How to Buy Dogecoin
Dogecoin Price in USD: Convert to US Dollar
The most famous memecoin, released as a joke, Dogecoin quickly gained popularity and recognition in cryptocommunity. The cryptocurrency is named after the Internet meme DOGE (google it), so the coin portrays the satisfied face of shiba inu dog.
Today we will talk where it is better to buy Dogecoin in the 2023 year.
What is Dogecoin
Billy Marcus, a programmer from Portland, created Dogecoin in 3 hours (in December 2013). These 3 hours even included graphics drawing and user interface creating.
In addition to the idea of making fun of growing popularity of altcoins, the launch of dogecoins had a deeper meaning. Marcus wanted his cryptocurrency to be available to the broad masses, unlike bitcoin. Dogecoin creator’s nickname on Twitter – Sibatosi Nakamoto, which is a reference to the pseudonym of the Bitcoin creator Satoshi Nakamoto.
Dogecoin is actively supported by the founder of Tesla and SpaceX, Ilon Musk, who have got the nickname Dogefather.
The best place to buy Dogecoin
Because of its high popularity dogecoins can be purchased on cryptocurrency exchanges, by payment systems and banks (such as Relovut) and so on. However, for security reasons, it is best to do this on the cryptocurrency exchanges. A large trading platform, as a rule, differs with reliability, because it is a subject to regulation and one have to pay great attention to protecting users’ funds.
In addition, they offer high liquidity and a large selection of purchase options (bank transfer, VISA/MasterCard card, P2P-making and so on). Many exchanges also work with fiat currencies, including US dollars and euros. Therefore, if you are looking for a way how to buy DOGE reliably and profitably, then it is best to do it on the cryptocurrency exchange.
Instructions for buying Dogecoin
Consider the above-mentioned profitable buying option for Dogecoin on the exchange. If you also decide to buy popular mem-coins, follow the step-by-step instructions below.
Decide on the level of risk
Investments in cryptocurrency are highly risked, and this is the main thing that you need to understand. Awareness of risks and compliance with the basic investment rules will help to avoid money loss.
The main “do not buy” tips:
- Do not buy with all your money;
- Do not buy for the last money;
- Do not buy for money that you cannot afford to lose.
Choose a cryptocurrency exchange
Cryptocurrency exchange is the most reliable and profitable way to buy Dogecoin. However, for the best result, it is important to find a platform that will provide a high liquidity, offersa large number of trading pairs, will allow using of fiat money, as well as possibility to pay the purchase from a card, by banking transfer and in other popular ways.
When choosing an exchange for buying cryptocurrencies, pay attention to the following parameters: year of creation, the presence of a license, the size of the commissions, trade turnover, reputation, reviews from real users, etc.
Creating of an account
To buy Dogecoin, you can choose any site from the rating of the best cryptocurrency exchanges from our experts. As an example, let’s take the top crypto exchange in terms of trading volume Binance. To make orders on the exchange, you must have user account. To create it:
- Enter the official website of the exchange and click the yellow Register button;
- The system asks to select the country of residence: choose one from the list and click Confirm;
- Click Create Personal Account to make a personal account, or Create Entity Account – an account for business;
- Enter the data for registration, then click Next.
Top up the account
Different trading platforms offer different ways of depositing and withdrawal of funds. Some work only with cryptocurrency, others allow using of fiat money for deposit replenishment by bank cards, transfers, etc. Depending on the specific exchange, choose the most optimal way to transfer the funds to your account.
The Binance allows to buy cryptocurrency by 40+ fiat currencies, including EUR and USD. Among the available methods of payment: bank transfers (SEPA, SWIFT), credit and debit cards, P2P-deals, transfers by Simplex and Banxa (SEPA).
To buy crypto by fiat, you have to select Buy Crypto in you account → add a payment method, for example, Credit/Debit Card.
Buy Dogecoin (DOGE)
Exchange account funded — now create an order to buy Dogecoin on the Binance spot market.
- Choose Trade → Spot in the menu;
- Specify the currency pair, in the trading terminal, for example, DOGE/EUR;
- Under the chart for the selected pair, fill out the form for creating an order to buy DOGE;
- First, specify the order type and then enter the required data (price, quantity, stop price);
- Click Buy DOGE.
How to sell Dogecoin
The algorithm of selling has no difference from the buying one. There only one thing to change: you have to create a sell order(on the right part of terminal). The steps are:
- Select the type of order;
- Fill in the data;
- Press Sell DOGE.
Where to keep DOGE
The answer to this question depends on what you plan to do with the purchased dogecoins in the near future.
- If you are aiming at active trading, then it is better to send coins to “hot” wallet or leave them on the exchange. These “hot” vaults are permanently connected to the network, providing quick access to funds and making them easy to use. But do not forget about security settings: create a strong password, enable two-factor verification, save the wallet recovery password, etc.
- If you don’t plan to use DOGE in the near future, it’s safer to put your coins in a cold wallet. This type of storage works offline, so it’s almost impossible to steal a private key. The most reliable at the moment are hardware wallets that look like a flash drive and connect to the network directly to carry out the transaction.
How to withdraw Dogecoin to my wallet?
You can withdraw Dogecoin to any crypto wallet that supports this cryptocurrency. Among the hot storage options there is Binance’s official wallet called Trust Wallet. It can be used not only for storing coins, but also for buying, selling and exchanging DOGE.
- Click on the profile icon in your Binance account and select Wallet → Fiat and Spot;
- Select DOGE and then press Withdraw;
- Specify the network for transfer, and enter the address for transferring DOGE from the exchange to the wallet in the line Address;
- Now to find you dogecoins out, go to the Trust Wallet application installed on your smartphone (download links for Android and iOS);
- Select Receive;
- In the list of currencies find Dogecoin and click on the coin;
- Go to the page with the address to get DOGE: copy it or scan the QR code;
- Insert the code in the Address line on the Binance exchange and withdraw DOGE to Trust Wallet.
But don`t think that someone can tell you the best day and time to buy an asset. The crypto market is too volatile for accurate predictions and you are solely responsible for your decision.