How to Buy Dogecoin in 2024 – Beginners Guide

Dogecoin is the most popular meme coin to buy. It now trades over 75% below its former all-time high, representing a solid discount for new investors, especially in the current meme coin price surge.

This guide explains how to buy Dogecoin in 2024. We also explore Dogecoin’s investment thesis, covering its future potential and risks.

How to Buy Dogecoin in 5 Simple Steps

If you’re looking for a quick walkthrough on how to buy Dogecoin, follow the simple five-step guide below:

  • Step 1: Open an account with a crypto platform: First, you’ll need to choose a suitable crypto platform that supports Dogecoin. It takes less than two minutes to open an MEXC account.
  • Step 2: Verify your account: If you’re looking to buy Dogecoin with fiat money, you’ll need to verify your account. At MEXC, you’ll need to upload a government-issued ID and a recently-issued proof of address.
  • Step 3: Decide how much Dogecoin to buy: Before investing in Dogecoin, consider your investment size. Don’t forget – Dogecoin is a risky meme coin, so you shouldn’t invest more than you can afford to lose.
  • Step 4: Make a deposit: The next step is to make a deposit into your MEXC account. Accepted deposit methods include Visa, MasterCard, Maestro, PayPal, Neteller, and Skrill.
  • Step 5: Buy Dogecoin: Now that you’ve deposited funds, type ‘Dogecoin’ into the search box. Click on the ‘Trade’ button and enter your investment size.

Where to Buy Dogecoin – Best DOGE Exchanges Reviewed

Dogecoin is one of the best meme coins to buy – so you’ve got many different exchanges to choose from. Considerations to make when deciding where to invest in Dogecoin include regulation, minimum investment requirements, accepted payment methods, and customer service.

Below, we review the five best places to buy Dogecoin in 2024.

1. MEXC – Overall Best Platform To Buy Dogecoin With Low Fees And A Customer Base Of Over 10 Million

MEXC is the best place to buy Dogecoin in 2024. It serves over 10 million users in more than 170 countries.

Banking industry experts developed MEXC to offer an efficient platform that supports 1.4 million transactions per second. However, it’s worth noting that MEXC is not currently supported in the US.

MEXC offers an extensive range of over 1,600 cryptos for trading. Its fee structure is highly competitive, with 0% fees for spot trading and a minimal 0.02% taker fee for futures trading.

This pricing is particularly beneficial for day traders and those with lower trading volumes, offering substantial savings compared to other exchanges.

MEXC Homepage

The platform caters to many users, from beginners to seasoned traders, providing advanced charting features, multiple indicators, and TradingView charts. 

The user-friendly interface makes it easy for new traders to navigate while offering depth for experienced users.

The platform includes a copy trading feature, enabling users to mirror successful traders’ strategies. MEXC also offers a mobile app for iOS and Android, essential for trading on the go. Furthermore, users can participate in the platform’s governance and gain additional benefits through the MX token.

The platform offers a Savings feature, allowing users to earn interest on their crypto with flexible lock options. This is similar to staking but with added flexibility. 

MEXC Copy Trading Feature Banner

Additionally, MEXC offers a comprehensive library of educational materials, beneficial for those looking to deepen their understanding of crypto trading.

Purchasing cryptos is simple on the platform, with options for bank transfer, SEPA, credit and debit card transactions, and even peer-to-peer purchases. The integration with payment processors like Moonpay adds convenience for direct crypto purchases.

Fee to Trade Dogecoin 0%
Deposit Fee Debit card fee (around 2%)
Top Features Copy Trading, High transaction speed, Savings feature for passive income.

Pros pros

  • Zero Spot Trading Fees – Maximizes cost efficiency.
  • Supports Over 1,600 Cryptos – Extensive trading options.
  • High Transaction Speed – 1.4 million transactions per second.
  • Educational Resources and Copy Trading – Improves trading skills.
  • MEXC Savings Feature – Offers flexible, low-risk investments.

Cons cons

  • Not Available in the US – Limited geographical reach.

Don’t invest unless you’re prepared to lose all the money you invest.

