How to Buy Dogecoin (DOGE) in 2024

If you’re wondering how to buy Dogecoin (DOGE), you’ll need to find an exchange that offers Dogecoin, create a wallet that accepts DOGE, fund your account and purchase the cryptocurrency.

Below, I’ll explain exactly where and how to buy DOGE in 2024, with a detailed step-by-step guide to help make the process as straightforward as possible.

How to Buy Dogecoin Quick Guide

Where to Buy Dogecoin 

Before I can answer the question, “How to invest in Dogecoin”, I first need to explain where you can buy Dogecoin.

When buying DOGE, you need to make sure you’re using a safe, reputable and licensed exchange. 

Below, I’ve listed three of the top exchanges for buying Dogecoin, although it’s important that you do your own research first to make sure these platforms work for you.

Coinbase – The best centralized exchange to buy Dogecoin 

Coinbase has long been one of the best centralized exchanges for buying Dogecoin and other cryptocurrencies. Available in over 100 countries, Coinbase was designed to be user-friendly, with a straightforward interface that makes buying DOGE as simple as possible. On Coinbase, you can buy, sell, send, receive and store Dogecoin, as well as more than 240 other cryptocurrencies.

Coinbase offers an app for Android and Apple users, alongside advanced charting tools that make it possible to track the price of Dogecoin.

The exchange also offers a premium account, referred to as “Coinbase One”. Coinbase One users can buy DOGE with zero fees, while also benefiting from priority support and additional rewards.

Revolut – The best mobile app to buy Dogecoin 

Revolut is a relatively new player in the crypto market. Offering more than 175 crypto assets, including Dogecoin, to investors around the world, Revolut allows you to send and receive cryptocurrencies quickly and easily. 

Please note, it’s not currently possible to buy Dogecoin or other cryptocurrencies in the US using Revolut.

Revolut allows you to buy cryptocurrencies with fees from as little as 0%, depending on your account level, and the Revolut X platform offers enhanced trading capabilities with advanced analytics.

Revolut also offers a very nice app for both Apple and Android users, which has the exact same capabilities as the exchange’s desktop version. The Revolut app is one of the best methods for buying Dogecoin in 2024.

Kraken – Top crypto exchange with over 200 coins available 

Kraken is one of the longest-standing cryptocurrency exchanges, enabling you to buy Dogecoin and more than 200 other cryptocurrencies. Kraken allows you to take advantage of more sophisticated trading features than many other centralized exchanges, while also offering a range of educational materials, ideal for beginner investors.

With fees as low as 0%, and supported in over 190 countries (including the US), Kraken is a user-friendly trading platform that can be accessed via desktop or via the Kraken mobile app.

If you want to learn how to buy Dogecoin, Kraken makes the process incredibly straightforward.

How to Buy Dogecoin (DOGE): Step-by-Step

The process for buying Dogecoin will differ slightly, depending on the exchange you use, but I’ve broken down the general steps below – follow these to learn how to invest in Dogecoin.

Step 1: Sign up to an exchange

Find an exchange that suits you. You can use any of the exchanges that I mentioned above or consider doing your own research to find a different exchange that you like.

When looking for an exchange, make sure you understand any fees that you might be charged when buying Dogecoin.

When creating an account at a centralized exchange, you’ll need to input your personal information and verify your identity using the exchange’s Know Your Customer (KYC) checks.

This might involve taking a photo of your passport or driving license, sending a recent bill with your name and address on, or scanning your face to allow the exchange to verify that you are who you say you are.

Step 2: Fund your account

Once you’ve created an account and verified your identity, you’ll need to fund your account. 

When buying Dogecoin from a centralized exchange, you’ll need to deposit a set amount of fiat currency, which can then be exchanged for DOGE.

Use one of your chosen exchange’s accepted payment methods, which will often include a debit card or bank transfer. Be aware of minimum deposit amounts and look out for hidden fees.

Step 3: Conduct research and create a strategy

This step of the process is arguably the most important. 

Before you consider buying Dogecoin, make sure to do your research and create a strategy. Are you looking to buy and sell Dogecoin over a short- or long-term period? Do you understand the risks of investing in cryptocurrency? Are you ready for any potential market volatility?

Create a strategy that aligns with your overall goals and investment time horizon. Make sure to diversify your portfolio and have a plan in place for when your Dogecoin investment rises or falls.

Look at the wider cryptocurrency market and don’t rush into buying DOGE simply because the price has risen recently or because people are telling you to.

Step 4: Search for Dogecoin (DOGE)

On your chosen exchange, search for Dogecoin. Typically, centralized exchanges will have a search bar that you can use. 

Type in “Dogecoin” or “DOGE”, and if the asset is offered by your exchange, you’ll be taken to the specific Dogecoin market page.

