There are many different ways in which you can buy Dogecoin (DOGE). This cryptocurrency was launched as a “joke currency” back in December 2013. However, it rapidly grew to become one of the largest in terms of market valuation in the world.
This is what is pushing many investors to seriously consider buying Dogecoin. Over the years, it has demonstrated that more than a joke, this virtual currency is here to stay. In this guide, you will learn how to buy Dogecoin, the best platforms to do so and what this cryptocurrency is all about.
What is Dogecoin?
If you want to know how to buy dogecoin, then you need to know which are the features of this virtual currency. Dogecoin is one of the most popular digital assets in the world. The main characteristic is that its logo displays a Shiba Inu dog from the “Doge” internet meme.
Its official site claims that Dogecoin is a decentralized, peer-to-peer digital currency. The digital asset can be used to send and receive online money transfers. This is similar to Bitcoin but in a faster and cheaper way.
One of the most significant things about Dogecoin is its community. It is a vibrant, friendly and funny community that is sharing memes and talking about cryptocurrencies. One of the interesting things to mention about Dogecoin is related to the activities created by the community.
For example, they have created a fundraising campaign for the Jamaican Bobsled Team to go to the Sochi Winter Olympics. The whole Dogecoin community was able to raise $50,000 worth of DOGE.
Take into consideration that the price of the token tends to be very volatile. Sometimes, it can even be more volatile than Bitcoin. For example, during the bull market of 2017, DOGE was able to surpass $0.017 per coin. This allowed the digital asset to become one of the largest in the world.
Now that we have more information about this virtual currency, let’s go to how to buy Dogecoin.
How to Buy Dogecoin?
If you are wondering how to buy dogecoin stock, then let me tell you that you will not be able. As we have mentioned in the previous section, Dogecoin is a cryptocurrency and not a stock. This is why you will have to find different ways on how to buy this digital asset.
Fortunately, the market is offering a wide range of solutions for users to get access to this virtual currency. Cryptocurrency exchanges are usually the best option. They are fast, easy to use, and they can even be linked to a bank account. This would make the whole buying experience an easy task.
Of course, you can also purchase Dogecoin from other people. But this might not be the best or the ideal solution. It is usually difficult to find the right person to do so. Moreover, the price can also be slightly different than the one you find using crypto exchanges.
Binance is nowadays a leading cryptocurrency exchange. This platform is offering support to a wide range of digital assets, including Dogecoin. Binance will be the easiest way for you to get access to DOGE.
Binance has the answer to the question ‘how to buy Dogecoin with Bitcoin?.’ You can buy Dogecoin using Bitcoin and other digital assets such as USDT or BUSD. The best way to do so is by using USDT and BUSD if you have them. These are stablecoins that are tethered to the price of the U.S. dollar. Furthermore, Binance has a large trading volume, meaning that you can buy or sell large amounts of DOGE.
This cryptocurrency exchange is also going to be a good option for those investors that are wondering how to buy Bitcoin with Dogecoin. Indeed, using Binance you can deposit your DOGE and immediately after purchase Bitcoin, the largest virtual currency in the world.
Binance has been working over the last years to make the trading experience much more comfortable. Users can use fiat currencies to buy Bitcoin (in some jurisdictions) and buy dogecoin with Bitcoin. In addition to it, Binance is always open to offer users the possibility to participate in different community activities.
It is worth pointing out that Binance has also launched a new section for traders that allows users to buy digital assets from other investors. This peer-to-peer (P2P) solution became very popular in recent months. You can certainly buy Dogecoin using this option that you will find on the “Buy Crypto” section of the exchange.
You will be able to place an offer for the DOGE you want to purchase. Moreover, there are different possibilities available. Some sellers would like to receive a payment in cash, some others using a bank account. Furthermore, the offers in this platform are going to be different according to your region. This is something important that you should take into consideration if you want to buy DOGE or any other cryptocurrency.
Coinbase is one of the largest and most popular cryptocurrency exchanges. The main benefit of this platform is related to how easy it is for users to buy and sell virtual currencies. In recent years, Coinbase became the favourite platform for newcomers to handle
If you were wondering how to buy Dogecoin on Coinbase, then the bad news is that it is not possible. Right now, Coinbase is not offering support to Dogecoin. That means that users that want to get access to Dogecoin would have to do it through another platform.
However, there are some ways on how to buy Dogecoin on Coinbase. You can always acquire Bitcoin (BTC) and other virtual currencies and send them to an exchange that would support Dogecoin. This can be useful if you want to buy Dogecoin with PayPal.
Nowadays, exchanges are not usually offering users the possibility to buy virtual currencies with their PayPal accounts. However, Coinbase allows individuals in some jurisdictions to link their PayPal accounts to the exchange. This would allow you to transfer funds to Coinbase, purchase a digital asset such as BTC, transfer it to another platform and buy Dogecoin.
