How to Sell Dogecoin in the UK
Dogecoin (DOGE) began as a joke and it has since become a very lucrative investment for early adopters.
The price of DOGE has gone from a fraction of a penny to almost $1 in just a few months.
If you’re looking for ways to sell DOGE then you’ve come to the right page. This guide will tell you all you need to know to get you on your way.
Best Platforms to Sell Dogecoin in the UK in 2022
Dogecoin is now a top 10 cryptocurrency in the world in terms of market capitalization.
This means that it’s just behind the likes of Bitcoin, Ethereum, Cardano and other top cryptocurrencies.
Nowadays, there are many platforms to choose from when it comes to selling your DOGE, so to save you the time and effort, we have handpicked the best platforms for you below.
What Options Do I Have When Selling Dogecoin in the UK?
Most people choose to sell or buy cryptos on brokers and exchanges, but there are other types of platforms as well. Here’s an overview all the available options.
Brokers — Most people consider brokers to be the best platform for trading cryptos as they are great for connecting you with other traders. You will also benefit from higher market depth, improved liquidity, and more. However, consider that brokers are mediators between buyers and sellers, which means they typically charge commissions and feature different crypto exchange rates.
Exchanges — These sites are marketplaces where you can buy and sell the widest range of cryptos. Bear in mind that most exchanges come with various fees and strict registration procedures.
P2P marketplaces — These platforms are not much different from brokerages, as they also connect you to potential buyers. You can search for better prices and methods of payment. However, P2P marketplaces for Dogecoin, or for any coin for that matter, are rare. Finding the proper offer can be challenging, and there’s always a threat of fraud, even though it is unlikely..
Dogecoin ATMs — There are already numerous crypto ATMs in the UK and some may allow you to sell DOGE coin. ATMs tend to have high fees however, here’s a good tool for finding the ATMs.
Selling in person — If you don’t want to use online platforms, you can always sell Dogecoin in person directly to a potential buyer. Naturally, this means you’ll have to find a buyer, make a deal, and complete it. You also have to be careful not to get scammed, which is why it’s best to do make the trade in a public space.
Do I Have to Pay Tax When Selling Dogecoin in the UK?
When selling your crypto assets, you may be liable to pay Capital Gains Tax in the UK.
However, you will only have to pay taxes on profits above £12,300 for the 20/21 tax year.
These policies may be subject to change so make sure you refer to the HMRC website to ensure you are following the law correctly.
Here’s a tool that can help you calculate how much taxes you may need to pay but always seek advice from a tax professional.
How to Sell Dogecoin in the UK?
Selling Dogecoin is straightforward, especially if you already have it and thus have some experience buying cryptocurrency. However, even if you don’t, it’s still relatively simple, and it won’t take you too long to get started. Here’s what you’ll typically have to do, no matter the platform you choose:
Choose the Dogecoin platform. Take a closer look at our list of platforms and choose the one that fits your needs.
Create an account. Complete the registration process by following the onscreen instructions. You may be required to provide personal information as part of the know-your-customer (KYC) process to verify your identity.
Add Dogecoin to your account. Visit the deposit section of the account and copy the wallet address for Dogecoin. Then paste it into the wallet where your Doge is stored and send the amount you want. The coins should reach your account in no time.
Sell Dogecoin. Next you will located the DOGE/GBP market using the search bar. Enter the amount of DOGE you want to sell and confirm the transaction. The funds should appear in your GBP balance soon after.
How Can I Withdraw My Money After Selling Dogecoin in the UK?
Once you have sold your Dogecoin and have GBP or another crypto to withdraw, you’ll get a few options that will vary depending on the platform.
Withdrawing crypto will be easy as you’ll only have to transfer it to your personal crypto wallet by clicking withdraw and following the onscreen prompts.
As for withdrawing fiat currency, here are some of the most common options you may find:
Credit/debit cards
Bank transfer
PayPal
Neteller
Skrill
Whichever one you choose, the process will typically be the same and will only take a few minutes.
This mainly involves picking the method, inputting the amount you want to withdraw, and connecting the payment option to your crypto platform’s account.
Remember that you’ll usually have to verify your identity beforehand, as you won’t be able to withdraw GBP without a valid payment method connected to your name.
Where to Sell Bitcoin in the UK?
