How to Buy Dogecoin South Africa | Beginners Guide

Dogecoin (DOGE) is a decentralized, peer-to-peer digital currency that lets you easily send money online. It is based on the popular “Doge” meme and uses the Scrypt algorithm. Dogecoin was initially introduced as a joke currency in December 2013. However, it soon gained popularity and became one of the most traded cryptocurrencies.

At the time of writing this article, Dogecoin has a market capitalization of over $8.4 billion and ranks as the 11th largest cryptocurrency, according to CoinMarketCap. 

 

South Africa has been one of the leading countries in cryptocurrency adoption. You will find many cryptocurrency exchanges and trading platforms in South Africa. However, buying Dogecoin in South Africa can be tricky as many popular exchanges do not support the currency. This article will show you how to buy Dogecoin in South Africa.

Ways to Buy Dogecoin in South Africa

If you want to buy Dogecoin South Africa, you can buy it from a peer-to-peer (P2P) crypto marketplace or cryptocurrency exchange. 

A P2P crypto marketplace is a platform that allows you to buy and sell cryptocurrencies directly from other users. The transaction is usually facilitated by an escrow service that ensures that the buyer receives the coins and that the seller receives the payment. 

LocalBitcoins is one of the most popular P2P crypto marketplaces. It supports various payment methods, including bank transfers, PayPal, Western Union, and more. You can also buy Dogecoin with cash if you find a seller willing to accept cash payments. 

Suppose you want to buy Dogecoin from a cryptocurrency exchange. In that case, you will first need to convert your fiat currency, South African Rand (ZAR), into a supported cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH). You can then use that cryptocurrency to buy Dogecoin.

Why Buy Dogecoin in South Africa

Investors and crypto enthusiasts globally favor Dogecoin for several reasons. Now we will explore a few good reasons for you to buy DOGE in South Africa:

• Strong Tech Background

Dogecoin was the brainchild of two talented software engineers, Billy Markus and Jackson Palmer. They created it as a fun cryptocurrency that could reach a wider audience than Bitcoin.  The creators built Dogecoin based on the Litecoin protocol, which addressed many technological shortcomings of Bitcoin.

For example, Dogecoin’s Scrypt hashing algorithm is easier to mine due to its less complexity than Bitcoin’s SHA-256 hashing algorithm. 

• Low Fees

Dogecoin has lower fees compared to many other cryptocurrencies. For example, the average fee for a Bitcoin transaction is about $1, whereas the average fee for a Dogecoin transaction is only $0.01. 

• High Liquidity

Dogecoin is one of the most traded cryptocurrencies in the world. It has high liquidity and is listed on the most popular cryptocurrency exchanges. You will not have any trouble buying or selling Dogecoin in South Africa. 

You can quickly trade your Dogecoin to any other currency depending on the market condition. You can also withdraw ZAR against your DOGE fund. 

• Strong Community and Cultural Value

Dogecoin has one of the strongest and most active communities in the crypto space. The Dogecoin Foundation, a non-profit organization, was set up to promote the currency and support charitable causes. The Dogecoin community is also very active on social media platforms like Reddit and Twitter.

Dogecoin also has a substantial cultural value. For example, the Dogecoin community raised over $55,000 to sponsor a NASCAR driver, Josh Wise, in 2014. 

• Good Long-Term Prospect

Investment professionals usually suggest cryptocurrencies as a long-term investment. The reason is the volatility and uncertainty in the short term. If you are looking for a good long-term investment, Dogecoin is a good option. 

The strong community, low fees, and high liquidity of Dogecoin make it an excellent long-term investment. The price of Dogecoin has increased significantly since its inception and is expected to continue to grow.

Payment Methods for Buying Dogecoin in South Africa

The cryptocurrency exchanges in South Africa accept various payment methods, including credit cards, debit cards, PayPal, wire transfers, and several others. You will also find a few exchanges where you can deposit with ZAR or South African Rand.