2. OKX – Directly Purchase Dogecoin With Visa/MasterCard at 1.99% 

OKX is a popular crypto exchange that supports hundreds of markets. In addition to Dogecoin, this includes Bitcoin, Arbitrum, Cardano, Tether, and Shiba Inu. If you’re looking to buy Dogecoin with a debit/credit card, OKX is worth considering. Your purchase will be processed instantly with fees of 1.99%.

We also found that OKX offers super-low trading fees. Similar to Binance, this starts at just 0.1% per slide. Commission discounts are available when trading larger amounts. OKX offers many features, including charting tools, technical indicators, and trading bots. It also offers flexible savings accounts on Dogecoin – currently yielding 1% annually.

OKX review

Another feature of OKX is its Web 3.0 wallet. This enables you to trade and earn Dogecoin without using centralized processes. The OKX Web 3.0 wallet also comes with a DEX aggregator. This enables you to source the best exchange rates and APYs across over 200 external platforms. The main drawback of OKX is that it does not support US clients.

Fee to Buy Dogecoin Trading commissions start from 0.1%. Discounts are available when monthly trading volumes increase
Deposit Fee Instantly buy Dogecoin with a debit/credit card at 1.99%
Top Features Minimum deposit of $5, super-low trading commissions, Web 3.0 wallet supports decentralized trading

Pros pros

  • Trade Dogecoin with a maximum commission of 0.10%
  • Debit/credit card payments are processed at 1.99%
  • Supports high-level trading tools – including automated bots
  • Decentralized Web 3.0 wallet supports storage, trading, and earning

Cons cons

  • Does not accept US clients
  • More suited to intermediate and advanced traders

3. Coinbase – Safe Place to Instantly Buy Dogecoin With Debit Card or PayPal

Coinbase is an established crypto exchange that’s based in the US. Founded in 2012, Coinbase offers a safe place to buy Dogecoin online. All account sign-ups must go through a KYC process, meaning you’ll be required to upload a government-issued ID. Moreover, Coinbase has institutional-grade security protocols.

This includes two-factor authentication (2FA), which is mandatory on all accounts. Coinbase also keeps the majority of client-owned capital in cold wallets. In simple terms, this means your DOGE tokens are not exposed to remote hacking attempts. What’s more, Coinbase is a public stock that trades on the NASDAQ. This offers enhanced transparency, as Coinbase is required to release earnings reports every quarter.

Dogecoin on Coinbase

Coinbase is also considered beginner-friendly. Its investment platform is simple to use and no prior experience is needed. This is the case on the Coinbase website and mobile app. The Coinbase app is rated 4.7/5 on the App Store. That said, it has a lower rating of 4.1/5 on Google Play. Although Coinbase offers a safe and seamless Dogecoin investment experience, some drawbacks need to be considered.

For example, Coinbase charges hefty fees. If you want to buy Dogecoin instantly with a debit/credit card or PayPal, you’ll be charged 3.99%. A flat fee is charged on investments below $200. This varies depending on the investment size but will cost more than 3,99% nonetheless. Coinbase also charges a standard trading fee of 1.49%. This is built into the ‘Instant Buy’ fee, but you’ll still pay it when cashing out.

Fee to Buy Dogecoin 3.99% instant buy fee when using a debit/credit card or PayPal. Standard trading fee of 1.49%
Deposit Fee ACH and UK Faster Payments are free. USD wire deposits cost $10. SEPA (EUR) costs €0.1. For debit/credit cards and PayPal, revert to the above
Top Features Trusted crypto exchange that was established in 2012, robust security features including mandatory 2FA, huge range of supported cryptocurrencies, beginner-friendly investment process

Pros pros

  • More than a decade’s worth of experience in the crypto exchange space
  • Accepts instant purchases with debit/credit cards and PayPal
  • Supports recurring investments
  • User-friendly dashboard will appeal to beginners

Cons cons

4. Binance – Low-Cost Crypto Exchange With Over 150 Million Users 

Binance review With over 150 million users globally, Binance is the most popular crypto exchange. It offers a broad crypto ecosystem that supports many products and services. If you simply want to buy Dogecoin with fiat money, you’ll pay a trading commission of 0.10%. This is one of the most competitive commission structures in the market.

