How to Buy Dogecoin in 2022: Detailed Instructions

DOGE is called a meme currency. It was created as a counterbalance to bitcoin. And it took off on a wave of hype. DOGE is supported by Musk himself, mentioning it in his tweets. After that, the demand and the rate of the coin invariably increase. J. Palmer created Dogecoin not for the purpose of accumulation or transferring it into fiat money.

He supposed that cryptocurrency will become a widespread means of payment in the network. Regular processors and video cards are enough to mine Dogecoin. Turnover and use should be as simple as possible. Dogecoin was supposed to be used as a reward for purchases, a charitable collection, a way to pay.

Today we will talk about how to buy Dogecoin and discuss the best sites to buy DOGE.

Where and how to buy Dogecoin: the best platforms

You can exchange fiat money for cryptocurrency, including Dogecoin, on cryptocurrency exchanges. Just like regular exchanges, deposits are created here and then digital currency exchanges, purchases and sales are made. Reliable and popular cryptocurrency exchanges allow you to make money trading, or to successfully exchange tokens. Below are some of the most popular sites for buying Dogecoin.

Capital.com

Capital.com offers its clients the opportunity to make money online on various cryptocurrencies. The platform provides the opportunity to buy Dogecoin using leverage, which gives experienced traders the opportunity to increase their earnings. The company also allows customers to set restrictions on closing a position when the required price is reached, which reduces the risk of losing money.

There are 70 pairs of cryptocurrencies represented. Registration and confirmation of documents are required to open a deposit. Deposit and withdrawal are made through bank cards, accounts, 10 payment systems are available.

To buy DOGE at Capital, all you need to do is follow three steps:

Register and create an account on the Capital website.

After creating your account, log into your account, find the “Markets” section and enter “Dogecoin” in the search box.

Click on “Buy.”

Avatrade

The company started its online trading business in 2006. It is a reputable marketplace that is considered one of the leaders in the industry. Avatrade has a strong financial position and is considered a safe place to trade cryptocurrency. Moreover, it is suitable for beginners as well as experienced users.

There are excellent opportunities for traders to trade digital coins, among them:

• A large selection of cryptocurrencies;
• no commissions and no payments;
• 24-hour cryptocurrency trading;
• opportunity to make deals using leverage;
• risk limitation;
• Trade in tandem with fiat currencies.

You can trade DOGE or profit from trading other coins. Commissions are absent even for banking transactions. Trading is available 24 hours a day, and user support is available in 14 languages.

Binance

The platform supports 300 digital coins. A wide range of fiat currencies, different types of trading orders, and deposits from bank cards make spot trading convenient for traders. The exchange features a regular and an extended trading terminal. For the withdrawal of funds you need to pass the KYC check. The pluses include:

• a large selection of digital currencies;
• speed;
• affordable commissions.
• transactions for small amounts do not require verification

Of the disadvantages – the lack of trade with fiat money, English-language technical support. Also, the exchange was hacked in the past, which is quite a heavy blow to its reputation.

Coinbase

For several years, managed to take a leading position in the U.S. market.

• Among the advantages of this site are:
• security and reliability;
• convenience for users;
• a wide choice of assets.

Users can easily understand the work of the service. Everything is simple and intuitive. On this exchange, it is possible to make transactions with a variety of coins. These are Dogicoin, Bitcoin, Etherium, Lightcoin and other currencies. There are excellent conditions for buying, selling and exchanging Dogicoin and cryptocurrency itself.
Maybe another service will suit you better. But the option of this platform is worth at least seriously considering.

Important criteria for choosing a platform

The digital market is developing quite dynamically. Cryptocurrencies are attracting investment interest. In response to the increased demand, the number of offers to buy and sell from numerous exchanges and exchanges grows. The first thing they look at is the benefit – the rate, interest, commission. The transaction must be profitable. But do not forget about the reliability of the platform. Reviews, approvals, legality confirm the reputation.

When choosing an exchange, you need to pay attention to the following factors:

• support for input and withdrawal of the currency that is assumed for settlement;
• liquidity – the ease obuying and selling cryptocurrencies;
• exchange license;
• deposit and withdrawal methods, commission for that;
• the value of coins.

