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Best Dogecoin Exchanges
Looking for the best place to buy Dogecoin in 2024? In this guide, we reveal the best Dogecoin exchanges with low fees, excellent usability, beginner-friendly trading tools and great customer service.
The Top Dogecoin Exchanges Compared
| Exchange | Why we like it | Best for |
|---|---|---|
| Coinbase | – User-friendly interface – Native crypto wallet – Earn interest on your crypto – Low account minimum | Beginners looking to trade large-cap coins. |
| eToro | – Access stocks and crypto in one place – Copy the trades of experts – Regulated by global bodies – Access Bitcoin Spot ETF | Investors who want to buy crypto and stocks. |
| Kraken | – Cold wallet storage – Trade with leverage up to 5x – Advanced traders can access – Kraken Pro with sophisticated trading tools – Over 200 cryptocurrencies available | Advanced traders who are interested in margin trading. |
| Crypto.com | – Excellent mobile app – Users can receive trading discounts by holding CRO – Native decentralized wallet – Over 250 cryptocurrencies available | Traders who want to manage their portfolio on their mobile phones. |
| Binance | – Over 500 cryptocurrencies available – Extensive range of educational materials – Automated trading | Users who are looking to build a diverse portfolio with lots of different cryptos. |
What Is Dogecoin?
History
Dogecoin was originally founded in 2013 by software engineers Billy Marcus and Jackson Palmer. The project, created by two engineers that were complete new-comers to the space, actually began as a joke; Dogecoin was a reflection and homage of a popular meme of a Shiba Inu dog that had huge cultural traction online. The idea of Dogecoin was to simply mock the sea of Alt coins that sought to rival Bitcoin; it wasn’t supposed to be a valid alternative at the time but merely a shining light on what they saw as a farcical situation.
Purpose
The purpose of DOGE was simply to bring attention to the act that so many Alt coins brought false promises and overused concepts. If we look at the more technical aspects of Dogecoin and explore the actual use cases it has then again it is somewhat limited; really the only use case it has is as a medium of financial exchange. It allows users, much in the same way as Bitcoin, to send and receive DOGE to anyone that wants to.
However, due to its increased popularity soon there grew alternative use cases that were more commonly associated with Bitcoin and other major Alt coins. For example, as a way to convert energy into currency through mining and also simply as a store of value.
How It Works
Dogecoin uses a Proof-of-Work consensus mechanism to operate, the same as Bitcoin. This means that miners can contribute to the physical infrastructure of the system by solving complex mathematical problems in exchange for rewards in the native currency; in this case DOGE. Originally, miners received a random reward for their services but this quickly became a problem in the community as some found ways to manipulate the system. This was eventually changed to a more conventional system that has set rewards.
Unlike Bitcoin, Dogecoin doesn’t have a capped supply; instead it has a falling annual inflation rate of around 4%. Dogecoin also has faster and cheaper transactions than Bitcoin, mainly because block times are only one minute on the Dogecoin network whereas the Bitcoin network is around 14 minutes.
What is a Dogecoin Exchange?
A Dogecoin exchange is a marketplace where you can buy and sell the cryptocurrency Dogecoin. An exchange is a mediated interface for users to make trades between themselves via an order book or ledger. On exchanges, you are able to quickly and easily trade fiat currency (such as GBP and USD) for DOGE or to trade different cryptocurrencies for each other.
What is the Difference Between a Broker and an Exchange?
An exchange is the next most popular method of trading. Whereas a broker is a centralized individual or business making trades on behalf of its users, an exchange is a mediated arena for users to make trades between themselves via an order book or ledger.
Broker
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Controlled by one entity, whether that is a business or even an individual
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Usually charge commissions for the trades made on their platform
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Trading via prices set by the broker
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A more traditional avenue for financial trades
Exchange
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Still a business, but this time with a smaller degree of control over the trades on the platform
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Prices are set by the buyers and sellers, with the transactions mediated by the exchange
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Usually no commission fees, but instead charge maker/taker fees (these charge a fee for removing liquidity from the platform’s pool)
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Usually offer a better range of cryptocurrencies, but perhaps can be less regulated
What Are CFD Brokers?
