How to Buy Dogecoin (DOGE)
Dogecoin is one of a handful of meme coins which are pumping hard as the crypto market turns bullish. That means right now could be the best time for investors interested in Dogecoin to buy.
If you’re wondering, “how do I buy Dogecoin?,” then this guide is for you. We’ll explain how to buy Dogecoin from a crypto exchange in 5 easy steps, plus cover some alternative ways to buy DOGE and store your tokens safely.
What is Dogecoin?
Dogecoin is the world’s first meme coin, launched as a joke in 2013. The token’s founders, Bill Marcus and Jackson Palmer, created a copy of the code for Bitcoin, but removed the 21 million token cap that limits the amount of Bitcoin that can be mined. In effect, this means there’s no limit to how much DOGE can be created.
The doge meme that inspired Dogecoin was based on a Shiba Inu meme that was popular at the time.
Dogecoin really caught the attention of the world in early 2021, when Dogecoin price exploded by nearly 20,000%. DOGE was already shooting up when Elon Musk, the founder of Tesla and a major promoter of crypto, threw his weight behind the meme coin.
Since 2021, Dogecoin fell sharply in value, before rising sharply in February 2024. Dogecoin remains the 9th largest crypto by market cap and currently has a market cap of more than $24 billion.
How to Buy Dogecoin in 5 Simple Steps
We’ll explain how to buy Dogecoin using a crypto exchange, which is the easiest and cheapest way to buy DOGE for most investors.
1.) Select a Crypto Exchange or DEX
The first step in buying Dogecoin is to choose a crypto exchange. There are two main types of exchanges:
- Centralized crypto exchanges (CEXs) enable you to exchange dollars for Dogecoin. You can buy DOGE with a credit card, bank transfer, or digital wallet.
- Decentralized crypto exchanges (DEXs) require you to swap another cryptocurrency, such as Bitcoin or Ethereum, for Dogecoin. DEXs typically charge lower trading fees compared to CEXs.
If you don’t already own cryptocurrency, you’ll need to use a CEX to buy DOGE.
When choosing an exchange, be sure to check how much trading volume in DOGE an exchange does each day. You’re more likely to be able to buy Dogecoin at the current market price at an exchange that has high trading volumes. At exchanges with low volume, you may have to pay a premium over the market price.
CoinMarketCap has a list of exchanges that you can sort by trading volume.
We recommend MEXC as the best crypto exchange to buy DOGE. MEXC offers competitive trading fees, has high trading volume, and accepts a wide range of fiat payment methods.
2.) Connect to a Payment Option
Centralized crypto exchanges accept a wide range of payment methods. At most exchanges, you can fund your account with:
- Bank transfer
- Credit or debit card
- Digital wallet (e.g. PayPal)
- Cryptocurrency you already own
At MEXC, for example, you can fund your exchange account with a credit or debit card, a SEPA bank transfer, or Moonpay wallet. You can also transfer any crypto you already own to your exchange account.
Using a CEX is the only solution for how to buy Dogecoin with PayPal. Although PayPal has its own crypto exchange in the US, it doesn’t offer trading in Dogecoin at this time.
To use a DEX, on the other hand, you must already own cryptocurrency and have it stored in a crypto wallet. You can connect your wallet to the exchange, then swap crypto from your wallet for DOGE.
3.) Choose Order Type and Calculate Trading Fees
Once you’ve funded your exchange account, you can set up an order to buy DOGE.
On a CEX, you can choose from a few different types of orders. The two most important types are:
- Market orders: A market buy is an order to buy DOGE at the current market price.
- Limit orders: A limit buy is an order to buy DOGE at or below a specific price. If the price of Dogecoin doesn’t drop below the price you specify, your order won’t be executed.
If you simply want to buy Dogecoin, use a market order. If you’re trading Dogecoin and want to buy tokens at a specific price, you can use a limit order.
CEXs charge a fee for each trade—usually on the order of 0.1% of the total value of your trade. So, if you’re buying $100 worth of Dogecoin, you’ll pay around $0.10 in fees.
When buying DOGE on a DEX, you simply swap one cryptocurrency for another (that you already own) at the current market price. You’ll need to pay a ‘gas’ fee, which is a transaction fee for using the blockchain that the DEX runs on.
The gas fee is usually a cost per transaction, so you’ll pay the same amount whether you buy $100 worth of DOGE or $1,000.
