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How to Buy Dogecoin in the UK?

Many new traders believe scooping up the Dogecoin is a good investment, if not for the money, at least for the sake of laughter. If you’re one of those people, we suggest you read our guide on how to buy Dogecoin in the UK, as it can help you acquire this coin fast and with minimal effort.

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Best Trading Platform to Buy Dogecoin in the UK

1. eToro

eToro is a social trading platform that allows users to buy, sell, and trade cryptocurrencies, as well as stocks, commodities, ETFs, and indices. It is one of the most popular trading platforms online, with over 23 million registered users worldwide. eToro is regulated by the Financial Conduct Authority (FCA) in the UK, making it a safe and trustworthy choice for trading cryptocurrencies.

  • Demo account for new investors to practice
  • PayPal deposits available
  • 0% commission on stocks

eToro is a social trading platform that allows users to buy, sell, and trade cryptocurrencies, as well as stocks, commodities, ETFs, and indices. It is one of the most popular trading platforms online, with over 23 million registered users worldwide. eToro is regulated by the Financial Conduct Authority (FCA) in the UK, making it a safe and trustworthy choice for trading cryptocurrencies.

As someone heavily influenced by pop culture, you’ve probably heard about the Doge before. However, while the variations of this widely-popular meme still make us laugh, no one could have predicted that Doge would inspire two software engineers to create a cryptocurrency as a tribute to this meme.

Of course, it all started as a joke. Dogecoin developers wanted to create parody cryptocurrency to make fun of the speculations in digital currencies at the time. However, Dogecoin is now one of the most popular cryptos on the market.

If you’re wondering how to buy Dogecoin in the UK, this guide will take you through all the steps and help you find the best crypto trading platform. So, let’s dive right into the topic!

What Is Dogecoin?

Dogecoin is one of the oldest cryptocurrencies with an admirable and loyal fanbase. It’s based on the Scrypt algorithm and uses a proof-of-work technology designed to be more accessible for miners.

Dogecoin is a peer-to-peer and open-source cryptocurrency accessible to the general public. Still, what separates it from most other cryptos is that it is an inflationary cryptocurrency. So, unlike Bitcoin, Dogecoin doesn’t have a fixed, maximum supply cap.

Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer, and it has a logo of a Shiba Inu dog. Even though it was created as a joke, Dogecoin’s blockchain still has value.

Dogecoin (DOGE) has a current circulating supply of 132,670,764,300 DOGE coins and a total market cap of roughly $17 billion (approximately £12.7 billion). Some speculate that 10,000 DOGE coins are issued every minute, meaning these numbers could drastically increase by the end of 2022.

Buying Dogecoin in the UK on eToro — Step-by-Step Guide

If you want to know how to buy Dogecoin in the UK, one of the first things you should know is that you can find this cryptocurrency on almost any well-established exchange. However, it’s worth noting that eToro is the best place to buy Dogecoin, as it allows you to trade DOGE as a CFD or as an actual cryptocurrency.

CFDs are derivatives that act as a contract between traders and brokers. When trading a CFD, you do not actually buy or sell the underlying asset. But, if the market moves in your favour, you can still profit off of CFDs, even though they aren’t yours to hold. At the same time, you may face significant losses if the market moves against you.                                 

When trading DOGE as a CFD on eToro, you will be able to trade it 24/7 and have access to leverage of up to x2, both on Dogecoin and other crypto assets. So, for example, for every £1,000 you have in your account, you can trade with up to £2,000 worth of Dogecoin. 

CFD trading at eToro will cost you around 2.9% of your investment (the spread fee), which isn’t the cheapest offer on the market. So, if you’re a first-time trader, it would be best to skip this step for now and stay focused on buying DOGE as a digital currency.

Generally, trading of all kinds can be risky, but that is especially true for CFD dealings. These practices are for active investors only, and you should proceed with caution, as your capital may be at significant risk. 

If you want to buy DOGE as an actual cryptocurrency on eToro, you must, of course, open a new account first. Still, even if you’re already an eToro client, the steps below should help you navigate through the eToro website.

Here’s how to purchase Dogecoin on the eToro trading platform:

1. Sign up for an account on eToro by clicking here

Visit the eToro official website and select Join Now. You will have to fill out the provided forms, provide proof of residence, and answer a few questions that will help eToro tailor a new account to you. If it’s easier, sign up via Gmail or Facebook.

2. Verify your email and log into your account

3. Click “Deposit” on the top menu bar and select your preferred deposit method

eToro is the best platform to buy Dogecoin because it accepts deposits via multiple wallets, such as PayPal, bank accounts, and credit or debit cards. The minimum deposit on this platform is $10, which will cost you about £7.45, and if you’re using GBP to fund your account, you must pay a conversion fee of 0.5%.