Your preferred payment method may depend on several factors, such as: 

• Fees charged by the exchange
• Processing time for the transaction
• Level of security offered by the exchange
• Ease of use of the platform
• Anonymity of the payment method

Typically, debit card or credit card transactions are the quickest way to buy Dogecoin. However, they are also the most expensive option regarding fees. For example, Gemini, a popular cryptocurrency exchange in South Africa, charges a 5% fee for credit card transactions.

Bank transfer or wire transfer is another popular payment method on cryptocurrency exchanges. The main advantage of this method is that it is relatively cheap. For example, Binance only charges a 1% fee for bank transfer deposits. 

However, bank transfer deposits can take up to two working days to be processed. So, if you want to buy Dogecoin immediately, the wired transfer may not be your best option. 

How To Buy Dogecoin in South Africa – Step By Step

Using a cryptocurrency exchange is one of the easiest and most convenient ways to buy Dogecoin in South Africa. The process is relatively straightforward too. Now we will tell you in the step-by-step process of how you to buy DOGE: 

• Find a Cryptocurrency Exchange

The first step is to find a reputable cryptocurrency exchange that supports Dogecoin. Unfortunately, not all exchanges support Dogecoin. Some popular exchanges supporting Dogecoin include Binance, eToro, Kraken, and Bittrex. Also, you need to ensure that the exchange includes South Africa in its supported country list.

Do adequate research about each cryptocurrency exchange’s pricing structure, pros, and cons. For example, some exchanges offer a discounted trading fee for high-volume traders, while others offer a flat transaction fee structure. Compare the trading platforms and choose the one that works the best for you. 

• Open an Account

Once you choose your desired cryptocurrency exchange, you will have to open an account. The platform may require you to provide personal information like name, email address, and country of residence. 

Some exchanges might require you to provide your ID or passport for verification purposes. If you want to deposit ZAR in your account, the exchange will likely ask for proof of identity.

• Make Deposit

The process of making a deposit depends on your chosen exchange. For example, if you want to deposit funds in your Binance account, you will have to generate a fiat deposit address. 

You can do so by going to the “Funds” tab and then clicking on the “Deposit” button next to the South African Rand or ZAR. 

• Check Dogecoin pricing

Before purchasing Dogecoin, make sure you know the latest pricing trend well. Also, check for relevant news related to Dogecoin. This market research will help you understand the market sentiment and make a well-informed buying decision.

• Choose Dogecoin’s Quantity and Complete Transactions

Finally choose Dogecoin from the trading pairs and indicate the amount you want to buy. The trading pair will depend on the currency you used for the deposit. If you have already connected any crypto wallet with the exchange, you may also use that balance for the transaction. Once a crypto transaction takes place, it’s ideally irreversible. 

• Store in a Secure Wallet

It is now time to store your Dogecoins in a secure wallet. It’s usually better not to store your Dogecoins on the exchange as you will not have control over them. Instead, you may store them in a secure wallet that supports the currency. Some popular wallets that support Dogecoin include Ledger Nano S, Trezor, and Exodus.

That said, you can also store it in the exchanges that support crypto staking, allowing you to earn interest on your stored DOGE. 

Where To Buy Dogecoin in South Africa

Binance

If you’re wondering where to buy Dogecoin, Binance boasts a $76 billion 24-hour trading volume and over 90 million registered customers worldwide, making it the largest cryptocurrency exchange globally. Since its inception in 2017, Binance has always focused on high-frequency trading as they offer one of the lowest trading fees in the industry at less than 0.1%.

One of the lowest fee structures and minimum deposit requirements has made Binance one of the best crypto exchanges for you to buy Dogecoin in South Africa. As the platform provides over a hundred currency trading pairs, you will enjoy great liquidity at Binance.

Key features:

• Real-time market data: Cryptocurrency traders globally rely on Binance for real-time trading information, as the platform is one of the fastest to bring you all the market and pricing data.   

• Various options: Besides supporting over 350 digital currencies, Binance also offers a good number of trading pairs. This allows you to convert your DOGE in South Africa to any other conventional digital or fiat currency while reducing the conversion fees. 

