Bitcoin

5 Easy Steps To Buy Dogecoin (DOGE) UK

Although cryptocurrency has long been a hot topic, interest in it has recently surged. Previously a niche market for speculators, alternative investments are now publicly acknowledged as a feasible choice for a percentage of every investment, even in retirement plans.

Amateur investors favour the cryptocurrency Dogecoin, which Elon Musk once supported. It is well-known for the internet meme of the Shibu Inu, a breed of Japanese dog that later served as the organization’s symbol. To learn more about Dogecoin, take a bird’s eye view of the article. 

What Is Dogecoin?

Dogecoin is among the most renowned and reward-giving cryptocurrencies. Although Dogecoin uses technology similar to that of other cryptocurrencies like Bitcoin, it provides speedier access and more affordable transaction costs. It uses Scrypt’s hashing algorithm and the proof-of-work protocol to enable it to accept work from other Scrypt-based networks.

‍The price of Dogecoin has increased by more than 4,000% thanks to the backing of sizable online communities on websites like Reddit, Twitter, and Discord, as well as marketing gimmicks like supporting the Jamaican bobsled squad for the 2014 winter Olympics.

Dogecoin has no limited supply, in contrast to other cryptocurrencies like Bitcoin, and its miners receive 10,000 DOGE for each block they produce. Although a new block is produced every minute, there are only five billion new Dogecoins added annually.

How Does Dogecoin Work?

Dogecoin utilizes blockchain technology to run on a decentralised system of computers, like many other cryptocurrencies. All transactions on its network are recorded and kept on a decentralised, encrypted digital ledger known as a blockchain. A blockchain may be compared to a bank ledger or your bank statement, where you can view a history of transactions made over a specific time period.

A proof-of-work consensus technique is used by Dogecoin’s own blockchain to verify that a miner may only add a new block of transactions if the network’s mining nodes concur that the block is genuine. The network uses encryption to validate transactions and guarantee the accuracy of the data.

‍How to Buy Dogecoin UK – 5 Simple Steps

If you’re a new trader and want to invest in Dogecoin, this guide will surely aid you in learning how to buy Dogecoin UK and store them in a secure digital wallet. On cryptocurrency exchanges like eToro, or Uphold, dogecoin may be acquired. Follow the guidelines below to buy and store Dogecoin securely:

1. Sign up for the Exchange

On a cryptocurrency exchange, you may purchase, sell, hold, and donate a wide range of cryptocurrencies, including well-known currencies like Dogecoin, Ethereum, Bitcoin, etc.

To see our list of cryptocurrency exchanges in the UK where you can buy and sell Dogecoin, scroll down. Most of these exchanges require a functional ID card and a payment mechanism in order to establish an account. Do not keep your assets on cryptocurrency exchanges; only use them for transactions. Save your Dogecoin and other cryptocurrencies in a crypto wallet as an alternative. ‍

2. Add A Payment Option

You may often deposit money on cryptocurrency exchanges using your GBP debit card, a bank transfer, or Open Banking.

3. Decide on and prepare your wallet.

Because they allow you to keep your Dogecoin and other cryptocurrency assets, wallets are essential. It is advised to keep your money in a wallet instead of on a cryptocurrency exchange since wallets are typically independent of exchanges. Even in the event that the cryptocurrency exchange collapses, for instance, you can be certain that your money is secure on the blockchain and apart from it.

4. Purchase Dogecoin

You may now purchase Dogecoin after establishing a wallet and creating an account with a crypto exchange. Simply visit the trading section of your preferred cryptocurrency exchange and buy some Dogecoins.

5. Transfer your Dogecoins To A Safe Wallet

Transfer your Dogecoins to a secure wallet once your purchase is complete. You may easily transfer your Dogecoins directly to the exchange if you eventually decide you’d want to convert them to cash.

List Of 4 Platforms to Buy Dogecoin UK

We’ve produced a list of some of the top online stores in the UK where you can purchase Dogecoin. These are some places in the UK where you can get cryptocurrencies like Dogecoin, Bitcoin, Ethereum, Solana, Cardano, and others.