After choosing a platform, you will need to register and get an address. The exchange will require identity verification, which can take several days. Such verification will allow you to create a deposit.

The commission for transactions is on average 0.2%. Many sites offer clients a decrease in the percentage of commission with an increase in the amount of transactions. The high daily turnover and the level of market capitalization of the platform indicate its demand. The wide functionality of the exchange gives more opportunities to earn money. Prospective services work with a large number of currencies. They represent pairs of those in the top, as well as new digital coins. As a rule, those web platforms whose requirements include customer verification offer many deposit and withdrawal options. Anonymity will limit such a list.

The country in which the exchange is registered also matters when choosing. Many states can block access to foreign platforms for a variety of reasons. So they try to stop the financial outflow, prevent fraud, control the currency market.

Tutorial: how to buy Dogecoin?

How to buy Dogecoin in Russia? The purchase of the asset is made through specialized online platforms. The most famous brokerage platforms are Capital.com, Libertex and Binance. These platforms are characterized by extensive functionality and offer favorable rates.

To purchase Doge cryptocurrency, you need to act according to the following algorithm:

Create an account on one of the cryptocurrency exchanges. To register, you need to enter your personal information, password and contact information. An account can also be created with the help of social networks. When registering, you need to click on the appropriate icon. To activate an account, follow the link provided in the email sent by the exchanger.

Go through the identification and verification procedures. Users have to fill in a small form and send the exchange administration electronic copies of their documents (passport, bank statement or utility bill). The picture and text in the sent image file should be clear and easy to read.

Deposit money via bank card or wire transfer. Coin can be purchased using different fiat currencies (rubles, dollars, euros, etc.). Cryptocurrencies or electronic wallets can be used to purchase an asset.

Select Dogecoin in the list of assets and buy it. You need to specify the amount of coins to be purchased and confirm the transaction. You can use limit or market exchange orders to purchase cryptocurrency. When buying a coin, you need to consider the amount of commission, which is charged by the exchange platform.

The purchase of digital financial assets is done using a web interface or mobile app. Cryptocurrency can be stored in a software or hardware wallet. Selling and buying Dogecoin is carried out in the presence of appropriate market signals, which can be found with the help of technical and fundamental analysis tools. 
It is also possible to use special programs that allow you to automate trading on the exchange. Not only coins themselves, but also contracts for difference (CFDs), the underlying asset for which is the Dogecoin cryptocurrency, can be purchased at online venues. When buying derivatives, you should keep in mind that they have built-in leverage.

To purchase Dogecoin, you should not use little-known platforms that have a bad reputation. Making transactions using such platforms will result in the loss of the invested funds.

Alternative Ways to Buy Dogecoin (DOGE)

There are several ways to buy Dogecoin. The most understandable and popular one is cryptocurrency exchanges, where you can buy Dogecoin for rubles or Bitcoin. Different platforms offer their own rules. Some require registration and passport verification. Others trade anonymously.

There are several other types of web platforms for buying cryptocurrency.

These platforms trade without intermediaries. The platform acts as a certain guarantor of the transaction. To conduct a transaction, you need to create an ad, specify the price, the method of payment. Despite less liquidity, the platforms are popular because of transparency and ease of use. Dogicoins are traded on Bitzlato. Such services often have bots in messengers.

Wallets

These platforms allow you to buy DOGE through a bank card payment provider. In services, it is important to know the commission, the limit of transactions. There are several types of wallets, differing in the way the keys are stored and accessed. There are three types of wallets:

• software;
• hardware;
• paper.

Software wallets can be local or online. The best are considered Blockchain, Coinfy, Guarda, Lumi, Rahakott. Hardware is an external device that stores information. It is connected to a PC to make a transaction. They are considered more reliable.

Cryptocurrencies

Here you can quickly buy Dogecoin for cash. You need to enter the amount of cryptocurrency, and the address of your wallet. After payment, the digital currency will be transferred to the specified wallet. Such a transaction is carried out immediately, it is confirmed by a check.

