Dogecoin has transformed from a fun meme coin to a reputable digital asset in the cryptocurrency market. Many traders in the UK are now interested in buying Dogecoin for its unique blend of community support and investment potential.
If you are considering it too, it is important to understand the process involved. This guide will walk you through how to buy Dogecoin in the UK, covering everything from selecting the right crypto exchange to securing your investment.
Key Takeaways:
- Dogecoin is a cryptocurrency that began as a meme coin but has grown into a widely recognized digital asset with real-world uses like online tipping.
- The best crypto exchanges to buy Dogecoin in the UK are MEXC, eToro, Coinbase, and OKX due to low fees, FCA regulations, and high security.
- To buy Dogecoin in the UK, you need to choose a reliable UK exchange, create an account, verify your identity, deposit GBP, and start trading DOGE.
How to Buy Dogecoin in the UK – Detailed Guide
You need to follow a few steps to buy Dogecoin (DOGE) in the UK using MEXC. Each of these steps is essential to ensure you buy safely and efficiently.
Step 1: Choosing a UK Crypto Exchange
First, you need to choose a crypto exchange in the UK, and MEXC is a great option due to its low fees and user-friendly interface. MEXC is accessible globally, including the UK, and offers support for buying Dogecoin directly through various methods. You can access MEXC on both web and mobile platforms, making the process convenient.
Step 2: Create a MEXC Account
Once you decide to use MEXC, you need to create an account. Visit the MEXC website and sign up using your email or mobile number. You can also use our MEXC referral code “mexc-cwrefcode” for an $8,000 USDT sign-up bonus and trading fee rebate.
You can also download the MEXC app for a more mobile-friendly experience. The sign-up process is straightforward, but it is essential to provide accurate information as you will need to verify your identity later.
Step 3: Verify Identity (KYC)
After registering, MEXC requires you to verify your identity through a KYC (Know Your Customer) process to prevent activities such as terrorist financing. However, MEXC is also a no-KYC crypto exchange. You can trade and withdraw up to 10 BTC per day without identity verification. However, we recommend verifying KYC to enhance the security of your account and comply with regulatory requirements for anti-money laundering purposes.
Go to the profile sections and choose “Identification”. You will need to upload a government-issued ID and a selfie. MEXC usually processes this within a short time, and once approved, your account will be fully activated.
Step 4: Deposit Crypto or Fiat
Next, you need to deposit funds. MEXC allows you to deposit either fiat currency (like GBP) or cryptocurrency. If you want to deposit fiat, MEXC offers several options. Navigate to the “Buy Crypto” section.
You can make GBP deposits using third-party payment services such as MoonPay, Mercuryo, and Banxa. Alternatively, if you already hold crypto, you can deposit it directly into your MEXC wallet and trade it for Dogecoin.
Step 5: Buy DOGE in the UK
After funding your account, you are ready to buy Dogecoin. If you hold a stablecoin like USDT, you can easily trade it for Dogecoin on MEXC’s spot market. Go to the “Spot” section and choose the “DOGE/USDT” trading pair. Now, choose how much Dogecoin you want to buy, enter the amount, and click on “Buy”. After buying, You can also transfer your tokens to the external Dogecoin wallet address.
Where to Buy Dogecoin in the UK?
In the UK, Dogecoin can be purchased on well-known crypto exchanges such as MEXC, eToro, Coinbase, and OKX. These platforms let you buy Dogecoin using bank transfers, debit, or credit cards. They offer secure and simple options for buying, selling, and storing Dogecoin. It’s a good idea to compare the fees and features of each exchange to find the best fit for you.
MEXC
MEXC is a popular crypto exchange in the UK. It lets users trade over 2500+ digital coins, including Dogecoin (DOGE). The platform is simple to use, which makes it a good choice for both new and skilled traders.
MEXC offers different types of trading. You can do spot trading, copy trading, or futures trading. The exchange has high liquidity and trading volume. Trading fees are also low at 0% maker and up to 0.02% taker for both buying and selling. This is lower than many other exchanges in the UK.
The exchange uses strong security features. It includes two-factor authentication and whitelist withdrawal. MEXC often runs promotions, giving users rewards through airdrops and contests. It also offers 24/7 customer support to solve issues quickly.