• Deposit with ZAR: Binance is one of the few cryptocurrency exchanges in South Africa that has added the ZAR deposit gateway. You can now easily connect your South African bank account with Binance and transfer ZAR to buy DOGE. To deposit ZAR in Binance, you must submit the KYC form and comply with South African regulatory bodies. 

• Binance Pay: When you use Binance, you won’t have to worry about liquidating your account balance because you can seamlessly use it with Binance Pay to global merchants. You can buy both digital and physical products with Binance Pay. 

Fees:

• Trading fee: 0.1%

• Withdrawal fee: 5 DOGE

• Inactivity fee: Zero

Coinbase

Brian Armstrong and Fred Ehrsam, two well-known investors from the US, founded Coinbase in 2012. The popular exchange platform is one of the oldest in the market as it has been operating almost since the inception of cryptocurrency itself. Some of the largest global venture capital firms, including Ribbit Capital, Andreessen Horowitz, Union Square Ventures, and several others, back Coinbase. 

Coinbase supports cryptocurrency trading in over 100 countries globally, and the platform has a registered customer base of over 103 million. You can conveniently buy Dogecoin in South Africa using your Coinbase account. Coinbase also offers various solid security features like cold storage and insurance. The platform is prompt to bring you the latest pricing data for the DOGE and other currencies. 

Key features:

• Easy conversion: Coinbase lets you convert DOGE to ZAR directly and quickly so that you can withdraw it in no time. Coinbase lets you use various trading pairs to ensure great liquidity for your Dogecoin balance. 

• Offline storage: Coinbase keeps most of its deposits in offline storage facilities. Therefore, it remains secured and unharmed even if a major power cut or cyberattack occurs. 

• Insurance protection: As a US-based platform, Coinbase complies with many strict regulatory policies and authorities. You will get insurance protection for your Dogecoin fund. 

• Excellent mobile apps: Coinbase has built solid apps for iOS and Android where you can trade DOG on the go and always get the latest market data. 

• Learning resources: Coinbase offers some highly resourceful video sessions and documents, which you can use to learn crypto trading in great detail. 

Fees:

• Trading fee: From 0.05%

• Withdrawal fee: 1.44 DOGE

• Inactivity fee: None

Cex.io

UK-based Cex.io is one of the oldest global cryptocurrency exchanges that came into operation in 2013. Cex.io introduced the cloud mining feature. At present, the highly-regulated crypto exchange has over 4 million customers globally. So far, there have been no incidents where any customer lost their funds with Cex.io, which makes this one of the most reliable platforms to buy Dogecoin in South Africa. 

Cex.io supports 99% of world countries from trading Doge and cryptocurrencies. Cex.io is one of those few exchanges where you will get a full range of crypto-related services such as crypto staking or earning, getting loans, and trading with fiats. The UK-based exchange supports various payment methods. 

Key features:

• Crypto staking: Cex.io lets you earn a smart amount by holding your DOGE account balance. As you can conveniently and profitably keep DOGE in your Cex.io account, you won’t have to worry much about trading and withdrawal rates. 

• Regular promotions: Being a comparatively smaller crypto exchange, Cex.io offers regular promos, deals, and giveaways, which you won’t get with the big players like Binance or Coinbase. If you can keep an eye on the promotions, you may be able to buy DOGE at a lower price than the market. You may also get a chance to win initial coin offerings or ICO, which may earn you a good long-term profit.  

• Comprehensive security: Security is one of the strongest selling points of Cex.io. The platform covers you against a wide range of cyber threats, including DDoS attacks and hacking. It also ensures full data encryption and cold storage facilities to safeguard your data.  

Fees:

• Trading fee: 0.25%

• Withdrawal fee: 5 DOGE

• Inactivity fee: Yes, varies

Gemini

Launched in 2014 in the US, Gemini offers excellent facilities as a cryptocurrency exchange to both professional and beginner-level traders. With its easy and intuitive interface, Gemini lets you buy Dogecoin in South Africa. The platform supports over 100 cryptocurrencies in South Africa, along with seven fiat currencies.

