How to Buy Dogecoin UK
Dogecoin (DOGE) is a popular meme token with millions of fans around the world, including Elon Musk, the CEO of Tesla and SpaceX. The coin has seen tremendous growth and large trading volumes since its launch in 2013 after going viral on social media. Due to its p20opularity, DOGE is available for purchase on numerous platforms, including eToro, Robinhood, and NAGA.
But is it worth buying Dogecoin? Buying Dogecoin is a decision that should be based on a combination of factors, including past performance and risk tolerance. If you would like to learn more about buying Dogecoin in the UK, then this guide is for you. Read on to find out everything about buying Dogecoin.
Overall Best Way to Buy Dogecoin UK
In this section, we have outlined the best Dogecoin brokers overall when it comes to buy Dogecoin UK.
eToro is the best way to buy DOGE in the UK according to our review
Here’s a breakdown of our analysis.
|💰 Trade Values:||CFDs, Cryptocurrencies, Commodities, Forex, Indices,|
|📊Platforms:||Website, mobile app|
|🏆 Demo Account Available:||Yes|
|📺 Ease of use:||Very good|
|⭐ Our rating:||4.9 / 5.0|
|📱 App Available:||iOS & Android|
|🧩 Regulation:||Financial Conduct Authority (FCA)|
|💰 Trading Fees:||0% commission on stocks. 1% on crypto assets.|
|🔁 CFDs Available:||Yes|
|⚽ Social Trading:||Yes|
How We Compare
In the comparison table, we include crucial information such as trade values, trading fees, and ease of use so if you are new to cryptocurrencies, you know which platforms are the easiest to navigate and where to go to avoid hefty transfer fees. For your peace of mind while trading, we state whether or not each crypto is regulatory-approved and by which institutions.
We even add our own overall rating.
There is a lot happening in the cryptocurrency market right now, with a variety of tokens created on different platforms and a mode of operation that is very unlike that of traditional financial institutions. Both novice and experienced investors can use our comparison tables to simplify the process of identifying the right cryptocurrencies for them.
As with any investment, the decision to enter the cryptocurrency market requires thorough research. You can rely on us to provide the most up-to-date and accurate information, as we only use credible and reputable sources for our content. This puts investors in the best position to make smart crypto decisions.
Best Platforms to Buy and Trade Dogecoin in the UK
For those who are looking to trade Dogecoin, this section is worth reading before getting started.
Buy Dogecoin using UK brokers - the easiest way
These platforms can be used to buy or trade DOGE and other cryptocurrencies.
|🥈 Robinhood||0% (may vary by trade)|
eToro is a multi-asset brokerage platform that offers stocks, shares, cryptos, and more, including Dogecoin. There are various different features to take advantage of, including social trading, charting tools, and demo accounts.
Robinhood is an online discount brokerage and trading platform that offers services for various financial products, including cryptocurrencies. Many of the top cryptos are supported, including Bitcoin, Ethereum, and Dogecoin.
NAGA is a global CFD and forex broker that also offers cryptocurrency services. A number of different cryptocurrencies are available for trading and investment, including Bitcoin and Dogecoin.
Buy Dogecoin on eToro in the UK:
Step 1: Register for eToro account to buy DOGE
Step 2: Fund your eToro account
Step 3: Find the Dogecoin markets
Step 4: Buy some Doge
Step 5: Additional step: Send Dogecoin to a wallet
What can I do after buying Dogecoin?
Can I use my Bitcoin wallet to store Dogecoin?
For more information on Dogecoin wallets, check out our guide to the best Dogecoin wallets. However, typically you can use a Coinbase Wallet or Trust Wallet as they are the most popular amongst Redditors and are very secure according to our internal crypto wallet reviews.
Use the search function to find Dogecoin on the wallets and send your DOGE to the address provided.
Buy Dogecoin Using CFDs in the UK
Best UK CFD platforms for trading DOGE
Contract for Differences or CFDs allows traders to speculate on the price of a coin without owning the underlying asset. They also enable leveraged trading, which can increase profits through higher risk.
eToro is a brokerage platform that offers cryptocurrency CFD trading for various cryptocurrencies, including Dogecoin. Its user-friendly interface makes it a platform of choice for beginners.