CFD brokers are a new way in which users can interact with cryptocurrency assets. They are essentially a contract you agree to when you complete your purchase rather than the actual asset itself. The terms of the contract stipulate that it pays you rewards if the asset price rises or you incur losses if it goes down. You do not own or hold the asset with derivative products like CFDs.
Most derivative products are only for the core group of coins, meaning altcoins are often not supported or applicable. You need to check with the relevant brokerage to see if they offer these products. Also, some countries do not allow the sale of cryptocurrency CFD products – for example, this is not allowed in the USA.
How Do I Use a Dogecoin Exchange?
More often than not, all exchanges will require you to follow the same kind of steps to open an account with them. We have formed a quick and simple 3-step guide to help you get started with any exchange you may wish to. Here it is:
Step 1: Create an Account
Go to the official exchange website and sign up for an account. You will need to enter an email address and password.
Step 2: Verify Your Identity
After entering your details, you need to provide an ID for the KYC regulation process. This includes an official ID, proof of address, and a picture of yourself.
Step 3: Deposit Funds
Once your account has been accepted, you can deposit funds using any of the available deposit methods.
Step 4: Find DOGE Paired with the Currency You Are Holding
Once your funds have been deposited you need to find DOGE paired with the currency you are holding. (Note: If your currency doesn’t match then you trade this for more popular crypto that is – the pairs available to you are always something to look out for when choosing an exchange.)
What Should I Look For in a Dogecoin Exchange?
Here is a list of the key things to look out for when you are choosing a Dogecoin exchange:
Fee Charges:
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There is a range of charges you can be subject to so you need to do your due diligence to get the best deal possible. For example, some of the fees you may face are commissions, holding fees, deposit/withdrawal fees, and bad maker/taker rates.
Variety of Trading Pairs:
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While a good exchange may offer a wide range of cryptocurrencies to trade with, it is also important they offer a good range of pairs to give you the most flexibility possible. As many exchanges now accept Dogecoin it can be a good idea to see which are offering the most options with that particular product.
Speed and Ease of Use:
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When you are buying Dogecoin you want transactions to be as simple to make as possible, and for them to be executed quickly and efficiently. Popular exchange Coinbase for example has a friendly interface and good transaction speeds.
Trust and Security:
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Arguably one of the most important elements of trading, your exchange must be trustworthy and have good security measures in place. Look out for features like 2-factor authentication, loss insurance, and KYC to improve your level of protection.
Cross-device Compatibility:
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Most platforms now offer services on mobile, web, and desktop. Not only is this convenient for you, but also it is a sign of a good exchange. For example, Binance supports all of these devices.
Do I Have to Verify My Account on an Exchange?
Yes, you’ll have to verify your identity when signing up for an exchange to ensure security and adhere to the financial and crypto regulations most exchanges abide by. You will usually be asked to provide 2 forms of ID (such as a passport or driving license) and often a selfie of you holding one to prove it’s yours. KYC and AML protocols like this are to protect both the exchange and its users.
Are Dogecoin Exchanges Secure?
Exchanges have many security features but are a big target for online attacks. For this reason, it is not recommended to hold more than a small amount of DOGE in your account at any one time; instead, you can transfer them to a personal wallet to keep your coins safe.
Some of the ways you can make your experience as secure as possible are:
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Activate 2-factor authentication
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Never reuse passwords from other websites
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Consider storing coins in a private wallet
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Choose an exchange with a good track record for security
How Fast Are Transactions on Exchanges?
Transactions on exchanges are usually instant if you place a market order – but this can depend on which exchange you are using.
If you want to transfer cryptocurrencies from one exchange to another, the speed can vary depending on how long it takes for the exchange to process the transaction and the underlying blockchain used.
For example, Bitcoin takes around 10 minutes to validate a transaction, whereas Ethereum only takes around 15 seconds.
What Payment Methods Can I Use to Buy Dogecoin on Exchanges?
