Please keep in mind that cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. You could lose all the money you put into them. Capital gains tax may apply to profits from cryptocurrency sales.

How to Buy Dogecoin in the UK

Updated On: Aug 10, 2022
How to Buy Dogecoin in the UK

Contents:

How to Buy Dogecoin

You can buy Dogecoin from crypto exchanges such as eToro, Coinbase or Uphold.

Follow the steps below to buy and store Dogecoin securely:

  1. Sign up to an exchange: A crypto exchange allows you to buy, sell, hold, and gift many kinds of cryptocurrencies, including popular coins like Dogecoin, Bitcoin, Ethereum, USD Coin and Solana. Scroll down to see our list of crypto exchanges that let you buy and sell Dogecoin in the UK. You’ll need a valid ID card and payment method to create an account with most of these exchanges. You should only use crypto exchanges for transactions and not for storing your cryptocurrencies. Use a crypto wallet instead for storing your Dogecoin and other cryptocurrencies.
  2. Add a payment method: Most crypto exchanges allow you to deposit funds using your GBP debit card, via a bank transfer or through Open Banking.
  3. Choose and configure your wallet: Wallets are extremely important as they help you store your Dogecoin and other crypto holdings. It is better to store your cryptocurrencies in a wallet instead of a crypto exchange because wallets are typically independent of exchanges. If the exchange goes bust, for example, you can rest assured that your money is safe on the blockchain and separated from the crypto exchange. Examples of crypto wallets include Coinbase Wallet and MyDoge Wallet.
  4. Buy Dogecoin: Once you’ve signed up to a crypto exchange and configured your wallet, you are now ready to buy Dogecoins. Simply navigate to the trading section of your preferred crypto exchange and buy some Dogecoins.
  5. Transfer your Dogecoins to a secure wallet: Upon completing your purchase, transfer your Dogecoins to a secure wallet for safekeeping. You can always transfer it back to the exchange when you are ready to convert your Dogecoins to cash.

Where to Buy Dogecoin

We’ve put together a list of some of the best platforms to buy Dogecoin in the UK. These are crypto exchanges, wallets, apps and websites where you can buy Dogecoin, Bitcoin, Ethereum, Solana, Cardano and other cryptocurrencies in the UK.

Please remember that cryptoassets like Dogecoin are highly volatile, unregulated investment products with no UK or EU investor protection. You could lose all the money you put into them. Additionally, capital gains tax may apply to profits from cryptocurrency sales.

Here are some of the best apps to buy Dogecoin in the UK:


Uphold - Good for beginners; Cheap Forex rates; Crypto wallet

Uphold Logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
1.25% - 0.85% / 1.25% -  1%
Withdrawal Fee
Red cross mark indicating no
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

Uphold is a beginner-friendly cryptocurrency exchange that allows you to buy and sell over 90 cryptocurrencies and utility tokens, including majors, altcoins and emerging tokens. You can also buy and sell up to 3 national currencies, including GBP, EUR and USD. With Uphold, you can schedule regular transactions using AutoPilot, which allows you to set up recurring buy or sell orders and reduce the impact of price volatility. Uphold also lets users withdraw funds to bank accounts in 36 countries or to private wallets on five crypto networks - instantly and fee-free. Uphold currently has over 2 million customers worldwide.

There are multiple fees involved when trading crypto on Uphold. Fees are calculated at the time you place your order, so the price you see before your trade is the same price you pay when you trade. The most important fees to look out for are trading fees, FX fees, and market spreads.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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eToro - Live prices; Wallet; Advanced trading tools; Popular coins

eToro Logo
Minimum Deposit
US$10 (£8)
Trading Fees
1%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

eToro is a multi-asset trading platform that offers both investing in stocks and crypto assets, as well as trading CFDs. With eToro, you have over 120 cryptocurrencies to choose from, including popular coins like Bitcoin, Ethereum, Tether, XRP, Binance Coin (BNB) and Solana. It is entirely free to open an account with eToro, and all registered users receive a US$100,000 demo account for free, which you can use to practice buying crypto and other assets before committing to them. eToro does not charge a deposit fee but charges a 1% trading fee on all buy and sell orders. Trading on eToro occurs in USD, so a conversion fee will apply if you deposit or withdraw in a currency other than USD. Withdrawals incur a fee of US$5, and the minimum withdrawal amount is US$50.

For UK customers, eToro offers an eToro Money app which allows you to convert your GBP to USD free of charge, thereby reducing your foreign exchange costs. The app also functions as a wallet for storing your crypto holdings and allows for easy transfer of your cryptocurrency from one exchange or wallet to another. In addition to cryptocurrencies, eToro offers other products, including 0% commission stocks.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk. Additionally, 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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Coinsmart - Good for beginners; Advanced crypto trading tools

Coinsmart logo
Minimum Deposit
£0
Trading Fees
0.20% - 0.30%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Red cross mark indicating no

Coinsmart is an easy-to-use crypto exchange on a mission to make cryptocurrency accessible to everyone. It is designed to be a simple crypto-trading platform that anyone can use and understand. With Coinsmart, you can buy and sell Bitcoin, Ethereum, Litecoin and other digital currencies quickly and easily on desktop and mobile. There are multiple fees involved when trading crypto on Coinsmart. Some of the fees include withdrawal fees (depending on your withdrawal method) and trading fees.