What’s more, Binance waives the trading commission when you buy Dogecoin with TUSD, BUSD, or FDUSD. It’s also possible to reduce the standard commission by 25% when you pay fees with BNB. In terms of deposit fees, this varies depending on the country of residence and payment type. We found that on average, you’ll pay 1.8-2% when using a debit/credit card. Alternatively, you can also deposit funds via Binance’s peer-to-peer market.

Binance review

This supports local payment methods and sellers set their own prices. In some cases, you’ll get a more favorable exchange rate than Binance’s spot trading platform. Binance is also one of the best places to buy Dogecoin if you want to diversify. It supports hundreds of cryptocurrencies, ranging from Bitcoin, Ethereum, Cardano, and Solana.

Binance is also popular for its ‘Earn’ features. This offers interest-earning accounts, staking tools, and yield farming pools. However, the highest APY available on Dogecoin right now is 0.14%. To get a much higher rate, you’ll need to deposit a different cryptocurrency. Do note that Binance is embroiled in a legal battle with the SEC. In response, Binance has filed a protective order against the US regulator, as explained by Reuters.

Fee to Buy Dogecoin Trading commissions start from 0.1%. Discounts are available when monthly trading volumes increase
Deposit Fee Varies depending on the country of residence and deposit type.
Top Features Over 150 million users, largest crypto exchange by trading volume, standard commission of 0.1%

Pros pros

  • Industry-leading commissions of 0.1% per slide
  • Supports hundreds of cryptocurrencies – including some of the best altcoins
  • Largest crypto exchange by trading volume
  • Peer-to-peer marketplace supports local payment methods

Cons cons

  • Currently embroiled in a legal battle with the SEC
  • UK/EU payment methods are often suspended

5. eToro – Emerging Crypto Exchange Low Fees, Copy Trading Tools, & a Secure Crypto Wallet

eToro is a crypto trading platform that also supports other assets – such as stocks, forex, ETFs, and commodities. It was launched in 2007 – two years before Bitcoin. It’s since amassed more than 30 million client accounts.

Other nationalities need to deposit at least $50. After you’ve funded your eToro account you can buy Dogecoin in small fractions.

Buy Dogecoin on eToro

The minimum investment requirement is an affordable $10. Based on current Dogecoin prices, $10 would get you 166 DOGE tokens. eToro’s crypto trading department is available 24 hours per day, 7 days per week. Although the investment is ideal for beginners, eToro commissions are higher than other platforms.

That said, eToro is one of the cheapest crypto platforms for depositing fiat money. All supported payment methods are fee-free when depositing US dollars. There’s a small 0.5% fee on non-USD payments. The industry average is 3-5% when using a debit card or e-wallet, so eToro certainly stands out.

Fee to Buy Dogecoin 1% commission
Deposit Fee 0.5% or free when depositing USD (conversion fees may apply)
Top Features Smart portfolios offer a passive investing experience, fee-free USD payments, supports dozens of cryptocurrencies

Pros pros

  • Simple and user-friendly investment process
  • Instant buy Dogecoin with debit card or e-wallet
  • Smart portfolios support passive crypto investments

Cons cons

  • 1% commission to buy and sell Dogecoin
  • $5 withdrawal fee on non-USD payments

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.

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

How We Ranked the Best Places to Buy Bitcoin

In the sections above, we ranked the five best places to buy Dogecoin in 2024. But what criteria did we use when choosing the top Dogecoin providers? Read on to learn about our methodology.

Safety and Security

Cryptocurrencies like Dogecoin are unregulated financial instruments. This means that the industry is home to many unregulated exchanges. Fortunately, there are also legitimate exchanges that offer a safe and secure investment experience.

We also explore how exchanges keep your DOGE tokens safe. Top-rated exchanges keep the majority of client-owned DOGE in cold storage. This removes the threat of an external hack, as cold storage wallets are never connected to live servers. When ranking the best places to buy Dogecoin, we also ensured that each platform complies with anti-money laundering laws like the Bank Secrecy Act. This means users need to upload a government-issued ID when buying Dogecoin with fiat money. This keeps the entire ecosystem safe from fraud and money laundering offenses.

