Invest In Dogecoin – How To Invest In Dogecoin For Beginners
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Dogecoin is a first-generation digital currency that can be utilized to transfer value on a global scale, in a safe and censorship-resistant manner. If you are looking to invest in Dogecoin, you should do so via a trusted platform.
This guide covers the most important aspects of how to invest in Dogecoin. We include reviews of the best brokers in the space, details of how to sign up, and reasons why DOGE tokens are so appealing to US-based investors.
Table of Contents
#1 Broker to Invest in Dogecoin – eToro
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How To Invest in Dogecoin – Choose a Broker
Due to the risky and speculative nature of cryptocurrencies, you’d better believe you need a good broker by your side to invest in Dogecoin. See below a quick run-through of the best places to invest in Dogecoin in the US:
- eToro – Overall Place to Invest in Dogecoin in the US
- Webull – Invest in Dogecoin From Just $1
- Coinbase – Great Way to Invest in Dogecoin for Beginners
- Binance – Best Place to Invest in Dogecoin for Asset Diversity
- Robinhood – Invest in Dogecoin via a Regulated Mobile App
- Crypto.com – Invest in DOGE and Earn Interest on Your Holdings
- Gemini – Buy Low, Sell High on Dogecoin
- Kraken – Most Trusted Crypto Platform for Dogecoin
- Uphold – Invest in What You Love. All in One Place.
- Coinmama – Fast and Easy Way to Get Dogecoin
We offer a comprehensive review of the above-listed US Dogecoin brokers later in this beginner’s guide.
How to Invest in Dogecoin – A Quick Guide For 2023
Below you will find a quick walkthrough on how to invest in Dogecoin in the US in under five minutes. For our mini-guide, we will explain the process with eToro – a FINRA and SEC-approved broker with super-low fees.
- Step 1: Open an Account with eToro – Look for the ‘Join’ Now button and enter details about yourself, including your full name, address, and social security number, as well as contact details such as your email and mobile number. You will also be required to create a memorable username and password.
- Step 2: Upload Your ID – eToro is regulated, so you must finish a KYC process to complete your profile and be able to make withdrawals. This is really quick and simple. Start by uploading a copy of your government-issued photo ID. This can be a passport or driver’s license. The broker will also need proof of address like a copy of a recent bank statement or utility bill.
- Step 3: Deposit Funds – The minimum deposit is just $50 at eToro and US clients are not required to pay a transaction fee. Supported payment types include credit/debit cards and bank transfers.
- Step 4: Invest in Dogecoin – Finally, you can find Dogecoin using the search bar and hit ‘Trade’ when you have located it. Enter the amount you wish to invest and hit ‘Open Trade’ to confirm all. Please note that eToro facilitates investments from as low as $25, making it suitable for investors of all shapes and sizes.
Your order will be executed by eToro at the current market price and you will find your purchased DOGE tokens in your portfolio immediately.
Importantly, when investing in Dogecoin in the US, you will need to think about storing your assets. This broker removes that worry as you can keep your digital currencies safe within the platform itself – which makes cashing out later much easier.
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
Where to Buy Dogecoin – Full Broker Reviews
There are more brokers and investors offering access to DOGE tokens than ever. This can make finding the most suitable brokerage site even more challenging. See below for a detailed review of the best places to invest in Dogecoin in the US.
1. eToro – Overall Best Place to Invest in Dogecoin
There should be no concerns about the safety of your digital tokens, as this broker is registered and approved in the US by FinCEN as a Money Services Business. In addition to this, the FCA (UK), ASIC (Australia), and CySEC (Cyprus) regulate eToro.
As this broker is regulated, it will require you to complete a KYC process. In a nutshell, this entails uploading a photo or scan of your photo ID and a document that proves your address. This is so that the eToro team can validate the information you give them when signing up. The whole thing usually takes minutes.
There are a few supported payment types here. As a US client, you can fund your account using a debit card or bank transfer.
eToro stipulates a minimum deposit of $50 to get started. Furthermore, there are no fees to pay, which is seldom seen by crypto providers in the US. We also found that this broker allows you to invest in Dogecoin from just $25, which makes growing your portfolio steadily much easier.
In terms of safety, the cryptocurrency space is prone to online hackers who steal assets that do not belong to them. You don’t need to worry about that here.
