How to Buy Dogecoin UK – Beginners Guide for 2024

With the recent market crash pulling Dogecoin below 90% from its ATH, many buyers want to buy Dogecoin before the market picks up again.

This easy-to-follow guide is designed for buyers who want to know how to buy Dogecoin in the UK. It provides a clear, step-by-step buying process. It outlines the best places to buy DOGE, focusing on affordability, safety, and top features.

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

Where to Buy Dogecoin in the UK – Best Exchanges Reviewed

Dogecoin has made a huge impact in the crypto world since its launch. With its growing popularity and high market cap, it stands as the biggest meme coin by market cap at the time of writing.

As well as how to buy Dogecoin, you might also be wondering where to buy Dogecoin. Many UK investors are looking to buy Dogecoin from a reliable exchange. We have analyzed and identified some of the top exchanges, ensuring that the process is transparent and secure;

1. MEXC – Overall Best Crypto Exchange in 2023

Our top recommended cryptocurrency exchange right now is MEXC – used by over 10 million users across 170+ countries. MEXC offers competitive trading fees, multiple payment options, staking opportunities, and other unique features. 

The sign-up process only takes a few minutes – after which traders can start buying and selling Dogecoin and more than 1,000 cryptos for just $5. 

MEXC stands out from other crypto exchanges – as it charges no spot trading fees on transactions. The futures trading taker fee starts from only 0.02% per transaction and is 0% for limit orders. 

MEXC uses an anti-DDoS system to secure the platform against any threats. More than $500 million worth of user’s funds are locked in cold storage – protecting it against any potential hacks. Advanced traders can also engage in margin and futures trading, and maximize their holdings by applying leverage. 

Novice traders can gain expertise from trading professionals by accessing the copy trading tool – allowing you to copy the exact trades of others. MEXC also offers several educational resources and articles to help increase your trading knowledge. 

Those looking to generate passive income can stake DOGE on MEXC Savings – and generate up to 1% in APRs. Through the flexible staking option, investors can lock and unlock their holdings as they please. Payments on MEXC can be made using SEPA transfers, credit/debit cards, and bank transfers. 

MEXC also offers 24/7 customer support to cater to all their user’s needs. 

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Binance – Global Crypto Exchange With Over 160 Million Registered Users

The most popular cryptocurrency exchange in the world, Binance is used by more than 160 million people worldwide. 

Trading fees on Binance start from just 0.1% per transaction. Along with Dogecoin, investors can trade more than 400 other cryptocurrencies. This platform offers a Binance Academy – where novices can learn more about cryptos and NFTs. 

Binance also allows traders to test their strategies through a demo account – pre-loaded with 10 BTC. This is a good way to practice new strategies without risking any funds. Dogecoin can be staked on Binance through a flexible staking option to earn up to 0.18% annually. 

This platform offers unique features such as a swap farming mechanism – allowing traders to access hundreds of crypto pairs through liquidity pools. Advanced traders can access leverage on their trades, and take out futures contracts. 

Binance supports multiple payment options including VISA, Mastercard, credit/debit cards, and ACH transfers. Credit cards incur a 4.5% fee per transaction. Alternatively, other payment options such as ACH transfers incur no additional fees. 

3. Coinbase – Leading Exchange With Robust Security and Instant Processing, Offering Over 250 Assets

Coinbase is one of the best crypto exchanges in the UK, with an expansive reach of over 100 million customers. The process of how to buy Dogecoin through Coinbase is simple.

It begins with account creation, which requires personal information and identification verification, such as a passport or driver’s license. After verification, you can quickly purchase Dogecoin using a Visa or MasterCard, with an instant processing time.

However, it’s essential to consider the cost involved. Coinbase’s fee for purchasing Dogecoin with a debit card is 3.99%, making it a more expensive option. 

Alternatively, one can transfer funds from a UK bank account, eliminating deposit fees but incurring a 1.49% trading commission. These charges contrast with platforms like MEXC, which may provide cheaper alternatives.

Besides Dogecoin, Coinbase allows investment in over 250 other crypto assets, including Ethereum, Litecoin, Bitcoin, and more. With a minimum investment requirement of just $1, Coinbase attracts beginners.

While Coinbase provides an easy-to-navigate platform for buying Dogecoin in the UK, the higher fees may lead some to explore other alternatives. Nevertheless, its reputation, security features, and broad asset support make it a viable option for new and experienced traders.

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

4. Kraken – Top Crypto Exchange has Never Faced a Major Security Breach 

 The next cryptocurrency exchange on our list is Kraken – which was launched in 2013. Along with Dogecoin, investors can trade more than 220 cryptos on this exchange. Kraken’s unique selling point is that it is one of the few big platforms to have never faced a proper security breach. 

