Trading

How To Buy Dogecoin UK

Are you curious to know how to buy Dogecoin in the UK? The Forex world welcomes you and appreciates you for choosing Dogecoin as a forex investment. Novice investors favour the cryptocurrency Dogecoin, which Elon Musk once supported. It is well-known for the ironic joke of the Shibu Inu, a breed of Japanese dog that later served as the organization’s symbol.

Dogecoin (DOGE) was established as a prank by software developers Billy Markus and Jackson Palmer to provide some humour and fun to the cryptocurrency world.

DOGE is a payment coin that uses a proof-of-work consensus similar to BTC and LTC, which necessitates miners to operate hardware to create new blocks and facilitate on-chain transactions.

Dogecoin has amassed what may be referred to as a “cult following” since its launch in 2013. It is one of the best-known and most widely used cryptocurrencies, and it helped establish the Shiba Inu and Baby Doge meme coins, among many others.

See our explanation of Dogecoin’s operation for beginners.

How Can I Buy Dogecoin UK?

You simply need an email address or cellphone number to set up an account on your preferred cryptocurrency platform. In most cases, this will let you deposit cryptocurrency but not GBP.

Know Your Customer (KYC) is very important to check if you wish to purchase Dogecoin using pounds. You must upload proof of identification with a photo and, in certain circumstances, a selfie with the current date as part of the usual security procedure for the majority of exchangers in the UK. In most circumstances, KYC is granted right away, but occasionally you might have to wait a few hours or days.

Additionally, anyone who is interested may purchase or sell DOGE in person. Dogecoin transactions are carried out similarly to Bitcoin transactions. There are several venues where individuals may acquire DOGE, some of which include credit card payments.

A peer-to-peer, open-source digital currency called Dogecoin (DOGE) is used for making and collecting online currencies that are validated through the Dogecoin blockchain network. Software developers Jackson Palmer and Billy Markus created Dogecoin, which went live as a decentralised cryptocurrency for quick payments in December 2013. Dogecoin entered the cryptocurrency market as a fork of a fork (of a fork) and gained a reputation as a “joke coin,” a moniker that its loyal community gladly embraced. Without a CEO or other prominent figure at the helm, Dogecoin is mostly driven by its ardent supporters who have remained devoted throughout time.

Year over year, DOGE’s user base expands, driving up prices and driving the market capitalization to all-time highs. As a “light” cryptocurrency, DOGE is mostly used for fundraising and rewarding internet companies, although it is also recognized as payment by an increasing number of businesses.

Buying DOGE in 4 easy stages

You can buy Dogecoin in four easy and simple steps. Let’s take a deep dive into the step-guide mentioned below:

1. Select A Cryptocurrency Exchange Or Broker

You may purchase DOGE using both a crypto exchange and a crypto broker, but the two work significantly differently.

If you’ve just joined the crypto world and need to buy cryptocurrency using a fiat currency (like a pound in the UK), ensure that the exchange you pick allows it. Some exchanges exclusively deal in cryptocurrencies.

Instead, if you decide to utilise a broker, be aware of the broker’s policies on shifting holdings off a brokerage platform as some brokers won’t let you do so. This would not be feasible if you wanted to put your DOGE in a crypto wallet for increased protection.

2. Select A Payment Option

Many exchanges permit you to add money to your account via a bank account, credit or debit card, cryptocurrency wallet, or other payment methods. Your preferred mode of payment may have an impact on the transaction fees that will be charged.

When using a credit card, the card issuer will classify the transaction as a cash advance, which has a higher interest rate than a typical purchase.

3. Purchase DOGE

Locate the DOGE currency choice on your preferred exchange, then input the desired investment amount. In this way, you can buy Dogecoin UK. 

4. Pick Safe Storage

Cryptocurrencies like DOGE are not covered by the Financial Services Compensation Scheme, in contrast to a bank account containing fiat money. In the event that your DOGE was stolen, you misplaced your access codes, or the exchange/broker in question failed, you would not be eligible for compensation.