Once you have placed a buy order at eToro, you will find the DOGE tokens in your account portfolio. You can store them on the platform in safe and regulated conditions without any extra fees.
This is a spread-only broker – so you will only pay the difference between the bid and ask price. This starts at just 0.75% to buy digital tokens, which is highly competitive.
Many Dogecoin investors like to create a mixed basket of crypto assets. This platform caters to that by offering 58 alternatives. We found this to include Cardano, Bitcoin, Litecoin, Ethereum, and Ethereum Classic, amongst others.
You can also passively diversify by using the CopyPortfolio feature. This allows you to gain exposure to a diverse portfolio of cryptocurrencies, managed and frequently rebalanced by the team at eToro.
If investing in Dogecoin passively appeals to you, another key feature to check out is eToro’s Copy Trader. This allows you to invest in an accomplished trader based on information like preferred market, risk level, and previous success.
So how does it work? Let’s say you allocate $1,000 to JoeBlogs123 and this person invests 6% of their available balance to DOGE tokens. In doing so, you will have $60 invested in the same asset. Anything that they buy or sell you will too – only without needing to do any of the work!
Pros
- Invest in cryptocurrencies on a spread-only basis
- Minimum investment per trade from just $25
- Supports debit/credit cards, online banking, and local bank transfers
- Registered with FinCEN and regulated by the FCA, CySEC, and ASIC
- Minimum deposit of $50 and no transaction fees for US citizens
- Used by over 23 million people
- Perfect for beginners
- Social and copy trading tools
Cons
- Perhaps too basic for technical traders
- No support for MT4 or MT5
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
2. Webull – Invest in Dogecoin From Just $1
If you are looking to invest in Dogecoin in the US but want to start with super low amounts – look no further than Webull. This provider allows you to buy DOGE tokens for as little as $1 and charges a 0% commission. FINRA and the SEC approve and regulate this broker. Therefore, US clients should have no concerns about legitimacy.
There is a free app backed by the provider featuring various customization tools.
Furthermore, for an extra layer of security on the application, you can activate the two-step security feature by heading over to the settings within the menu tab.
As we said in our Robinhood review above, when a broker charges 0% commission, it’s important that you are aware of what kind of spread you might be expected to pay.
This guide found that to purchase cryptocurrencies you will be charged a minimum spread of 1%. This is expensive compared to our number one place to invest in Dogecoin – eToro.
This is because eToro spreads start from just 0.75% on crypto assets. Nevertheless, other digital assets at Webull include Bitcoin, Bitcoin Cash, Ethereum Classic, Litecoin, Dash, Cardano, Stellar, Zcash, and more.
This is another broker that doesn’t allow you to invest in Dogecoin in the US with a credit/debit card or e-wallet. You may make a free deposit via an ACH transfer with a daily limit of $50,000 in place per account. As in the case at the aforementioned Robinhood – this can take up to 5 business days to settle.
You may also choose a wire transfer – but we should note this comes with a fee of $8. If you cash out using this method, you will be charged a hefty withdrawal fee of $25.
There are a number of features on the main Webull platform, including drawing tools, several chart types, 50 technical indicators, and more.
Looking to get into staking? Check out our list of the best crypto staking platforms. Our experts have compiled a list of the top platforms for you to stake your coins and earn rewards. So find the perfect platform for you and get started today!
Pros
- User-friendly trading app for both iOS and Android devices
- 0% commission policy across all assets
- No minimum deposit
- ACH deposits and withdrawals are fee-free
- Regulated in the US
- Invest from just $1
Cons
- Crypto spreads start at 1%
- Too basic for experienced traders
- No support for e-wallets or debit/credit cards
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
3. Coinbase – Best Way to Invest in Dogecoin for Beginners
Coinbase is one of the biggest crypto exchanges in the US and now has approximately 89 million verified users. Beginners will appreciate the user-friendly interface as it makes investing in Dogecoin a breeze.
Safety is taken seriously by this broker – 98% of all digital currencies are stored offline. In addition to your standard username and password, you must set up two-factor authentication to prevent anyone else from gaining access to your investments. This can be done using SMS, but the platform recommends Google Authenticator or Duo, both of which can be downloaded from the relevant app store.
Furthermore, US dollar funds are kept in FDIC-insured bank accounts. When it comes to funding your account to invest in Dogecoin, there are a few different options, with differing fees.
