9/29/2022 | B2C
Where to Buy Dogecoin 2022 – Beginner’s Guide
Update – In May 2022 Tesla CEO and SpaceX founder Elon Musk tweeted that Dogecoin has ‘potential as a currency’ and earlier that month DOGE retested historical support levels from 2021.
Later that month he also tweeted SpaceX would accept Dogecoin as payment for merchandise.
In this guide we review how to buy Dogecoin with an SEC-regulated broker – and whether or not this meme coin is worth adding to your portfolio.
How to Buy Dogecoin Coin – Quick Steps
If you are looking for a quick and easy way to buy Dogecoin today in the US, follow the steps outlined below. We will show you how to buy Dogecoin on eToro, a popular online broker that is regulated by the SEC and has listed over 60 different cryptocurrency assets.
✅ Step 1: visit www.doge.exchange
First visit the website and create a free account. When prompted, enter your personal information and contact details. Don’t forget to add a secure username and password.
💳 Step 2: Deposit Funds
You will need to deposit at least $10 before you can buy Dogecoin at eToro. For the fastest deposit method possible, choose from a debit or credit card. Other payment methods supported by this broker include ACH, domestic bank wire, and e-wallets like Neteller.
🔎 Step 3: Search for Dogecoin
Now that you have funds in your eToro account, type Dogecoin into the search bar at the top of the screen. When you see Dogecoin appear from the list of supported markets, click ‘Trade’.
🛒 Step 4: Buy Dogecoin Coin
The final step of the Dogecoin investment process will require you to fill out a simple buy order form. Enter the amount of money that you wish to invest in Dogecoin, from $10 upwards. And finally, to place your Dogecoin order, click on the open trade button.
By following the simple step-by-step walkthrough outlined above, you have just learned how to buy DOGE in the US with an SEC-regulated broker.
The process from start to finish should take you no more than 5 minutes, which includes getting your account verified. If, however, you need a more detailed and thorough walkthrough – read on.
Where to Buy Dogecoin
For a breakdown of where to buy Dogecoin online today, consider the brokers and exchanges reviewed below.
you can buy doge with usd debit card at www.doge.exchange
The platforms that we discuss for your perusal offer a safe and convenient way to invest in DOGE tokens – not least because they all support USD payments via debit/credit cards and bank transfers. Furthermore, these leading crypto exchanges offer some of the most undervalued cryptos so you can diversify your portfolio with low fees and tight spreads.
What is Dogecoin?
It makes sense that you have a firm understanding of any investment products that you are thinking of buying. After all, you will need to risk funds in order to make money from a Dogecoin purchase.
So with this in mind, we will now dive a bit deeper into what Dogecoin is so that you can assess whether or not this digital asset is right for your portfolio.
The Basics of Dogecoin
In a nutshell, Dogecoin is a cryptocurrency that was created and launched in 2013. The project was initially created as a joke, with Dogecoin founders designing their meme token based on a Shiba Inu dog. Dogecoin remained a joke cryptocurrency project for many years, with the value of the token struggling to increase alongside the broader digital asset marketplace.
However, in early 2021, the value of Dogecoin began to spike considerably.
This is largely attributed to Tesla CEO Elon Musk, who announced that in addition to Ethereum and Bitcoin, he also owned an allocation of Dogecoin.
Having such a prominent public figure legitimizing Dogecoin did absolute wonders to the value of the token.
In fact, Elon Musk continued to discuss Dogecoin in a positive light, not only on Twitter but in a variety of live TV appearances.
And upon each subsequent mention, this had a highly positive impact on the price of Dogecoin.
In the later sections of this guide, we discuss the price action of Dogecoin in much more detail. Nevertheless, Dogecoin carries many similarities to other popular cryptocurrencies such as Bitcoin.
what is dogecoin?
This is because Dogecoin is built on top of the blockchain protocol, and tokens can be transferred on a wallet-to-wallet basis. The Dogecoin blockchain is both safe and secure, and transaction fees are much lower than its Bitcoin counterpart.
This is one of the many reasons why Elon Musk prefers Dogecoin as a Global Payments method rather than Bitcoin.
Is Dogecoin a Good Investment?
If you are an experienced investor in the cryptocurrency industry, then you will know the importance of performing your own research before parting with any capital.
This sentiment is even more imperative when considering just how volatile digital assets like Dogecoin are.
And as such, in this section of our guide on how to invest in Dogecoin, we’re going to explore the fundamentals of this project from an investment perspective paying particular attention to whether we think Dogecoin is a good investment or not. We urge you to conduct your own research in addition to the findings outlined below.
The first positive aspect to consider about Dogecoin is that it is actually one of the cheapest cryptocurrencies to buy.
