Buy Dogecoin (DOGE)
Buy Dogecoin or DOGE Crypto currency meaning by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about how to Buy Dogecoin or DOGE Crypto currency.
How To Buy Dogecoin or DOGE Cryptocurrency?
Dogecoin (DOGE) is a decentralized peer-to-peer digital currency that enables users to easily send money online. It was launched in 2013 by programmer Jackson Palmer as a joke, inspired by the Japanese dog breed Shiba Inu, which gained popularity as an internet meme. The idea, according to Dogecoin’s website, is to be a “fun and friendly internet currency”.
How to buy Dogecoin Crypto Coin?
1. The first option is to buy Dogecoin with another cryptocurrency like Bitcoin, Ether or Litecoin, because not many exchanges offer the option to buy it with fiat. So first, you’ll need to get one of those cryptocurrencies. The most obvious choice is Coinbase, which is a major New York-licensed cryptocurrency exchange that operates in many countries across the world and accepts payments with credit cards. Besides, the fee for buying cryptocurrencies with a card is relatively low, compared to other trading venues – 4%.
2. The next step is to open an account with the exchange that offers Dogecoin. Such are platforms are Kraken, Coinswitch and Cryptopia.
3. Then you transfer the bitcoin you bought on Coinbase to the exchange and buy Dogecoin.
You can also buy Dogecoin with fiat currencies, but it is quite hard because not many exchanges offer it. The most obvious choice is Localbitcoins, which is probably the largest decentralized P2P exchange. It has some advantages, such as anonymity and different fiat payment types, such as cash in hand, PayPal, bank transfers, cards. But there are some disadvantages as well – there is a risk of fraud and the fees can be quite high.
If you are residing in the EU, you can buy Dogecoin on AnycoinDirect – a Dutch exchange with plenty of fiat funding options and relatively low fees.
If you want to store Doge, there are a few online e-wallets where you can do so, because keeping it in an exchange is not very safe. You can store it in Dogecoin’s own wallet. Most of the funds in it are stored in offline cold storage and are secured with user-generated mnemonic phrases, as well as with secure code a verified e-mail or phone number. There is also a mobile application. There are also other wallets, like Freewallet.
Another hypothetical option is to trade in Dogecoin through a regulated forex broker that offers cryptocurrency CFDs. This is a less risky option, as the regulated are abiding by strict rules and the user funds, up to a certain amount, are protected in case the broker goes bankrupt. The main disadvantage is that you cannot physically own the coins, but rather speculate on their price. Unfortunately, there are no regulated forex brokers who have included Dogecoin in their instrument list, but there are some who offer CFDs on some of the major cryptocurrencies.
How to Buy Dogecoin or DOGE Cryptocurrency Conclusion
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