How to Check if a Dogecoin Exchange is Regulated?

  • If a crypto exchange is regulated by a tier-one body – you’ll sometimes find this information on its homepage.
  • Otherwise, the exchange will often have a dedicated page explaining its regulatory status.
  • You can then verify its licensing number on the regulator’s website.
  • Ultimately, if you can’t find any information about the exchange’s licenses, it’s probably unregulated.

Account Minimums

You should check what account minimums are in place when choosing a Dogecoin exchange. This includes the minimum deposit requirement, which can vary depending on the payment method.

In addition, you should check the minimum investment requirement. This is the minimum amount of Dogecoin that you can buy or sell when placing an order. This is usually just a few dollars, but it’s worth checking nonetheless.

Fees

You will need to consider fees when choosing the best way to buy Dogecoin online.

First, check what fees are charged for your preferred payment method. You should expect to pay 3-5% when using a debit/credit card or e-wallet.

You’ll also need to check what trading commissions are charged when you buy Dogecoin. This can vary widely depending on the exchange.

It’s also wise to check what withdrawal fees apply. If you’re withdrawing Dogecoin, you’ll usually pay fees in DOGE. This will be deducted from your withdrawal amount and it covers blockchain network fees. If you’re withdrawing fiat money, you might be charged a flat or variable fee.

Here’s a quick recap of what fees you’ll pay at the leading Dogecoin exchanges:

Crypto Exchanges Trading Commission Payment Fees
MEXC 0% spot trading fees Debit card fees – 2%
OKX Trading commissions start from 0.1%. Discounts are available when monthly trading volumes increase Instantly buy Dogecoin with a debit/credit card at 1.99%
Coinbase 3.99% instant buy fee when using a debit/credit card or PayPal. Standard trading fee of 1.49% ACH and UK Faster Payments are free. USD wire deposits cost $10. SEPA (EUR) costs €0.1.
Binance Trading commissions start from 0.1%. Discounts are available when monthly trading volumes increase Varies depending on the country of residence and deposit type.
eToro 1% commission 0.5% or free when depositing USD

Supported Cryptocurrencies

Experienced investors will avoid putting all of their eggs into one basket. In other words, it makes sense to buy Dogecoin as part of a diversified portfolio by finding other meme coins early that have huge upside potential. Therefore, it’s wise to choose a Dogecoin exchange that supports many different cryptocurrencies.

For example, MEXC, Coinbase, and Kraken list dozens of markets – ranging from Bitcoin, Ethereum, Shiba Inu, Cardano, Solana, Uniswap, and Chainlink. If you’re also interested in new cryptocurrencies, OKX is worth considering. OKX recently listed Wall Street Memes – which aims to follow the same price trajectory as Dogecoin.

Do remember that diversification requires you to buy lots of different cryptocurrencies. As such, you’ll need to use an exchange that has low investment requirements.

User-Friendliness

If you’re looking to buy Dogecoin as a beginner, then you’ll need to choose a suitable exchange. We found that MEXC and OKX are geared towards newbies. Although commission fees are slightly higher than other exchanges, you’ll benefit from a simple yet highly secure investment process.

In contrast, some platforms are aimed at intermediate and advanced investors. For example, Kraken offers leverage and short-selling capabilities. These tools won’t be suitable for beginners. Similarly, OKX offers high-level trading tools – such as technical indicators and automated bots. Once again, these are aimed at experienced investors.

Accepted Payment Methods

Unless you already own cryptocurrencies, you’ll need to buy Dogecoin with fiat money. Regulated exchanges support the most popular payment methods, such as debit/credit cards. Some exchanges also accept e-wallets.

If you have a niche payment method you want to use, check out the Binance peer-to-peer platform. This enables you to buy crypto directly from local sellers.

Investment Tools

The best places to buy Dogecoin offer tools that can streamline the investment process. For example, Coinbase supports recurring Dogecoin purchases. You can choose how much to invest and when – and Coinbase will automatically buy Dogecoin on your behalf. For instance, you might want to buy $100 worth of Dogecoin each month.

Storage

You should also consider how you’re planning to ‘store’ your DOGE tokens after making a purchase. For example, most crypto exchanges offer an in-built web wallet. This means that the exchange is responsible for keeping your Dogecoin safe.

