How to Buy Dogecoin UK – In Under 5 Minutes!

Dogecoin has attracted a lot of media attention over the past few months – not least because Tesla CEO Elon Musk continues to endorse the digital currency to his 57.6 million Twitter followers. In turn, this cryptocurrency has seen astronomical gains in 2021 in the thousands of percentage points.

In this guide, we show you How to Buy Dogecoin in the UK and which cryptocurrency brokers you should consider when completing your online purchase.

#1 Broker to Buy Dogecoin – eToro

1
$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

How To Buy Dogecoin – Choose a Broker

As with all cryptocurrency investments – if you want to buy Dogecoin in the UK in a safe and low-cost manner – you’ll need to open an account with a top-rated broker.

Below you will find a selection of the very best brokers that allow you to invest in Dogecoin in the UK.

  • eToro – Overall Best Broker to Buy Dogecoin UK
  • Coinbase – Coinbase – Best Broker to Buy Dogecoin for Beginners
  • OKEx – Best Low-Cost Broker to Buy Dogecoin UK via a Crypto Deposit
  • Binance – Best Broker to Buy Dogecoin for Asset Diversity

If you need more information about any of the above Dogecoin brokers – you can read our full review of each platform further down in this guide.

$
=
Dogecoin Dogecoin
Sort By

6 Providers that match your filters

Payment methods

Features

Usability

Support

Fees

1 or better

Safety

1 or better

Coin selection

1 or better

Rating

1 or better
Recommended Broker

Rating

for $ 100 you get
486.5414DOGE
What we like
  • Trade real cryptos and crypto CFDs
  • Licensed broker with deposit insurance
  • Integrated wallet
Fees
Safety
Coin selection
Features
Instant Verification For Beginners Wallet Service Mobile App
Payment methods
Credit Card Paypal Sepa Transfer Skrill Sofort
for $100 you get
486.5414 DOGE

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 75% of retail investor accounts lose money when trading CFDs from this provider.

Recommended Broker

Rating

for $ 100 you get
486.1040DOGE
What we like
  • Amount of withdrawal fee: $0
  • Large amount of cryptocurrencies for CFD trading
  • Minimum deposit: $20
Fees
Safety
Coin selection
Features
Instant Verification For Beginners Wallet Service Mobile App
Payment methods
Credit Card Giropay Neteller Paypal Sepa Transfer Skrill Sofort
for $100 you get
486.1040 DOGE

CFDs are complex instruments that have a high risk of losing money quickly due to leverage. 72.6% of retail investor accounts lose money trading CFDs with this provider.

Rating

for $ 100 you get
488.1542DOGE
What we like
  • Viele handelbare Assets
  • Hervorragende Trading Plattform
  • Europäische Lizenz
Fees
Safety
Coin selection
Features
Instant Verification Mobile App
Payment methods
Credit Card Paypal Sepa Transfer Skrill Sofort
for $100 you get
488.1542 DOGE

CFD sind komplexe Instrumente und gehen wegen der Hebelwirkung mit dem hohen Risiko einher, schnell Geld zu verlieren. 76,4% der Kleinanlegerkonten verlieren Geld beim CFD-Handel mit diesem Anbieter.

How to Buy Dogecoin in the UK – A Quick Guide For 2021

Here to learn how to buy Dogecoin in the UK – but don’t have the time to read this comprehensive guide in full? If so, follow the steps outlined below to invest in Dogecoin with FCA-regulated broker eToro in less than 10 minutes.

  • Step 1: Open an Account with eToro – Visit the eToro website, click the ‘Join Now’ button, and proceed to open an account by entering your personal information.
  • Step 2: Upload Your ID – As an online broker that is both authorized and regulated by the FCA – eToro is legally required to verify your identity. As such, you’ll need to quickly upload a copy of your passport or driver’s license – which will be verified almost immediately.
  • Step 3: Deposit Funds – eToro requires a minimum deposit of just $200 (about £140). If you want your deposit processed instantly, opt for a debit/credit card, Paypal, or Skrill.
  • Step 4: Buy Dogecoin – Finally, search for ‘Dogecoin’, click on the ‘Trade’ button, and enter your stake. The minimum amount you can invest in Dogecoin at eToro is $25 (about £18).

Once you click on the ‘Open Trade’ button – eToro will instantly execute your buy order and add your newly purchased Dogecoin tokens to your portfolio!