For example, many digital currencies now trade for thousands of dollars per token, which includes the likes of Bitcoin, Ethereum, Yearn.finance, and more.
Although you can still buy the aforementioned cryptocurrencies with a small amount of money at a broker like eToro, which supports fractional ownership, many investors prefer to hold a large allocation of tokens.
And Dogecoin is perfect in this aspect, not least because you can buy a single token for less than $0.15 as of writing. This means that you can purchase a significant number of Dogecoin tokens even with an investment of just a couple of hundred dollars.
Once again, this may appeal to investors that have no interest in purchasing a tiny fraction of 1 Bitcoin or Ethereum token.
Huge Market Correction Since Peaking
In addition to carrying a low token price, we should also note that moving into 2022, Dogecoin is trading at a much lower valuation than it was in mid-2021.
This is because Dogecoin has since dropped from highs of $0.73 per token to lows or just $0.10. Although a slight recovery has since been achieved, current pricing levels still allow you to buy Dogecoin at a huge discount.
Price Performance Since 2021
We briefly mentioned earlier that Dogecoin was a sleeping giant between 2013 and 2021. That was until Tesla CEO Elon Musk began to plug the Dogecoin project to his millions of loyal followers.
Now, at the start of 2021, Dogecoin was priced at just $0.009 per token. By early June of the same year, Dogecoin had skyrocketed to $0.73.
This means that in just seven months, the value of Dogecoin has witnessed gains of over 8.000%.
In other words, if you invested $2,000 into Dogecoin at the start of 2021 and cashed out in June, your capital would have been worth over $160,000.
Potentially Suitable for Global Payments
In terms of the technology itself, Dogecoin is potentially suitable as a global payments network. For example, users can transfer Dogecoin tokens from one wallet to another with a confirmation time of just one minute.
Transaction fees are also very cheap, which again, makes it perfect for transferring funds – both domestically and overseas.
Another thing to mention is that Dogecoin is much faster than Bitcoin, with the latter requiring 10 minutes to confirm a transaction. Furthermore, Dogecoin can process 33 transactions per second, compared to Bitcoin’s seven.
Since Dogecoin’s resurgence in early 2021, the digital token has since become a multi-billion dollar asset. As an investor, this is beneficial for a number of reasons.
First and foremost, Dogecoin is one of the most popular cryptocurrencies to buy, so the digital token is now listed at dozens of of the best crypto exchanges and Brokers. And therefore, this makes it very easy to invest in Dogecoin from the comfort of home.
Furthermore, and perhaps most importantly, the large market capitalization that Dogecoin carries means that the digital asset is highly liquid.
best place to buy dogecoin
In simple terms, this means that you will never have an issue cashing out your tokens when the time eventually comes.
This is not something that can be said of many digital currencies that trade online, which, because of small valuations, can make it challenging when it comes to selling.
Risks of Buying Dogecoin?
In the sections above we discussed five core reasons why you might decide to buy Dogecoin today. However, as a shrewd investor, you must also make considerations for the potential risk of loss.
As such, below we discuss the main risks that you must take into account before you complete your Dogecoin investment
Speculation and Hype
It goes without saying that all cryptocurrencies are speculative in nature, not least because many people invest with the sole intention of making significant profits.
And by significant, we mean in comparison to traditional asset classes such as blue-chip stocks.
For example, while a risk-averse investor might be happy to make 5% per year from a solid stock like Johnson & Johnson or GlaxoSmithKline, it is not uncommon for cryptocurrencies to increase by double or even triple digits percentages in the space of one month.
For example, as we mentioned earlier, Dogecoin increased by over 8,000% in just seven months in 2021.
In order to replicate similar returns with blue-chip stocks, you might need to wait several decades.
And ultimately, if an asset class like Dogecoin can increase in value by thousands of percentage points in such a small amount of time, equally, it can drop in price considerably just as quickly.
Dogecoin is Worth Much Less Than its 2021 Peaks
Leading on from the about section on speculation, hype, and rapid volatility, it must be noted Dogecoin is now worth considerably less than it was in mid-2021 when the token was trading at $0.73.
As of writing, you can buy Dogecoin for less than $0.12 per token. This translates into a market downfall of over 80%. This means that had you invested $1,000 into Dogecoin at its peak, your money would now be worth approximately $200.
Losses of this magnitude in such a short timeframe are seldom seen when buying solid blue-chip stocks.
Not the Best Performing Blockchain
We mentioned a moment ago that Dogecoin is potentially suited as a global payment system because it promotes fast, secure, and low-cost transactions.
However, there are many other blockchain networks in this industry that perform significantly better than that of Dogecoin.