For instance, if you opt for a debit card deposit via the Instant Buy tool, you will be liable for a 3.99% transaction fee. It has to be said, this is not very competitive. Note that you will also need to complete the aforementioned KYC process.
The standard commission to buy and sell DOGE tokens at Coinbase is 1.49%, which means if you invest $1,000, you need to pay $14.90.
Note that if you allocate less than $200, this will invite higher fees.
If you would like to invest in Dogecoin and check the performance of your portfolio on the move, you can download the free app. This can also be used to store, swap, and sell your DOGE tokens.
Other cryptocurrencies listed on this platform include Bitcoin, Ethereum, Litecoin, Compound, Yearn.finance, and many other blockchain assets. This means you can easily diversify later by adding more to your basket of crypto investments. If you opt for the main platform to store your digital funds, you will not need to take on the burden of your private keys or securing your investment from hackers.
Coinbase is an easy way for newcomers to invest in cryptocurrency. With a user-friendly platform and beginner-focused education, Coinbase makes getting into the crypto market accessible and straightforward.
For more experienced investors, Coinbase Pro offers enhanced features and options to give you greater control over your investment portfolio. So whether you’re just starting out or are a seasoned pro, Coinbase has something to offer everyone who wants to get into the world of digital assets.
Pros
- One of the most popular cryptocurrency exchanges
- Approximately 89 million verified users
- Supports instant debit card purchases
- Dozens of digital currencies to choose from
- Institutional-grade security practices
Cons
- Debit card deposits are expensive at 3.99%
- You will pay a standard trading commission of 1.49%
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
4. Binance – Best Place to Invest in Dogecoin for Asset Diversity
Binance is the biggest exchange in the world by trading volume. This exchange serves over 100 million clients worldwide and now has a separate site specifically for US clients.
The latter adheres to all applicable laws and regulations in the US. This should give you the peace of mind that the broker is capable of following rules and looking after investors.
This is the best place to invest in Dogecoin for asset diversity, as there are more than 50 cryptocurrencies to buy and sell here. This includes Bitcoin, Ethereum, Cardano, Solana, Chainlink, Binance Coin, and many more.
You can fund your account using a debit card at Binance US. The fee is 0.5% for Instant Buy/Sell and you will need to complete the KYC process first. The general commission fee for spot trades, on the other hand, is 0.10%. This means if you place an order of $100, you will be charged $0.10.
If you swap some Dogecoin or add Binance Coin to your portfolio, you can pay all fees on the site with BNB tokens. This entitles you to a commission discount of 25%. To opt-in, you must manually turn on the “Using BNB to pay for fees” feature. Crucially, you must have enough Binance Coin to cover your fees in order to qualify.
This platform allows you to place more than just market orders. You also have the option of a limit order, which enables you to set the specific price at which to enter the market.
If you would like to take a slow and steady approach to invest in Dogecoin in the US – check out the Recurring Buy feature. This allows you to engage in dollar-cost averaging without having to place regular orders manually. This is a common strategy amongst investors who want to reduce their exposure to risk.
Binance.US provides an easy-to-use interface inclusive of charting tools, trading history, real-time order books, and much more.
Pros
- Facilitates billions of dollars in daily trading volume
- Supports hundreds of digital asset pairs
- Near-instant deposits via debit/credit card
- Trading commission starts at just 0.1% per slide
- Offers crypto savings accounts
- Ideal for both beginners and experienced traders alike
Cons
- Not all supported cryptocurrencies can be purchased with a debit/credit card
- No e-wallet deposits or withdrawals
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
5. Robinhood – Invest in Dogecoin via a Regulated Mobile App
Robinhood is a well-known stockbroker that serves millions of clients. It is also one of the best places to invest in Dogecoin in the US for people who like the convenience of a mobile app when buying cryptocurrencies. The application is free to download.
The platform also supports fractional investments on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.
In terms of safety, this broker carries crime insurance, which is intended to keep your assets safe. The platform also holds the vast majority of cryptocurrencies in cold storage to protect you from cybersecurity breaches.
Although there aren’t as many cryptocurrency markets as the other brokers on our list, the CEO of Robinhood has publically stated that the company is working on expanding its offerings.
This provider also offers a 0% commission on digital assets. With that said, when you look to invest in Dogecoin here, make sure you check on that all-important spread, as this is often where commission-free platforms make their money.