Let’s take a closer look at all the top platforms where you can sell your DOGE. We’ve made sure to research and test these sites, so you’ll have all the essential information you need on them. The reviews will also help you decide which platform is the best for you.
Coinbase
Commission fee
0.50% per trade
Withdrawal fee
Different for each method, usually from 1.49% to 3.99%
Withdrawal options
Credit cards, bank transfers, PayPal
Coinbase is up there with the most beginner-friendly crypto exchange in the world. It’s an ideal choice for selling most cryptos, including Dogecoin. The platform is simple to use, and even the registration process is very straightforward, taking 15 minutes or less to complete.
Naturally, all of this comes at a cost, and like most crypto exchanges, there are various fees you need to consider. Most notably, you’ll have to pay the trader’s fee every time you sell your Doge, but you’ll also have to pay a withdrawal fee that varies from method to method.
Pros:
More than 56 million users
One of the most accessible and most popular crypto exchanges
High security
Regulated by the FCA
High-quality customer service
Cons:
High withdrawal fees on debit cards
Not all cryptocurrencies are available on the platform
Kraken
Commission fee
0% to 0.26% in most cases
Withdrawal fee
£1.95 to £35
Withdrawal options
Bank transfer (FPS, CHAPS, SWIFT)
Kraken is one of the top crypto trading platforms globally, and it was one of the first to announce it would start supporting Dogecoin when it came out in 2013. The platform is easy to use and offers many valuable options for trading, but it has a minor problem.
You can’t sell Dogecoin directly for GBP.
You have to sell Doge for either USD, EUR, or Bitcoin. After you do that, you can easily convert the currency to British Pounds while withdrawing your funds. This is still a worthwhile option as the exchange has very low fees.
Pros:
One of the top crypto exchanges in the world
Lower fees than some other exchanges
No deposit fees
Extra features and options
Great customer service system
Cons:
Can’t exchange DOGE directly into GBP
Not as popular as other exchanges these days
For Experienced Users
eToro
Commission fee
None
Withdrawal fee
$5 for customers outside the US
Withdrawal options
Credit/debit cards, bank transfer, PayPal, Neteller, Skrill, iDeal, Klarna/Sofort banking
eToro is typically one of the best platforms for trading the most popular cryptos in the UK, including Dogecoin. It’s one of the few fully licensed broker platforms, meaning everything on it is fully regulated.
It is suitable for both new and experienced users.
There are no commission fees, but you will be charged with a spread whenever you’re selling Dogecoin, and it usually starts at 0.75%.
Pros:
Regulated by the FCA
User base of around 20 million people
Supports numerous withdrawal methods
No commission fees
Low minimum investment
Cons:
Not all cryptocurrencies are supported
Reports of bad customer service during busy periods
OKEx
Commission fee
0.10%
Withdrawal fee
None
Withdrawal options
Bank transfer
OKEx is a notable crypto and fiat trading platform that offers numerous trading pairs including Dogecoin. The commission fee is only 0.10%, which shouldn’t be a problem for most people looking to sell Doge.
It is not as user-friendly as some of the other platforms we’ve listed today but it still offers many useful features that you can take advantage of when trading.
Pros:
Trusted platform hosting around 20 million users
Very secure
Numerous crypto pairs
Excellent and highly functional mobile app
Low commission fees
Cons:
Some options may be quite complex for beginners
Not as popular as other exchanges
What to Consider When Selling Dogecoin in the UK?
Before you decide to start selling your supply of DOGE, there are a few things you need to consider:
Taxes on cryptocurrency — Before you sell your tokens, make sure you find out the taxes you may be liable for to ensure you stay on the right side of the law.
Security — Make sure you follow the best security practices to safeguard your funds.
Withdrawal methods — Before you sign up to an exchange, make sure it offers the withdrawal methods that you require so you don’t waste your time.
Final Thoughts
So, there you have it, that was all you need to know about selling Dogecoin in the UK.
If you’re ready, you can choose any of the platforms we recommended and get started right away.
Make sure you use 2 factor authentication to secure your accounts and do not trust random stranger that message you offering to buy your coins for a premium price. These are most likely scammers.
FAQ
Can I sell Dogecoin anonymously in the UK?
You can, but you’ll only be able to do it on decentralized platforms or in person trading.
Do I need to verify my account when selling Dogecoin in the UK?
In most cases, yes. It usually depends on the platform, but since most crypto platforms are centralized, you’ll have to verify your account before you start selling.