The platform protects user’s funds by storing 95% of all assets in cold storage. All sensitive data is encrypted on Kraken, and the platform uses SSL encryption while investors browse through the exchange. By using two-factor authentication (2FA) and email verification protocols – Kraken adds an extra layer of security to the accounts. 

Investors can buy cryptos instantly – paying a 1.5% on each transaction, and a 0.9% fee when purchasing stablecoins. Purchasing cryptos regularly incurs a lower fee – starting from just 0.16% per transaction. 

The fees on margin trading start from 0.02% for every 4 hours that the position remains open. Advanced traders can apply up to 5x leverage on trades, and use active charts and open orders through the Kraken Pro account. 

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Crypto assets are highly volatile and unregulated in most EU countries, Australia, and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk. 

What is Dogecoin?

Dogecoin is a decentralized, peer-to-peer crypto launched in December 2013 as a lighthearted alternative to mainstream cryptos like Bitcoin. Its name and Shiba Inu logo, derived from a popular meme, give it its unique identity.

The creation of Dogecoin was inspired by a social media buzz that caught the attention of software developers Billy Marcus and Jackson Palmer. 

Initially conceived as a joke, the positive feedback led them to bring Dogecoin to life. Its code was based on Luckycoin, which in turn was derived from Litecoin.

In the early years, Dogecoin was more associated with memes and internet fun than a serious investment. However, it gained significant fame during the crypto bubble between 2017 and early 2018, when its value increased exponentially. After the bubble burst, its value decreased, but a core group of believers still supported it.

Dogecoin’s blockchain protocol is forked from Litecoin with specific alterations. While Litecoin takes 2.5 minutes to mint a block, Dogecoin does so in one minute. Utilizing the Scrypt hash function instead of Bitcoin’s SHA256, Dogecoin made certain hardware, specifically engineered for Blockchain, inefficient.

The platform’s fast block minting and acceptance by various services, such as the American Gold Exchange, provide practical utility. Furthermore, Dogecoin is used for donations for Twitch streamers and purchasing merchandise from teams like Dallas Mavericks.

Unlike Bitcoin, Dogecoin has no cap on the number of DOGE in circulation, creating an ever-growing supply. Approximately 10,000 new coins are mined every minute, contributing to its abundance.

What makes Dogecoin valuable is a complex interplay of supply and demand. Its ever-growing supply required a surge in demand to drive its values. The price rocketed around 7,000% in 2021, influenced by the broader crypto boom and media attention.

Is Dogecoin a Good Investment? 

The question of whether Dogecoin is a good investment has many dimensions. It depends on individual financial goals, risk tolerance, and careful consideration of the points discussed below. It requires a nuanced perspective that weighs the potential rewards against the inherent risks.

Community and Development Support

• Community Engagement: One of the main factors of Dogecoin’s success is its strong community support. From tipping content creators to funding philanthropic projects, the community can continue to drive positive attention to the coin.
• Developer Activity: While the development activity was relatively stagnant, recent engagements indicate an uptick in interest in improving the network’s functionality and security. However, it’s worth comparing the development activity with other major cryptos to gauge Dogecoin’s competitiveness.
• Partnerships and Integrations: Dogecoin’s adoption into payment systems, collaboration with businesses, and ongoing integration with DeFi platforms may have a lasting impact on its value and utility. Monitoring these developments can help investors make a more informed decision.

Liquidity & Accessibility

• Highly Liquid Asset: Dogecoin’s multi-billion dollar market capitalization ensures high liquidity, making buying and selling easier.
• Widespread Availability: Some of the best brokers UK and crypto exchanges offer Dogecoin, improving its accessibility for investors.
• Affordability: Unlike Bitcoin or Ethereum, which can cost thousands of dollars per coin, Dogecoin is priced under $1, allowing investors to own many tokens without heavy investment. This affordability can attract small investors who prefer owning whole tokens over fractional parts of expensive assets.

Potential for Global Payments

• Fast and Cheap Transactions: Dogecoin’s one-minute confirmation time and low transaction fees make it an attractive option for transferring funds domestically and overseas.
• Comparison with Other Cryptos: Although it outperforms Bitcoin in speed and cost, other networks like XRP, Solana, and Cardano offer even more efficiency, which might make Dogecoin less competitive in the long run.

Other Points To Consider

• Discounted Price: Dogecoin experienced a significant market correction since its peak in 2021. This price reduction is an opportunity to buy at a discounted rate. At press time, DOGE is trading at a 91% discount from its ATH price of $0.73.
• Volatility Risk: However, the same price fluctuations that create these opportunities also indicate a level of volatility that may not be suitable for all investors.

