In today’s tutorial, we will be showing you our step by step guide on how to buy Dogecoin and on which exchanges you can find the coin.
Dogecoin was developed in 2013 by Australian Jackson Palmer and IBM software developer Billy Markus, based on the LuckyCoin protocol, which in turn originated from a fork of Litecoin.
Thus, Dogecoin uses the Scrypt encryption algorithm. The idea behind DOGE stemmed from a light-hearted tweet that mocked the rapid rise of scam coins at that time. Dogecoin’s image is based on the immensely popular (in 2013) viral “doge” memes which feature the cute Shiba Inu.
Dogecoin rose to popularity due to its fast and low-cost online transactions and for its ability to be used as payment for online goods and services, but now it is mostly used as a tipping coin for internet content creators.
When it first launched, the coin saw a massive rally, gaining in just two months a market capitalization of $74 million. Since the crypto boom in late 2018, the DOGE price has decreased in value, but it is still one of the most traded coins on the market.
Can You Buy Dogecoin (DOGE) with Fiat?
Unfortunately, you cannot buy Dogecoin with a credit card, debit card, or bank account on any US exchange, but there are several platforms that support trading against USD, such as Bittylicious, SouthXchange, Exrates, Exmo, Livecoin, Sistemkoin, P2PB2B, Coinsbit, Alterdice, and YoBit.
Depending on the exchange, you can buy Dogecoin by using different USD deposit options:
- Livecoin: Visa/Mastercard, Payeer, AdvCash, Perfect Money, Capitalist, Qiwi;
- Exrates: Payeer, AdvCash, Perfect Money, NixMoney;
- YoBit: Payeer, AdvCash, Perfect Money, Capitalist, OkPay;
- South Exchange: Visa/Mastercard;
- Bittylicious: Visa/Mastercard, Amex;
- Exmo: Visa/Mastercard, AdvCash, Perfect Money, Payeer, Enfins;
- Coinsbit: Visa/Mastercard;
- P2PB2B: Perfect Money, Payeer, Capitalist Epay Com.
But keep in mind that these exchanges have lower liquidity, so your order might end up not being executed for lack of funds. Also, these exchanges are usually unregulated, meaning you could end up losing your funds.
The easiest way to get Dogecoin (DOGE) is to first buy other popular coins, such as Litecoin, Tether, or Ethereum with fiat on other platforms and then trade them for DOGE. Dogecoin is usually traded against Bitcoin, USDT, and Ethereum.
The exchanges with the highest trading volumes for DOGE pairs are on HCoin, MXC, BtcTrade, and CoinEx. Some of the popular exchanges that support Dogecoin trading are Binance, Kraken, Gate.io, Huobi, OKEx, and Trade Satoshi.
Trade Satoshi and Yobit currently have the most trading pairs with Dogecoin.
How to Buy Dogecoin with USD
As we mentioned above, there are several options where you can buy Dogecoin with USD directly.
Step 1: Select one of the exchanges which support the DOGE/USD pair. The buying process for each exchange might vary, but essentially, they all have the same methodology.
Step 2: After you have selected an exchange, create an account.
- Click the “Registration” or “Sign up” button, which is usually located at the top right-hand corner of the exchange page.
- Fill in the fields with the required information (name, password, email, or even country of residence, age, etc.).
- Wait for the confirmation email to be sent.
- Click on the link to confirm your account.
Some exchanges might require additional documents or information, such as ID scans, pictures, proof of residence, etc.
Step 3: After registration, it is time to make a deposit.
- Click on the Deposit, Refill, or Add Payment method.
- Select your payment method and the fiat currency in which you want to deposit. In our case, it will be USD.
- Enter the number of dollars you want to buy Dogecoin with.
- Follow the instructions on the screen (if there are any).
- Wait for the deposit to be finalized.
Step 4: Buy Dogecoin.
- Go to your exchange’s listing or market place and search for the “DOGE/USD” pair. You can usually find your pair faster by typing “Doge” in the search bar.
- After finding your pair, click the “DOGE/USD” pair.
- Type in how many Dogecoin you want to buy.
- Click “Buy”.
- Wait for DOGE to be credited to your exchange wallet.
Step 5: Withdraw your DOGE coins.
After the DOGE coins have been deposited into your exchange wallet, unless you want to use them immediately for other trading purposes, you should move your funds to an external wallet.
- For this, click on the “Withdraw”.
- Enter the amount you want to withdraw.
- Paste your secure wallet address.
Some recommended wallets that support the storage of Doge are Dogecoin wallet, Jaxx, Ledger Nano, Trezor, Coinomi, and Atomic Wallet.
How to Buy Dogecoin with Crypto
Step 1: Buy crypto. (ETH, USDT, BTC, etc.)
Go to an exchange that supports fiat purchases for the crypto you will later trade for Dogecoin. There are many trusted exchanges that support ETH, USDT, or BTC purchases with fiat options. Keep in mind that most regulated crypto exchanges that support fiat have a more thorough ID verification process, which can be rather time-consuming.
Step 2: Register for an account with an exchange that supports your DOGE pair.
- After you have found the exchange that lists the DOGE pair in which you want to trade, start creating an account.
- Provide your name, email address, and create a strong password.
- Supply other information, such as full name, contact information and proof of ID, as well as enable two-factor authentication if you are asked by the exchange.
Step 3: Deposit the crypto (ETH, USDT, BTC, etc.) into your account.
- Go to your account’s deposit section.
- Select the crypto you want to deposit.
- Copy your exchange’s wallet address.
- Paste the address in the wallet in which your cryptos are stored at that moment.
- Enter the amount you want to transfer on the exchange.
- Complete the deposit.
Step 4. Buy Dogecoin.
- After your deposit has been made, go to the markets section of your chosen exchange and select your DOGE pairing.
- Click on the pairing once you have found it.
- Type in the amount of the paired cryptocurrency you want to spend or how much DOGE you want to purchase.
- Click “Buy.”
- Wait for the transaction to be completed.
If you have reached this part of our guide, you should know how to buy Dogecoin using either fiat or crypto. Be careful when selecting your exchange, as there are many shady trading platforms that will try to take your money.
Featured image: themerkle.com
Source From : Coindoo News