This guide also found that the gap between the bid and ask can increase outside normal market hours, so do check how competitive this is before signing up.
Learning how to invest in Dogecoin in the US but need to fund your account with a credit or debit card? You should be aware that there are only two fiat deposit options here and they are ACH or a bank wire.
Note that Robinhood will give you an instant deposit limit of $1,000 on a standard account. If you were to opt for the Gold offering, you would get the initial $5,000 instantly, but only if your portfolio is worth less than $10,000. Anything over your predetermined limit will take up to 5 business days to clear. Check out the website for more limits if you think your portfolio will be valued at higher than $10,000.
Pros
- Hugely popular broker in the US
- Millions of US clients on its books
- Offers crypto, stocks, options, and funds
- 0% commission on all supported markets
- Heavily regulated
Cons
- Spread are often wide
- No debit/credit card deposits
- Only the first $1,000 is credited instantly when depositing funds (basic account)
- Limited selection of cryptocurrencies
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
6. Crypto.com – Invest in DOGE and Earn Interest on Your Holdings
Whether you’re a beginner or an experienced cryptocurrency user, the Crypto.com App is perfect for you! With all the features and tools you need to stay ahead of the curve in the crypto world, it’s essential for anyone involved in digital currencies. Stay informed about markets, coins, and trends with ease – download Crypto.com today!
Crypto.com is the perfect solution for anyone looking to make fast and secure transactions. With their unique Visa debit cards and DeFi wallet, Crypto.com offers a range of products that make it simple and convenient to take advantage of the benefits of digital assets. So whether you’re looking to make speedy transactions or store your assets securely, Crypto.com has you covered.
Looking to get the best bang for your buck when trading cryptocurrencies? Look no further than Crypto.com. Crypto.com’s volume-based fee structure means you get more significant discounts the more you trade. And, if you stake CRO, you can even pay your fees in CRO to receive more discounts! So why wait? Sign up today and start saving!
Trading cryptocurrencies just got even more affordable with Crypto.com’s low fees. With rates starting at just 0.40% for new users with a trading volume up to $25,000 a month, you can trade confidently and keep more of your profits. So what are you waiting for? Start trading today!
Plus, Crypto.com offers a wide range of cryptocurrencies, so you can find the perfect investment option for you. So come see why Crypto.com is the smart choice for anyone looking to invest in crypto!
Introducing the Crypto.com Visa debit card – the perfect way to manage your funds anywhere in the world. With CRO rewards for topping up and spending, this premium metal card is a must-have for any crypto enthusiast. So why wait? Get your Crypto.com Visa debit card today!
Crypto.com is the future of finance, and with its new naming rights deal, it’s clear that the future is now. The Staples Center has been renamed the Crypto.com Arena, and this is just the beginning of this innovative company.
Crypto.com is the ultimate destination for cryptocurrency trading and interest-earning. Crypto.com makes it easy to choose an asset and start trading DOGE, so you can focus on making money. Plus, Crypto.com offers competitive interest rates on your holdings, so you can maximize your earnings. So sign up today and get started!
Pros
- Buy and sell a wide variety of cryptocurrencies with low fees
- Earn cashback rewards and enjoy numerous privileges
- Invest in a portfolio of coins and tokens with just one click
- Earn interest on your crypto holdings
- Safe and Secure Transactions
Cons
- Fees are higher unless you own and utilize CRO
- Navigating can be difficult for beginners
- Inadequate client service
- Discounted trading fees can be difficult to understand
- Insufficient educational resources
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
7. Gemini: Buy Low, Sell High on Dogecoin
Gemini is a regulated popular DOGE crypto exchange that allows you to buy, sell, and earn interest on Dogecoin. With Gemini, you can rest assured that your transactions are secure and your funds are safe.
Gemini is the perfect trading platform for experienced Dogecoin traders looking to buy and sell at the right time. With Gemini, you’ll have access to real-time market data and be able to make informed decisions that could potentially lead to a hefty profit. So don’t miss your chance – sign up today!
Looking for a reliable and affordable way to fund your account? Look no further than Gemini! Gemini offers free ACH and wire transfer deposits, and their low debit card deposit fees of 3.49% won’t break the bank. So why wait? Fund your account today!