As a prime example, Solano can generate thousands of transactions per second at a cost of nearly zero. This makes it much more suitable as a global payments network than Dogecoin.
Ultimately, if Dogecoin cannot improve the efficiency of its network, the project could very quickly become redundant.
Musk has Gone Silent on Dogecoin
Another risk to consider before you buy Dogecoin today is that Elon Musk has since gone silent on this project.
This could be more significant than first meets the eye, not least because Dogecoin’s rapid upward pricing swing was largely due to Musk’s tweets and TV appearances promoting the project.
And, as these positive Dogecoin mentions have since dried up, this could prevent the digital currency from witnessing another bull run.
What is Dogecoin Used For?
As we mentioned in the sections above, Dogecoin was created as a global payments network. It aims to provide users with cheap, fast, and low-cost transactions.
Most importantly, the location of the buyer and sender is completely irrelevant when Dogecoin is used. This is because Dogecoin is built on top of the blockchain protocol, which means that borders are non-existent.
However, we must once again note that most people buying Dogecoin do so with the intention of making money.
As such, unless Dogecoin becomes a mainstream payments network soon, the digital currency will likely remain a speculative asset class that is fueled by hype.
The Dogecoin value per coin fluctuates throughout the trading day based on market conditions. This means that when the broader cryptocurrency markets are bullish, there is every chance that Dogecoin will increase in value.
Ultimately, this is often determined by the sentiment on Bitcoin, insofar that if BTC performs well, so will the rest of the industry.
However, similarly, if Bitcoin is performing poorly, this has the desired impact of dragging the rest of the market down, which includes Dogecoin.
dogecoin price prediction
The Dogecoin value is typically quoted against US dollars, which makes it relatively easy to check how your investment is performing.
You may, however, find that Dogecoin is quoted at various prices across different cryptocurrency exchanges. These price differences will rarely amount to more than a couple of micro percentage points nonetheless.
Dogecoin Price Prediction
In spending some time researching Dogecoin price predictions online, you will come across a significant number of videos and articles that claim that the value of the digital currency is due to explode in value.
However, we would argue that price predictions are a waste of time when analyzing cryptocurrency valuations, especially with speculative tokens like Dogecoin.
You might be tempted to seek out bullish content that reaffirms your opinion that Dogecoin is sure to rise in value in the coming weeks or months. But it’s best to perform your own research so that you can make an informed investment decision.
Don’t forget, for every positive Dogecoin price prediction that you come across, you will likely find an opposing view.
See this mid 2022 ‘Is Dogecoin dead?‘ piece for a more bearish outlook.
Do your own research (DYOR) to make investment decisions surrounding Dogecoin by considering fundamental data surrounding the technology, its use cases, partnerships, and the health of the wider cryptocurrency industry.
Ways of Buying Dogecoin
If you have performed significant research on the pros and cons of buying Dogecoin and you wish to proceed with an investment today, you also need to think about which payment method you want to use.
Below, we briefly explain the best ways to buy Dogecoin in 2022.
Buy Dogecoin with Credit Card or Debit Card
In terms of safety, convenience, and speed, the best way to buy cryptocurrency like Dogecoin is with a credit card or debit card.
Regardless of whether you are looking to use Visa or MasterCard, brokers like eToro allow you to deposit funds instantly when opting for this payment method.
However, you should know that many Dogecoin brokers in the space will charge high fees on debit and credit card payments, so this is something you need to check before you open an account.
For example, Coinbase charges 3.99% and Binance is even more expensive at 4.5%. The good news is that eToro charges no fees on debit and credit card payments, as long as the transaction is executed in US dollars.
Buy Dogecoin With Paypal
Another option that will allow you to buy Dogecoin instantly is to use an e-wallet like PayPal. When you buy Dogecoin with PayPal in the US, fees will vary considerably depending on your chosen exchange or broker.
Once again, eToro charges no fees if your PayPal account is denominated in US dollars. However, if using Coinbase to deposit funds with PayPal, you will be charged 3.99%.
Choosing a Dogecoin Wallet
At this stage of our guide, you should now know the best way to buy Dogecoin for your personal requirements.
Now, it’s time to think about storage. In other words, how do you intend on keeping your purchased Dogecoin tokens safe and away from unauthorized access? You need to compare the best Dogecoin wallets and find the right one for you.
The first option to consider is to download a private wallet that comes in the form of non-custodial protection.
In its most basic form, this means that you will be 100% responsible for keeping your Dogecoin wallet safe.
If you’re comfortable doing that, you will be the only person that had access to your private keys.
This will appeal to investors that wish to retain full control of their digital assets.