4. Deposit funds into your eToro account

5. Type DOGE into the search bar

The DOGE currency should pop up on the screen, so be sure to click on the Trade button when it does.

6. Choose how much you want to spend on DOGE cryptocurrency

As stated earlier, the minimum deposit (and investment) amount is $10. If you want to put more money into this coin, specify how much you want to spend in the order box, but keep in mind that you must have that sum available on your account.

7. Finally, click on the Open Trade button, and eToro will execute the trade


Buying Dogecoin in the UK with PayPal

If you want to buy Dogecoin with PayPal, you will once again need a verified eToro account. eToro is one of the few platforms that allows users to deposit and withdraw funds using PayPal, and it’s better to stick to this option instead of trying your luck with other, less favoured platforms.

To deposit funds into your eToro account with PayPal, you must create a PayPal account first. Once you have created your PayPal account, you can link it to your eToro account.

When depositing funds, all you have to do is select PayPal as the payment method. Then, click on the Deposit button to confirm the transaction, and you’ll have sufficient funding for buying Dogecoin. Finally, follow the steps above to get the desired amount of Dogecoin. 


What to Consider Before Buying Dogecoin?

There are a few things to bear in mind before buying Dogecoin. The first thing to consider is Dogecoin’s price. The cost of Dogecoin at the time of writing is £0.099, but it will most likely change soon. Cryptocurrency prices are sometimes unpredictable, so it’s essential to be vigilant before investing.

Next, think about how you plan to use Dogecoin. Traders can use Dogecoin for various purposes, including as a payment method, investment, or store of value. Some even claim that Dogecoin is superior to Bitcoin, as it is better suited for transactions. So, extensive research would be of good use before spending your hard-earned cash on this crypto asset. 

You’d also want to consider how safe and trustworthy the platform you want to use is. eToro is a regulated and licensed platform, which means your funds are secured. But, if you opt for another option, check whether the platform has any regulatory or legal issues first.  

Finally, risk is an essential factor in buying cryptocurrency. All digital currencies are volatile and can experience large price swings. Therefore, it’s critical only to invest what you can afford to lose.

Dogecoin Pros and Cons

Similar to other currencies, Dogecoin has its pros and cons — all of which we’d like to address before someone with less experience decides to join the market to invest, only to regret that decision later.

Surprisingly enough, DOGE is still a risky investment, so take a look at our selection of pros and cons that will give you a better idea of why you should, or shouldn’t, invest in this currency. 


Dogecoin pros:

  • Dogecoin offers a fast and cheap way to send money anywhere in the world
  • Dogecoin has a large and active community
  • This cryptocurrency is supported by a number of exchanges and wallets


Dogecoin cons:

  • The price of Dogecoin is volatile and can swing wildly
  • Dogecoin doesn’t have the same level of adoption as Bitcoin or Ethereum
  • The Dogecoin network has been experiencing a large number of miners leaving, which has resulted in a drop in hashrate

Dogecoin Price and Price Predictions

The current Dogecoin UK price is £0.099. Its price has been volatile in the past, but it has generally trended upwards over time.

Some speculate this coin will reach the price of $0.3 in 2023, which is a drastic increase compared to the current price. In addition to that, 2023 may be a good year for those who invest in Dogecoin now, as some believe this cryptocurrency will cost around $0.45 (roughly £0.34) by the end of that year.

Other Dogecoin price predictions show that this cryptocurrency won’t reach the price of $0.33 in 2023. Instead, we might see such a significant rise in value by the end of 2025.

Either way, you shouldn’t rely on these predictions only when managing your assets. If you want to trade with Dogecoin, it’s advisable to invest the amount you’re comfortable losing. Then, if this cryptocurrency performs better in the marketplace, it will be easier to determine your next move.


Wrap Up

Dogecoin has been a hot topic of discussion in the last few years. It is fast, cheap, and active on social media channels with many followers. However, it’s critical to consider how you plan on using this cryptocurrency before investing any money into it.

Now that you know how to buy Dogecoin in the UK, you can start trading and investing in this popular cryptocurrency. However, talking to a financial advisor is always a good idea before making any big financial decisions, so be sure to discuss your options before buying Dogecoin.


Where can you buy Dogecoin?

Most crypto trading platforms allow users to buy, hold, and sell the DOGE cryptocurrency. Still, eToro should be the first place to consider when buying Dogecoin, as this platform supports trading with DOGE as a CFD or a regular currency. 

Will Tesla accept Dogecoin?

At the moment, Tesla accepts Dogecoin for some merchandise items. When you visit the Tesla official website you’ll find the Dogecoin symbol next to the assets you can acquire with this cryptocurrency.

How volatile is Dogecoin?

Similar to other cryptocurrencies, Dogecoin is highly volatile. WIth that in mind, it would be best to consult a professional before buying Dogecoin.