While a trading platform might not have an incorporated crypto wallet, a broker might not give you the option to choose where your DOGE is kept. However, you are free to keep your DOGE in other wallets, whether they are “hot” or “cold.”

Hot wallets are kept online, which makes them more practical but also leaves them more vulnerable to hackers.

External storage units like hard drives or solid-state drives are referred to as cold wallets. Although they may be more secure, you might never be able to access your assets if you were to lose your personal access codes.

Whichever option you select, there can be a cost for exporting your DOGE to a third-party wallet.

Various Alternatives For Investing In DOGE

Another approach to investing in cryptocurrencies is to invest in stocks in a company that utilises or owns blockchain technology, cryptocurrencies, or both. You might think this is a safer approach to invest if the firm is under regulatory inspection.

For instance, the graphics processing units made by Nvidia (NVDA) are utilised by bitcoin miners. Meanwhile, Paypal (PYPL) enables customers to purchase and trade a few different cryptocurrencies.

How To Locate The Top Dogecoin Exchange In The UK

When purchasing Dogecoin in the UK, you have a wide range of trading platforms to select from. Let’s look into what you need to consider when choosing the exchange platform:

  • Is It Authorised?  It is a smart idea to use a locally registered exchange. The likelihood of accepting pounds and domestic payment options like PayID is higher, which helps keep exchange rates low. Selecting an exchange that is headquartered in the UK also indicates that it is probably registered with the Financial Conduct Authority (FCA), which means that it must abide by UK rules.
  • Security. Consider the platform’s security features, such as 2-factor authentication and PGP-encrypted emails. Cold storage of user money is regarded as an industry norm, but less often used insurance funds are a sign of strong security procedures.
  • Fees. you must know the trading fees, and deposit and withdrawal fees, depending on the platform you use.
  • Limitations on transactions. Does the quantity of Dogecoin you may buy have a minimum or maximum? Does the exchange have a cap on how much money you may take out of your account in a single transaction or in a 24-hour period?
  • Additional platform features. Keep an eye out for more features that meet your trading or investing needs. For instance, several exchanges now allow you to receive a yield on your holdings, and some even provide you with cryptocurrency debit cards so you may spend your coins.
  • Customer service. Will it be possible for you to contact customer support staff promptly and easily if you ever have an issue with a transfer of funds? Do they have a UK headquarters? Examine the different contact options and learn how quickly the staff responds to questions.
  • Recognition. Being a new industry, reputation may give a lot of information when selecting an exchange. Founders, for instance, who are they? There have been any disputes, right? Are their commercial operations open and honest? If you can’t discover any of these data, it can be a warning sign.
  • Variety of coins. Check to discover what more coins you can purchase through the site if you’re considering expanding your portfolio with further cryptocurrencies in the future.
  • Examine reviews. The user comments in Finder’s evaluations of cryptocurrency exchanges give you a better picture of what the platform is comfortable to use for other beginners including you.
  • Using exchanges with FCA registration. There are many sites to purchase Dogecoin, and residents of the UK may select among those that are registered locally or elsewhere in the world. Generally speaking, using a locally registered DOGE exchange is more convenient, but depending on your objectives, it might also have some drawbacks.

Wrapping Up

TO buy Dogecoin UK, start by contrasting a number of cryptocurrency brokers and exchanges that are accessible in the UK if you want to purchase Dogecoin. To choose the platform that is best for you, consider its features, costs, security, and general reputation. For further peace of mind, take into account an exchange that is FCA-registered.

Please note that you can not get rid of the risks associated with owning and utilising Dogecoin. Think carefully about including DOGE investments in your overall plan, and if you have any concerns, consult a financial professional.

After purchasing some DOGE, consider your immediate and long-term objectives. You may use this to determine whether to transfer it to your own wallet or maintain it on an exchange.