Eightcap is an online brokerage platform that offers crypto CFD trading on a number of different cryptocurrencies, including Dogecoin and other meme coins such as Shiba Inu.
Buy Dogecoin CFD on eToro: Step-by-step UK Guide
Step 1: Register for eToro CFD account
Step 2: Fund your CFD account
Step 3: Find the Dogecoin markets
Step 4: Start trading DOGE CFDs
Buy Dogecoin in the UK using Cryptocurrency Apps - most convenient
Many platforms now offer apps that you can download on your smartphone to trade on the go.
|🥇 eToro App||1%|
|🥈 Robinhood App||0% (may vary by trade)|
|🥉 Binance App||0.1%|
Buy Dogecoin in the UK using the eToro App: Step-by-step Guide
Step 1: Download the eToro app
Step 2: Register or sign-in
Step 3: Find the Dogecoin markets
Step 4: Buy DOGE using the app
Buy Dogecoin with Centralized UK Exchanges - The Cheapest Way
The simplest way to purchase Dogecoin is on a crypto exchange. Dogecoin exchanges allow users to buy DOGE using fiat currencies or other cryptocurrencies. For example, you can purchase Dogecoin by depositing money from your debit card or by exchanging your existing Bitcoin (BTC) holdings. You should always make sure you use a trusted and secure cryptocurrency exchange.
Also, each crypto exchange accepts different payment methods. For example, if you want to purchase Dogecoin with a credit card, you should choose a crypto exchange that accepts credit cards.
The following table shows some of the best cryptocurrency exchanges to use:
|🥈 Coinbase||0% - 0.40%|
Buy Dogecoin on Binance UK: Step-by-step Guide
Step 1: Register for Binance account
Step 2: Fund your Binance account
Step 3: Convert fiat to USDT
Step 4: Swap into Dogecoin using Binance exchange
Step 5: Confirm the transaction on Binance Blockchain
Buy Dogecoin Using Decentralized Exchanges - The Non-traditional Way
Dogecoin is not available for purchase on decentralized exchanges since it is not built on a smart contract platform such as Ethereum or Solana.
DOGE exists only on its own blockchain and can be bought on regular crypto exchanges and crypto brokerage platforms such as eToro.
You should always make sure you buy Dogecoin UK from secure and trusted brokers and crypto exchanges that accept Dogecoin.
If you would like to know more, we created a complete guide on the best crypto exchanges.
Should You Buy Dogecoin as CFD or Real Cryptocurrency in the UK?
Buying a CFD is a preferred method for beginners as it allows users to avoid the technical side of cryptocurrencies. This is because CFDs enable users to speculate on the price of a coin without owning the underlying asset.
For more advanced traders, crypto exchanges may be a more suitable choice.
How Does This Impact Tax?
You will be required to pay tax on the profits you make from buying DOGE CFDs. Depending on the country of residence, the tax law may vary, so please refer to the relevant authorities in your jurisdiction for the most up-to-date information.
Should I Use a CFD or Buy Real Dogecoin Tokens to Own?
Depending on your needs, you may want to keep DOGE or trade it using CFD platforms. We've compiled a list of considerations below for you to make an informed decision.
Buy Dogecoin UK with a CFD
Buying Real Dogecoin to Keep in the UK
Best Ways to Buy Dogecoin in the UK
You might want to consider the payment method you use to buy DOGE coins. Different payment methods will have advantages over others. Here are the most convenient ways to purchase Dogecoin.
Buy Dogecoin instantly with a bank transfer - fastest way to buy DOGE in the UK
Bank transfers are the most popular way to buy Dogecoin in the UK for a few reasons. Firstly, a bank transfer is the most used payment method in the UK, so every centralized exchange or broker will have a bank transfer option to buy DOGE. Secondly, bank transfer is the fastest way to buy Dogecoin in the UK.
Buy Dogecoin with PayPal - safest way to buy Dogecoin UK
PayPal is a popular online payment platform to use to deposit funds into a crypto exchange.
If you have an existing PayPal account, check out our guide on buying Dogecoin with PayPal for a full list of brokers and crypto exchanges that accept it.
Buy Dogecoin using a debit card - cheapest way to buy DOGE in the UK
You can also use a debit card to buy Dogecoin to deposit funds in your brokerage account.