Convenience fees are included in the quoted price of the cryptocurrency you are buying and are typically increased by 0.5% for buy orders. The currency and transaction volume determine the transaction fee.
Looking for a way to make your Dogecoin holdings work harder for you? Look no further than Gemini Earn! Gemini’s easy-to-use platform makes it simple to start earning interest on your Dogecoin. So why wait? Sign up today and start reaping the benefits!
Gemini Earn is the quickest, simplest way to start earning interest on your dogecoin and other cryptocurrencies. With Gemini Earn, you can move your holdings into an account that pays 2.25% APY on dogecoin – no strings attached! Furthermore, interest is earned and compounded daily, so you can start growing your savings right away! So why wait? Sign up now and start earning interest on your crypto today!
Do you want to hold your Dogecoins in style? Check out our list of the best Dogecoin wallets for DOGE holders in the USA. Our top picks include hardware and software wallets, so you can choose the option that’s right for you. Whether you’re new to Dogecoin or a seasoned pro, we have a wallet that will suit your needs.
Pros
- Add more diversity to your investment portfolio
- Intuitive features for a more efficient workflow
- A cutting-edge trading platform
- Earn daily interest for your crypto holdings
- High quality, reputable exchange
- Maintain peace of mind knowing that your assets are insured
- Makes you feel like a pro
- Create a portfolio that reflects your personality
Cons
- The fee structure is prohibitively expensive for modest trades
- Could be challenging for beginners
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
8. Kraken: Most Trusted Crypto Platform for Dogecoin
DOGE is popular, and Kraken makes it easy to buy without all the fuss. Low fees and excellent security features make this a must-have solution for anyone looking to get into DOGE. Plus, Kraken’s easy-to-use platform makes buying DOGE incredibly easy! Trust Kraken, your new go-to platform for all things Dogecoin!
Kraken is the perfect choice for those who want to make the most of their trading opportunities. With margin and futures trading, Kraken offers sophisticated tools that make trading fast, easy, and profitable.
Instant purchases cost 1.5% for the majority of cryptocurrencies and 0.9% for stablecoins employing USD or another stablecoin. Additional fees may apply depending on the payment method used to complete the purchase.
Funding expenses, for example, range from 0.5% when using a bank account to more than 3.75% when employing a debit card, credit card, or digital wallet.
Looking to get into the cryptocurrency game? Kraken has you covered, with support for cryptocurrency futures trading. With Kraken, you can gain exposure to some of the most exciting new investment opportunities in the market. So what are you waiting for? Get started today!
Kraken has you covered with lightning-fast execution and powerful features to help you make the most of your trades. So don’t miss out on this opportunity to get in on the action!
Pros
- Low fees
- Easy to use and understand
- Simplify the process of exchanging many different crypto assets
- Trade in a safe way
- Earn rewards on staked assets
Cons
- Fees are prohibitively high for novices who use the Instant Buy platform
- Customer service is limited
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
9. Uphold: Invest in What You Love. All in One Place.
Ready to start trading stocks, commodities, and cryptocurrencies? Uphold makes it easy to get started. With a robust menu of options from all over the world, you can trade whatever you want, when you want. Plus, Uphold’s user-friendly platform makes it easy to get started. So what are you waiting for? Get started today with Uphold!
Uphold is the perfect choice for anyone looking to purchase precious metals or conduct crypto-to-crypto trading. With a user-friendly interface and excellent customer support, Uphold makes it easy to get started. Plus, with competitive rates and no hidden fees for transfers or withdrawals, you can’t go wrong with Uphold!
Uphold has quickly become the go-to investment platform for those looking to capitalize on the latest and greatest opportunities. With Uphold, users can buy high-growth equities in some of the world’s most rapidly growing companies with just a few clicks! And if you’re looking to trade cryptocurrencies, Uphold is the place to be. So don’t miss out – sign up today!
Uphold is the perfect solution for anyone looking to invest in digital currencies without paying high fees. With Uphold, you can purchase various assets fee-free using an ACH withdrawal or bank account. However, as with Coinbase, Uphold charges a 3.99% transaction fee for credit card transactions. Moreover, the spread on Uphold is significantly greater and fluctuates considerably.
The exchange fee differs according to the asset being converted. In terms of cryptocurrencies, the spread varies between 0.80% and 1.20% for users in the United States and Europe, and it’s approximately 1.80% in other countries. Significantly, Uphold offers some of the most competitive rates in the industry, so you can maximize your profits!