Step 5: Buy DOGE

The interface on every exchange will differ slightly, but the general process will likely be similar. Click “Buy” or “Trade”, and follow the on-screen instructions.

Decide how much Dogecoin you would like to buy. You can usually input the amount of DOGE that you would like to receive or the amount of fiat currency that you would like to spend. 

The exchange you’re using will usually display information relating to the transaction, including any fees that you might incur. Once you’re happy with your trade, confirm the transaction to buy Dogecoin for the first time.

Step 6: Transfer your DOGE to a crypto wallet

Once you’ve bought DOGE, transfer it to a cryptocurrency wallet for safe-keeping. It’s often possible to store Dogecoin on the exchange you’ve bought it on, while some platforms will offer exchange-specific wallets that you can use to store DOGE.

For greater security, consider storing your new Dogecoin tokens elsewhere, ideally in a self-custody wallet that is separate from the centralized exchange. 

There are two main types of crypto wallet that you can use:

• Hot Wallets: Online, internet-enabled wallets from which you can send, receive and store cryptocurrencies. Trust Wallet is an online wallet that accepts Dogecoin and can be accessed via a mobile app or desktop extension.
• Cold Wallets: Offline storage for cryptocurrencies, usually in the form of a physical device such as a USB stick. Ledger offers a range of Dogecoin-compatible hot wallets that allow you to store DOGE offline.

Top Tips for Buying Dogecoin Safely

Although cryptocurrencies are well known for their security, there are some inherent risks to investing in the asset class. If you want to know how to buy Dogecoin safely, keep the following advice in mind.

1. Always conduct research and analysis

Blockchain is a relatively new technology and cryptocurrency is an incredibly volatile asset class. It’s essential that you conduct thorough research before investing in Dogecoin.

Make sure you understand what Dogecoin is and how it works. Read through the project’s whitepaper and be aware of any upcoming changes to the network that might impact the cryptocurrency’s price.

See what experienced traders and analysts are saying about Dogecoin and the wider cryptocurrency market. 

Be aware that the price of Dogecoin can be influenced by the price of bitcoin (BTC), regulatory changes, the stock market and geopolitical issues.

2. Don’t invest more than you can afford to lose

Make sure that you only invest money that you can afford to lose. Cryptocurrencies can be incredibly volatile, meaning that their prices can rise or fall incredibly quickly. Dogecoin especially has demonstrated incredible volatility, historically-speaking, so be aware that your portfolio could lose significant value in a very short period of time.

Consider diversifying your portfolio by investing in multiple cryptocurrencies and asset classes, and don’t put all of your eggs in one basket! When investing in Dogecoin, assume that your investment might fall to $0 in the future – if this happened, how would you feel and how would this leave you, financially?

3. Use a reputable exchange

Only use licensed, reputable exchanges when buying Dogecoin. The best exchanges will be regulated by an official governing body and will make their fees abundantly clear. 

Do your research and look up reviews to see how other users have experienced that specific exchange.

If lots of other investors have had a negative experience with a particular exchange, then assume that you may have a similar experience.

4. Store your coins in a cold wallet

Store your DOGE in a cold wallet. This means that your Dogecoin holdings are stored offline, making them safe from malicious attacks. 

Although this process makes it more difficult to send, receive and spend your Dogecoin, it does drastically increase the security of your DOGE tokens.

How Much Does it Cost to Buy Dogecoin?

The cost of buying Dogecoin will depend in the price of DOGE at the time of buying as well as the fees that are charged by the exchange that you choose to use.

The price of DOGE fluctuates daily but is currently hovering between $0.09 and $0.1 (updated on the 12th of August 2024).

Common fees charged by crypto exchanges include trading fees, withdrawal fees and account management fees. When choosing an exchange to use, it is important to find a platform that offers a low fee structure. The best platforms should provide a transparent overview of the fees that they charge on their website.

Our recommended exchange, Coinbase, charges 0.5% to 4.5% per transaction depending on the size of the transaction.

Important Things to Know About Dogecoin 

Dogecoin is one of the world’s most popular cryptocurrencies. It’s important to be aware of any Dogecoin or cryptocurrency market news.

• In August 2024, Dogecoin released a core network update, the full details of which can be found on GitHub. This update included important bug fixes, and improved transaction handling and request tracking.
• DOGE is experiencing significant volatility, alongside the wider cryptocurrency market, in 2024. The price of DOGE fell from $0.23 to $0.08 (-64.69%) between March and August.

Final Thoughts

The process of buying Dogecoin is relatively straightforward, but it’s essential that you do your research before investing. 

Find a reputable, user-friendly exchange that offers DOGE, do not invest more than you can afford to lose, and follow my step-by-step instructions to start buying Dogecoin.

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