Ways to sell Dogecoin

There are several ways to transfer Dogecoins into fiat money or other digital coins. How to do it on a cryptocurrency exchange:

• choose an exchange that supports Dogecoin;
• undergo registration, and verification on demand;
• transfer Dogecoins to the wallet created in the account;
• choose crypto or fiat currency for which you plan to exchange Dogecoins;
• create a limit order.

With a market order, the transaction will be made immediately at the rate currently set.

Dogecoin can be exchanged or sold using the p2p method. After registering on a peer-to-peer platform that supports DOGE, you need to fund your account. Make a selection of the best offer among the traders presented. Be sure to specify the amount of the sale, specify the details for receiving the money. After the transfer, send the coins to the specified address.

Exchangers work quickly and conveniently with DOGE. Specify Dogicoin as a given asset. Choose whether you want to receive another crypto or currency. It is obligatory to translate the specified amount of money at the exchangers’ sites. After the payment, activate the “Paid” button. After a while, verify the crediting of your account.

At the official sites of verified exchangers and exchangers you can download Telegram-bot. Through him to make the sale of digital coins. Some cryptocurrency wallets allow you to exchange some coins for others. There are crypto-machines, but so far they are very few. They are similar to bank terminals, where one acquires electronic funds for cash.

Ways to store Dogecoin

Dogecoin is not something tangible, you can’t just put it in your wallet. Digital currency must be stored in electronic wallets. So how do you safely save Dogecoins? Depending on how you intend to dispose of the coins, there are several ways to store them:
Web wallets are a simple and convenient option. Services offer to store keys in their own private access, giving the user a backup copy. Or they offer separate storage of keys using multi-signatures. This hybrid option does not give the wallet developers full access to the cryptocurrency. But if the user loses their part of the password, they will lose access to their coins. The traditional option cannot be called safe, as hacking will lead to the loss of Doge.

Storing on a digital exchange. When registering, each client automatically gets a wallet. There are all the purchased digital assets, and there is quick access to them at the time of the exchange. On the positive side, access can always be restored. But there are high risks of loss due to hacker attacks. Storage on the exchange is convenient for those who are constantly trading. Large amounts for a long period is better not to deposit.

Hardware wallet. This is the most secure method. The device resembles a USB stick. If it is physically stolen, you can hack it and get the data. The owner himself can damage it mechanically, or lose it. Examples of well-known hardware wallets are Ledger Nano, Trezor.

Local Wallet. This is a software, or smartphone application. Mobile software will allow transactions with Dogecoin. This does not mean that Dogs are stored on your phone. You can access them through it. You would have to download the blockchain asset on the PC, and that is a very large volume, up to several hundred gigabytes. Therefore, only coins with the PoS algorithm can be stored on a computer. If you have even a small amount, and when you turn on the PC, a charge is made to the balance.

Large amounts of cryptocurrency are stored on custodial services. They are similar to online wallets, but they have a higher level of security. If you lose the keys, or passwords, there is an opportunity to return the data.

Small amounts that are constantly operated are better kept in desktop wallets. For long-term storage, you should give preference to the “cold” option. Such wallets are not connected to the Internet, which reduces the risk of hacking. The most conservative way to store keys and passwords is printed on paper. But paper is a fragile material. That’s why they started to engrave the information on steel plates.

History of Dogecoin and Elon Musk

Programmer Billy Marcus and marketer Jackson Palmer created this digital coin eight years ago. They positioned their coin as a non-serious attack on bitcoin. Dogicoin’s calling card, which influenced the name, was a meme with a dog named Kabosu. This Shiba Inu dog was rescued and adopted by a Japanese woman. She posted a picture of his expressive face on her page. The wrong form of the English “dog” doge named the cryptocurrency, the basis of which was a meme. Dogecoin is a technical offshoot of Litecoin and also uses proof-of-work technology.

While Bitcoin uses blockchain technology, Dogecoin uses Scrypt. Not only project programmers can participate in the development, but also others who wish to do so. They propose changes and vote in the pool. But such technology carries more risks of hacking. The price of Dogicoin is influenced by the ease of mining, and the lack of restrictions on the number of coins. Because of its low value, the coin trades well. And you can buy Dogecoin on most available platforms.