With that being said, we would argue that keeping your Dogecoin tokens in the eToro web wallet is just as safe. This is because eToro is a regulated entity that is licensed and approved by the SEC – among other bodies.
And as such, you can be sure that your Dogecoin tokens are in safe hands at all times. However, in choosing eToro over a private wallet, the process of cashing out your Dogecoin tokens will be considerably easier.
This is because you can offload your DOGE tokens by simply logging into your account, heading over to your portfolio, and placing a sell order.
When to Buy Dogecoin
Some investors will look to buy Dogecoin when the digital asset is going through a market correction, as it is in early 2022. The main concept here is that when the price of Dogecoin eventually recovers, greater profit margins can be achieved.
However, there is, of course, no guarantee that the price of Dogecoin will ever get back to its prior highs of $0.73 per token – at least in the short term anyway.
If you want to try and time the market, it’s best to focus on fundamental data as opposed to attempting to perform technical analysis.
Once again, this is because cryptocurrencies like Dogecoin are just too volatile and speculative to rely on the historical pricing trends that you have in front of you.
With that being said, the best strategy here is to dollar-cost average your Dogecoin token investments. This means investing small amounts but at fixed intervals, such as every week or month.
In taking this approach, you don’t need to keep watching pricing charts with the view of timing the market correctly, as you will be building your Dogecoin portfolio slowly but surely over the course of time.
There is also another meme coin alternative to Dogecoin, Baby Doge that might be a good investment. It’s better to be an early investor in relatively new meme tokens.
Some investors may also want to buy Vita Inu.
How to Buy Dogecoin – Tutorial
If you are eager to buy Dogecoin right now from the comfort of your home via an SEC-regulated broker, the section below will walk you through the simple process with eToro.
The reason that we like this broker for the purpose of buying Dogecoin is that you only need to risk $10 per trade. Moreover, fees are super low and USD deposits via debit/credit cards are fee-free.
Step 1: Open an eToro Crypto Account
You will need to register a brokerage account with eToro to get the Dogecoin investment process underway. Unlike traditional brokerage sites, verified eToro accounts take just minutes to open.
First, enter your basic personal information and choose a suitable username and password. Enter and verify your email address and cell phone number to proceed to the next step.
Step 2: Upload ID
Next, to complete the registration process, you will need to get yourself verified. Upload a passport or driver’s license for this purpose, which will be verified in under a minute.
Step 3: Deposit Funds
Now that you are verified, you can deposit US dollars into your eToro without paying a single cent in transaction fees. ACH and bank wires are supported, as are e-wallets like Neteller and Paypal.
buy dogecoin at etoro
How to buy Dogecoin cryptocurrency – payment methods
With that said, perhaps the fastest way to deposit funds is via a debit or credit card – with eToro supported Visa, MasterCard, and Maestro. The minimum amount that you can deposit as a US-based client is just $10.
Step 4: Search for Dogecoin
Next, you can search for Dogecoin. All you need to do here is enter the name of the digital currency into the search bar – like in the image below.
buy dogecoin etoro
Invest in Dogecoin or other markets
And, when you see Dogecoin appear, click ‘Trade’ to move on to the final step.
Step 5: Buy Dogecoin
Think about how much money you would like to risk on Dogecoin and enter the figure into the ‘Amount’ box of the ‘Buy DOGE’ pop-up screen. This can be any amount from $10 upwards.
buy dogecoin etoro
Buy Dogecoin on eToro Now
Cryptoassets are a highly volatile unregulated investment product.
Click on the ‘Open Trade’ button to confirm to eToro that you would like to buy Dogecoin. The tokens will then be added to your eToro investment portfolio.
eToro is also a stocks trading platform, and while there’s no way yet to buy Dogecoin stock it has listed ‘meme stocks’ like Gamestop and AMC, which had similar high ROI bull runs to the meme coins DOGE and SHIB.
Investors might also be interested in learning how to buy Dogelon Mars.
How to Sell Dogecoin
To sell Dogecoin, you will need to transfer your tokens into an exchange. With that said, if you bought Dogecoin at eToro as per our beginner’s walkthrough, no transfer is necessary.
Instead, all you have to do is log into your eToro account and click on the ‘Portfolio’ button. Then, create a sell order and in doing so – eToro will cash out your Dogecoin position and credit your account with US dollars.
This beginner’s guide on how to invest in Dogecoin has left no stone unturned. We’ve explained where to buy Dogecoin in terms of the best brokers and exchanges, as well as the specific steps required to complete your purchase with the SEC-regulated platform eToro.
If you want to go ahead and add some Dogecoin tokens to your portfolio today, just $10 is required to open an eToro account. And, the investment process takes just minutes, not least because the low-cost broker supports fee-free and instant debit/credit card payments.