It is common that almost all exchanges will accept credit/debit cards and bank transfers, so you should always expect this from a good exchange. Some will also accept other 3rd party methods like PayPal, Neteller, and more. Here’s our list of the most popular payment methods to buy Dogecoin:
Debit/Credit Cards:
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Use your credit card to directly buy Dogecoin. Can incur some fees but is extremely convenient and you are also susceptible to interest rates.
Bank Transfer:
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Transfer funds directly from a bank account linked with your chosen platform. One of the most expensive ways to deposit funds but very convenient and accessible to beginners.
Crypto Transfer:
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Connect a wallet to your platform that already has crypto funds. By far the cheapest method but can be difficult for beginners.
PayPal:
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Connect your account to some supported platforms and top-up your exchange wallet; Paypal now also accepts crypto.
Do Exchanges Charge Fees for Buying and Selling Dogecoin?
Yes, exchanges will have fees for both buying and selling Dogecoin, especially if you’re buying DOGE directly with your card. Typically these will be between 0.25% and 1.5% depending on the platform, the payment method, and how much you’re spending.
Different platforms will charge different fees for their services. It’s worth doing some research to find the platforms with the best rates. Binance is currently one of the most competitive exchanges on the market.
Are There Fees for Transferring Coins In and Out of Exchanges?
When transferring coins to another wallet or exchange, you will be charged the transaction fees associated with the blockchain (also known as miners’ fees). Exchanges will also often charge a fee just for using their service too, but this shouldn’t be more than a dollar or two.
Do I Need a Wallet to Use a Dogecoin Exchange?
No, usually the exchange will provide a native wallet for you. However, it is strongly recommended you transfer your coins from your exchange account to a personal wallet if you’re not intending to actively trade them.
Large amounts of coins are more secure when held in an external wallet because it is much more difficult to hack into and also much less likely to be hacked than a popular exchange with high liquidity.
Dogecoin Brokers: Alternative Way to Buy Dogecoin
The other commonly used platforms for Dogecoin trading are brokerages, CFD trading platforms, DEXs and P2P services.
Brokerages are also available on desktop, web, and mobile devices; they provide a trading service, a value storing service, and offer help and support to their users.
Brokerages are perhaps understood as more trustworthy, especially big institutions like eToro, mainly due to the fact they have been around for many years and are regulated by large financial institutions.
Traditionally, brokers were in the business of financial products like CFDs, stocks, and bonds, but nowadays we are seeing the introduction of digital assets like cryptocurrencies. Some brokerages now also offer alternative financial products like CFDs for cryptocurrencies.
Note: Derivative products are banned in the US so check laws in your jurisdiction before you use these sorts of products.
Advantages and Disadvantages of Using a Broker?
- Reputation and Security _ Cryptocurrencies are risky assets that are subject to high levels of volatility; therefore, it can be preferable for traders to choose an established broker with a successful reputation.
- Simple Interface _ Brokerages are well-known for their simplicity and easy-to-use platforms. Usually, you can access these services across a range of devices also, from mobile to desktop.
- Easy Access _ It is simple and straightforward to make an account with a broker. All you will need is a copy of your ID and some personal information.
- Trading with Leverage _ Trading with leverage carries a lot of risk and users should only engage with this if they are confident they understand what they are doing. But for those experienced traders, leverage offers a great way to increase your profit margins.
- Regulation _ Not only are these platforms generally more secure from system issues, but usually they are highly regulated by the relevant financial institutions.
- Trading Fees _ One of the biggest issues traders have with brokers is the trading fees. They charge a commission for the trades you make and often have other fees like holding fees.
- Pricing _ In addition to fees, the broker is also setting the price of your crypto asset. This means it may be less competitive than some alternative platforms or exchanges.
- Not Specialized _ While brokerages have been around for many years, it has to be said they are not crypto-specialized institutions. Sometimes this can mean they lack educational materials or even applicable advanced trading tools for cryptocurrency products.
- CFD Risk _ If you hold your cryptocurrency asset in CFD form it means you essentially hold a stake in that brokerage. If a brokerage goes bust, your contract could potentially go with it.
How Do I Get Started With a Dogecoin Broker?
More often than not, all brokers will require you to follow the same kind of steps to open an account with them. We have formed a quick and simple 3-step guide to help you get started with any broker you may wish to. Here it is:
Step 1: Create an Account
Visit the official website or download the app of your chosen broker. Then, create an account by inputting all of your personal information.