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Where to Buy Dogecoin in the UK

The most important thing to consider when learning how to buy Dogecoin in the UK is the broker or exchange that you sign up with. After all, there are hundreds of shady platforms in the digital currency arena – most of which operate in an unregulated manner.

Taking the importance of customer safety into account – alongside low fees and user-friendliness, below we list a selection of the best brokers to buy Dogecoin in the UK.

1. eToro – Overall Best Broker to Buy Dogecoin UK

etoro review We researched dozens of cryptocurrency brokers that allow you to buy Dogecoin in the UK and eToro came out as a clear winner. Firstly, the platform is heavily regulated – so you should have no concerns regarding the safety of your funds or crypto assets. Not only does this include regulation from the FCA, but ASIC (Australia) and CySEC (Cyprus) too.

In terms of buying cryptocurrencies like Dogecoin on eToro, the process could not be easier. This is because the platform was designed with newbies in mind. For example, opening an account takes minutes and your KYC document will be verified instantly. You can also deposit funds with ease at eToro – as the broker accepts a wide range of UK payment methods.

etoro review

This includes a local bank transfer, debit/credit cards issued by Visa, MasterCard, and Maestro, and even e-wallets like Paypal and Skrill. Once you have made a deposit – you can proceed to buy Dogecoin. The minimum amount you can invest in Dogecoin is just $25 – meaning that you can buy sensible amounts without breaking the bank. Best of all, eToro is arguably the cheapest online broker to buy Dogecoin in the UK.

This is because the platform only charges a ‘spread’ – which is the difference between the bid and asking DOGE price. As soon as you have completed the purchase, your Dogecoin tokens will be added to your eToro portfolio. You can keep them there for as long as you wish – fee-free. Then, when you get around to selling your Dogecoin investment, you can do this instantly from within your portfolio dashboard.

etoro review

On top of Dogecoin, eToro also allows you to invest in a range of other digital assets. This includes everything from Bitcoin, EOS, and Ripple, to Decentraland, Cardano, and Uniswap. Additionally, this top-rated brokerage site also offers thousands of UK and international stocks from 17 marketplaces – all on a commission-free basis. Other supported trading markets include indices, commodities, and forex.

Perhaps the most notable feature of eToro is that it offers social and copy trading services. The latter allows you to select an investor that actively uses eToro to trade and then copy all of their ongoing buy and sell orders. For example, if the expert trader risks 15% of their invested capital on Ethereum, as will you. There is also a professionally managed portfolio that specializes exclusively in cryptocurrencies. This will give you access to a diverse basket of digital assets through a single investment.

Pros

  • Invest in cryptocurrencies on a spread-only basis
  • Buy thousands of UK and international stocks at 0% commission
  • Minimum investment per trade from just $25
  • Supports debit/credit cards, e-wallets, and local bank transfers
  • Regulated by the FCA, CySEC, and ASIC
  • Used by over 20 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. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

2. Coinbase – Best Broker to Buy Dogecoin for Beginners

coinbase review If your main focus when choosing a broker to buy Dogecoin in the UK is that of user-friendliness, then Coinbase could be the right platform for you. Launched back in 2012 – Coinbase has quickly grown to become one of the largest cryptocurrency brokers in this industry. In fact, it now boasts a customer base of over 35 million investors.

In a similar nature to eToro, Coinbase makes the Dogecoin investment process super easy – even if you have never traded digital assets previously. To get started, you’ll need to register an account by entering your personal information and contact details, followed by the upload of your government-issued ID. Then, you can deposit funds instantly with your debit card.

coinbase review

This will cost you an all-in fee of 3.99% of the purchase amount. For example, if you buy £500 worth of Dogecoin with your debit card, Coinbase will charge you £19.95 in commission. The tokens will then be added to your Coinbase web wallet instantly. Unfortunately, Coinbase doesn’t support e-wallets like Paypal – but it does accept UK bank transfers. This deposit method is available on a fee-free basis, albeit, you will need to pay a trading commission of 1.49% to then buy Dogecoin.

Coinbase is home to dozens of other crypto assets of various shapes and sizes – so diversifying is simple. Unlike eToro, you won’t have access to alternative asset classes like stocks or ETFs. Nevertheless, Coinbase also stands out for us as the broker is behind first-grade security practices. This includes keeping your digital assets in cold storage, two-factor authentication, email notifications, and if you wish – a 48-hour lockup period on withdrawal requests.

