How To Buy Dogecoin In The UK
Are you looking to Buy Dogecoin in the UK? Start by reading out in-depth guide to learn everything you need to know!
Based in the UK and looking to buy Dogecoin? If so, there are hundreds of regulated crypto exchange in the UK to choose from. most of which give you access to the top crypto assets including DOGE. But how do you know whether Dogecoin is a good investment, and which Exchange is best for you?
Dogecoin is the first meme coin that was created in 2013 and has gained massive popularity since then. In general, meme coins like Dogecoin are usually created as a joke and based on Internet memes, events, famous people, etc. Such coins don’t have any serious ideas to solve real-world problems or bring developments in the cryptocurrency industry or DeFi, and often these coins become famous due to the promotions by celebrities, entrepreneurs, and other famous people.
But regardless of the purpose of meme coins, Dogecoin is among the most trending digital assets in the market, with most of its popularity is credited to Tesla CEO Elon Musk. After Musk tweets, Dogecoin prices have gone up by 11,000% during the beginning of the year. But following the whole cryptocurrency market crisis, Dogecoin lost its value somehow.
So, is it the right time to buy Dogecoin? What was it created for, and can it be worth buying right now? Will the prices recover again? This article intends to give you the answers to these questions and guide on how to buy Dogecoin in the UK.
With more than 100 UK crypto exchanges, we have been able to shortlist the best four brokers to buy Dogecoin in the UK. The winners are eToro, Binance, Coinbase, and OKEx.
If you want to buy DOGE quickly and easily, with 0% Commission, check out eToro Exchange!
What's in This Guide?
- QUICK GUIDE: HOW TO BUY DOGECOIN IN THE UK
- What is Dogecoin?
- Should You Buy Dogecoin?
- How to Buy Dogecoin Online in the UK - A Step by Step Guide
- How to Trade Dogecoin in the UK - A Step by Step Guide
- Dogecoin Pros and Cons
- Is Dogecoin a Good Long-Term Investment?
- What Will Be Dogecoin Worth in 2025?
- What’s the Purpose of Dogecoin?
- Is Dogecoin Mining Profitable?
- Key Factors to Consider When Buying DOGE in the UK
- Buying or Trading Dogecoin: Things to Take Into Consideration
QUICK GUIDE: HOW TO BUY DOGECOIN IN THE UK
- Open an account with a UK cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Dogecoin (DOGE).
- Enter how many Dogecoin (DOGE) coins you want to buy.
- Check the details and confirm your purchase.
Where to Buy Dogecoin in The UK
Are you searching for how to buy Dogecoin in the UK? Well, there are hundreds of crypto exchanges and brokers in the UK. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy Dogecoin in the UK:
Looking where to buy Dogecoin in the UK right now? Below you will find 4 of the best brokers that allow you to buy DOGE in the UK.
- eToro - Best broker to buy Dogecoin (DOGE) in the UK
- Binance - Best exchange to buy Dogecoin UK for asset diversity
- Coinbase - Best exchange to buy Dogecoin (DOGE) for beginners
- OKEx - Best broker to buy DOGE UK for low-cost
What is Dogecoin?
During the last two years, meme coins have become a popular phenomenon in the crypto market. But the first meme coin, Dogecoin, which was created in 2013 by software engineers Billy Markus and Jackson Palmer is the most popular and traded meme coin in the world. The cryptocurrency project was developed in just two hours and rose as a joke mocking the massive speculations in the crypto market.
Dogecoin was inspired by the famous Doge meme representing the Shiba Inu dog and containing some writings deliberately written in broken English. As its founders claim, Dogecoin is not just a cryptocurrency; it’s a meme coin created to bring some fun into the seriousness of the cryptocurrency world.
Many other cryptocurrency projects were inspired by this meme coin, including the Shiba Inu coin (which branded itself as Dogecoin killer), Mona coin, Dogelon Mars, etc. Yet, none of these coins gained so much prominence as Dogecoin. But still, how did Dogecoin become so popular when it does not have any serious ideas to offer the public?
In general, most cryptocurrencies have become mainstream due to their creative and problem-solving ideas. Bitcoin, Ethereum, and other such coins introduce new technologies to revolutionize the way we pay for goods or services, buy or sell something, etc. But meme coins don’t have such life-changing ideas; they are inspired by memes and aim to bring fun to the crypto community. They basically move forward due to the promotion they get from the public.
The above-mentioned point is the main difference between meme coins and serious cryptocurrency projects. From this perspective, Dogecoin and other meme coins can be considered speculative assets. They will lose their value as soon as the public loses interest in them and find another funny coin to promote. Still, you can make huge profits if you know the correct times to buy and sell Dogecoin. And, some people still believe that Dogecoin will continue to rise in value at some point in the future.
