How to Buy Dogecoin (DOGE) in the UK?
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The rapidly developing crypto markets can’t stop attracting investors who want to multiply their funds in the context of the booming crypto values. While many people consider only the well-established giants like Bitcoin or Ethereum, neglecting other altcoins isn’t the best investment decision: you risk missing a lucrative speculative opportunity and gain a lot.
In this article, we will elaborate on how to buy Dogecoin in the UK, where to store it, and why, in the first place, you should consider it.
What Is Dogecoin (DOGE) and Why Should You Buy It?
The cryptocurrency that became famous as a joke got its name from a once-popular meme. While it was created back then in 2013 for the sake of crypto enthusiasts rather than as a serious opponent to other cryptos, everything has changed. Today, DOGE ranks 7th by market capitalization according to the data from CoinMarketCap and shows the potential for wide adoption in the future.
The coin’s value experienced a staggering growth this year, spiking from $0.0048 in the beginning of January 2021 up to $0.4 in April. While it can be attributed to the overall crypto market development, DOGE, in particular, is associated with Elon Musk, who gave his endorsement. The famous Tesla CEO mentioned Dogecoin on his Twitter, saying that it’s his most favourite crypto and he will plant a physical token on the moon.
However, it isn’t the only driver of the coin’s popularity. In the future, Dogecoin has the potential to substitute traditional money. The decentralized peer-to-peer cryptocurrency that was forked from Litecoin (LTC) allows fast and secure transactions, which can easily become a norm provided the coin gains massive adoption. This, in turn, can significantly rocket the value and enrich the investors who purchased DOGE before.
A Step-by-Step Guide on How to Buy Dogecoin in the UK
Here are some simple steps to take to buy Dogecoin in the UK:
1. Registration
Find a crypto exchange like Kraken or Binance and register. Usually, you need to fill in your email, phone number, country of residence and create a password.
2. Account Verification
Some desktop platforms allow you to start buying crypto prior to account verification. However, you can’t miss the step to withdraw the money. To verify your account, provide a photo of your ID or passport.
3. Depositing
Go to the deposit section and select the preferred payment method. Specify the amount of the deposit and complete the transaction.
4. Purchasing
Visit the Markets section and choose your pair (GBP/DOGE). Specify the amount you want to spend or buy, double-check the data, and confirm the transaction.
Where to Buy DOGE in the UK
Here is the list of the best exchanges where you can buy Dogecoin in the UK.
Binance
Payment methods:
Supported deposit currencies: 50 fiat currencies, including GBP, USD, EUR, and many others.
Depositing, withdrawal, and trading fees:
Daily limits on a virtual Binance card – 870 GBP, on a physical Binance card – 8,700 GBP
Trading limits:
Pros | Cons |
|---|---|
How to buy Dogecoin on Binance:
Paxful
Payment methods: cryptocurrencies
Supported deposit currencies: Bitcoin, Ethereum, Tether
Fees:
Trading limits vary depending on the deal.
Pros | Cons |
|---|---|
How to buy Dogecoin on Paxful:
Kraken
Payment methods:
Supported deposit currencies: GBP, USD, EUR, CAD, AUD, CHF, JPY.
Depositing fees:
Withdrawal fees:
Depositing limits (minimum):
Withdrawal limits (minimum):
Pros | Cons |
|---|---|
How to buy Dogecoin on Kraken:
LiteBit
Payment methods:
Supported deposit currencies: EUR
Trading fees: 2-5%, additional exchange costs may be applied
Limits for transactions:
Pros | Cons |
|---|---|
How to buy Dogecoin on LiteBit:
BC Bitcoin
Payment methods:
Supported deposit currencies: GBP, USD, EUR
Transaction fees:
Minimum order limit – 250 GBP
Pros | Cons |
|---|---|
How to buy Dogecoin on BC Bitcoin:
Indacoin
Payment methods:
Supported deposit currencies: GBP, EUR, USD, AUD, SEK, RUB, CAD, and many others.
Trading and deposit fees vary. Indacoin will show the fees for a particular transaction on a calculator page.
Withdrawal fees: for crypto/fiat – 7%
Initial transaction limit is a maximum of $200.
Pros | Cons |
|---|---|
How to buy Dogecoin on Indacoin:
Crypto.com
Payment methods:
Supported deposit currencies: GBP, EUR
Trading fees vary according to the level.
Level | Maker Fee | Taker Fee |
|---|---|---|
1 | 0.1% | 0.16% |
2 | 0.09% | 0.15% |
3 | 0.08% | 0.14% |
4 | 0.07% | 0.13% |
5 | 0.06% | 0.12% |
6 | 0.04% | 0.1% |
No withdrawal fees for credit cards.
Limits per transaction: Indacoin has increased the limit for many cryptocurrencies lately.
Pros | Cons |
|---|---|
How to buy Dogecoin on Crypto.com:
Where to Store Dogecoin?
Once you buy Dogecoin in the UK, you need to find a place to store it safely and anonymously. Some exchanges provide such a service; however, it’s still more secure to keep DOGE in a third-party crypto wallet. The wallets that accept DOGE are below.
Trezor Model T
A hardware wallet with top-notch security, Trezor Model T is a popular choice for crypto investors. They value the support of 1000+ cryptocurrencies, besides Dogecoin, a touchscreen that allows taking a glance at the state of the wallet quickly, and a simple set-up.
Ledger Nano X
Another hardware wallet that is slightly cheaper than Trezor Model T. Ledger Nano S offers users Bluetooth and is compatible with the majority of OSs, including those for smartphones. The device has a screen that shows the vitals.
Atomic Wallet
It’s an online wallet that any trader can get free of charge. While it may be considered less secure compared to the hardware wallets, the software has a lot to offer. For example, you can trade on the platform.
Cryptocurrency Regulations in the UK
Although there are no introduced regulations in terms of Dogecoin and other digital currencies, the UK has significantly matured recently in the matter. Here are some important factors to take into consideration:
Final Thoughts
Although there are a lot of exchanges that offer lucrative conditions for crypto traders, the best way to buy Dogecoin in the UK is to look for security and reasonable fees. If you plan to scale up, consider the limits, as they may present a complication for huge deals.
Moreover, investors should choose a crypto wallet prior to the purchase as not all exchanges allow storing DOGE on their premises. It’s advisable to go for a hardware model, especially if you have thousands of pounds in the form of a crypto asset.
FAQ
What Is the Best Exchange to Buy DOGE?
Binance is considered to be the best exchange to buy Dogecoin. The platform is recognized for its security and favourable fee policies on a global scale. Moreover, its wide adoption reduces the risk of investing in a scam.
Where Can I Buy Dogecoin?
You can buy Dogecoin on a crypto exchange. Popular exchanges in the UK are Binance, Kraken, Indacoin, BC Bitcoin.
Is Dogecoin a Good Investment 2021?
Yes, Dogecoin is a good investment if you seek a coin with steady growth. Potentially, the coin may reach $1.33, while its maximum for 2021 is $0.44 in October, according to DigitalCoinPrice.
Can Dogecoin Make You Rich?
Considering that DOGE is going to increase in value in the coming years, you can become rich if you buy a lot of coins while it’s still cheap.
Will Dogecoin Reach $1?
Yes, Dogecoin is likely to soar to a $1 benchmark, based on the data from DigitalCoinPrice. However, it will take several years.
Will Dogecoin Ever Hit $1,000?
Currently, the majority of analysts don’t believe that one Dogecoin will equal $1,000. Nonetheless, the coin is likely to keep growing, but insignificantly.