DOGE for unknown reasons, supports Elon Musk. His statements on Twitter influence the rise of the coin. This in turn attracts other celebrities. Social networks aren’t lagging behind either. Due to this, Dogicoin began to be accepted as a means of payment by large companies and stores. Among them, the U.S. private corporation SpaceX, working in the creation of spacecrafts. Also airlines, sports clubs and online stores.

Although technically the coin is simple, its ranking holds up to promotion and popularization by celebrities. Forecasts and prospects are quite contradictory.

Prospects for Dogecoin

Dogecoin exchange rate is quite volatile. It can rise by 400% in a week, and fall just as quickly. Tweets of Ilon Musk, who mentions the coin favorably, contribute to the growth of quotations. Many experts believe that there is no real reason for the growth, there is only emotional sentiment and a haip. As long as celebrities talk about Doga, its rate will grow. Recently, a large online store of computer components announced that it would accept Dogecoin as a means of payment.

Technically, Dogecoin is very simple. There are serious technologies behind BTC and ETH and they have a lot of features. By the admission of the programmer, Dogecoin’s author, he created the crypto in 3 hours, as a humorous counterbalance to bitcoin. But it began to be accepted as a means of payment, and Dogicoin gained a foothold in the digital marketplace.

The fact that the coin has held on to the digital market for so long makes it quite promising. Even the creators themselves didn’t believe in their development. They got rid of the asset by selling it for next to nothing. There are several reasons for Doga’s growth:

Coin’s affordability. The low price makes it possible to buy coins by the thousands. This attracts more buyers, which, in turn, positively affects the exchange rate.

The market capitalization of the coin is increasing. Private investors and companies continue to invest in the asset.

The coin enters the top, but its rate is nowhere near that of bitcoin or Ether. Why does this happen? Dogecoin has unlimited issuance. If this factor is limited, each new Coin makes the exchange rate go up. That’s why the price of Dogecoin depends on other reasons.

During the current year, the price of the coin will remain at the top, but the fluctuations of the rate will depend on random circumstances, and users themselves. If the token will be actively traded, there will be demand for it, famous personalities will be interested in it, its price will be at least stable. But jumps or rises are not ruled out. In addition, Dogecoin is closely related to Bitcoin. Decrease or increase in the price of both coins will pass in parallel.

DOGE may well be considered as an investment. It’s convenient to buy, as operations with it are as fast as possible. Because of the low price, transaction fees are quite low. Coin has become frequently used in online payments. The coin has social support, Dogecoin is in demand all over the world.

Opinion of experts

Is Dogecoin worth buying? Some financial market experts doubt the long-term growth of the coin’s market value. If celebrities stop mentioning the cryptocurrency in social networks and personal blogs, its rate could fall sharply.

Nikita Zuborev, a senior analyst at BestChange.ru exchange service, believes that investors should not buy Doge cryptocurrency. The expert believes that Dogecoin coin is a hype project, which is subject to serious market manipulation. Zuborev is sure that the further growth of the coin’s rate depends solely on the media activity of Ilon Musk. Doge cryptocurrency has no real value in fact.

Viktor Pershikov, leading analyst of 8848 Invest, disagrees with his colleague. The expert is sure that Doge asset has great prospects. The specialist believes that the market value of the coin will increase on the background of the growing demand for it among the broad mass of investors.

Traders who bought Dogecoin cryptocurrency, expect cheaper transactions and the commissioning of a new technological platform. Pershikov recalled that large Doge holders did not sell the asset even during the fall in the market value of the coin from $0.75 to $0.15. The expert is confident that buying Dogecoin is a profitable investment that has a short payback period. In the medium term, the altcoin will cost about $1.
Doge cryptocurrency should not be bought by investors with a conservative approach. For such traders, it is better to pay attention to more stable instruments (deposits, real estate, gold, etc.). Speculators with an aggressive trading strategy can invest a portion of free funds in Dogecoin cryptocurrency (about 5-10% of the total portfolio volume). 

If a participant is ready to take additional risk, he can make transactions using borrowed funds. With this approach, financial reserves should be prepared to hedge open positions.