Although this option is convenient, you’ll need to consider the risks. After all, the FTX bankruptcy cost investors several billion dollars in lost funds. That said, if you’re using a regulated exchange with robust security practices – custodial storage can be the best option.

Additionally, some Dogecoin exchanges offer a non-custodial wallet. This means you’re personally responsible for keeping the DOGE tokens safe. While you won’t need to trust a third party, non-custodial wallets are aimed at experienced investors. OKX offers one of the best crypto wallets for non-custodial storage. It comes with industry-leading security tools, including multi-party computation (MPC) storage.

We talk about the best Dogecoin wallets further down in this guide.

The Basics of Buying Dogecoin

If you’re buying Dogecoin as a first-time investor – here’s what you need to know. In a nutshell, Dogecoin is a cryptocurrency that is traded globally. Just like stocks and commodities, Dogecoin’s price is determined by demand and supply. Therefore, its value rises and falls throughout the day.

Unlike conventional assets, Dogecoin doesn’t trade on a centralized market – such as the NYSE or the CME. Instead, Dogecoin trades independently on hundreds of crypto exchanges. This means that there is often a very slight disparity in Dogecoin’s price. Nonetheless, this is often minimal.

Once you’ve purchased Dogecoin from an exchange, you will make money if its price increases. For example, suppose you buy 1,000 Dogecoin tokens at $0.10 each – your initial investment is $100. If you sell Dogecoin when it hits $1, you’ll cash out $1,000. This would represent investment returns of 900%.

In the prior 24 hours, more than $6 billion worth of Dogecoin has been traded. This means that there’s plenty of liquidity, making it seamless to enter and exit the market. Moreover, many exchanges accept debit/credit cards and other convenient payment methods. This means that you can buy and sell Dogecoin with your local currency.

What is Dogecoin?

In simple terms, Dogecoin is a cryptocurrency. Similar to Bitcoin, Dogecoin operates on the blockchain. No single person or entity controls the Dogecoin network, making it decentralized. What’s more, Dogecoin tokens do not exist in physical form. Instead, you’ll be buying digital tokens that are stored in crypto wallets.

Dogecoin.com

Dogecoin was launched in 2013, so it’s one of the most established cryptocurrencies around. Dogecoin was created as a joke, which is why it’s called a ‘meme coin.’ It uses the Shiba Inu dog breed as its logo, and it doesn’t have any use cases. That said, Dogecoin enthusiasts – including Elon Musk, believe that the network is ideal for everyday payments. This is because of its fast and low-cost transactions.

Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions – Elon Musk

In reality, most people buy Dogecoin to make money. For example, Dogecoin generated gains of 14,000% between January and May 2021. In contrast, it would take many centuries for traditional stock indexes to replicate these returns. Dogecoin is currently down more than 75% of its all-time high value but is experiencing a price surge as meme coins across the market are rising in price. This proves that meme coins are highly volatile cryptocurrencies.

Dogecoin Use Cases 

The jury is out on whether Dogecoin actually has any use cases. As we mentioned earlier, Elon Musk argues that Dogecoin is suitable as a payment currency. In most cases, Dogecoin transactions are confirmed in one minute. Moreover, transaction fees rarely cost more than a dollar. However, there are much more efficient blockchains than Dogecoin, meaning even cheaper and faster transactions are available elsewhere.

That said, Dogecoin’s global popularity means that an increasing number of merchants are accepting it as payment. For example, Dogecoin has been integrated into the BitPay network. BitPay offers ready-made solutions for merchants wanting to accept cryptocurrencies.

According to BitPay, more than 250 brands have integrated its technology. This includes everything from Playstation, Adidas, and Airbnb to Burger King, AMC, and Domino’s. Some merchants accept Dogecoin directly without a BitPay integration. The most prominent is Tesla, which accepts Dogecoin on selected merchandise products.

Dogecoin is also accepted by leading crypto casinos. This means that you can gamble Dogecoin on slots, table games, sports betting, and more.

Where Can I Gamble Dogecoin?

