How To Buy Dogecoin In Australia
A Beginner’s Guide to Buying and Trading Dogecoin Cryptocurrency in Australia
If you’re based in Australia and wish to buy Dogecoin – the process is very straightforward. All you need to do is find a regulated exchange that offers competitive fees, deposit some funds with a debit/credit card, and decide how many DOGE tokens you want to buy.
Dogecoin is a cryptocurrency designed as a meme coin to bring some fun into the crypto world. Being the first of its kind and due to the promotions by public figures, Dogecoin gained huge popularity but only after five years of its launch. At the beginning of 2021, it was by far among the hottest cryptocurrencies, and during the first half of the year, the Dogecoin value increased by about 15,000%. Now, Dogecoin is the tenth-largest cryptocurrency in the world by market capitalization.
But, how does this crypto work, and what is the essence of meme coins in general? Is Dogecoin still in trend? Should you buy it right now? The following guide will answer these questions about Dogecoin to help you better decide on investing in this cryptocurrency. We will also provide you with the best brokers and explain how to buy Dogecoin in Australia.
What's in this guide?
This is a comprehensive guide about trading with Dogecoin in Australia. This is a complete guide that clearly explains all the steps involved in the buying (and selling) of Dogecoin in Australia. Moreover, the guide also lists several essential facts and tips on fast-growing digital money. The guide also describes the storage and critical things to note before buying the coin.
- QUICK GUIDE: HOW TO BUY DOGECOIN IN AUSTRALIA
- What is Dogecoin?
- Where To Buy Dogecoin in Australia
- A Step-by-Step Guide to Buying Dogecoin in Australia
- How To Sell Dogecoin
- Which Wallets Can I Use To Hold Dogecoin?
- Best Digital Wallet for Dogecoin
- What’s the Best Platform in Australia to Trade Dogecoin?
- How You Can Start Trading Dogecoin in Australia
- Things to consider before you buy Dogecoin in Australia
- Should You Buy Dogecoin Right Now?
QUICK GUIDE: HOW TO BUY DOGECOIN IN AUSTRALIA
- Open an account with an Australian cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Dogecoin.
- Enter how many Dogecoin tokens you want to buy.
- Check the details and confirm your purchase.
First, What is Dogecoin?
As already mentioned, Dogecoin belongs to the group of cryptocurrencies known as meme coins. These cryptocurrencies are basically created for fun and don't intend to bring any significant improvement into the field. They are basically used for trading purposes and as a means of exchange. Consequently, memes coins are sort of speculative assets, which makes them highly volatile, and investors use this opportunity to make a profit on price movements.
Dogecoin was among the first meme coins created in 2013 by software engineers Jackson Palmer and Billy Marcus. Its founders used the name and logo of the popular meme of Shiba Inu dog that contained some wrong written English words. At that time, no one thought anybody would invest in this cryptocurrency, but soon the Doge army was formed to actively promote this cryptocurrency on social media networks.
There are some other factors contributing to the popularity of this meme coin, one of which was a number of fundraisers accomplished by the community. Another factor is promotions by such public figures as Tesla and SpaceX founder Elon Musk. He frequently tweets about cryptocurrencies and especially Dogecoin, which helped the cryptocurrency to become even more popular. Musk even mentioned Dogecoin during his SNL appearance, but it actually left a negative effect. Even now, Musk's tweets and Dogearmy are trying to keep this cryptocurrency in trend, but the prices didn't show any significant rise after the recent drastic drop.
Dogecoin price movements in the last year. Source: coinmarketcap.com
So, how does Dogecoin work, and does it have any other significance other than being used to speculate. Similar to Bitcoin and Ethereum, Dogecoin is a cryptocurrency that uses blockchain technology to record and manage all transactions. As its source code, the token uses the source code of the former cryptocurrency called Luckycoin. Like several other cryptocurrencies, Dogecoin's blockchain is based on the Proof of Work protocol.
PoW requires miners to have powerful computers and solve complex mathematical equations to mine a new block for the blockchain and be rewarded with new coins for that. Compared to Bitcoin, however, Dogecoin mining is pretty easy. While BTC has a fixed maximum supply of coins, Dogecoin does not. This factor considerably decreases the environmental impact of Doge mining, and transactions in Dogecoin are quicker than in Bitcoin.
Apart from being just a cryptocurrency, Dogecoin can also be used to buy goods and services but does not have as much daily usage as Bitcoin. It is also worth noting that several other cryptocurrencies are used for the same purpose and exceed Dogecoin in several ways. So, the competition is very severe, and to become a well-established cryptocurrency there’s still a long way to go for Dogecoin founders and supporters.
Read More: Dogecoin Price Prediction
Where To Buy Dogecoin in Australia
The easiest way to buy Dogecoin in Australia is through an exchange that trades in cryptocurrencies. This is a type of broker for cryptocurrencies. These crypto exchanges act in the same way as stock market and offer a suitable/safe platform for crypto buyers and sellers to trade or hold their digital assets.