• Celebrity Endorsement: Elon Musk’s support for Dogecoin has significantly impacted its value. A single tweet from him can move the market. However, dependence on Musk’s endorsement could make the price susceptible to sudden changes based on his statements or actions.

• Global Payment Network Suitability: While superior to Bitcoin, its performance does not make it the de facto choice for a global payments network.

Crypto assets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Dogecoin Price History

Dogecoin’s price history can be categorized into three phases: the pre-2021 stability, the meteoric rise in 2021, and the turbulent journey from 2022 into 2023.

The 2021 Surge

From its inception in 2013 until the dawn of 2021, Dogecoin remained relatively uneventful, often mirroring the broader crypto market trends. Its value hovered around the $0.002-$0.004 range during this period.

2021 was a turning point for Dogecoin, with its price rising from $0.008 to $0.7 by early May. This represents an impressive gain of over 8,000%, partly attributable to Tesla CEO Elon Musk’s endorsements. This rise peaked on May 8, 2021, with an all-time high of $0.7376, a surge of over 15,650% from the start of the year. 

However, after Musk’s appearance on Saturday Night Live, where he referred to Dogecoin as a “hustle,” the price dropped, falling to around $0.3 by the end of May.

2022-2023: A Roller Coaster Ride

In 2022, Dogecoin opened at around $0.17, fluctuating throughout the year. A high of $0.2 was achieved in January, followed by a dip to $0.05 in June when Bitcoin crashed.

Several events contributed to Dogecoin’s fluctuating price, such as Elon Musk’s interventions, the collapse of specific exchanges, and social media-driven spikes. By the end of 2022, Dogecoin settled at $0.07, followed by a resurgence in early 2023.

The beginning of 2023 saw Dogecoin recovering, closing January at $0.09. However, the collapse of Silvergate Bank led to a drop to $0.06 in March. At press time, DOGE was near the $0.06 level after being relatively stable near its $0.05 support level for the last two months.

Future Outlook – Dogecoin Price Prediction

Dogecoin has proven to be more than a fad in the crypto space. Though its journey has been filled with ups and downs, the coin continues to draw attention from investors and analysts alike. Below is a Dogecoin price prediction analysis based on recent market trends.

Since reaching its ATH in May 2021, Dogecoin’s price has descended for around 18 months, forming a pattern known as a descending channel. This pattern, comprising two parallel downward lines, resembles a sharp downtrend. Yet, it also signals a cyclical behavior, hinting at a potential price reversal.

In October of the previous year, Dogecoin broke free from this downward momentum in a bullish rally, but unfortunately, the rally was short-lived. 

The market then slipped into a ‘falling wedge,’ indicating a bearish domination. However, the price recently reversed from the $0.07 horizontal support, aligning with the lower trendline of the rising wedge.

Moreover, looking at the Exponential Moving Average (EMA) is crucial for a well-rounded view. Acting like a temperature gauge for market momentum, investors often refer to the 20-day and 200-day EMA. The price has slipped below these averages, and a bearish crossover has amplified the bearish momentum.

Currently, Dogecoin’s price hovers near the EMA lines, and the coin is in a low volatility phase, meaning price fluctuations are minor for now. However, this could induce a period of high volatility, soon leading to dramatic price movements.

A solid rebound from the $0.05 support could trigger a near-term price rise. A decisive indicator for buyers might be the closure above the 20/200 EMA, signaling a possible trend shift. Closing above the $0.083 mark might induce a bullish break, potentially taking DOGE to the $0.17-$0.2 range by 2023.

Crypto assets are highly volatile and past performance isn’t an indicator of future success. Invest at your own risk.

Other Analysts’ Predictions

Below is a quick overview of Dogecoin prediction of some top analysts until 2025;

Can You Buy Dogecoin with PayPal in the UK?

Potential investors in the UK may explore various options to invest in digital currencies, including through PayPal. Unfortunately, the options are limited when buying Dogecoin, specifically via PayPal in the UK.

PayPal does allow the purchase of a select few cryptos, such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The convenience of a $1 minimum purchase and the platform’s reputation for security and user-friendliness make it a preferred choice for many. Yet, Dogecoin is notably absent from the list of supported cryptos on PayPal in the UK.

Cheapest Way to Invest in Dogecoin in the UK – Exchange Prices Explained

If you’re wondering how to invest in Dogecoin in the UK via the cheapest method, there are several things to consider. Here’s an explanation that aligns with the cheapest options:

• Brokers: Platforms like MEXC offer a way to invest in Dogecoin. With an investment minimum of roughly $5, MEXC charges 2% on debit card purchases, while competitors such as Coinbase charge 3.99%.
• Centralized Exchanges: Traditional exchanges offer different payment options, including bank deposits, which are often free but can take days to clear.
• Decentralized Exchanges: These are often credited for security and privacy but might present a steeper learning curve for beginners.
• Payment Methods: Debit/credit cards and e-wallets provide instant processing, but the fees can vary across providers. Awareness of the trading commission and potential withdrawal fees is key to minimizing costs.
• Hidden Costs: Beyond the transaction fees, investors should be cautious of potential withdrawal charges, depending on the chosen broker or exchange.