With Uphold, buying Dogecoin is as simple as signing up and clicking a few buttons. Uphold’s platform makes it easy to get started with crypto, whether you’re a seasoned insider or just getting started. So sign up today and join the fun!
If you’re looking for the best crypto apps, look no further. Our list includes some of the most popular and highly-rated apps in the industry. Whether you’re looking to buy, sell, or trade cryptocurrencies, our selection has something for everyone. So what are you waiting for? Start exploring today!
Pros
- Provides trading in precious metals, equities, and cryptocurrencies
- Without any hidden fees or spreads, you’ll always know what you’re going to get
- Eliminate the fear of making costly mistakes when managing digital assets
- You can begin using Uphold in minutes
Cons
- Compared to competitors, it has fewer educational resources
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
10. Coinmama: Fast and Easy Way to Get Dogecoin
Looking to buy or sell Dogecoin? Coinmama is your best bet! Coinmama offers a quick and easy way to buy and sell Dogecoin, Bitcoin, Ethereum, and more. Plus, Coinmama’s user-friendly platform makes it easy for beginners to get started. So what are you waiting for? Start trading today!
Coinmama never stores customer funds or payment information – so you can always be certain that your coins are safe and accessible. With Coinmama, you can take complete control of your cryptocurrency holdings by using a trusted third-party wallet of your choice.
Coinmama offers competitive rates based on the market rate of TradeBlock’s XBX Index along with 2%, plus a commission fee of up to 3.81% when buying cryptocurrencies and up to 0.9% to sell bitcoin. So whether you’re new to the world of cryptocurrencies or a seasoned pro, Coinmama has you covered.
The Coinmama Loyalty Program is your chance to save on every purchase! The more you buy or sell with Coinmama, the more you save in commission fees. Coinmama’s three levels of savings give you even more opportunities to save on your transactions.
Coinmama’s enrolment is automatic, so there’s no need to sign up – just start buying and selling digital currency and enjoy your savings! Ready to start saving? Join the Coinmama Loyalty Program today!
Customers who spend $5,000 over 90 days receive a 12.5% discount on their sales fee. In comparison, customers who spend $18,000 over 90 days or make a lifetime purchase of $50,000 or more receive a 25% discount on their sales fee.
Coinmama offers reduced fees of 2.86% for their most prestigious loyalty members, and Coinmama adds 5% to purchases made using a credit card, debit card, or Apple Pay.
Dogecoin is one of the most popular cryptocurrencies on the market, and for a good reason! It’s fast, easy to use, and incredibly fun. With Coinmama, you can buy Dogecoin quickly and easily with your credit card or bank transfer. So what are you waiting for? Get started today!
Looking to make some money in the cryptocurrency market? Check out our list of the best crypto signals. Our experts have hand-selected the top signal providers to help you make a killing in the markets.
Pros
- No fees for cryptocurrency deposits or withdrawals
- Numerous payment methods
- Verification within minutes
Cons
- Higher fees than some other competitors
- No iOS mobile app
at eToro, #1 Broker in the US
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
How to Invest in Dogecoin – Detailed & Explained in Full
If you have invested in crypto before, this part of our guide will be of great value to you. That is to say, if you are learning how to invest in Dogecoin as a complete novice, you will see a detailed five-step walkthrough below to get the ball rolling.
Note that we are using the number one place to buy Dogecoin in the US – eToro, for our walkthrough. This broker is registered with FinCEN, it’s super easy to use, and you can invest in Dogecoin from just $25 – on a spread-only basis.
Step 1: Open a Dogecoin Investment Account
To get started, go to the eToro website and look for the link to sign up. When the box appears, fill in your full name, email, telephone number, and the username and password you would like to use when logging in to your account.
You will also be asked to complete your residential address, nationality, date of birth, and social security number before confirming your email and cell phone number. Confirm all when you are happy the information you have entered is correct.
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
Step 2: Upload ID
As we have touched on, eToro will also need to verify the information you entered in step one. At this stage, you can upload some documentation.
- Proof of ID Documentation: So the broker can validate your ID, you can send a clear scan or photo of your government-issued ID, such as a passport.
