin is not static and can rise and fall depending on the market situation.
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How to Buy Dogecoin in the UK: Final Thoughts
Dogecoin is a popular cryptocurrency that has been around for a few years. It is based on the Bitcoin protocol but uses a different mining algorithm. DOGE can be used to purchase various products and services and can also be transferred to other cryptocurrencies or fiat currencies.
Dogecoin’s popularity and relatively low value make it a good option for those just starting in the cryptocurrency world, while its large user base and fast transaction speeds make it perfect for everyday use.
In this article, we have walked you through buying Dogecoin with GBP step by step. We’ve also listed some of the best cryptocurrency exchange platforms for you to start trading on and how to buy DOGE on each exchange platform.
Just remember, like any other investment, Dogecoin is subject to price fluctuations and should be considered a high-risk investment. However, if you believe in the long-term potential of Dogecoin, it may be worth considering as part of your portfolio.
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