11/30/2022 | BanklessTimes
Buy Dogecoin With Debit Card
Dogecoin(DOGE) has risen in value on the back of favorable comments from some big companies and renowned billionaires.
This page explores how to buy Dogecoin with a debit card and what platforms will accept a debit card (brokers, P2P marketplaces, crypto exchanges, and more). We look at the pros and cons of using debit cards for purchasing Dogecoin, what to consider before buying DOGE.
What Is a Debit Card Dogecoin Broker?
A broker that supports Dogecoin debit cards facilitates the buying, selling, and storage of Dogecoin.
Apart from buying and selling, brokers also provide other vehicles of investment. Traders can trade Dogecoin with instruments like a contract for differences (CFDs), spread betting, and margin trading. These financial instruments allow traders to speculate on the prices of Dogecoin.
What Crypto Platforms Accept Debit Cards?
Debit cards are accepted with almost every major broker and exchange. However, users should only use reputable platforms where they are are confident their details will be kept safe.
Dogecoin debit cards are accepted across all major categories of crypto platforms including:
P2P Marketplaces: P2P marketplaces match buyers and sellers. They provide a platform with no central control where sellers can float their Dogecoin and specify the price and other terms. Buyers need to filter payment methods to see sellers who accept debit cards. Funds and cryptocurrency assets are not stored on these platforms.
Crypto Exchanges: Central crypto exchanges are custodial platforms that receive either fiat or crypto in exchange for cryptocurrencies. Major exchanges like www.DOGE.Exchange, Binance, and Coinmama accept debit cards. Buyers can fund their accounts in exchange for Dogecoin.
Decentralized exchanges (DEX): A DEX is a peer-to-peer medium for the exchange of fiat and crypto. Investors can buy and sell cryptocurrency with each other without the need for a central authority. Major DEX platforms include PancakeSwap and Uniswap.
Brokers: Brokers provide a platform where investors can buy and sell crypto for fiat. They offer other trading instruments, such as CFDs and margin trading, that allow traders to speculate on the prices of crypto, like Dogecoin. eToro and Plus500 are some of the top crypto brokers.
P2P Lending Platforms: These are peer-to-peer crypto platforms where borrowers meet lenders. Lenders can lend out their crypto assets like Dogecoins. Borrowers load their collateral in either fiat or crypto. Borrowers can therefore deposit funds using their debit cards, e.g.
How to Buy Dogecoin With a Debit Card?
Here is a detailed step-by-step guide on how to buy Dogecoin with a debit card.
Step 1: Find a suitable account
Find an exchange that supports debit card transactions. The platform should also provide reasonable fees, security for your funds, and high liquidity.
Note that some exchanges may take more than a day to verify your identity fully, while some may do it instantly. Deposits and withdrawals may not be instant as well.
Some brokers do not allow the transfer of Dogecoin from their platforms.
Step 2: Sign up and fund the account
Create an account by first submitting your email/phone and a password. To buy and sell Dogecoin, most exchanges will require KYC (Know Your Customer) verification. Create an account by first submitting your email/phone and a password. This will allow you to top up your account with funds from your debit card.
KYC verification process will require identity verification. You will need to submit a government-issued ID, address, full legal name, and a photo.
After account verification, you can now fund the account using your debit card. Provide the card details, enter the amount to transfer, and approve the transaction.
Step 3: Make the purchase
Go ahead and select “buy DOGE.” Enter the amount you want to spend and confirm the purchase.
Buyers should note that some exchanges will require you to buy mainstream crypto or a stablecoin before exchanging it with Dogecoin.
Step 4: Secure storage
We do not recommend leaving your Dogecoin on the exchange. Transfer your DOGE to an external wallet. For long-term holders, buy a hardware wallet. For those who prefer frequent buying and selling, get a hot wallet.
How to Deposit and Withdraw via Debit Card?
The exchange has to accept debit cards as a funding option. Check with the card issuer to see if they accept crypto purchases or attempt to link the card to the exchange.
Here is a step-by-step process of linking your debit card to the exchange and making a deposit.
Step 1: Follow the relevant steps
Create an account, get verified, and log in. Search for the deposit/funds management link.
Step 2: Select the currency and the amount
Select the currency type depending on your debit account, funding option, and amount.
Step 3: Enter card information
Enter your card information (card number, expiry date, CVV, etc) and then the card billing address.
Step 4: Confirmation
Confirm details and complete the transaction. The money should be deposited in your exchange account.
You need to have funds in your account to withdraw. Some exchanges will require a minimum amount before withdrawals.
Step 1: Follow the relevant steps
After login, find the withdrawal or funds management link.
Step 2: Select the currency and the amount
Specify the currency and amount to withdraw.
Step 3: Select or add credit card
Select the linked credit card or add a new one.
Step 4: Withdrawal confirmation
Confirm the withdrawal.
Step 5: Funds confirmation
Confirm funds in your debit account. Note that funds withdrawal may be instant or take over a day depending on the exchange and card.