Pros

  • One of the most popular cryptocurrency exchanges
  • More than 35 million 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%

3. OKEx – Best Low-Cost Broker to Buy Dogecoin UK via a Crypto Deposit

If you are planning to buy Dogecoin in exchange for an alternative cryptocurrency like Bitcoin or Ethereum, then OKEx is well worth looking into. In taking this approach – as opposed to adding funds with a debit/credit card or bank account, several benefits come into play. For example, OKEx allows you to buy, sell, and trade Dogecoin anonymously when you avoid fiat money.

That is to say, as long as you deposit and withdraw funds in a crypto asset and do not trade significantly large amounts, then there is no requirement to provide any KYC documents. In fact, other than an email address and password, you don’t need to provide any other information in order to open an account. In addition to this, OKEx is one of the most competitive cryptocurrency brokers when it comes to fees.

okex review

For example, the most you will pay to trade digital currencies like Dogecoin is 0.10% per slide. The commission is even lower when you trade large volumes. When it comes to supported pairs, OKEx allows you to buy Dogecoin in exchange for Bitcoin (BTC), Tether (USDT), and Ethereum (ETH). We should note that OKEx also supports fiat currency deposits in the form of debit/credit cards and local bank transfers.

This is a much more convenient way of completing your cryptocurrency purchase – especially if you do not own any digital tokens at present. However, you won’t be able to buy Dogecoin in the UK directly with a debit/credit card when using OKEx. Instead, you will first need to purchase Bitcoin or Ethereum and then exchange this into Dogecoin. In terms of reputation, OKEx is one of the largest cryptocurrency brokers in this industry – with over 20 million investors on its books.

Pros

  • Trusted crypto exchange with over 20 million users
  • More than 400+ digital currency pairs
  • Buy and sell cryptocurrencies with a debit/credit card or bank transfer
  • Low commissions that start from 0.1%
  • Fully-fledged mobile app on Android and iOS
  • Great reputation and highly secure

Cons

  • Debit/credit card fees could be more competitive
  • Derivative products too complex for beginners

4. Binance – Best Broker to Buy Dogecoin for Asset Diversity

When it comes to the largest cryptocurrency exchange for trading volume and liquidity – no providers get close to Binance. This is because the platform averages daily trading volumes in the tens of billions of dollars. In turn, this ensures that traders have access to huge levels of liquidity and tight spreads.

Binance offers a number of ways for you to invest in Dogecoin. The easiest is to complete an instant debit card purchase. You will, however, first need to open an account and go through a quick KYC process by uploading a copy of your passport or driver’s license. Then, you can use your debit or credit card to buy Dogecoin in the UK instantly.

binance review

The minimum investment amount is just £15, albeit, debit/credit card payments do attract a fee of 1.8%. This is much cheaper than the 3.99% charged by Coinbase. Alternatively, you can also deposit funds into your Binance account via a bank transfer – which is processed via the UK Faster Payments Network. This means that your deposit should only take a few minutes to arrive. Plus, this deposit method comes without any transaction fees at Binance.

The other option you have is to deposit funds with a crypto asset. Not only will this give you access to a trading commission of just 0.10% – but you won’t be required to provide any personal information or upload any KYC documents. Binance is also a good option if you seek crypto-asset diversity – as the exchange is home to hundreds of digital currencies. This comes in the form of crypto-fiat and crypto-cross pairs – so you will never be short of trading opportunities.

Pros

  • Facilitates billions of dollars in daily trading volume
  • Supports hundreds of digital asset pairs
  • Near-instant deposits via debit/credit cards and local bank transfers
  • 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

How to Buy Dogecoin in the UK – Detailed & Explained in Full

So now that we have discussed the best brokers to buy Dogecoin in the UK – you now need to move onto the next step. This will entail opening a cryptocurrency brokerage account, verifying your identity, depositing funds, and completing your Dogecoin investment.

If this is your first time buying Dogecoin – or any digital asset for that matter, then follow the detailed walkthrough below on how to invest via FCA-regulated broker eToro.

Recommended Broker
Buy now

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 75% of retail investor accounts lose money when trading CFDs from this provider.