Using an exchange for your crypto transactions is usually best for beginners in the market.
eToro: Along with numerous assets, eToro also supports trading in cryptocurrency, including obviously Dogecoin. The platform allows you to buy and sell Doge without paying commission fees; instead, only spreads are charged. Additionally, the platform does not charge any account and deposit fees but requires a minimum deposit of $200 to start trading. Being one of the most reliable trading platforms, eToro is regulated by four top financial institutions, including ASIC in Australia.
The platform also provides a free crypto wallet called Money that supports buying, selling, receiving, and sending over 120 cryptocurrencies.
Check Out: Should You Buy Dogecoin?
A Step-by-Step Guide to Buying Dogecoin in Australia
Essentially, you can easily buy Dogecoin through the use of fiat currencies. You can also buy Dogecoin by using another cryptocurrency, like Bitcoin or Ethereum.
Buy Dogecoin with a Fiat currency.
The following steps list the process that you need to follow to buy Dogecoin with fiat currency.
1. Open an account that supports Dogecoin
One of the first steps to buying Dogecoin in Australia is to open an online account. You will need to carefully choose the exchange that you want to use for this coin. Then again, ensure that this exchange supports trading in Dogecoin. This exchange has to list Dogecoin (DOGE) in the form of either just one or more pairings of currency. Sign up with your details.
Most exchanges will ask you for your complete name, contact details, and verification of your ID. This is done before you are allowed to trade.
2. Deposit some money into your account
The next step is to fund your new account by depositing funds into your account. If the exchange lists DOGE/AUD, you can then directly buy the Dogecoin by using your Australian dollars.
3. Buy Dogecoin
After depositing your money, you will now move to buy your Dogecoin.
Buy Dogecoin with another cryptocurrency.
There is also another option used to buy Dogecoin. This is buying with another cryptocurrency.
1. Purchase Bitcoin or Ethereum
To buy Dogecoin with another cryptocurrency, you can use either Bitcoin or Ethereum. Dogecoin is paired with these two currencies. This means that you should have either the ETH or the BTC ready before the trade.
2. Open an account
Dogecoin can be traded on many accounts; therefore, it is essential to consider the different features and the fees of the platforms.
3. Deposit money into the account
Choose the money you want to buy the Dogecoin and deposit the funds into the account.
4. Buy DOGE
Soon as you have the funds locked in your account, you can click on the exchange tab. To proceed, you will need to look for different currency pairs like "DOGE/BTC," "DOGE/TRX," "DOGE/ETH," and so on.
Choose the amount of DOGE you need and cross-check your trade details before clicking to checkout with your sales.
Don't Miss: Is Dogecoin A Good Investment Opportunity?
How To Sell Dogecoin
Selling your Dogecoin is easy. All you need to do is follow the steps outlined in the third step when buying Dogecoin with fiat currency.
All you need to do is to choose the amount of Dogecoin that you are looking to sell. You will then confirm the sale of DOGE. Soon as somebody accepts to buy the DOGE, the sale will be completed.
After the sale, this will instantly be converted to fiat currency in a matter of minutes.
Which Wallets Can I Use To Hold Dogecoin?
After buying your Dogecoin, you will need a wallet to store it in. Unless you are looking to trade off the Dogecoin, it is not good to store your cryptocurrency in your account with your exchange. It may become susceptible to hackers. You will need a wallet to store the Dogecoin. Keeping your Dogecoin in a wallet is much safer.
Best Digital Wallet For Dogecoin
Keeping your cryptocurrency on your brokerage account is also safe if you choose a regulated platform, but you may also want to transfer it to a crypto wallet. Crypto wallets can be of two kinds - hardware and software. Software wallets are apps that help to store your crypto online. Some trading platforms provide their own crypto wallets, such as Money provided by eToro, Trust provided by Binance, etc.
Apart from apps, there are also hardware wallets that are physical devices and store your cryptos offline. If you want to choose a hardware wallet to keep your DOGE, we mostly recommend Ledger Nano and Trezor hardware wallets.
What’s The Best Platform In Australia To Trade Dogecoin?
There are plenty of platforms where you can trade Dogecoin in Australia; still, you need to consider some factors before selecting one of them. When searching for the brokerage platform that will suit your needs best, you first need to consider your trading purposes. Here we will discuss two of the best trading platforms to trade Dogecoin in Australia.
Binance is a professional trading platform and is one of the largest crypto exchanges in terms of liquidity. You can not only buy and sell cryptocurrencies in fiat currency but also be able to do crypto-to-crypto trading. Binance is well-designed for both newcomers and professionals in the field.
Setting a buy order on the platform is a straightforward process, which you can also do through a mobile app. Binance also provides a set of technical analysis tools, graphs, and charts for expert traders and supports various trading options.