  • If you’re looking for the best Dogecoin casinos, Lucky Block and Mega Dice are popular options.
  • Both platforms offer an anonymous gambling experience, so you won’t need to provide any personal information or KYC documents.
  • Lucky Block and Mega Dice support thousands of casino games. This includes slots, blackjack, roulette, and video poker. They also offer a fully-fledged sportsbook.

However, we should stress that Dogecoin is a speculative digital currency. Irrespective of its use as a payment network, most people buy Dogecoin to make money. Therefore, you should have realistic goals when investing in Dogecoin – always consider the risk of loss.

Is Dogecoin a Good Investment?

In this section, we discuss Dogecoin’s investment thesis. Is Dogecoin worth buying, or should you look at alternatives? Let’s find out.

Potential for Huge Gains

If you’re looking to target much higher gains than the stock market offers, Dogecoin could be suitable for your portfolio. Although risky, Dogecoin has shown that unprecedented growth is possible.

For example, the earliest Dogecoin price available on CoinMarketCap dates back to late 2013. Back then, Dogecoin was trading at just $0.0002993. By the close of 2020, Dogecoin was trading at $0.004. This means that in seven years, Dogecoin increased by over 1,200%.

However, Dogecoin’s trajectory really took off in early 2021. This was the period when Elon Musk began tweeting about Dogecoin being the “People’s Currency”. Over the next five months, Dogecoin increased by 14,000%. It hit an all-time high of $0.74 in May 2021.

dogecoin price chart

While it experienced a severe price correction lasting until the end of 2023, it’s finally started to climb again. With this in mind, many people buy Dogecoin hoping to make similar returns as 2021.

list of top ten cryptos on coinmarketcap

Currently, DOGE is trading at $0.1806, up 128% in 30 days. It’s the leading meme coin by market cap, currently sitting at around $25 billion, with the next top performer, SHIB having a market cap of $20 billion.

In the current meme coin bull run, DOGE and DOGE futures are on the rise, with the number of unsettled bets on DOGE futures increasing by over 54%. A new lifetime record of $1 billion in futures was reached as 70% of bets are long on DOGE – meaning they expect the token price to go even higher.

What If You Had Invested $1,000 in Dogecoin Back in 2013?

  • If you had invested $1,000 in Dogecoin in 2013, you would have paid $0.0002993 per DOGE token
  • So, a $1,000 investment would have got you 3,341,129 DOGE tokens
  • At its peak in May 2021, Dogecoin hit $0.74. At this price point, your 3,341,129 DOGE would have been worth $2,472,435.
  • Today, however, 3,341,129 DOGE is worth $607,751.

Dogecoin is Trading at a 75% Discount

We mentioned that Dogecoin hit an all-time high of $0.74 in May 2021. Today, Dogecoin is trading at just $0.1819. This means that since peaking, Dogecoin has lost over 75% of its value. To put this into perspective, a $1,000 investment in Dogecoin in May 2021 could be worth just $250 today.

However, it’s important to remember that the broader crypto market witnessed a significant devaluation and is experiencing the start of a bull run now. This is because crypto prices move in market cycles. When times are good, a majority of cryptocurrencies perform well. And conversely, when crypto sentiment is weak, most projects decline in value.

  • For example, consider that Bitcoin was worth over $68,000 in late 2021.
  • Bitcoin hit lows of $15,500 a year later – a decline of 77%.
  • Huge declines were also witnessed by other leading cryptocurrencies – including BNB, Ethereum, Solana, Cardano, and Litecoin.
  • With this in mind, Dogecoin’s current price is attractive to those trying to ride the new meme coin price wave.

At current prices, Dogecoin would need to increase by over 400% to get back to its all-time high. Whether or not it can achieve this remains to be seen. But if you’re looking for exposure to Dogecoin, this could be the lowest entry price that’s ever available.

Low Barrier to Entry and Cheap Token Price

Dogecoin has a very low barrier to entry. This means that regardless of where you’re based, buying Dogecoin has never been easier. In fact, it shouldn’t take you more than five minutes from start to finish. Importantly, you won’t need to risk large sums to buy a Dogecoin token.