Recommended Broker
Buy now

CFDs are complex instruments that have a high risk of losing money quickly due to leverage. 72.6% of retail investor accounts lose money trading CFDs with this provider.

Recommended Broker
Buy now

CFDs are complex instruments and carry a high risk of possible rapid loss of capital due to their leverage. 71% of retail investor accounts lose capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take high risk in losing your capital.

Rating
5.0
4.5
4.3
Mobile App Rating
1/10
10/10
9/10
Mobile App
Wallet
Number of Coins
32814
Trading Fees
SpreadsCommissionN/A
Deposit Fees
N/A$0N/A
Withdrawal Fees
5 USD$0N/A
Regulated
N/AYesCBI and MiFID in Europe
Min. Deposit
50$$20$100
Leveraged Trading
N/AYes1:2 for cryptocurrencies
Bitcoin
$48447.73$48135.17$48255.38
Ethereum
$3500.23$3438.40$3446.99
XRP
$1.10$1.08$1.09
Tether
$1.00N/AN/A
Litecoin
$184.51N/A$182.16
Bitcoin Cash
$640.44N/A$636.36
Chainlink
$28.46N/A$28.89
Cardano
$2.45N/AN/A
IOTA
$1.67N/A$1.63
Binance Coin
$421.93N/AN/A
Stellar
$0.33$0.32$0.33
EOS
$5.58N/A$5.50
Credit Card
Paypal
Sepa Transfer
Skrill
Sofort
Giropay
Neteller

Step 1: Open a Crypto Broker Account

To get the ball rolling, you will need to visit eToro to open a brokerage account. This will initially require you to enter your first and last name, mobile number, and email address. You will also need to create a strong password.

Next, you will be asked to enter additional personal information – such as your home address, national insurance number, and date of birth.

how to join etoro

Finally, to complete the registration process, you’ll need to verify your mobile number. eToro will send a code to your phone which you will then need to enter on-screen when prompted. All in all, this part of the process should take you no more than 5 minutes.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Step 2: Verify Your Account

Unlike the vast majority of cryptocurrency brokers – eToro is heavily regulated. As such, you can buy and trade Dogecoin with the comfort that your capital is in safe hands. With that said, this does mean that you will be required to go through a quick KYC process to ensure that eToro complies with anti-money laundering laws.

To complete the process, upload the following two documents:

  • Bank statement or utility bill – issued within the last three months
  • Valid passport or driver’s license

eToro uses automated verification technology – so as long as your document has been uploaded clearly, your account should be verified near-instantly.

Step 3: Make a Deposit

eToro deposit

The next step required is to make a deposit into your eToro account. The minimum deposit requirement for first-time deposits is $200. After that, it drops down to just $50.

Supported payment methods at the platform include:

  • Visa
  • MasterCard
  • Maestro
  • Skrill
  • Neteller
  • Paypal
  • Bank Transfer

Your deposit will be added to your eToro account straightaway – as long as you avoid a bank transfer.

Step 4: Go to Dogecoin Trading Area

Once you have added some money to your account, you can search for Dogecoin on the eToro platform. The easiest way to do this is to enter ‘DOGE’ into the search box and click the result when it loads (like the image below).

buy dogecoin etoro

On the next page, click on the ‘Trade’ button to populate an order box.

Step 5: Buy Dogecoin UK

Finally, you will need to fill out a buy order box to complete your Dogecoin investment. By default, your will be buying Dogecoin via a market order – which means that it will be executed instantly at the next best available price.

buy dogecoin etoro

As such, all you need to do is enter the amount of money that you wish to invest in Dogecoin (minimum is $25). To complete your purchase, click on the ‘Open Trade’ button.

Buy Dogecoin – Best Place to Buy Dogecoin in the UK

There are many ways in which you can invest in this exciting digital currency – so in the sections below we will discuss the best place to buy Dogecoin in the UK.

Online Cryptocurrency Broker

If you’re want to buy Dogecoin in the safest and most convenient way possible – you are best advised to use a regulated broker. In doing so, you can be sure that you are using a legitimate provider, and thus – your trading capital is secure at all times. For example, in the case of eToro, the platform is regulated on three fronts.

  • This includes the Financial Conduct Authorty (FCA), Cyprus Securities and Exchange Commission (CySEC), and Australian Securities and Investments Commission (ASIC).
  • This means that you will benefit from investor protections surrounding KYC and client fund segregation.