4.) Placing Your Trade Order
Once your order is ready, you can execute it on your CEX or DEX. Both types of exchange complete orders immediately, so you’ll receive DOGE in your exchange account or crypto wallet within a few seconds. The exchange will automatically deduct any fees from the amount of DOGE you receive.
5.) Safely Storing Your Dogecoin
Once you own Dogecoin, it’s important to store it safely.
If you purchase your DOGE through a CEX, you have two options: you can store your Dogecoin in your exchange account or transfer it to a crypto wallet you control.
Storing your DOGE in your exchange account is easy. You don’t have to move it or set up a crypto wallet. If you want to sell your DOGE in the future for dollars, you can do so through the exchange.
However, if you store your DOGE with the exchange, the exchange technically owns your tokens, not you. This typically isn’t an issue, but it has resulted in investors losing their tokens when a crypto exchange has failed. For example, investors who held their tokens on the FTX exchange lost their crypto when that exchange failed.
If you decide to move your DOGE to a self-hosted crypto wallet, you’ll need to pay a transaction fee to transfer them to your wallet. You’re also responsible for keeping your wallet secure. Many crypto owners have lost tokens to scams and hacks, so it’s important to be smart about how you manage your wallet—we’ll cover that in more detail below.
If you purchase your DOGE through a DEX, your tokens will be in your crypto wallet. This is the same as if you had transferred DOGE from a CEX to a wallet you control.
Where to Buy Dogecoin
You can buy Dogecoin at almost any major crypto exchange. But exchanges vary widely in pricing, ease of use, security, and other factors.
So, we’ll highlight our 3 top recommended crypto exchanges for buying Dogecoin.
1. MEXC – Overall Best Exchange to Buy Dogecoin
MEXC is a popular crypto exchange that’s used by beginner investors and advanced crypto traders alike. It’s easy to use and accepts a wide range of payment methods, including credit and debit cards, bank transfers, and e-wallets.
At MEXC, you can buy Dogecoin and more than 1,700 other top altcoins. It’s frequently one of the first exchanges where new crypto projects list, giving users access to hot tokens before they explode.
Trading fees at MEXC start at only 0.1%, which is low compared to many other exchanges. Even better, there are no deposit fees and no withdrawal fees for fiat currency.
If you’re interested in trading DOGE, MEXC offers a user-friendly charting and order execution platform.
The exchange has excellent security measures in place and makes it easy to access tokens in your account. If you’re considering keeping your DOGE in your exchange account, you can feel confident storing tokens with MEXC.
Pros
- Trading fees from only 0.1%
- Lists 1,700+ altcoins to trade
- Accepts credit cards and e-wallets
- Strong security measures
Cons
- Not available in the US
2. OKX – Best Exchange to Buy Dogecoin Instantly
OKX is the second-largest crypto exchange in the world by trading volume. It offers trading on more than 350 tokens, of course including Dogecoin.
OKX stands out for users who want to buy Dogecoin instantly with a credit or debit card. You don’t have to use the trading platform and set up an order. Instead, you can simply create an account, enter the amount of Dogecoin you want to buy, and checkout online using your card.
This approach is fast and easy, but it does come with much higher fees compared to using OKX’s trading interface. You’ll pay around 3.5% to buy DOGE instantly compared to only 0.1% if you set up a market order for DOGE on the trading platform.
Another benefit to OKX is that you can earn interest on DOGE tokens you hold in your exchange account. Right now, DOGE holders earn 1.00% APY with no lock-in period.
Pros
- Buy DOGE instantly with a credit card
- Trading platform fees from 0.1%
- Earn 1.00% APY on DOGE
- User-friendly mobile app
Cons
- High fees for instant DOGE purchases
3. Binance – Best Exchange to Earn Interest on DOGE
Binance is the world’s largest exchange, with more than 170 million users around the globe. This is great for buying Dogecoin since it means there’s a huge amount of daily trading volume in the token.
Binance offers trading on more than 500 cryptos along with Dogecoin futures and options. So, there are multiple ways to trade around the price of DOGE beyond simply investing in tokens.
Another great thing about Binance is that DOGE investors can earn up to 42% APY through the exchange’s Dual Investment program. This is a hedging strategy in which Binance automatically buys and sells Dogecoin to try to earn a return. It’s risky, but the payoff is potentially high and users don’t need to do any active trading on their own.