Binance is also a good option in terms of trading and non-trading fees. In general, the platform charges 0.1% for each transaction, but the prices become lower when you trade in larger amounts. As for the withdrawal and deposit fees, again, it depends on which payment method you use to purchase or withdraw. However, there is a 3.5% fee for card purchases and 15$ for bank transfers, which is fairly high when compared to other platforms.
eToro which offers an easy-to-use trading experience and a hassle-free account opening process. Generally, eToro is a well-known brokerage platform that supports trading stocks, commodities, indices, and of course, cryptocurrencies. It does not support a large number of crypto as it's not a professionalized cryptocurrency exchange.
Still, here you can find the hottest and trending cryptocurrencies, like Bitcoin, Ethereum, Shiba, Dogecoin, etc. And what is most important is that you can not only buy them outright, but eToro also allows you to buy them through contracts for differences.
As mentioned, the great thing with eToro is that it has a simple and easy-to-use platform, which makes buying and selling cryptocurrencies a matter of minutes. And, another factor that attracts users with eToro is its social trading platform, which enables you to create your trading account, interact with other traders and even copy their trades through special tools. The platform accepts multiple payment methods and does not charge any deposit fees (but charges a 5$ withdrawal fee for all the options).
What refers to trading fees, eToro does not charge any commissions and takes only buy and sell bids when you trade outright. When you trade cryptocurrencies through CFDs, you will also pay small overnight fees. Bear in mind, however, that the broker requires you to deposit a minimum of $50 to start trading.
Here’s How You Can Start Trading Dogecoin in Australia
Dogecoin is a highly volatile asset, which means that you can make a profit on its price fluctuations if you buy and sell it at the right moment. With that in mind, here is how you can start trading Dogecoin in Australia.
1. Choose a Trading Platform and Register for an Account
In the first place, you need to find a good brokerage platform that will be safe and charge reasonable fees, especially when you intend to do short-term trading. Now, you need to create an account, which you can do in a very short time. The verification process is also speedy if you provide all the required documents correctly. Some platforms may take 2-3 business days to verify your account, but you can browse and explore the platform during that time.
2. Deposit Money into Your Account
To charge your account, simply click on your favourite payment option, provide your card information and fill in the amount you want to deposit.
3. Find Information About Dogecoin
The thing with Dogecoin is that it is an underground crypto coin, which means you need to find Reddit groups, tweets on Twitter, and visit crypto forums - all to get insights into when to buy and sell this coin. For instance, if Mr Musk is going to tweet about Dogecoin, you need to know about it instantly.
Other than that, you need to learn how to analyze a crypto chart, use market orders (stop-loss and take-profit), and be familiar with technical analysis indicators.
4. Start Trading Dogecoin
Now, when you have a charged account, found reliable news and data sources, and have developed a trading strategy, you can finally set your first buy or sell order and start trading Dogecoin in Australia.
Things To Consider Before You Buy Dogecoin In Australia
Cryptocurrencies are highly speculative and very complicated in the sense that numerous factors determine their values. It is essential to know the risks that come with cryptocurrencies before buying decisions are finalized.
People looking to buy the Dogecoin can consider the following factors:
One of the essential determinants that influence the acceptance of a particular crypto coin is whether it is available. Dogecoin is available on many exchanges, which means that it is a relatively available digital coin.
Dogecoin enjoys massive support from an online community of dedicated followers. This means that Dogecoin is here for the long haul and is a relatively safe digital money to buy.
Used to be a Joke
Jokes apart, the Dogecoin started life as a joke. And industry experts have pointed out that this is a considerable aspect of their survival. People looking to invest in the coin and are looking for some seriousness might be met with funny jokes about crypto investment. This is not to say that the digital coin is not a profitable venture to invest in.
Should You Buy Dogecoin Right Now?
We have already mentioned that Dogecoin is a speculative asset without any real-world problem-solving strategies. Still, this cryptocurrency has some unique features that make it worth buying. First, it's a very popular cryptocurrency with a huge Doge army and excellent marketing strategy. Plus, it's promoted by celebrities (especially Elon Musk), entrepreneurs, etc., which makes the coin even more trustworthy.
Another great thing is that Dogecoin is very affordable, especially for newbies in the field. Its value fluctuates between $0.2-$0.4, so you can buy Dogecoin in larger amounts. With all this being said, you must not forget that everything becomes riskier when it comes to cryptocurrencies, so in any case, make reasonable investments.
Read Also: Is It Better To Invest Or Trade Dogecoin
In conclusion, Dogecoin is one of the hottest cryptocurrencies in 2021. Though being a somewhat speculative investment, it's very affordable and is listed on many well-known cryptocurrency exchanges. Binance and eToro are among the best trading platforms that you can use to buy Dogecoin in Australia.
Buying this crypto on exchanges is a simple process: All you need to do is to register for an account, deposit money, and set a buy order. However, you need to be very careful as cryptocurrencies involve high risks, so invest only what you are ready to lose.
eToro – Best Exchange to Buy Dogecoin in Australia
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.