Plus. as a regulated entity, eToro is able to accept fiat currency deposits from UK residents. As a result, you can easily add funds to your account via debit/credit card, Paypal, Skrill, or a local bank transfer.

Cryptocurrency Exchange

There are a significant number of cryptocurrency exchanges that support Dogecoin – most of which are unregulated. This means that you will likely be able to buy and sell cryptocurrencies without needing to provide any ID. This is, however, at the expense of security.

Crucially, many cryptocurrency exchanges have been hacked in recent years – with the thieves often getting away with client balances.

dogecoin exchanges

As such, we strongly suggest that you avoid buying Dogecoin from an exchange that isn’t licensed. Additionally, rarely do unregulated exchanges have the legal capacity to accept debit/credit cards or bank transfers – so you will need to fund your account with an alternative digital currency anyway.

Dogecoin ATM

The other option you have in your quest to buy Dogecoin in the UK is to find a local cryptocurrency ATM. These terminals allow you to inset cold-hard cash and in return – you will receive Dogecoin. The problem is that at present – only a very small number of cryptocurrency ATMs in the UK allow you to buy Dogecoin.

These are largely scattered around London and Birmingham. Plus, the fees associated with Dogecoin ATM purchases are often sky-high – often surpassing 10-15%.

Ways to Buy Dogecoin UK

Baring in mind that Dogecoin is now a multi-billion pound cryptocurrency – you have a number of ways to get your hands on this digital asset.

Below you will find the most convenient ways to buy Dogecoin in the UK right now.

Buy Dogecoin With Debit Card

The easiest and most common way to buy Dogecoin in the UK is to use a debit card via a regulated online broker. Once you have opened an account with the broker in question and verified your identity – you can then buy Dogecoin with a debit card instantly. Most brokers will support cards issued by Visa, MasterCard, Visa Electron, and Maestro.

In order to complete your Dogecoin purchase, you will need to enter your debit card details into the cryptocurrency broker’s website. As long as you are using a regulated broker – then you do not need to worry about your debit card details being compromised – as safety is assured.

Click here to Buy Dogecoin with Debit Card >

Buy Dogecoin With Credit Card

You might want to have a rethink if you are planning to buy Dogecoin with a credit card. After all, if the value of your Dogecoin investment goes down – you will still need to repay the full purchase amount. Plus, some credit card issuers charge a cash advance fee when buying cryptocurrency – which could add a further 3-5%.

how to buy dogecoin uk

Nevertheless, if you do want to buy Dogecoin with a credit card – you can do this at eToro. The payment will be processed instantly – subsequently allowing you to get your hands on Dogecoin without delay.

Click here to Buy Dogecoin with Credit Card >

Buy Dogecoin With Paypal

Another way that you can buy Dogecoin in the UK is with Paypal. In fact, FCA-regulated brokerage site eToro not only allows you to buy Dogecoin with Paypal – but Skrill and Neteller, too. The process is not only seamless, but instant and secure.

First, you will need to enter the amount you wish to deposit. Then, a pop-up box will appear asking you to login into Paypal. Finally, after you confirm the transaction with Paypal, the funds will be added to your eToro account. You can then proceed to buy Dogecoin.

Click here to Buy Dogecoin with Paypal >

Buy Dogecoin With Bitcoin

If you have Bitcoin in a private wallet and you are happy to exchange it into Dogecoin – you can complete the transaction in minutes. A good option in this respect is Binance, as the broker supports a DOGE/BTC at incredibly low fees. In fact, you will be charged a commission of just 0.10% to swap Bitcoin into Dogecoin.

An additional benefit of using Binance to exchange or buy Dogecoin in the UK with Bitcoin, is that you can complete the process anonymously. This is because you will only be depositing and withdrawing funds with digital currencies – so no personal information of verification documents are required.

Click here to Buy Dogecoin >

Why Buy Dogecoin UK?

If you’re wondering whether or not you should buy Dogecoin in the UK – this section aims to help clear the mist. Below you will find five reasons why you might consider investing in Dogecoin right now.

Buy Lots of Dogecoin With a Small Investment

The first key benefit of choosing Dogecoin over other popular cryptocurrencies is that you only need a small capital outlay to get your hands on a significant number of tokens. For example, at the time of writing, you will pay just over $0.25 for one Dogecoin token – which amounts to approximately £0.18.