This isn’t the case with Bitcoin and Ethereum. Bitcoin currently trades at over $67,000. Ethereum is priced at over $3,500. While you can still invest in these cryptocurrencies with a few dollars, you’ll be buying a small fraction of a token.

Now consider that Dogecoin is currently trading at $0.1819, which makes it one of the most affordable tokens. So, even if you only invested $10 – you could buy 55 DOGE tokens. For many, this is a lot more appealing than owning fractional Bitcoin or Ethereum. Dogecoin’s low barrier to entry is reflected by existing token holders. According to CoinMarketCap, 96.58% of Dogecoin wallets hold less than $1,000 worth of tokens.

Plenty of Liquidity for Seamless Trading

When you invest in low-cap cryptocurrencies, liquidity can be a major issue. This means that entering and exiting the market isn’t a seamless process. You might be forced to accept a low price to sell your tokens.

These issues are not present when investing in Dogecoin. For a start, Dogecoin has a market capitalization of almost $25 billion. This makes it more valuable than many S&P 500 constituents. What’s more, Dogecoin attracts sufficient trading volume. We mentioned earlier that in the prior 24 hours, over $6.3 billion worth of Dogecoin was traded.

This is crucial, as you’ll never have issues offloading your Dogecoin for cash. In fact, you can sell Dogecoin for your local currency 24 hours per day, 7 days per week. This is in contrast to many assets, such as real estate or corporate bonds.

Dogecoin has a Huge Community

Dogecoin has a huge community of investors and followers. This has helped the cryptocurrency become a large-cap asset. For example, although exact figures are unknown, it’s estimated that Dogecoin has over four million active holders.

Moreover, CoinMarketCap data shows that 69.63% of Dogecoin holders have been invested for at least 12 months. This highlights that for many, Dogecoin is a long-term investment. Dogecoin also has a sizable following on social media networks.

Dogecoin Twitter

For example, the official Dogecoin Twitter has over 3.9 million followers. With over 2.4 million members, the Dogecoin subreddit also has a significant audience.

What is the Cheapest Way to Buy Dogecoin?

There are many different ways to buy Dogecoin – and each will have its own pricing structure. This is usually determined by your preferred payment method and the commission charged by your chosen exchange. Both of these fees should be added together to give you an all-in cost.

Now let’s compare this to Coinbase. If you use a debit/credit card or PayPal, Coinbase allows you to buy Dogecoin directly. It charges 3.99%, which includes the deposit fee and commission. So, the same $1,000 Dogecoin investment would cost you $39.90.

If you’re looking for an even cheaper way to buy Dogecoin, you might consider a local bank transfer. At OKX, clients from the EU (SEPA), UK (Faster Payments), and Australia (POLi) can deposit funds for free.

Once the funds arrive, you can then buy Dogecoin manually, paying a commission of just 0.1%. This means that on a $1,000 investment, your commission is just $1. However, bank payments take longer to process. Therefore, if you want to buy Dogecoin instantly, you’ll need to consider a debit/credit card or e-wallet.

Using a Decentralized Exchange to Buy Dogecoin 

  • Some investors prefer using decentralized exchanges to buy Dogecoin. This means you won’t be using a centralized provider – as you’ll be buying Dogecoin from a liquidity pool.
  • Decentralized exchanges do not request personal information or KYC documents. This means that you can buy Dogecoin anonymously.
  • However, the main drawback is that decentralized exchanges cannot accept fiat money. This means that you can only use cryptocurrencies to buy Dogecoin on a decentralized exchange.

Is Investing in Dogecoin Safe & Legal?

Dogecoin, like any other cryptocurrency, is safe to buy and own. However, you’ll need to be aware of potential risks to ensure you remain safe at all times. This begins with choosing a suitable Dogecoin exchange. We would suggest you only consider an exchange if it is adequately regulated.

You should also ensure that Dogecoin – and cryptocurrencies in general, are legal in your home country. Fortunately, The Street notes that only nine countries explicitly ban cryptocurrencies.