What to Consider Before Purchasing Doge with a Debit Card through a Broker?
Below is a non-exhaustive list of items to consider when using your Dogecoin debit card through a broker:
Check accepted debit cards: Check if the broker accepts debit cards. If you already have a debit card, check to see if it’s supported on a broker/exchange. Some brokerages/exchanges will only accept a 3D secure debit card.
Charges: There are various fees, including deposit, withdrawal, convenience, and trading fees. To make the most out of your Dogecoin investment, ensure that fees and commissions are minimal. Check the charges by searching “exchange name fee schedule” on Google.
Withdrawal: Confirm that the broker allows for the transfer of your DOGE tokens out of the exchange. It is necessary to secure your Dogecoin in an external wallet.
Ease of use: An intuitive user interface makes buying and selling crypto feel less intimidating. Beginners should check for platforms that are the least complicated to avoid making errors. We recommend using platforms that provide detailed blogs or instructional videos.
Variety of trading options: Apart from buying Dogecoin, investors can profit using trading instruments. Please note that many brokers may only offer spot trading and CFDs for Dogecoin.
Risk management: Like any other crypto, Dogecoin prices are volatile and need careful monitoring. In order to counter this, traders need to learn how to use risk management tools. One critical risk management feature is "stop loss". Brokers provide these automated features, which may limit the losses on your Dogecoin investment.
Regulatory approval: Since using debit cards means submitting card details, you need to check if the platform is regulated. Regulated brokers are a good choice since the law directs them not to misuse information from their clients.
Reputation: Before signing up with a broker, check for reviews online. Sites like Trustpilot and Google reviews provide a good starting point. Forums like Reddit and Discord are also solid alternatives. You may likely see details about customer service, fees, and user interface.
Customer service: A good broker will quickly resolve issues through various channels like phone, live chat, and email.
Should I Buy Dogecoin Using a Debit Card?
Fast transactions- Debit card transactions are generally convenient and executed fast. They enable buyers to take advantage of price dips.
Buy with fiat- Using a credit card is a way to purchase Dogecoin with fiat currency directly on some exchanges/brokers.
Secure- Some cards have 3D secure which has an extra layer of security.
Higher fees- Debit cards may be subject to higher deposit and withdrawal charges compared to methods like bank transfers.
Limits- Many banking institutions limit the amount cardholders can utilize. Additionally, you can only use what is in your account.
No Privacy- Most exchanges that accept debit cards will require at least intermediate KYC verification.
Is Using a Debit Card the Best Method to Buy Dogecoin?
Debit cards are a great way to buy Dogecoin due to their effortlessness and super-quick transactions. They are also available in a majority of exchanges.
However, those looking for minimal fees and privacy may want to look elsewhere. Other viable alternatives include bank transfers and e-wallets.
What Are the Alternative Payment Methods To Buy Dogecoin With?
Bank transfers: Supported by many exchanges/brokers. It is ideal for small and large deposits. Bank transfer options depend on your region. Here are some examples:
SEPA - Europe
Faster payments - UK
ACH - USA
Direct entry - Australia
E-wallets: PayPal, Advcash, Neteller, and Venmo are some of the e-wallets integrated as payment options on exchanges.
Credit cards: 3D secure credit cards are also a popular option. Banks can advance a line of credit for you which you can utilize to buy Dogecoin. It is best to first check that the crypto platform supports your bank card.
Cryptocurrencies: It is possible to buy Dogecoin with cryptocurrencies like Bitcoin, Ethereum, and USDT. Deposit the crypto onto an exchange and swap it for Dogecoin. Minimal fees characterize these transactions.
Wire transfers: It is an electronic means of transfer that works similarly to a bank transfer. There are international and domestic wire transfers. These transfers usually have higher limits. They are therefore preferred for more significant deposits, especially by institutional investors.
Dogecoin has seen its value grow exponentially in 2021, thanks in part to tweets and endorsements by companies and individuals. However, it is important to note that meme coins derive their value from supply and demand and not any real intrinsic value, so their future value is questionable. Also, negative online comments from backers can also affect its current price.
Selecting a good debit card broker/exchange is vital for a good experience and successful investment. Consider the reputation, fees, and security of the platform before signing up.
Remember that submitting your credit card details on any crypto platform gives away your identity and card information. In-person purchases provide the best avenue to buy Dogecoin anonymously.
You can also draw money from their debit card, head to a Dogecoin ATM, and buy DOGE tokens anonymously.
Buying Dogecoin with a debit card is almost instant on most exchanges. It may take upwards of 10 minutes on some crypto platforms.
If you have bought Dogecoin on a crypto exchange, you need to transfer it out. Hot (online) and cold (offline) wallets are excellent options. Cold wallets are preferable for long-term holding.
There are low fees if using brokerage firms like DOGE.Exchange eToro and XTB. Deposits are free, and withdrawals are subjected to minimal charges if your chosen currency is USD.
Cryptocurrency can only be stored on crypto wallets. You cannot hold crypto in a debit card account.