Just select it on the drop-down menu and enter your details.
Buy Dogecoin using a credit card in the UK
Credit cards are among the most accepted payment methods on trading platforms.
Simply follow the onscreen instructions to deposit money into the platform and buy Dogecoin with a credit card.
What Are the Fees When Buying Dogecoin in the UK?
Different platforms charge different fees for their services.
Here’s a breakdown of what that might look like with an example of a €1,000 position in Dogecoin.
|Total fees||1% + 5GBP||0%||0.1%|
Cheapest way to buy DOGE in the UK
Here are the cheapest platforms that offer Dogecoin markets.
|🥇 Robinhood||0% (may vary by trade)|
If you’re looking to buy DOGE with almost no transaction fees, Robinhood is the best provider to use. However, if you’re looking for the best and simplest user experience with a slightly higher trading fee, we recommend using eToro.
Should You Buy or Sell Dogecoin? Pros and Cons
Before making an investment, it is worth looking at the pros and cons of the coin you are looking to purchase.
Here are some points to consider when it comes to Dogecoin.
Top Tips and Recommendations to Buy Dogecoin in the UK
There are multiple ways to buy Dogecoin, so it’s important to know which platform is best for your needs. Here are some things to consider:
Your trading knowledge:
For beginners: If you’re a beginner and want to buy Dogecoin, then eToro may be the platform for you due to its user-friendly features and intuitive design.
Cryptocurrencies are highly volatile, and Dogecoin is no different. Ensure you do your own research and only invest with money you can afford to lose.
Dogecoin has an incredibly large supply. This means that you can buy many DOGE coins for very little money. It’s worth looking at the exchange rate to get a better understanding of what you are buying.
Do You Need to Pay Tax on Profits from Dogecoin in the UK?
Yes, you do need to pay tax on profits from Dogecoin in the UK to HMRC. Any profits made from trading (buying/selling) Dogecoin in the UK will class as capital gains tax, and you will have to pay taxes on top of it. However, bear in mind that in the UK, there's a capital gains tax allowance of £12,300 as of the 2023 financial year. In order to check the latest capital gains tax allowance, keep an eye on the official UK gov guide.
To pay the tax, you will need to file your taxes using the self-assessment form located on the UK Gov website.
It is very important to know that any crypto investments, including Dogecoin, are not protected by the financial services compensation scheme (FSCS), which means there is no consumer protection on any losses you make trading Dogecoin will not be claimed back. So make sure to only invest what you can afford to lose, especially when it comes to volatile crypto assets like Dogecoin.
Dogecoin Price Prediction: What Is the Future of DOGE:GBP?
Staying on top of Dogecoin price prediction will help you make informed decisions. Here's a quick overview of Dogecoin's price prediction for the upcoming time.
DOGE has fallen considerably from its recent highs along with the wider crypto and global markets. It now seems to be heading toward the support level at £0.04 on the DOGE/GBP chart.
If this level is unable to hold, then the next support levels are at £0.01 and £0.00.
DOGE needs to consolidate above these levels for confidence to return to the markets, sending prices potentially higher.
What Impacts Dogecoin Price in the UK?
The price of Dogecoin is impacted by a number of factors.
Firstly, many cryptos on the market are correlated with Bitcoin, and DOGE is no exception. This means that when Bitcoin goes up, many altcoins follow suit, and when Bitcoin goes down, altcoins begin to fall as well.
Before trading Dogecoin, it’s important to have a look at the Bitcoin charts at the same time, as this can help you make more informed decisions. As well as look into altcoin price changes.
Secondly, prices may move based on news, partnerships, and development updates, so it’s worth keeping on top of these events.
Should You Hold Dogecoin for the Long Term or Trade for the Short Term in the UK?
Whether you want to hold Dogecoin for the long term or short term is your personal preference.
If you’re interested in the Dogecoin project and would like to be an early adopter, you might want to HODL if you believe there is a future (check out our guide on Dogecoin adoption). On the other hand, if you’re after making profits from trading, it might be best to stick to short-term holding and benefit from the price swings.
Regardless of your strategy, it is important to have a strategy in mind before investing; that way, you can be better prepared in case something happens.