In the case of Dogecoin's PR, Tesla and SpaceX founder Elon Musk is known as one of the most active promoters of Dogecoin. Musk frequently tweets on his account about Dogecoin and even spoke about this meme coin during his appearance on SNL. He even announced the Doge-1 mission during which SpaceX will launch a cube satellite on its Falcon 9 rocket, and the client will pay for the service in Dogecoin.
Should You Buy Dogecoin?
Right now, all the cryptocurrencies are in the bear market, which means that they are dropping in their value. Therefore, it may take some time for Bitcoin to recover its value, while altcoins will follow Bitcoin. Besides, Dogecoin is a well-established digital asset among meme coins and has vast popularity, which means that it will most likely be trendy only for a particular time.
Meanwhile, Dogecoin is a speculative asset, so you should invest in it reasonably and don’t risk your capital if you need it soon. With that in mind, let’s take a look at Dogecoin's price history to understand better how it grew in such an incredible way.
When Dogecoin entered the market in December 2013, it was traded at $0.0002. The first significant growth occurred on December 19th when this coin's value rose by 300% reaching $0.00095 per coin. Then, Dogecoin experienced the first major crash dropping 80% in its value.
Dogecoin price history, source: coinmarketcap.com
Dogecoin took another significant rise between 2017-2018 when the whole crypto industry was in the bull market. It hit an all-time high in January 2018 and was traded at $0.017, reaching a market capitalization of around $2 billion. In 2020, Dogecoin became a trend as the army of its followers started a campaign to make it get to the $1.
In 2021 Elon Musk, Snoop Dog, Mark Cuban, and other celebrities entered the game, and due to their promotion, Dogecoin prices spiked to $0.50, rising 20,000% in one year. But prices dropped again after Elon Musk’s SNL appearance, during which they fell from $0.7 to $0.4. Dogecoin further suffered from the cryptocurrency market crash when Bitcoin lost over 50% of its value, and the vast majority of altcoins followed it.
How to Buy Dogecoin Online in the UK - A Step by Step Guide
If you already learned enough about this popular meme cryptocurrency and want to invest in it, you can find all the necessary information in our guide below about how to buy Dogecoin in the UK.
1. Find a UK Crypto Exchange that Supports Dogecoin
To start investing in Dogecoin, you need to find a cryptocurrency exchange platform that supports Dogecoin and accepts UK customers. There are certain things to consider while selecting a cryptocurrency exchange platform, including trading and non-trading fees the broker charges, safety, how easy and simple it is to use the platform, etc.
eToro, one of the leading exchanges in Europe and the USA, has started offering Dogecoin on May 3 2021. The exchange has managed to retain its reputation over the years to become one of the most outstanding online brokers. eToro offers user-friendly features and a large variety of trading tools from which you can choose. The process of opening a trading account and purchasing Dogecoin is easy. And one of the best things about eToro is that does not charge users with a deposit fee.
2. Register for an Online Account and Deposit Funds
After finding the best platform to buy Dogecoin in the UK, you need to create an account and verify your identity. With most cryptocurrency trading platforms, registering for an online account is a matter of minutes. Basically, you provide some personal information and then verify it with a copy of your ID, driver’s license, etc.
When your account is verified, you need to deposit funds in order to be able to buy Dogecoin. The available payment methods for depositing money depend on the platform you selected, however, most platforms allow you to use credit or debit cards, wire transfer methods, or e-wallets.
3. Buy Dogecoin
With a verified account and funds on it, you are ready to buy Dogecoin. It should be mentioned that on some platforms you cannot buy it directly with fiat currencies, so, firstly you need to buy BTC or other cryptos and then swap it with Doge.
4. Transfer Your Funds to a Cold Storage Wallet
Keeping your coins on your exchange account is not a good idea in terms of safety. Instead, you can create a personal wallet and transfer your coins to it. There are two types of crypto wallets - hot and cold. Hot wallets, also known as software wallets, are apps that you download and install on your mobile phone or computer. In contrast, cold wallets are physical devices that you buy to store your coins offline and are considered as the safest way to store your crypto coins.
How to Trade Dogecoin in the UK - A Step by Step Guide
If you want to make a short-term investment in Dogecoin and make profits from its price fluctuations, follow our step-by-step guide below that explains how to trade Dogecoin in the UK.
1. Find an Online Trading Platform that Supports Dogecoin
Your first step in trading Dogecoin is to find an online brokerage platform that supports Dogecoin trading and operates in the United Kingdom. In this process, because you are planning to make a large number of transactions, you need to select a platform that charges low trading fees.
Another thing to consider while choosing a brokerage platform is the speed of the market execution provided by the broker. When you get the best trading platform from one of our recommended brokers, register for an online account and verify your ID.
2. Fund Your Account
Your next step is to deposit some money into your brokerage account. Top brokers usually allow you to buy digital assets in fiat currency so the process is fairly simple as you can use the common payment methods to make a deposit. Also, unlike crypto exchanges, brokerage platforms typically maintain a low minimum deposit requirement to start trading the crypto market.
