How to Sell Dogecoin in the UK
Dogecoin (DOGE) began as a joke and has since become a very lucrative investment for early adopters. The price of DOGE went from a fraction of a penny to almost $1 in just a few months.
If you're looking for ways to sell Dogecoin in the UK, you've come to the right page. This guide shows you how to sell Dogecoin in the UK and the best platforms to use; brokers, exchanges, P2P platforms, and more. Let's get into it!
How to Sell Dogecoin in the UK?
Selling Dogecoin in the UK is straightforward, especially if you already own it and have some experience buying cryptocurrency in the UK. 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:
Step 1: Choose the Dogecoin platform
Step 2: Create an account
Step 3: Add Dogecoin to your account
Step 4: Sell Dogecoin
Best Platforms to Sell Dogecoin in the UK in 2022
Dogecoin is now a top 10 cryptocurrency to buy 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 Dogecoin in the UK, so to save you time and effort, we have handpicked the best platforms to sell Dogecoin in the UK below.
What are the Alternatives for Selling Dogecoin in the UK?
Most people choose to sell cryptocurrency in the UK through brokers and exchanges, but there are other types of platforms as well. Here’s an overview of all the available options.
Cryptocurrency brokers in the UK:
As mentioned above, most people consider crypto brokers to be the best platform for trading cryptos as they are great for connecting you with other traders. In some cases, crypto brokers are a good option for specific cryptocurrencies; for example, buying Bitcoin with a broker is much easier than using an exchange. You will also benefit from higher market depth, improved liquidity, and more. However, brokers are mediators between buyers and sellers, meaning they typically charge commissions and feature different crypto exchange rates.
Cryptocurrency exchanges in the UK:
These sites are marketplaces where you can buy and sell the widest range of cryptos. Remember that most cryptocurrency exchanges come with various fees and strict registration procedures. However, you can easily sell Dogecoin in the UK on these platforms.
P2P marketplaces in the UK:
These platforms are not much different from crypto brokers, as they also connect you to others who want to buy or sell Dogecoin. You can search for better prices and methods of payment. However, P2P marketplaces for Dogecoin, or for any cryptocurrency 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 in the UK:
There are already numerous crypto ATMs in the UK, and some may allow you to sell Dogecoin in the UK. However, Dogecoin ATMs tend to have high fees.
Selling Dogecoin in the UK in person:
If you don’t want to use online platforms to sell Dogecoin in the UK, you can always sell Dogecoin in person directly to a potential buyer in the UK. 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 make the trade in a public space.
Do I Have to Pay Tax When Selling Dogecoin in the UK?
When selling your crypto assets in the UK, 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.
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 Dogecoin wallet or a general cryptocurrency wallet by clicking withdraw and following the onscreen prompts.
But, to do that, you should have your Dogecoin wallet ready. If you are trying to figure out if you are using the correct kind of wallet, you can always check our guides on the best cryptocurrency wallets in the UK.
As for withdrawing fiat currency, here are some of the most common options you may find:
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 Dogecoin in the UK?
Let’s take a closer look at all the top platforms where you can sell Dogecoin in the UK. 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.
0.50% per trade
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 and also in the United Kingdom. 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 cryptocurrency exchanges in the UK, there are various fees you need to consider. Most notably, you’ll have to pay the trader’s fee every time you sell Dogecoin in the UK, but you’ll also have to pay a withdrawal fee that varies from method to method.
0% to 0.26% in most cases
£1.95 to £35
Withdrawal options: Bank transfer (FPS, CHAPS, SWIFT)
Kraken is one of the top crypto trading platforms globally and also in the UK, 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 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 crypto exchange has very low fees.
For experienced users
$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.
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%.
Withdrawal Options: Bank transfer
OKEx is a notable crypto and fiat currency trading platform in the UK 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.
What to Consider When Selling Dogecoin in the UK?
Before you decide to start selling Dogecoin in the UK, there are a few things you need to consider:
Taxes on cryptocurrency:
Before you sell your Dogecoin tokens in the UK, determine the taxes you may be liable for to ensure you stay on the right side of the law.
Ensure you follow the best security practices to safeguard your funds in the UK.
Before you sign up for a cryptocurrency exchange in the UK, make sure it offers the withdrawal methods required, so you don’t waste your time.
Final Thoughts on How to Sell Dogecoin in the UK
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 recommend and get started right away.
Make sure you use 2-factor authentication to secure your accounts, and do not trust a random stranger that message you offering to buy your coins for a premium price. These are most likely scammers.