Pros
- Low trading charges at 0% maker and 0.01-0.02% taker fees
- Supports over 2,500 cryptocurrencies including many newly launched coins
- User-friendly mobile app for Android and iOS
- Strong security features including MFA, PoR data, and address whitelisting
Cons
- Does not allow direct crypto-to-fiat withdrawal
- No-KYC trading can be a security issue
OKX
OKX is another best app to buy Dogecoin that operates in the UK. Established in 2017, it offers a wide range of services for digital asset investing. OKX is recognized for its advanced trading features. It provides spot trading, futures trading, options trading, NFT marketplace, and automated trading bots.
You can create an account quickly and start trading with just a few steps. OKX supports multiple GBP payment methods. You can use bank transfers, credit cards, and even crypto deposits to fund your account. The exchange uses industry-standard measures, including two-factor authentication and cold storage for funds. This helps keep your assets safe.
Plus, OKX offers competitive fees. You will find lower trading fees (0.08%) compared to many other exchanges. This makes it cost-effective for trading large volumes. You can also earn rewards by participating in staking and liquidity mining programs. OKX stands out as a strong choice for trading Dogecoin in the UK.
Pros
- Buy DOGE using many third-party payment providers like Simplex and MoonPay
- Lower trading fees compared to competitors
- Buy crypto for as little as £5
- Advanced trading and charting tools
- The interface is user-friendly and easy to navigate
Cons
- Some features may not be available in the UK due to regulatory restrictions
- Customer support can be slow at times
eToro
eToro is a well-known crypto broker in the UK, offering a simple platform for trading digital currencies. It was founded in 2007, originally focusing on traditional assets, but later added cryptocurrencies like Bitcoin, Ethereum, and Dogecoin.
Today, eToro gives access to over 100 different cryptocurrencies. One of its standout features is social trading, where users can follow and copy the trades of top investors. This makes eToro especially helpful for beginners. The platform is regulated by the UK’s Financial Conduct Authority (FCA), providing an extra layer of safety and trust.
The interface is easy to use, and there’s also a mobile app that allows you to trade on the go. You can start with just a £10 deposit, making it accessible to many users. eToro charges a 1% fee on all crypto trades, which is generally high compared to other platforms like MEXC.
Pros
- Regulated by the FCA, ensuring secure trading
- Social trading allows beginners to copy expert traders
- Over 30 cryptocurrencies, including Dogecoin, are available
- A low £10 minimum deposit makes it easy to start
Cons
- 1% trading fee, which could be higher than other exchanges.
- No private keys for coins in the eToro wallet.
- No advanced features like leverage trading
Coinbase
Coinbase is a high-liquidity cryptocurrency exchange used by many traders in the UK and around the world. It started in 2012 and has since become one of the largest platforms for buying, selling, and storing crypto assets. Coinbase is often chosen by beginners because it has a simple user interface and is easy to use.
In the UK, you can buy Dogecoin on Coinbase by using a bank transfer or a credit card. It offers over 240 different cryptocurrencies, giving users a lot of choices.
It uses cold storage for 98% of its customer funds, keeping them safe from hacking. Coinbase is also regulated by the UK Financial Conduct Authority (FCA). While Coinbase has higher fees than some other platforms, it remains popular because of its ease of use and strong security. It also has a non-custodial Coinbase Wallet for DeFi traders. If you want to buy Dogecoin in the UK, Coinbase allows you to do so quickly with different payment options.
Pros
- Highly trusted and regulated platform in the UK
- UK users can transfer funds directly to Coinbase from their bank account for free
- Advanced charts powered by TradingView with EMA, MA, MACD, RSI, and Bollinger Bands
- Both Simple and Advanced trading platforms based on user preference
- It supports order types like market, limit, and stop-limit
Cons
- Fees can be higher than other platforms
- Limited customer support services
- Withdrawal fees for crypto can be expensive
What is Dogecoin (DOGE)?
Dogecoin (DOGE) is a cryptocurrency that started as a playful joke (meme coin) in 2013. It was created by two software engineers, Billy Markus and Jackson Palmer, who wanted to design a fun and friendly digital currency. They took inspiration from a popular internet meme featuring a Shiba Inu dog. Over the years, Dogecoin has grown from a mere meme to a widely recognized cryptocurrency with real-world uses.
At its core, Dogecoin is built on technology similar to Bitcoin. However, it has some key differences. For instance, Dogecoin uses a different PoW mining algorithm called Scrypt. This results in faster transaction times compared to Bitcoin. You can confirm a Dogecoin transaction in about a minute, while Bitcoin transactions can take ten minutes or longer.