Binance recently settled a lawsuit in the US, which might sound like bad news at first. However, a deep investigation into the exchange confirmed that its finances are sound and it’s highly secure—which is great for users.
Pros
- User-friendly spot trading platform
- Earn up to 42% APY with dual investment
- Dedicated exchange platform for US users
- Excellent security measures
Cons
- Dual investment program is risky
Alternative Ways to Buy Dogecoin
While buying Dogecoin through a crypto exchange is the easiest and most common way to get DOGE, it’s not the only option. We’ll explain some alternative ways to buy Dogecoin and highlight the benefits and drawbacks.
Peer-to-Peer Exchanges
Peer-to-peer (P2P) crypto trading involves buying Dogecoin directly from another individual rather than from a crypto exchange. Individuals who are selling DOGE set their own prices and decide what payment methods they’re willing to accept.
Usually, you can buy DOGE for less than the market price through P2P trading. However, you may have to buy a large quantity of DOGE, since most P2P sellers offer a fixed quantity of tokens (for example, 1 million DOGE).
You can find P2P listings on many crypto exchanges, although the exchange itself isn’t involved in the transaction and doesn’t take any fees. Binance often has the most P2P listings for Dogecoin since it has the most users of any exchange.
Buy Using Cryptocurrency Wallets
If you already own crypto and have it stored in a crypto wallet, you may be able to swap your tokens for DOGE inside your wallet. Many popular wallet apps, including MetaMask, have a built-in DEX that enables token swapping for a very low fee.
This is a great option if you simply want to swap another crypto for DOGE, but it doesn’t work if you want to buy crypto for the first time.
OTC Trading
Over-the-counter (OTC) trading involves placing a very large order to buy Dogecoin with a crypto exchange. A broker at the exchange will then negotiate with sellers—either other OTC users or P2P sellers—to buy Dogecoin to fulfill your order.
OTC trading is typically reserved for enormous orders that would potentially move the market. For example, if you wanted to buy 100 million DOGE, you couldn’t do it with a market order because you would push the price of DOGE up as your trade is being fulfilled. OTC trades take place off the public market, enabling brokers to negotiate a fixed price from sellers.
How to Safely Store Dogecoin
If you want to take control of your Dogecoin and move it out of your exchange account, you’ll need to store it in a crypto wallet. There are 2 main types of crypto wallets: hot wallets and cold wallets.
Hot Wallets: Best for Short-Term Trading
Hot wallets are crypto wallets that are connected to the internet. They make it convenient to trade since you can connect to CEXs and DEXs or swap your DOGE for another token at any time.
Hot wallets are more secure than exchange accounts because you’re in control of your DOGE. If the exchange fails, your tokens aren’t at risk.
However, you have to be careful when using a hot wallet. Since it’s connected to the internet, a hacker who gains access to your wallet could potentially steal your coins. Never reveal your wallet’s private key and be sure to use a strong password.
Popular examples of hot wallets include Best Wallet and Zengo.
Cold Wallets: Best for Long-Term Storage
Cold wallets are physical devices that aren’t connected to the internet. They’re ideal for storing your DOGE safely for the long-term, since cold wallets are beyond the reach of hackers.
However, cold wallets also make it harder to trade your DOGE, since you first need to connect your wallet to the web. In addition, you’ll need to pay for the wallet device, whereas a lot of hot wallet software is free.
If you use a cold wallet, make sure you write down your wallet’s seed phrase and store it somewhere secure. Never share your seed phrase with anyone else.
Popular examples of cold wallets include Trezor and Ledger.
How to Transfer Dogecoin to a Wallet
If you buy Dogecoin on a crypto exchange, it’s easy to transfer your tokens to a crypto wallet. Request a withdrawal from your exchange account and select DOGE as your payment option. Then enter your wallet address as the destination for your DOGE.
Once you send Dogecoin, it should reach your wallet within a few seconds.
You’ll typically need to pay a small withdrawal fee to move your DOGE off an exchange and into a wallet. At MEXC, for example, you’ll pay a fee of 5 DOGE, which is currently worth about $0.86.
Best Practices for Buying Dogecoin
Here are some helpful tips for how to buy Dogecoin safely and ensure you get the best price for your tokens.