When Is the Best Time to Buy Dogecoin in the UK? Should I Buy It Now?
Dogecoin is in a downtrend at the time of writing.
This means that it may continue to fall unless something drastic happens in the markets.
It may be worth building a position gradually; that way, you can capitalize on potential price drops.
Other Ways to Buy Dogecoin in the UK
The above sections have listed all the ways it is possible to buy Dogecoin.
To recap, these include:
Buy Dogecoin shares & stocks
Can you Buy Dogecoin offline?
Can you mine Dogecoin?
Use a Dogecoin faucet
Can I Receive Dogecoin as a tip or a gift?
Can I spend Dogecoin?
How to Buy Dogecoin Anonymously?
It is not possible to buy Dogecoin anonymously, as your ID is required during the signing process.
How to buy Dogecoin without registration?
Registration is a requirement before purchasing Dogecoin.
How to buy Dogecoin without verification?
Your ID is needed during the registration process.
How to Sell Dogecoin in 2023?
Step-by-step guide using eToro.
When you are ready to close your position in Dogecoin, these are the steps to follow:
If you want to know more about the quirks of selling Dogecoin online, the liquidity issues, and the process of selling, read our guide on how to sell Dogecoin.
Step 1: Open your eToro portfolio
Step 2: Find your positon
Step 3: Close your trade
Step 4 : The fiat currency is returned to your account
If you want to know more about the quirks of selling Dogecoin online, the liquidity issues and the process of selling, read our guide on how to sell Dogecoin.
Key Information About Dogecoin
Here’s a quick overview of important Dogecoin metrics.
|Type of the coin||Meme Token|
Is Dogecoin a Risky or Safe Investment in the UK?
Any investment carries risk. Cryptocurrencies are volatile assets, and DOGE is prone to wide price fluctuations in both directions. Since Dogecoin is a meme token, it has limited utility compared to other cryptocurrencies, and it is important to know these facts before investing.
It's worth knowing that DOGE is not protected by EU investor protection. EU investor protection can span across country currency stablecoins such as GBP but does not apply to tokens such as Dogecoin. Also, since Brexit, it is a bit of a grey area and confusing to understand wherever EU investor protection applies to the UK; hence it is important to consult with a professional such as a charted accountant.
Rule number one is to only invest with money you can afford to lose.
What Are the Dogecoin Coin Alternatives in the UK?
Dogecoin is not the only meme token on the market; you can also check out our suggestions below:
Because the Shiba Inu currency was launched to overtake Dogecoin as the leading meme coin in 2020, it has become known as the "doggie killer" Even though it has yet to achieve that goal, it is still worth the investment.
Many investors even believe that it is a good choice for people who want to make money in the long run.
Akita Inu is one of the many cryptocurrencies that followed Dogecoin. As the first meme coin dedicated to carbon neutrality, Akita Inu has tapped into a unique selling point for potential investors.
In fact, the Algorand Blockchain Foundation's hallmark is carbon eradication. It is, therefore, the logical option for the meme coin that will last the longest.
When the Samoyedcoin network launched in mid-2021, it immediately established itself as the exclusive meme coin of the Solana blockchain. Similar to Akita Inu, it made a series of charitable promises to attract buyers while mimicking the format and structure of meme coins with a similar design.
These included a commitment to environmentally friendly programs and a collaboration with animal welfare organizations. However, the most important feature of Samoyedcoin is its promise to be the fastest-converting dog coin on the cryptocurrency market. In addition, Samoyed uses the Solana network to achieve an exceptionally high level of efficiency.
Is It Still Worth Investing in Dogecoin or Not in the UK?
Dogecoin is one of the most popular cryptocurrency meme tokens on the market.
It started out as a joke but has now become one of the largest crypto projects on the market.
With millions of supporters around the world, including billionaires Elon Musk and Mark Cuban, the DOGE coin seems to have a lot of potential.
Notably, the price of the DOGE token has fallen considerably from its peak in 2021, along with the wider global markets. It has remained in a downtrend ever since and now seems to be consolidating just above a support level.
With a current market capitalization of around 11GBP billion, it will take substantial amounts of money to push this coin back up to the highs.
However, cryptocurrencies are unpredictable, and no one knows what will happen.