3. Develop a Trading Strategy
Active trading is a different game than buying and holding a certain asset. As such, to lower the risk of capital loss and make your trades more organized, you had better develop a trading strategy.
If you plan on active trading of Dogecoin, you can select one of the following trading strategies - day trading, scalping, swing. Otherwise, you can mix different trading strategies and create something that best suits your needs. If you don’t have too much time to spend on researching market news, exploring charts, and so on, you can select a passive trading strategy, such as “Buy and Hold.”
4. Start Trading Dogecoin
Finally, when you have a verified and funded account and you have developed a trading strategy, you can search for Dogecoin on the chosen platform and start trading this meme coin.
Dogecoin Pros and Cons
If you still cannot decide whether you want to trade or invest in Dogecoin or not, here are some pros and cons of this meme coin that can help you make a final decision.
Pros of Dogecoin:
- Dogecoin's value went up 11,000% over the past 12 months.
- Meme coins are becoming more and more popular these days.
- Dogecoin is supported by such celebrities as Elon Musk, Mark Cuban, etc.
- It’s an inexpensive asset for beginners.
Cons of Dogecoin:
- Dogecoin is a speculative asset.
- It does not have any profound ideas for the crypto industry and was created as a joke.
- Other competitors are emerging in the market.
Don't Miss: Will Dogecoin Make Me Rich In 10 Years?
Is Dogecoin a Good Long-Term Investment?
Generally, Dogecoin is most likely not a good long-term investment as long as it does not have any advantage over other similar cryptocurrency projects. The problem is that creating new cryptocurrencies is not a difficult task: so anyone who has coding skills can do it. Hence, it is a better decision to make a long-term investment in a crypto project that will have advantages over other already existing ones to make your digital currency prominent.
Bitcoin, for example, is famous for its blockchain technology and as the oldest cryptocurrency project. Ethereum became popular as it allows the building of decentralized apps using its coding system. Dogecoin, on the other hand, does not offer anything new that can make it utilized by the users. It’s similar to Bitcoin with a different name and symbol, but Bitcoin is already well-established crypto, so Doge can never compete and hit Bitcoin.
But, because the crypto market is very unpredictable, it is difficult to know what is the future of Dogecoin. After all, Dogecoin has a big fan club that heavily promotes this meme coin. In this perspective, Dogecoin can be a good short-term and long-term investment.
What Will Be Dogecoin Worth in 2025?
Cryptocurrency price predicting algorithms do not consider that Dogecoin will crash in the near future. They mostly forecast that the Dogecoin price will rise though it won’t be a considerable growth. According to Digital Coin Price, for example, Dogecoin's value will increase to $1.39 in 2022, $2.45 in 2023, $4.5 in 2025 and $10.13 in 2028.
Long Forecast predictions are pretty similar to Digital Coin Price. According to them, in 2025, Dogecoin prices will fluctuate between $4.55-$4.61. Wallet Investor predictions, on the other hand, are a bit higher than the previous two. It considers that this meme coin will be traded at $6.64 in 2025.
Check Out: Dogecoin Price Predictions
What’s the Purpose of Dogecoin?
Frankly, Dogecoin does not have any particular purpose other than being used as a means of exchange. Like Bitcoin, Doge can be used to buy and sell goods and services and trading but no one really thinks that Dogecoin will become an alternative to fiat currencies. After all, it started as a joke and surprisingly became so popular because of the enormous army of followers and support it has gained from celebrities and crypto groups on Reddit and other websites.
Is Dogecoin Mining Profitable?
Dogecoin uses the same technology as Bitcoin uses for mining; it’s called Proof of Work. PoW requires that miners run their devices in order to create a hash code and win a new block. The winner gets rewarded with 10,000 Dogecoin for each new block.
Mining Dogecoin was not too profitable for years because meme coins were traded at meager prices, but this has changed nowadays, and Dogecoin miners can actually get high rewards.
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.
1. DOGE availability
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.
2. Community support
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.
Buying or Trading Dogecoin: Things to Take Into Consideration
To conclude, Dogecoin belongs to the group of meme coins that were launched as a joke based on internet memes, events, people, etc. They don’t have a particular purpose of bringing an improvement to the world of digital currencies. These meme coins just aim to bring some fun to the market and become famous only due to the support from their followers or being promoted by famous people.
Considering all these factors, we can say that Dogecoin isn’t a good long-term investment, but it can bring you huge profits as a short-term investment. Recently, Dogecoin prices dropped in value, and the whole cryptocurrency market is in crisis at the moment following the recent Bitcoin crash. However, as soon as Bitcoin recovers again, other cryptocurrencies, including Dogecoin, will follow it, and the Dogecoin price will most likely go up again. So, you might be able to hold Dogecoin or make small profits from its price fluctuations.
In any case, you should remember that Dogecoin is a speculative asset, and you must take a reasonable approach to invest in it. If you are ready to buy Dogecoin, just return to our guide and find a step-by-step process of how to buy Dogecoin in the UK.
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