Although this could sound somehow complicated, it is not. It might take some time with the different steps you have to take, however it can be a great way for you to know how to buy Dogecoin with PayPal.
Dogecoin, How to Buy it Using Other Methods?
There are other cryptocurrency exchanges you can use to buy DOGE. Everything will depend on the exchange you like and on the platforms available in your region. In any of the exchanges that we have mentioned above, users are able to buy Dogecoin in just minutes if they are already registered users.
Some other large platforms supporting DOGE include Bittrex, BitMax, Bitcoin.com Exchange, HitBTC, Huobi Global, OKEx, Poloniex, YoBit and many others. Some of the most popular trading pairs to trade doge include DOGE/USDT, DOGE/USD, DOGE/BTC, DOGE/TRY or DOGE/LTC, among others.
Other methods to buy Dogecoin include PayPal and Bitcoin. You will learn how to do so in the coming sections of this article.
How to Buy Dogecoin with PayPal?
We have explained to you how to buy Dogecoin on Binance. This is going to be very helpful for you to be able to get access to DOGE with PayPal. In order to do so, you will need to connect your PayPal account to your Coinbase account.
This would allow you to deposit funds to Coinbase and buy Bitcoin. The best way to buy Dogecoin with PayPal is by using BTC as an intermediary asset. It will be cheaper than with other digital assets such as Ethereum.
Once you have acquired the BTC using your Coinbase account, you will have to send them to Binance. Binance has a trading pair that is DOGE/BTC. This would help you understand how to Buy Dogecoin with PayPal.
The transfer will take some minutes to be processed. If you know how Bitcoin works, this shouldn’t be an issue for you. When the BTC funds reach your Binance account, you will be able to buy Dogecoin with Bitcoin.
Remember that to withdraw your funds from Coinbase, you will have to pay a small commission. Moreover, the BTC transfer will also include fees. Finally, making the trades in both Coinbase and Binance would also make you incur on fees. That means that if you want to buy Dogecoin with PayPal you will not have the best price.
Buy Dogecoin with Bitcoin
As we have seen, it is possible to buy Dogecoin using different cryptocurrencies. Buying Dogecoin with Bitcoin would require you to have Bitcoin beforehand. You can have BTC in a wallet or in your exchange. However, if you just want to trade the DOGE/BTC trading pair, you can buy some Bitcoin and start doing so.
You will be able to buy Dogecoin using Bitcoin in several exchanges. Bitcoin is the largest cryptocurrency in the world and it has large liquidity. That means that you can easily deposit BTC into an exchange with the DOGE/BTC trading pair and buy Dogecoin with Bitcoin. This can take just a few minutes depending on whether you have to buy Bitcoin before or not.
If you already have Bitcoin in the exchange, you can simply go to the DOGE/BTC trading pair and start trading. Binance is one of the exchanges that is offering you with this possibility. BitMax and Bittrex are also helping users to buy Dogecoin using Bitcoin.
You will have to select the price you want to pay for the DOGE you want to buy. Take into consideration that you might not be able to buy just 1 DOGE. You may need to acquire more coins in order for the transaction to be executed by the platform. Take into consideration that some trading platforms would not allow you to place orders for small amounts.
Buy Bitcoin with Dogecoin
You can also buy Bitcoin with Dogecoin. This is going to be a less common thing to do. Traders are usually holding their portfolio in USDT, Bitcoin or fiat currencies rather than in DOGE. However, there might be some DOGE fans out there that would like to know how to buy bitcoin with Dogecoin, and that’s totally fine.
The process is going to be very simple. First of all, you need to have DOGE in a wallet or an exchange with the DOGE/BTC trading pair. As you can see, the trading pair is going to be the same as if you would like to buy Dogecoin with Bitcoin. However, this time you will be buying Bitcoin rather than selling it for DOGE coins.
Secondly, you will have to open the correct trading pair. As we just mentioned, the trading pair you should search for is DOGE/BTC. This trading pair can be found on platforms such as Binance, Bittrex and BitMax.
Finally, you will now have to place an order in DOGE to buy Bitcoin. It is generally possible to use market and limit orders. Limit orders will allow you to set a price at which you would like to buy Bitcoin and market orders would get executed immediately.
Interesting: Will Dogecoin Price Ever Go Up
Final Words on How to Buy Dogecoin
Buying Dogecoin is an easy thing to do if you know which exchanges to use. Moreover, the mechanisms we have described related to how to buy Dogecoin are the fastest and easiest methods to do so.
At the same time, if you were searching for information on how to buy Dogecoin stock, now you know it is not possible to do so. Binance is going to be the best platform to get access and exposure to DOGE. Coinbase, instead, would be a great solution for you to buy Dogecoin with PayPal (if for example, you have your funds stuck in this account).
Buying Dogecoin from other persons might not be the best thing to do considering the constraints there are to do so. Nevertheless, this could also be an option if the above solutions are not available in your region.