With this in mind, you would be able to buy 1,000 Dogecoin tokens with a capital outlay of just £180. This is in stark contrast to other well-known cryptocurrencies – which invariably cost a lot more. For example, Bitcoin has since traded above $63,000 (about £45,000) and Ethereum at $3,000 (about 2,100).

Huge Gains in 2021

Although Dogecoin was first launched into the cryptocurrency markets in 2013 – the digital asset remained worthless for the following 8 years. As such, it wasn’t until the turn of 2021 that Dogecoin began to take off. For example, on January 1st, 2021 – the price of Dogecoin was trading at $0.004 per token.

dogecoin price

Then, on May 8th, 2021 – Dogecoin hit an all-time high of $0.73. This amounts to a price increase of 18,000% – not bad for five months of trading. This means that had you invest £2,000 into Dogecoin at the start of the year and cashed in early May, at its peak, your Dogecoin would have been worth £360,000.

Buy the Dip While you Still can

In the section above, we noted that Dogecoin hit heights of $0.73 in May of this year. However, at the time of writing in June 2021, the price of Dogecoin has since slipped to just $0.25. This means that in just under two months of trading, the price of Dogecoin has declined by 65%.

The good thing is that if you are yet to buy Dogecoin in the UK – you can now enter this marketplace at a much more favorable price. That is to say, why pay $0.73 for a single Dogecoin token when you can pay $0.25? This means that you are essentially entering the market at a 65% discount.

Dogecoin Community is Huge

There can no be denying just how big the Dogecoin community now is. Sure, there are plenty of speculative investors that have been in possession of Dogecoin since it was launched in 2013. But, this number has skyrocketed since the turn of 2021. This is largely because of the endorsement the digital currency has received from Elon Musk.

Crucially, not only is Musk respected globally as the CEO and founder of both Tesla and SpaceX – but the entrepreneur is home to over 57.6 million Twitter follows. Naturally, this means that every time Musk posts a possible Tweet about Dogecoin – this results in the digital currency going on an upward run.

You then have the Dogecoin Reddit group – which now consists of over 2.1 million members. This is a great place to speak with like-minded cryptocurrency investors and get up-to-date news and developments on the project.

Major Brokers Around the World Support it

It is important to remember that the cryptocurrency industry is now home to over 10,000 digital assets. Only a handful of these projects are hosted by regulated brokers – as the provider must ensure that it is not listing a cryptocurrency that turns out to be a scam. In most cases, this will include the likes of Bitcoin, Ethereum, Ripple, and Litecoin.

  • However, there is now a strong wave of well-respective brokerage firms that also list Dogecoin.
  • This includes eToro – which is home to over 20 million investors and regulated by the FCA.
  • Over in the US – Robinhood also lists Dogecoin, which is one of the largest brokerage sites in the country with 13 Million investors

Ultimately, the key point here is that by being listed at regulated brokers – this gives Dogecoin credibility. Furthermore, and perhaps most importantly, this gives access to Dogecoin to significantly more people. And with more buyers entering the market, this can be highly favorable for the future price of Dogecoin.

The Cost of Buying Dogecoin

When going through the process of buying Dogecoin in the UK, you need to be aware of what fees your chosen broker or exchange charges. This will, of course, have a direct impact on your ability to make a profit from your Dogecoin investment.

As such, below we discuss the main fees to be aware of when you learn how to buy Dogecoin in the UK.

Deposit Fees

If you are planning to buy Dogecoin in the UK with a debit or credit card – there is every chance that your chosen broker will charge handsomely for this. For example, Coinmama charges 5%, which at Coinbase you will pay 3.99%. Over at Binance, the debit/credit card fee is slightly more competitive at 1.8% of the total investment amount.

With that said, eToro is bar far the most cost-effective broker should you wish to buy Dogecoin with a debit card. In fact, the FCA-regulated broker charges just 0.5% on debit/credit card and e-wallet deposits. This means that by depositing £1,000 – you will pay just £5.

Most online brokers that support bank transfers charge much lower fees when using this payment method. For example, Binance and Coinbase allow you to deposit funds via the Faster Payments Network for free.

Trading Fees

If you fund your brokerage account without making a direct purchase, you will then need to head over to the trading arena to buy Dogecoin manually. This isn’t a problem in terms of user-friendliness, but you need to pay a commission along the way. Once again, this can vary wildly depending on which broker you use to buy Dogecoin in the UK.