Do not forget that uncontrolled, extremely volatile cryptoassets like Dogecoin offer no UK or EU investor protection. You might lose all the funds you put into them. Profits from bitcoin sales may also be subject to capital gains tax.

Here, you can see the top 4 trading platforms in the UK to purchase Dogecoin:

1. eToro – An Outstanding Forex Exchange

Since the online broker is approved and governed by the FCA, eToro provides a safe and secure option to purchase Dogecoin in the UK. Few bitcoin brokers can equal this accomplishment. In part because of its user-friendly website and lack of clumsy verbiage, eToro makes the Dogecoin investment process straightforward. In reality, even a total beginner may easily purchase Dogecoin using eToro in the UK.

Therefore, you must register with eToro, which shouldn’t take more than a few minutes. You will then be required to make a minimum deposit of $10 via a debit card, bank transfer, or e-wallet. When your eToro account is funded, you may start making spread-only Dogecoin investments in the UK. This indicates that you settle the price differential at the moment of the trade.

2. Coinbase – An Easy To Use Trading Platform

Over 70 million people use the US-based bitcoin exchange Coinbase. Since entering the UK market, Coinbase has made it simple to purchase Dogecoin. A registered account must first be created, which calls for some basic personal data and a copy of your passport or licence. After that, you may use a Visa or MasterCard to purchase Dogecoin in the UK.

Although your transaction will be completed immediately, Coinbase charges 3.99%. As a result, you will pay a fairly expensive charge of approximately £20 if you purchase £500 worth of Dogecoin here. Transferring money from your UK bank account is your alternative payment option.

Although there are no deposit costs associated with this, there is a trading charge of 1.49% that must be paid when purchasing Dogecoin. As a result, both of these choices are significantly more expensive than eToro, which was previously mentioned.

3. Uphold – Serves 2 Million Clients Worldwide

You can trade over 90 cryptocurrencies and crypto tokens, including majors, altcoins, and emerging tokens, on Uphold, a cryptocurrency exchange that is user-friendly for beginners. You can trade up to three distinct national currencies in addition to GBP, EUR, and USD. You may organise recurring transactions with Uphold using AutoPilot, which permits you to set up repeated purchase or sell orders and reduce the consequences of price volatility.

Members of Uphold are eligible for rapid, cost-free withdrawals to bank accounts in 36 different countries or private wallets on five distinct cryptocurrency networks. Currently, Uphold serves more than 2 million clients globally.

4. CoinJar – An Affordable Trading Platform

CoinJar Based in the UK and Australia, CoinJar is a cryptocurrency software and exchange. It surprisingly allows trading of over 50 currencies like Bitcoin, Ethereum, and USD Coin. Customers may buy, sell, hold, or spend cryptocurrencies using the CoinJar wallet and app. With the CoinJar Card, you may make purchases both online and offline using cryptocurrency. The card is free to activate, and there are no ongoing fees for use. You also accrue CoinJar Rewards each time you make a transaction with your card. With CoinJar, investors of all experience levels may gain rewards.

Why Use Dogecoin?

Dogecoin is a peer-to-peer virtual currency that may be used to pay for products and services, tip online service providers, or just transmit money between individuals.

Even though a record is visible to everyone on the blockchain, transactions can still be made in a somewhat anonymous fashion. And you can do it without working via a typical middleman, like a bank. Due to the possibility of creating an unlimited amount of coins, dogecoin cannot be utilised to keep value properly and is often used for levity.

Let’s Conclude!

You now understand how to buy Dogecoin UK in 5 easy and simple steps. You also have got a better understanding of how to use an FCA-licensed broker such as eToro to purchase Dogecoin in the UK. From beginning to end, the procedure requires less than five minutes and is much shorter if you pay with a debit or credit card that is promptly processed.

Additionally, by using eToro as your preferred broker, you may invest as little as $10 (about £7) into Dogecoin and take advantage of its fiercely challenging spread-only pricing structure. Just be sure to do enough study about Dogecoin before moving further.

Dogecoin has a reputation for being extremely volatile, with weekly swings of up to 300% or down to 50%. The long-term impact of Elon Musk’s purchase of Twitter may be positive for Dogecoin, or it may have already been factored in during the October 2022 pump.