- Proof of Address Documentation: eToro accepts various forms of documentation. This is inclusive of a recent utility bill, tax letter, or bank statement. The approved letter or bill must show the date and your full name and address.
eToro will validate your ID and address using automated technology. This means you should have your account verified within minutes and can move onto the next step of investing in Dogecoin in the US.
Step 3: Deposit Funds
As we mentioned in our earlier review, there are a number of different deposit methods accepted at eToro. The fastest and most convenient options are US-issued credit and debit cards.
eToro also allows you to add funds to your account using a bank transfer or through online banking. However, this can take days to clear – meaning you can’t invest in Dogecoin straight away. There are no transaction fees for US clients, as the platform operates in USD. Plus, the minimum deposit is just $50.
Step 4: Search for Dogecoin
The eToro platform makes investing in Dogecoin a breeze, thanks to its user-friendly layout. Now you have a complete and funded account, you can search for DOGE. Once found, click ‘Trade’ – as seen below.
You are now one step closer to being able to invest in Dogecoin in the US. After clicking the trade button, an order box will appear and you can move onto the next step.
Step 5: Invest in Dogecoin
At this point, you can enter the amount in US dollars you wish to invest in Dogecoin in the relevant box.
Remember, eToro supports investments from as low as $25 – which at the time of writing this guide, is the equivalent of 89.35 units of DOGE tokens.
How to Sell Dogecoin in the US
If you are researching how to invest in Dogecoin in the US – you will also need to sell your tokens at some point, hopefully for a profit.
For example:
- Let’s say you invested $1,000 in Dogecoin when it was valued at $0.10.
- Now imagine DOGE tokens have risen to $0.40 and you decide to cash out.
- This illustrates a 300% price increase.
- The profit from this hypothetical sell order would therefore be $3,000.
The fastest and most convenient way to cash out your Dogecoin investment in the US is to sell at the platform you bought the tokens from to start with. In the case of eToro, the process is over in a few clicks. Simply sign in to your account and create a sell order on DOGE tokens from within your portfolio. The US dollars from the sale will be credited to you by the broker instantly.
Ways to Invest in Dogecoin
Although signing up with a regulated broker is the safest and most convenient option, there are various ways to invest in Dogecoin in the US. See the most common below.
Dogecoin Exchanges
Dogecoin exchanges tend to be offshore, offering investors a long list of markets to swap with cryptocurrency enthusiasts. Whilst they have their advantages, they can also present potential risks, such as how vulnerable the lack of regulation leaves your DOGE tokens.
Regulated brokers offer a safety net that decentralized exchanges often can’t. This is because bodies – such as governmental organization FinCEN (in the US), and financial authority the FCA (the UK) ensure brokers maintain a level of professionalism, transparency, and adhere to a moral code.
Dogecoin Broker
When you opt to invest in Dogecoin in the US via a regulated broker, you will not have to rely on other crypto traders when you need to cash out your investment. This is because you will purchase from the provider on a direct basis.
- Another advantage of electing to invest at a regulated brokerage is that they often support deposits in USD using a range of methods.
- Online broker eToro, for example, is approved by FinCEN and is also regulated by authorities in the UK, Australia, and Cyprus.
Furthermore, you can add funds to your account in US dollars at no extra charge using credit/debit cards, bank transfers, or through online banking.
Dogecoin ATM
We’ve been using ATMs to withdraw fiat cash since the 1960s. Did you know you can also invest in Dogecoin at a teller machine? The major difference is instead of drawing out US dollars – you will put fiat funds in to buy digital currencies. In doing so, DOGE tokens will be added to your crypto wallet.
One thing to note about Dogecoin ATMs is that the fees can be expensive, ranging from 5% to a whopping 15% per transaction. When you compare this to the 0.75% spread payable at eToro, it’s clear which is the most cost-effective way to invest in DOGE.
Should I Invest in Dogecoin?
When asking yourself the question of whether this asset will make a good investment – your decision shouldn’t be made based on guides and other investors’ opinions. Instead, it’s important to learn the ins and outs of how to invest in Dogecoin in the US and also conduct your own thorough research on price history and such.
With that said, you will see below some of the reasons Dogecoin is potentially a good purchase for investors based in the US.
High-Profile Dogecoin Endorsements
When high-profile celebrities, such as Tesla’s CEO Elon Musk, endorse a crypto market, retail investors tend to listen. Dogecoin was initially a parody, created based on a Shiba Inu dog meme. Despite this, at the time of writing, this digital asset features in the top 10 cryptocurrencies in terms of market capitalization.