For example, you have the likes of Coinbase – which charges a standard commission of 1.49%. This means that when you buy Dogecoin you will pay 1.49%, and again when you decide to sell. Coinmama is even more expensive – with the cryptocurrency broker charging a buy commission of 3.90%

how to buy dogecoin uk

Over at eToro, you will once again find that this top-rated broker comes out on top in the fee department. This is because the broker doesn’t charge any commission at all – so it’s only the spread that you need to pay to buy Dogecoin. This can be calculated by looking at the difference between the buy and sell price of the digital asset at the time of the purchase.

Risks of Buying Dogecoin in the UK

Before you proceed to buy Dogecoin in the UK, it’s really important that you consider the risks. Crucially, this is because there is every chance that you will get back less than you originally invested into the digital asset.

Below we discuss the main risks that need to be considered.

The Dogecoin Bubble Could Burst

Although cryptocurrencies like Bitcoin and Ethereum have also experienced significant price increases over the past few years, Dogecoin’s growth in 2021 has been nothing short of parabolic. As noted earlier, between the months of January and May 2021 – the digital asset increased in value by 18,000%.

It goes without saying that an upward trajectory of this magnitude cannot forever. On the contrary, this is illustrative of an asset class that is not only overly speculative – but one that is potentially in the midst of a bubble that could eventually burst. If it does, then this could result in your losing a considerable amount of money.

Upside Potential is Limited

Another risk that you need to consider is that the upside potential with Dogecoin is now potentially limited. This is because the cryptocurrency has grown so quickly that it has since hit an all-time high market capitalization of over $90 billion.

There is only so much higher that the digital currency can go – which is why the current risk/reward ratio on offer does begin to look somewhat unattractive. This means that you are taking a large amount of risk by buying Dogecoin with little upside on the table.

how much is dogecoin

On the flip side, a short-to-medium-term target of $0.73 – its prior peak level, is most definitely within the realms of possibility. This, based on current prices of $0.25 – offers a target upside of 192%.

Speculative Without Usage

Many people buy a cryptocurrency because they believe the underlying project offers real-world usage and thus – it solves current-day problems. For example, Bitcoin is now seriously being considered as a store of value that investors can turn to during times of economic uncertainty.

However, Dogecoin offers little in the way of actual use-case. Sure, the technology allows people to send and receive funds in a decentralized, fast, and low-cost manner.

But, there are dozens of other blockchain protocols that can do the same thing – only better. As a result of this, you are essentially buying Dogecoin in the UK on the back of FOMO (Fear of Missing Out) and wider market speculation. Ultimately, if you’re a conservative or risk-averse investor, Dogecoin won’t align with your financial goals.

Selling Dogecoin: A Quick Overview

The process of selling Dogecoin is much the same as buying the digital asset – but in reverse. The specifics will, however, depend on whether you keep your coins in the brokerage account you bought them from or withdraw them from a private wallet.

If, for example, you bought Dogecoin at eToro, you can just place a sell order. As soon as you do, the cash proceeds will be added to your account – which you can then withdraw. Alternatively, if you are storing the coins in a private wallet, you will need to deposit the funds into an exchange.

Then, you can sell Dogecoin into a cryptocurrency like Bitcoin or Ripple. Some platforms – such as Coinbase, also allow you to sell Dogecoin straight into cash – which you can then withdraw back to your bank account.

How to Buy Dogecoin UK – Conclusion

This guide has explained the nuts and bolts of how to buy Dogecoin in the UK. Not only does this include the best brokers to consider when investing in this digital cryptocurrency – but the specific steps required. As we have noted throughout this guide, eToro is the best brokerage site to buy Dogecoin in the UK.

The platform is heavily regulated – which includes a license with the FCA. You will only pay the spread to make a purchase and the minimum investment is just $25. Best of all, it takes just 10-minutes from start to finish to buy Dogecoin at eToro – as the platform supports instant payment methods in the form of a debit/credit card and e-wallet.

eToro – Best FCA Broker to Buy Dogecoin UK

1
$50Exclusive promotion
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

FAQ

How to buy Dogecoin in the UK?

Where to buy Dogecoin in the UK

Is Dogecoin a good investment?

Is Dogecoin safe to invest in?

How to sell Dogecoin?

About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.