Gemini is a well-regulated crypto exchange that fully complies with the New York State Department of Financial Services regulations. The crypto trading platform does not require you to deposit any amount of money to start trading, which means you can start buying DOGE with as little as $1 in South Africa. 

Key features:

• Smooth market monitoring: You can use quite a few advanced market monitoring tools at Gemini. For example, automatic price alerts with stop-loss can be useful for active traders. 

• Industry-leading security: Being a US-based company that operates globally, Gemini remains very careful about securing the platform. They hold the bulk of crypto funds in cold storage while always protecting the hot wallet portion with insurance coverage. Gemini also applies SCO 1 Type I and SOC 2 Type II security standards across its systems as the world’s first crypto exchange.   

• Gemini credit card: By using Gemini to buy DOGE in South Africa, you may also receive a Gemini credit card, a Mastercard issued by the WebBank. You can then use the Mastercard to global merchants for both cryptp and non-crypto payments.   

• Minimal fee crypto staking: Gemini also offers you crypto staking at a minimal fee. The platform does not apply any gas fees or minimum balance requirement for staking to further enhance your asset’s liquidity. 

Fees:

• Trading fee: Maker/Taker: 0.4%/0.02%

• Withdrawal fee: 4 DOGE

• Inactivity fee: Yes, varies

eToro

eToro entered the market long even before cryptocurrency existed. This UK-based platform started its journey as a multi-asset social trading platform under the regulation of Financial Conduct Authority (FCA) of the UK and later added cryptocurrencies in its growing portfolio of tradable assets. Versatility is a highly versatile platform and an ideal choice to buy Dogecoin in South Africa. 

eToro is a great platform particularly for beginner-level traders, as the platform adapts the “learning by doing” philosophy. You will find all the help you need from an active and engaging eToto social community.

 

Key features:

• Various options: eToro is not a crypto-specific trading platform. You can invest in crypto, stocks, commodities, ETFs and several other asset categories eToro, which makes it an excellent choice if you are looking to have a greatly diversified portfolio. 

• Copy trading: eToro is one of the first cryptocurrency exchanges to introduce copy-trading, which lets you follow and replicate others’ trading behaviors. Copy trading also offers a solid passive earning opportunity for expert and active traders by allowing them to earn from trading commissions.  

• Mobile apps: eToro lets you manage your trading portfolio on the go with its mobile apps for both Android and iOS. You can get real-time pricing alerts and set programmed trading actions from the app as well. 

Fees:

• Trading fee: 1%

• Withdrawal fee: $5 and conversion fee (varies)

• Inactivity fee: $10/month after twelve months of inactivity

FAQs

• What is Dogecoin?

Dogecoin is a cryptocurrency that was created in 2013. It is a decentralized, peer-to-peer digital currency that enables users to send money online. Dogecoin is based on the popular “Doge” meme and uses the Shiba Inu dog as its logo. Dogecoin’s low transaction fees and speed have contributed to its popularity.

• How to buy Dogecoin in South Africa? 

You can buy Dogecoin in South Africa from a cryptocurrency exchange that supports Dogecoin transactions. You will also have to make sure that the exchange has included South Africa in its list of supported countries. There are many different exchanges that you can use, but it is vital to make sure that you find one that is reliable. 

• Should I buy Dogecoin in South Africa? 

The decision of whether or not to buy Dogecoin in South Africa is a personal one. However, there are some factors that you should consider before making a decision. One factor is the current price of Dogecoin. Another factor is whether you believe Dogecoin is a good investment. 

• What is the price of Dogecoin?

The price of Dogecoin is constantly changing. You can check the current price of Dogecoin by going to the Dogecoin website. Coinmarketcap is also an excellent source to know the latest pricing update. Many exchanges will also show detailed pricing changes. 

• Is Dogecoin a good investment? 

Some people believe Dogecoin is a good investment because it has a low transaction fee and is very fast. However, the price of Dogecoin is constantly changing, so it is essential to do your research before investing.