As time has passed, Dogecoin has gained traction beyond its origins as a joke currency. Many charitable organizations and crowdfunding campaigns have utilized Dogecoin to raise funds. For example, the Dogecoin community came together to raise over $50,000 to support the Jamaican bobsled team at the 2014 Winter Olympics. Such initiatives reflect the community’s dedication to using the currency for positive causes. Plus, DOGE is often used to tip content creators online.
Regarding return on investment (ROI), the lowest price recorded for Dogecoin (DOGE) was $0.0000869 on May 6, 2015, which was over nine years ago. In comparison, the current Dogecoin price is 143,791.59% higher than this all-time low (Data source: Coingecko).
Things to Consider Before Buying Dogecoin in the United Kingdom
Before purchasing Dogecoin in the UK, it’s important to evaluate several key factors.
- Price Fluctuations: Dogecoin experiences significant price swings based on tweets and memes, meaning its value can rise or fall dramatically within a short time. This makes it a high-risk asset.
- Market Awareness: Keep an eye on market movements and trends. Dogecoin’s value is often driven by hype, social media activity, and celebrity influence like Elon Musk, making it unpredictable. Compare its performance with other cryptocurrencies to get a clearer picture of its position.
- UK Regulations: Cryptocurrency in the UK is still largely unregulated, meaning you may not have the same legal protections as traditional investments. If something goes wrong, recovering lost funds can be difficult. Ensure you’re aware of the regulatory landscape surrounding digital currencies in the UK.
- Safe Storage: Security is crucial when trading and storing Dogecoin. Choose a trusted UK crypto platform or exchange that accepts Dogecoin, and for better protection, consider transferring them to a secure hardware wallet like Ledger or Trezor.
- Long-Term vs Short-Term: Determine if you’re planning to trade Dogecoin in the short term or hold it as a long-term investment. While short-term trading can capitalize on price movements, Dogecoin’s long-term value is uncertain due to its origins as a meme coin without a solid utility base.
- Transaction Costs: Pay attention to the fees charged by different crypto exchanges in the United Kingdom. High transaction costs can eat into your DOGE profits, especially if you are planning for day trading.
Conclusion
In conclusion, our guide has given you complete steps and information on how to buy Dogecoin in the UK. With the safest exchanges like as MEXC, eToro, Coinbase, and OKX, you can easily select a platform that meets your requirements.
Each exchange has its own set of features, thus fees, security, and user experience must all be considered while comparing them. Also, while Dogecoin has developed from a meme to a well-known cryptocurrency, you should proceed with caution while investing.
FAQs
What is the best place to buy Dogecoin?
The best places to buy Dogecoin in the UK include MEXC, eToro, Coinbase, and OKX. Each of these platforms has its advantages, like user-friendly interfaces, security features, and competitive fees.
For example, MEXC is known for low trading fees and a wide selection of cryptocurrencies. On the other hand, eToro offers social trading, which is great for beginners looking to follow experienced traders. It is important to compare these options and choose the one that best suits your trading style and needs.
What is the best way to buy Dogecoin?
The best way to buy Dogecoin involves selecting a reliable crypto exchange, such as MEXC, OKX, or eToro, where you can create an account and verify your identity. After you’ve set up your account, you will need to deposit funds. This can be done using various methods, including a UK bank account or credit card.
Once your account is funded, you can place an order to buy Dogecoin. Ensure you check the fees and trading pairs available on the platform you choose. Finally, for safety, consider transferring your purchased DOGE to a secure dogecoin wallet after buying.
Is Dogecoin a good investment?
Dogecoin can be considered a good investment for some, but it also carries risks. Initially created as a joke, DOGE has gained a strong community and real-world use cases, such as charitable donations and online tipping.
Its price is highly volatile and can be influenced by social media trends and celebrity endorsements. While some investors have profited from buying at lower prices, you should be cautious and consider your risk tolerance.
How do I store Dogecoin safely?
You have various ways of properly storing Dogecoins. Most exchanges provide wallets where you can store your DOGE, but for further protection, consider using a hardware wallet such as Ledger or Trezor. These wallets store your private keys offline, leaving them less immune to hacking.
Furthermore, if you decide to utilize a software wallet, make sure it is reliable and has two-factor encryption for extra protection. Always be wary of phishing schemes and do not share your private keys with anybody.
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