Step 2: Verify Your Identity
Provide ID and proof of address to begin authenticating your account. You will need to do this to adhere to the relevant KYC regulations.
Step 3: Deposit Funds
Once verified, you will need to deposit some funds into your account. Brokers offer a range of different ways in which you can do this from credit cards to bank transfers. Then, begin trading.
The Best Dogecoin Trading Platforms
Most brokers these days support Dogecoin because of its popularity – so there is a wide range of choices. Here’s a breakdown of which are the best for beginners, day traders, and of course the best to earn interest.
Coinbase – Best for beginners
Not all of you are full-time experienced traders, so it is important to know what is the best platform for you to learn how to trade Dogecoin and one that will offer good features to make it as simple as possible.
One of the biggest players in the crypto space, offering a huge range of coins and great educational material for beginners.
Top Features: Low fees, paid educational material, and almost 100 coins on offer.
Robinhood – Easiest to get started with
One of the most popular brokers with newcomers. Now offering crypto products as well Robin Hood is a great option for users in the United States.
Top Features: Easy sign-up, beginner-friendly, and commission-free.
eToro – Best for day trading
Day trading will demand a different priority of features as users look to make advanced trades, in high volumes and with a good range of cryptocurrencies.
One of the market leaders in the brokerage space – eToro offers users a social trading network and access to one of the biggest ranges of cryptocurrencies.
Top Features: Low fees, easy sign-up, and beginner-friendly interface.
NAGA – Best for advanced tools
NAGA offers an extremely competitive social trading network that comes with a host of advanced trading tools and instruments. NAGA prioritizes balancing simple trading with speed and efficiency. They also support over 40 cryptocurrency products.
Top Features: Many coins supported, demo account, and advanced charting tools.
What to Look for in a Dogecoin Broker?
Here is a list of the key things to look out for when you are choosing a Dogecoin broker:
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Fee Charges: there is a range of charges you can be subject to so you need to do your due diligence to get the best deal possible. For example, some of the fees you may face are commissions, holding fees, deposit/withdrawal fees, and bad spreads.
-
Variety of Trading Pairs: while a good broker may offer a wide range of cryptocurrencies to trade with, it is also important they offer a good range of pairs to give you the most flexibility possible. As many brokers now accept Dogecoin it can be a good idea to see which are offering the most options with that particular product.
-
Speed and Ease of Use: when you are buying Dogecoin you want transactions to be as simple to make as possible, and for them to be executed quickly and efficiently. Popular broker eToro for example has a friendly interface and good transaction speeds.
-
Trust and Security: arguably one of the most important elements of trading, your broker must be trustworthy and have good security measures in place. Look out for features like 2-factor authentication, loss insurance, and KYC regulations to improve your level of protection.
-
Cross-device Compatibility: most platforms now offer services on mobile, web, and desktop. Not only is this convenient for you, but also it is a sign of a good broker. For example, eToro supports all of these devices.
Earning interest with Dogecoin
Some platforms now allow users to make money in alternative ways, and earning interest is one of these. Read our guide to find out more:
Other ways to buy Dogecoin: DEXs & P2P services
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Decentralized Exchange (DEX): These operate in the same way as a traditional exchange, but are unregulated and are not owned/operated by a singular entity.
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P2P: Person-to-person exchanges offer great rates as they have no middleman; it’s best to think of this as swapping rather than trading.
Should I Use a Dogecoin Exchange?
It depends on what your personal preference is. But it must be said that exchanges are undoubtedly one of the most cost-effective ways to trade Dogecoin and all cryptocurrencies in general.
Here are some of the top features you have access to when using an exchange to buy Dogecoin:
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All of the most popular payment methods are available
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Actual ownership of the underlying asset you buy
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Ability to transfer funds/assets to a private wallet
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In-built security features
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A crypto-specialized platform built specifically for trading assets like Dogecoin
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Almost always no commission fees when trading
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Some of the most competitive rates available to traders
Related Dogecoin Buy Guides and Coin Exchanges
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