How to Buy Dogecoin: A Step-by-Step Guide

Dogecoin has become one of the most popular cryptocurrencies, known for its fun and friendly vibe. What began as a joke has turned into a serious digital currency with a loyal community.

Dogecoin, the meme-coin cryptocurrency, was created in 2013 and features the face of the “Doge” meme, a Shiba Inu dog. It operates on blockchain technology, similar to Bitcoin and Ethereum, and uses a proof-of-work mechanism for mining. Unlike Bitcoin, Dogecoin has no supply limit, making it inflationary.

The coin gained much attention due to celebrity endorsements, such as Elon Musk, and because it was used in charitable efforts. It is suitable for microtransactions because of low transaction fees and fast processing times.

Here's a step-by-step guide on how to buy Dogecoin:

1. Choose a Trusted Cryptocurrency Exchange

The first step in investing in Dogecoin is the selection of a reliable cryptocurrency exchange. These are places that act as marketplaces where people can buy, sell, and trade digital currencies. Such popular Dogecoin crypto exchanges include Binance, Coinbase, Bybit, MEXC, and Bitget.

When selecting an exchange, look for one that is user-friendly, offers competitive fees, and has secure transactions. Sign up by giving them your email address and a strong password. Most exchanges will ask you to verify your identity with a government-issued ID, as this is a way to keep the platform safe for all users and comply with regulations.

2. Setting Up a Secure Dogecoin Wallet

While exchanges may give wallets to hold your cryptocurrency in, it’s wise to use a dedicated crypto wallet as an added layer of security.

Here are the two most general types of wallets one needs to consider:

Software wallets are applications that you can install on your computer or mobile device. They are convenient and easy to use, making them suitable for beginners. Some popular software wallets for Dogecoin include Exodus, Atomic Wallet, and Trust Wallet.

Hardware wallets are physical devices that store your cryptocurrency offline. They offer the highest level of security and are recommended for large amounts of crypto or for those who value long-term storage. Ledger and Trezor are two hardware wallets that support Dogecoin.

Tip: If you plan on holding Dogecoin long-term or investing a serious amount, a hardware wallet would be a good idea.

3. Fund Your Exchange Account

With an account in place, now you can deposit funds into the account. Most exchanges accept various payment methods such as bank transfer, debit card, credit card, and, on rare occasions, PayPal. Make a choice that is comfortable and easy for you, then just follow the instructions set out by the platform.

Be aware that certain methods to make a deposit are going to charge you more than others. For example, most credit card transactions cost a bit more but will be completed in a shorter period of time while bank transfers might take days.

4. Find Dogecoin (DOGE)

Once your account is funded with fiat currencies or crypto, you need to go to the trading section of the exchange and look for Dogecoin. Its abbreviation is DOGE and you may find it with a listing of several trading pairs including DOGE/USD, DOGE/EUR, DOGE/BTC, and DOGE/USDT.

Pick the one that corresponds with the currency you funded with. If you funded your account with US dollars, you’ll be looking for DOGE/USD.

5. Place Your Order and Buy DOGE

Once located, it’s time to place an order. There are two types of orders that most Dogecoin trading platforms provide.

A market order is an order to buy or sell a specific amount of Dogecoin at the best available price in the market. This type of order is usually executed quickly, ensuring that you can buy or sell Dogecoin without any delay. However, the price at which the order is filled may differ from the price you expected, especially during periods of high market volatility.

A limit order is an order to buy or sell a specific amount of Dogecoin at a specified price or better. This type of order is not guaranteed to be executed immediately and will only be filled if the market price reaches the specified level. Limit orders allow you to control the price at which you buy or sell Dogecoin, but they may take longer to be filled, especially if the specified price is significantly different from the current market price.

Determine how much Dogecoin you want to buy, confirm the details, and complete the transaction. Once you have done that, your Dogecoin will appear in your exchange account.

6. Transfer Dogecoin to Your Wallet

Leaving your Dogecoin in the exchange wallet is convenient, but this is not the safest. Exchanges are vulnerable to hacking. So, it is smarter to transfer your coins to your personal wallet.

To do this, go to the withdrawal section of the exchange. Carefully enter your wallet address; a mistake here could mean losing your Dogecoin forever. Double-check everything before confirming the transfer. In a few minutes (or longer, depending on the network speed), your Dogecoin will arrive in your wallet.

Alternative Ways to Buy Dogecoin

Traditional centralized exchanges are the most commonly utilized ways for buying Dogecoin, but other sources are