Things to Consider Before Investing in Dogecoin

Before you buy DOGE in the UK, it’s vital to understand factors that can affect its future. Below are vital aspects potential investors should be mindful of:

• Speculation: Meme cryptos, including Dogecoin, are often driven by speculation and hype rather than inherent value. While Dogecoin’s meteoric rise of over 8,000% in just seven months in 2021 caught the world’s attention, this rapid growth can also lead to steep falls. Unlike traditional investments in blue-chip stocks, which may grow steadily over the years, Dogecoin’s volatility can result in stunning profits and devastating losses.
• Elon Musk’s Influence: Elon Musk’s past endorsements of Dogecoin played a crucial role in its price surge. His recent silence and accusations of insider trading in a lawsuit could affect investor sentiment in the near term. The reliance on a celebrity’s remarks for market movement highlights a lack of stability and might discourage long-term investors.
• Performance: While Dogecoin may be considered for its fast and low-cost transactions, other blockchains, such as Solana, outperform it significantly. Dogecoin’s inability to enhance its network’s efficiency might render the project obsolete in the face of competitors that offer superior technology.
• Ongoing SEC Case: Recently, the SEC has filed charges against Binance, which include charges of operating as an unregistered exchange and misrepresenting trading controls. This legal turmoil may shadow Dogecoin’s recovery and the broader crypto market, adding to the uncertainty.

How to Buy DOGE in the UK Detailed Step-by-Step

If you’re wondering where to invest in Dogecoin in the UK, this section outlines a five-step process to buy DOGE through MEXC.

Step 1: Create an Account

Platforms like MEXC allow investors to connect to the exchange with a crypto wallet – such as MetaMask. 

Alternatively, you can create an account by entering your email address/phone number. 

Step 2: Verification Process

As part of the Know-Your-Customer (KYC) process, you must upload identification documents such as a passport or driver’s license and a recent utility bill or bank statement.

Step 3: Deposit Funds

How to invest in DOGE? Start by depositing funds into your account. UK customers can start with $5 and choose to pay via SEPA transfers, credit/debit cards, or bank transfers. 

Enter the purchase amount and confirm the transaction.

Step 4: Search and Buy DOGE

Once your account is funded, search for Dogecoin by entering ‘DOGE’ in the search bar. 

An order box will appear where you can specify the amount you wish to invest and then confirm the transaction.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion

In this comprehensive guide on how to buy DOGE, we have outlined the most cost-efficient and secure methods, particularly highlighting MEXC.

Whether in the UK or elsewhere, buying Dogecoin is simple if you choose the right brokers or exchanges. From a detailed review of the top options to the step-by-step instructions, we’ve covered everything you need to invest in Dogecoin. 

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

References

• https://www.coingecko.com/en/coins/dogecoin
• https://coinmarketcap.com/currencies/dogecoin/
• https://www.statista.com/statistics/1200235/dogecoin-price-index/
• https://digitalcoinprice.com/forecast/dogecoin
• https://coincodex.com/crypto/dogecoin/price-prediction/
• https://telegaon.com/dogecoin-price-prediction-2021-2022-2025-2030/
• https://www.tradingview.com/symbols/DOGEUSDT/
• https://www.theguardian.com/technology/2023/jun/01/elon-musk-insider-trading-dogecoin-lawsuit
• https://www.sec.gov/news/press-release/2023-101
• https://www.sciencedirect.com/science/article/pii/S0167268120301505
• https://twitter.com/mishaboar/status/1663552746690351109
• https://www.mavs.com/dogecoin/#:~:text=An%20early%20adopter%20of%20cryptocurrency,more%20accessible%20to%20MFFLs%20everywhere.
• https://www.economicsobservatory.com/dogecoin-what-is-it-and-does-it-have-any-value
• https://www.cnbc.com/2021/04/28/dogecoin-price-surges-after-tweets-from-elon-musk-and-mark-cuban.html

FAQs

Michael Graw

Crypto Expert

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Michael Graw

Crypto Expert

Michael Graw is an experienced writer in the business and B2B tech fields. His articles can be found on Business Insider, Entrepreneur, Tom’s Guide, and TechRadar, and cover everything from corporate finance to crypto and international tech regulation. A prolific copywriter and entrepreneur, Michael has worked with a wide range of SaaS and tech companies and has his finger firmly on the pulse of B2B tech and finance.

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