Planning to invest in Dogecoin asset? Well, cryptocurrency investment is essential to greater success. We’ve made it easy with our complete guide on how to buy Dogecoin (DOGE) in the UK.
Dogecoin (DOGE) is a decentralized peer-to-peer cryptocurrency that was forked from Litecoin (LTC). The token has attracted popular figures and several investors over the past few months. The meme-based crypto asset has also increased in price as well as market capitalization. But despite its popularity, only a few Dogecoin pairings are available on exchanges. Like other cryptocurrencies, buying the token requires you to go through an exchange that accepts Dogecoin pairing.
The following guide will show you a step-by-step process of buying and selling Dogecoin in the UK.
Set up an account with an exchange that supports Dogecoin in three steps.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY DOGECOIN IN THE UK
- A Step-by-Step Guide to Buying Dogecoin
- How to Sell DOGE
- How DOGE Works
- Key Factors to Consider When Buying DOGE
QUICK GUIDE: HOW TO BUY DOGECOIN IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Dogecoin.
- Enter how many Dogecoin coins you want to buy.
- Check the details and confirm your purchase.
A Step-By-Step Guide To Buying Dogecoin in the UK
Step 1: Create an account on a cryptocurrency exchange
The first thing you have to do is to look for an exchange that accepts DOGE crypto pairing. Few exchanges accept Dogecoin because the token is still not widely used despite its increased popularity.
Once you find the exchange that accepts Dogecoin create an account with them with your email address and a password. You may be asked to provide certain information as a way to fulfill Know Your Customer (KYC) rules.
The details are usually your name, proof of ID, and your employment details. Once you provide these details, your account will be created immediately.
Step 2. Deposit funds into your account
Some exchanges support the purchase of Dogecoin directly with GBP. If the exchange you select supports such pairing, you will have no issues buying the token. Also, exchanges have different payment options, including debit cards, credit cards, PayPal, and bank account transfers. However, understand that there is a different fee attached to each payment method. Credit card payments are usually more expensive than other options, so you need to select the payment method you feel comfortable about.
Step 3. Buy DOGE
After creating an account with the selected cryptocurrency exchange, you are now ready to buy DOGE. The process is pretty straightforward, especially if the exchange offers DOGE/GBP pairing.
Navigate to the market section of the exchange and select your desired DOGE pairing. Go over to the DOGE order section and type the amount of the token you want to buy or the amount you want to spend.
A review page will be shown to you, asking you to go over the transaction details again. Once you’re satisfied the order is filled properly, click the “buy DOGE” to complete your order.
The amount of token you order will be credited to your exchange account.
Step 4. Store your DOGE in a wallet
After buying the DOGE token, it’s important to have a wallet you can store the coin. There are different wallets for cryptocurrencies, but only a few are compatible with the DOGE cryptocurrency. So, it’s important to choose the right wallet.
Generally, you can store DOGE either in a cold wallet or a hot wallet. The difference between the two types of wallets is the fact that the former stores crypto assets online while the latter is used to store offline. In terms of safety, the cold wallet is the better option. It keeps your crypto funds away from prying eyes and hackers.
However, it’s important to keep the keys to the wallet because you may not be able to access your DOGE funds if it is lost.
How to Sell DOGE in the UK
Selling the DOGE token is as easy as buying it. Just go over to the “Sell DOGE” link on your chosen exchange. In most cases, the exchange may not offer direct transactions from DOGE to fiat currency. You can sell the DOGE token in exchange for a more popular crypto asset like Bitcoin (BTC) or Ethereum (ETH).
Afterwards, you can convert the BTC or ETH to GBP on the exchange before withdrawing to your bank account or through the payment means used when depositing funds on the exchange.
How DOGE Works
Dogecoin was founded in 2013, as takes its name from popular viral “doge” memes, featuring a Shiba Inu as its mascot.
The token is based on the LuckyCoin protocol and makes use of the Scrypt encryption algorithm. The popularity of cryptocurrency has grown in recent months, as it draws support from popular figures both within the crypto industry and the mainstream. Its price has also experienced surges as interest from retail and institutional traders grow.
Key Factors to Consider When Buying DOGE in the UK
The cryptocurrency industry is a highly speculative one as a lot of factors can impact their prices. Before you walk into the industry, it’s important to consider certain things that may have an impact on the DOGE investment you make.
The availability of a cryptocurrency always affects its popularity. Dogecoin is accessible in the market because it is listed in major crypto exchanges and platforms. Those who are trading on the crypto asset will not have any issues when it comes to liquidity. So, if you’re thinking of buying the token, you will find it readily available across different exchanges.
The support a project receives from its community is also an important factor to consider when investing. Dogecoin has a strong support base, as indicated by its active Reddit page. One of the reasons why Dogecoin has managed to survive since it was founded is the level of support it has been receiving over the years.
As long as the community support continues, the token will continue doing well in the market.
Doubts have been raised about the prospect of the project, with some observers saying the project could wind down. However, the token is still doing well in the market when it comes to price and market cap. Before investing in DOGE, it’s vital to consider the present developmental works and the plans the developers have for the project. That will give you an idea of whether the token is a long-term investment prospect.
Read Also: Why Dogecoin is Going to Explode
The DOGE token started as a joke and wasn’t taken seriously by any dedicated investor. But it has become very popular as an asset for payments for digital goods. The token is also doing well in the industry, and some investors are expecting a surge in DOGE’s price in the future.
If you are new to the world of Dogecoin and want to buy some, the guide above will help you a lot.
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