Use Reputable Exchanges
When buying Dogecoin from a crypto exchange—whether a CEX or a DEX—it’s important to always use a trustworthy platform.
For CEXs, you can identify reputable exchanges based on the number of users they have, whether they are licensed or regulated in any countries, and how much trading volume they have. As an additional check, CoinMarketCap scores exchanges on a 1-10 scale.
For DEXs, it’s important to look at the trading volume on the exchange. CoinGecko keeps track of 24-hour trading volume of major DEXs.
Understanding DOGE Trading Pairs
Importantly, DOGE always trades in a pair with another currency. For example, you could trade DOGE/USD, DOGE/USDT, or DOGE/USDC.
In any of these pairs, the price of DOGE is all that matters because the currency it’s trading against is always worth $1. However, if you were to trade DOGE/BTC, the price of the trading pair would depend on the relative price fluctuations of DOGE and BTC.
To trade a trading pair, you must have one of the currencies in the pair. So, as an example, if you want to trade DOGE/USDT to buy DOGE, you must have USDT to sell. That means you should buy USDT with fiat when you make your first exchange deposit.
Understanding Liquidity
Liquidity is a measure of how easy it is to buy or sell Dogecoin on an exchange at the current market price. If liquidity is high, you’ll have no trouble buying DOGE at the current price. But if liquidity is low, you could see your order go unfulfilled or you may pay a higher price than what’s listed.
Trading volume is the best indicator of liquidity. If an exchange has high trading volume, it will also have high liquidity.
The bottom line is that you should always stick to exchanges that have high trading volume in DOGE.
Use Proper Risk Management
Investing in Dogecoin is risky, so it’s important to protect yourself. Prices may be high right now but as we know, crypto can change in a flash.
First and foremost, only invest money you can afford to lose. That means only investing an amount of money such that if your Dogecoin were to become worthless somehow, you’d still be financially okay.
You should also consider diversifying your investments. That means buying tokens other than Dogecoin, such as Bitcoin or Ethereum. It also means investing in assets other than cryptocurrencies, such as stocks and bonds. The more diversified you are, the less your overall portfolio will be affected if the price of DOGE were to drop suddenly.
Finally, you can use stop-loss orders to limit the amount you can lose if the price of Dogecoin falls. A stop-loss order is an order to automatically sell your DOGE if its price falls below a certain threshold. Importantly, stop-loss orders only work if you hold your Dogecoin in an exchange account.
Effective Price Tracking
You can track the price of Dogecoin through your exchange. In fact, many exchanges let you set price alerts so you always know when there are opportunities to buy or sell.
If you store your DOGE in a crypto wallet, your wallet app will automatically display the value of your tokens. Most cold wallets come with a companion app that tracks how much DOGE you have and its value without actually exposing your tokens to the internet.
Dogecoin FAQs
Where can I buy Dogecoin directly?
You can buy Dogecoin directly from a centralized crypto exchange like MEXC, OKX, or Binance. These exchanges allow you to fund your account with a credit card, debit card, or bank transfer, then buy Dogecoin in a few clicks.
What is Dogecoin?
Dogecoin is a cryptocurrency based on the popular meme of a shiba inu. It was launched in 2013 and today is the 10th-largest cryptocurrency by market cap.
How can I store Dogecoin safely?
The best way to store Dogecoin safely is to hold it in a secure crypto wallet. Cold storage wallets are the best for storing DOGE for the long-term because they aren’t connected to the internet and so cannot be hacked remotely.
How to buy Dogecoin with a credit card?
You can buy Dogecoin with a credit card at centralized crypto exchanges like MEXC, OKX, and Binance. At MEXC, you can fund your account with a credit card, then set up a market order for DOGE and pay just a 0.1% trading fee.
How much Dogecoin should I buy?
How much DOGE you should buy depends on how much money you have to invest. Never invest more than you can lose, and remember to diversify your portfolio by buying other cryptocurrencies and other assets in addition to Dogecoin.
References
- BBC: Over a million are owed money by failed crypto exchange
- Chainalysis: Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises
- Reuters: Binance’s Zhao pleads guilty, steps down to settle US illicit finance probe
- CoinMarketCap: Top Cryptocurrency Spot Exchanges
- CoinGecko: Top Decentralized Exchanges Ranked by 24H Trading Volume
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