This includes:

  • Algeria
  • Bangladesh
  • China
  • Egypt
  • Iraq
  • Morocco
  • Nepal
  • Qatar
  • Tunisia

So, if you’re from one of the countries above, you won’t be able to buy Dogecoin legally. In addition, you’ll need to consider the legalities surrounding tax. Put simply, if you make money from your Dogecoin investment, capital gains tax could be due. In most cases, taxes are only due on ‘realizable’ gains. This means you won’t be taxed on your profits until you sell Dogecoin.

Which is the Best Dogecoin Wallet?

After you’ve bought Dogecoin, you’ll need to think about wallet storage. There are many options to choose from, as we discuss below.

Custodial Storage

Beginners will often buy Dogecoin and keep their tokens in their exchange account or a hot wallet. This is known as custodial storage, as you’re allowing a custodian (the crypto exchange) to look after your DOGE tokens. If you choose this option, make sure the exchange is adequately regulated. You should also ensure it has robust security practices, such as cold storage, KYC, and two-factor authentication.

Non-Custodial Storage

If you don’t feel comfortable trusting a third party, then you’ll need to use a non-custodial wallet. This comes with pros and cons. On the one hand, you will be the only person that has access to the DOGE tokens. This means you don’t need approval from an exchange to send DOGE to another location.

However, you are solely responsible for keeping the wallet safe. If your non-custodial wallet is hacked remotely – your Dogecoin will be stolen. In this instance, you’ll have nowhere to turn.

OKX wallet

OKX is a good option if you prefer non-custodial storage. It offers a free non-custodial wallet for iOS and Android. The OKX wallet also comes as a browser extension and desktop software. It’s protected by multi-party computation (MPC) storage, so your private keys don’t have a single point of failure. Moreover, the OKX wallet supports token swaps, staking, and yield farming.

What is the Safest Dogecoin Wallet? 

  • If you’re investing large amounts into Dogecoin, you’ll want the safest and most robust wallet.
  • In our view, nothing quite beats the Trezor hardware wallet. This comes as a physical device that is never connected to the internet. This alleviates the threat of a remote hack.
  • The only way to send Dogecoin via Trezor is to enter your personal PIN. This means that a stolen device would be useless to a thief.
  • Trezor comes with a backup passphrase, enabling you to recover a lost, damaged, or stolen wallet. The entry-level Trezor model – which is more than sufficient, retails for just $69.
  • The main drawback of hardware wallets like Trezor is they’re not convenient. If you want to regularly send and receive Dogecoin, you might find the process cumbersome.

How to Buy Dogecoin – Detailed Tutorial

We’ve covered everything there is to know about investing in Dogecoin. Now, we’ll conclude by explaining how to invest in Dogecoin on MEXC.

We are showing you the steps with MEXC because the platform is heavily regulated and accepts many convenient payment methods.

Step 1: Open an MEXC Account

First, visit the MEXC website to open an investment account. You won’t need more than five minutes to complete the process.

MEXC Sign Up

You’ll initially need to provide some personal information and contact details.

Step 2: Deposit Funds 

Click on the ‘Deposit’ button to add investment funds to your MEXC account.

For users choosing SEPA bank deposits, a KYC (Know Your Customer) process is required to authenticate your identity. In places where SEPA isn’t available, methods like credit card payments can be opted to deposit funds.

MEXC - Deposit Funds

Step 3: Search for Dogecoin 

If you’ve followed our walkthrough up to this point, you should now have a verified and funded MEXC account.

The next step is to search for ‘Dogecoin’. Click on the ‘Trade’ button to proceed to the final step.

Step 4: Buy Dogecoin 

After clicking ‘Trade’, you’ll see an order box. All you need to do here is type in your investment amount. You don’t need to buy full tokens – as investments are specified in US dollars. For example, we’re investing $120 in Dogecoin – which gets us 1866.25 DOGE tokens.

Once you click on confirm, MEXC will execute your Dogecoin investment instantly.

Conclusion

In summary, it takes less than five minutes to buy Dogecoin online. However, you’ll need to ensure you’re using a safe exchange that takes regulation and consumer protections seriously.

We found that MEXC meets this criteria – it’s regulated and caters to first-time investors who want to use a debit/credit card or e-wallet. It has a simple investment dashboard that only requires a low minimum deposit.

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 two minutes to learn more

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Kane Pepi
Editor
Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…