- In January 2021, Elon Musk took to Twitter with a photoshopped Vogue magazine cover entitled ‘Doge’, later dubbing it ‘the people’s cryptocurrency’.
- As a result of his apparent support in this particular cryptocurrency, DOGE tokens experienced an 800% price increase.
- Twitter support for Dogecoin also came from Snoop Dogg, Gene Simmons, Mark Cuban, and Kevin Jonas, to name a few.
- Since the beginning of the year, Dogecoin has rocketed by 12,000%.
Furthermore, earlier in 2021, an online group called SatoshiStreetBets caused an 85% rally in DOGE tokens by urging people to buy. This is comparable to WallStreetBets, which famously fueled the huge increase in GameStop shares.
As we said, you should never invest in Dogecoin in the US purely based on the opinions, hype, or endorsements of anyone else. It is absolutely crucial that you perform your own research and reach a conclusion yourself about whether this investment suits your goals.
Dogecoin is an Inflationary Cryptocurrency
The creators of this cryptocurrency wanted to generate a predictable growth rate. This means it could potentially one day be used as a currency. In other words, for the buying and selling of real-world services, giving it a functional use in the economy. As such, when researching how to invest in Dogecoin in the US, you will probably see the term ‘inflationary’ thrown around.
See below to explain further:
- Bitcoin has a cap on the number of tokens created, making it a ‘deflationary cryptocurrency’.
- Dogecoin is an ‘inflationary cryptocurrency’ – the static number of DOGE tokens generated every year is around 5.256 billion.
As you can see, Dogecoin is able to increase its supply at a steady and absolute rate each year. This is quite the opposite of Bitcoin, which is expected to run out of tokens to mine by the year 2040.
This is likely to result in people hoarding BTC, which in turn decreases the trading volume and will probably force the price much higher. It’s hoped that DOGE will hit a practical limit that enables investors to predict the inflation rate over time – largely due to its supply growth characteristics.
What are the Risks of Investing in Dogecoin?
All asset classes come with risk attached. When investing in Dogecoin, or any other cryptocurrency, you need to be aware that the risk can be elevated.
- As we touched on earlier, Dogecoin skyrocketed by over 12,00% from the start of the year.
- This makes the digital asset highly volatile.
- With such sharp fluctuations comes great gains for some investors – and losses for others.
This digital asset doesn’t have a noteworthy competitive advantage in this industry, but recent mentions of the coin have caused huge fluctuations in its price. As with any cryptocurrency, it’s important to do some research before investing in such a volatile and speculative asset.
How Much Does it Cost to Invest in Dogecoin?
When learning the ropes of how to invest in Dogecoin in the US, it’s important to open your eyes to the cost involved. After all, brokers and exchanges provide a service – so they need to make money.
The most common fees you may have to pay when investing in Dogecoin are as follows:
- Commissions: Commission fees vary depending on the platform you choose to invest in Dogecoin. For instance, eToro charges a spread only, which starts from just 0.75%. Coinbase on the other hand charges a 1.49% commission as standard.
- Deposits: Again, this fee will vary. As a US client, you will not pay anything to make a deposit via debit card at eToro. Over at Coinbase, you will be charged 3.99% per transaction for the same payment method.
As such, you should always study the fee table before signing up with a platform to invest in Dogecoin in the US.
How to Invest in Dogecoin in the US – Conclusion
Today we’ve offered an in-depth guide on how to invest in Dogecoin in the US. As you now know, it’s never been easier to purchase cryptocurrencies from home. An increasing number of investors see potential in DOGE tokens – the crypto asset that began as a parody. The use of Dogecoin is becoming more widespread, with companies like Tesla now accepting DOGE as payment for brand merchandise. With numerous providers now listing it, you must proceed with caution when choosing the right broker.
We reviewed the top platforms approved to provide access to Dogecoin for US clients – and eToro came out as number one. The broker serves millions of investors, is FinCEN registered, and is regulated by the FCA, ASIC, and CySEC.
You can invest as little as $25 whilst only paying the spread – which is competitive starting at 0.75%. There are plenty of other crypto markets and the provider supports credit and debit cards with no deposit fees to pay for US clients.
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