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2021 has seen a sharp rise in the value of many crypto assets, and their bull cycle is expected to continue in 2022 and beyond. One such crypto is Dogecoin.
The Dogecoin price instantly rose by 30% after Tesla CEO and SpaceX founder Elon Musk’s recent tweet. As per his tweet, Tesla will begin accepting DOGE as a payment option for merchandise. This tweet has made investors/traders speculate that the price of Dogecoin is likely to reach a new height in the coming year.
DOGE has also attracted considerable media attention in the past year and has been included in the top 10 crypto coins’ list as per market cap. At the time of writing, DOGE stands at 12th position.
In this blog, we aim to provide you with a detailed guide on how to buy Dogecoin in the UK and which cryptocurrency exchanges to choose for trading and investing in crypto.
Where to buy Dogecoin in the UK - Our top 3 platforms
- eToro - Regulated FCA Crypto platform
eToro is regulated by the FCA, the Financial Conduct Authority Securities and Investment Commission making it ideal to buy Dogecoin UK-wise. You can deposit GBP via bank transfer, Paypal, credit and debit cards, e-wallets Skrill and Neteller, and more - its range of supported deposit methods are larger than most crypto platforms.
The Economic Times rated eToro one of the top crypto platforms in 2022. It also achieved a milestone of over 20 million users in late 2021, some trading stocks, forex, commodities and ETFs which are also available on the platform.
eToro also offers copy trading and smart portfolio features, so if you’re a beginner rather than trading yourself you can opt to replicate the buys, sells and portfolio allocation of a more experienced investor with a high ROI in the last 12 months. Simply use the eToro social trading feature to find a professional Dogecoin trader with good feedback.
Buy Dogecoin on eToro.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
2. Binance - Highest trading volume crypto exchange
Another popular crypto trading platform where you can buy Dogecoin is Binance. It has the largest trading volume among all trading platforms across the globe. It offers a variety of assets for traders including 500+ crypto-to-crypto and fiat-to-crypto pairs.
Binance exchange charges a 0.1% commission for trading. Investors need to pay even a lesser fee if they hold BNB coins, Binance’s native cryptocurrency.
Buy Dogecoin on Binance.
Your capital is at risk.
3. Coinbase - Most popular crypto platform
Coinbase is the largest crypto broker in terms of number of registered users. It offers a user-friendly experience and a simple exchange Coinbase Pro, which users can log in to with the same credentials. The fees to buy Dogecoin and 100+ other cryptos are 0.1%, or lower if you trade very high volume.
Coinbase has strict KYC (know your customer) compliance regulations, for example you’ll be required to upload a selfie and traders investing in crypto with large amounts of funds may be asked to prove the source of their funds.
UK traders should also note withdrawals to UK banks are not yet supported, although you can buy crypto and transfer it off the exchange to yourself on a wallet that does allow you to cashout.
Your capital is at risk.
What is Dogecoin?
Created in 2013 as a joke, Dogecoin has now become immensely popular amongst crypto enthusiasts. Software engineers Billy Markus and Jackson Palmer made this coin following the popular “skeptical Shibe” dog meme. The coin even features the face of the meme dog “Shibe”.
Despite being created as a joke, the coin became an instant hit. It was extensively used on the popular social media platform Reddit. Gradually, it made a name in the list of top cryptos for investment. Traders and investors started seeing it as a promising investment option and not just a coin used for fun.
Dogecoin allows peer-to-peer transactions like Bitcoin and uses a proof-of-work mining system. Like the most famous cryptocurrency Bitcoin, when miners verify transactions to the Dogecoin blockchain, they earn Dogecoin as rewards. As per some research, Bitcoin’s code has actually been copied and used for DOGE by its original creator.
It is noteworthy that, unlike Bitcoin, Dogecoin’s circulation is not limited. This means that while Bitcoin’s supply limit stands at 21 million coins, there is no end to the Dogecoin number that could possibly be circulated. The coin has received widespread speculation and its mention by influential entrepreneurs like Elon Musk has definitely added to the rise in its reputation.
Dogecoin Price
With 100 billion coins in circulation, the price of Dogecoin did not increase significantly until the end of 2020. During 2020, its price mainly remained at around $0.0025.
Then in 2020 when Elon Musk tweeted about DOGE, it stirred interest among the masses. During the first two months of 2021, Musk continued to tweet. Celebrities like Snoop Dog also shared their interest in it. This led to a rise in the value and thousands of people across the globe are now familiar with the coin.
The current price for buying Dogecoin in UK is around £0.10 GBP per coin ($0.14 USD) and it's all time high was just over $0.74 USD.
Dogecoin Price Prediction
In January 2022 Elon Musk confirmed that Tesla would begin to accept Dogecoin as a form of payment for merchandise. That may result in lower selling pressure on DOGE and allow it to revisit its all time high of just over £0.60 GBP in 2022.
The crypto markets have currently been in a correction for three months at the time of writing - once Bitcoin finds a bottom we can expect a rally in the price of altcoins - known as ‘altcoin season’ and meme coins such as DOGE tend to perform the best in those conditions, rallying by several hundred percent.
The next Bitcoin halving is also taking place in 2024 and more institutional adoption and positive news coming out within the crypto space - for example India has recently relaxed its legal stance on crypto. That opens up the possibility of a billion people investing in Dogecoin and similar meme coins, which tend to be popular in bull markets.
How to buy Dogecoin UK - Step by Step
For a safe and cost-effective way to buy Dogecoin online, follow the guide below.
Step 1: Open an Account
Opening an account with eToro is the first step. Simply go to eToro’s website and click on the “Join Now” tab at the top.
- Enter your email address and a password.
- Verify your email by clicking on the link received in the mail. (Make sure to check your spam folder in case you do not find it in the inbox).
Step 2: Upload Your IDs
To comply with local regulatory laws, eToro requires you to upload certain documents to verify your identity. These docs include-
- Passport or Driver’s license or national ID card
- Utility bill/ bank account statement with the last 3 months details (for address proof)
Step 3: Deposit Funds
Deposit funds in your eToro account to buy Dogecoin. The deposit methods include -
- Bank transfer (takes some time to reflect in your account)
- Debit/credit card (Visa, Maestro, MasterCard)
- Paypal
- Neteller
- Skrill
- Bank transfer
Step 4: Search “DOGE”
Once the deposits are done, you are ready to buy Dogecoin.
- Search “DOGE” by typing it in the search box.
- Once Dogecoin appears, click on the ‘Trade’ button.
Step 5: Buy Dogecoin
- In the ‘Amount’ box, enter the Dogecoin stake you wish to buy. (Currently. the minimum trade is £7).
- Click ‘Open Trade’ to complete buying your Dogecoin stake.
Within a few minutes, you can successfully open your eToro trading account to buy Dogecoin in the UK. eToro is an FCA regulated crypto platform.
Buy Dogecoin on eToro.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Buying Dogecoin UK - The Verdict
We have explained all the aspects involved in buying and selling Dogecoin in the UK. From the best brokers available to the risks associated with trading & investing in Dogecoin, this guide has given you all the specifics you need to know to make a decision.
When it comes to selecting the right platform to buy Dogecoin UK wise, eToro is our recommendation. eToro is regulated by institutions like the FCA, CySEC and ASIC, which ensures its safety and security. Its user-friendly interface is an added advantage. The minimum investment is £7 and you only pay the spreads for the purchase you make.
buy Dogecoin in the UK on eToro.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
This article is brought to you by Crypto PR and not necessarily representative of the views of The Herald.
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