Promo: Get C$20 (~£12) in Bitcoin when you fund your account with a minimum of C$100 (~£63). Promo code: getcrypto.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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Coinbase - Best for beginners; Live prices; Wallet; Popular coins

Coinbase logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.50% - 0.00% / 0.50% - 0.04%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

Coinbase is a cryptocurrency exchange that allows you to buy, sell and earn popular digital currencies, and keep track of them in one place. With Coinbase, you have over 500 cryptocurrencies and other digital assets to choose from, including popular coins and tokens like Bitcoin, Ethereum, USD Coin, Tether, Dogecoin and Cardano. You can set up recurring trades and invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly. You can also track your trades and monitor market movements via the web app or iOS and Android mobile apps. The Coinbase Wallet allows you to store all your crypto and NFTs in one place, trade 500+ assets on DEXes and earn interest. Of all the crypto exchanges listed here, Coinbase has the highest number of popular coins (cryptocurrencies with the highest market capitalisation) on offer.

There are multiple fees involved when trading crypto on Coinbase. Fees are calculated at the time you place your order and may be determined by a combination of factors, including the selected payment method, the size of the order, and market conditions such as volatility and liquidity.

Please note: Cryptocurrency is not regulated by the Financial Conduct Authority (FCA) and is not subject to protection under the Financial Services Compensation Scheme or within the scope of jurisdiction of the Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may apply to profits from cryptocurrency sales.

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Phemex - Live prices, Advanced crypto trading tools, Crypto wallets

Phemex logo
Minimum Deposit
£0
Trading Fees (Maker/Taker)
0.025% / 0.075%
Withdrawal Fees
Green check mark indicating yes
FX Fees
Green check mark indicating yes
FCA Registered
Red cross mark indicating no

Phemex is a crypto trading platform with custom-built trading engines that process 300,000 transactions per second with order response times of less than one millisecond. The founding team consists of ex-Morgan Stanley executives who boast decades of practical Wall Street experience. With Phemex, you can buy Bitcoin, Ethereum, Tether, Dogecoin, Chainlink, Cardano, XRP, Litecoin, and other popular cryptocurrencies with your debit or credit card. The platform is suitable for both beginners and advanced crypto traders. However, advanced traders will find Phemex particularly appealing as you can trade BTC, ETH and over 224 Crypto Pairs with zero trading fees (Premium users only). Users can also boost their crypto knowledge by taking advantage of the 400+ articles on hot crypto projects available on the platform.

There are multiple fees involved when trading crypto on Phemex, including trading and withdrawal fees. These fees depend on whether you trade cryptocurrencies via the Phemex wallets, trading accounts, spot trading platforms or contract trading platforms. Click here to learn more.

Promo: Up to US$180 welcome bonus. Learn more here.

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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Revolut - Round ups; Automatic investing; Beginner-friendly

Revolut logo
Minimum Deposit
US$1 (£0.80)
Trading Fees
1.50% - 2.50%
Withdrawal Fees
Red cross mark indicating no
FX Fees
Green check mark indicating yes
FCA Registered
Green check mark indicating yes

Revolut is a personal finance and money management app that allows you to invest in Bitcoin, Ethereum and other tokens in 30+ currencies from as little as US$1. With Revolut, you can stay on top of market movements, receive notifications when crypto hits your desired prices and enjoy the latest market news directly in-app. Revolut also allows you to round up your spare change and invest the difference in any cryptocurrency of your choice (subject to availability on the platform). Revolut charges a single, fixed fee for crypto conversions. This fee is 2.5% for Standard and Plus users (and 1.5% for Premium and Metal users). Revolut does not charge you any other fees for this service. Click here to learn more about Revolut’s fees. Revolut also has other products, including savings accounts, investment accounts, currency exchange and international money transfers.

Promo: Sign up and get a £10 top-up + 1 month of Revolut Premium for free!

Please note: Cryptoassets are highly volatile unregulated investment products with no UK or EU investor protection. Your capital is at risk.

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What Is Dogecoin?

Dogecoin is an open-source, peer-to-peer digital currency that brands itself as the “fun and friendly internet currency”. It was created by software engineers Jackson Palmer and Billy Markus in 2013 as a parody of Bitcoin, inspired by the ‘doge’ meme. It is now one of the most popular cryptocurrencies in the world, with a market cap of almost £8 billion (at the time of writing). 

Dogecoin is based on technologies similar to other cryptocurrencies like Bitcoin, but with faster access speeds and more affordable transaction costs. It uses the Scrypt hashing algorithm and proof-of-work protocol to enable it to receive work from other Scrypt-based networks. 

Through the support of large online communities on platforms such as Reddit, Twitter and Discord, combined with publicity stunts like funding the Jamaican Bobsled team for the 2014 winter Olympics, Dogecoin has become immensely popular, and its price has grown by more than 4,000%.

Unlike other cryptocurrencies like Bitcoin, Dogecoin has no maximum supply, and its miners earn 10,000 DOGE per block. Each block is created every minute, but only five billion Dogecoins are added every year.

How Does Dogecoin Work?

Like many cryptocurrencies, Dogecoin operates on a decentralised network of computers that uses blockchain technology. Blockchain is a distributed, secure digital ledger that records and stores all the transactions made on its network. You can think of a blockchain like your bank statement or a bank ledger where you can see a history of transactions carried out over a particular period.

Dogecoin has its own blockchain, which relies on a proof-of-work consensus algorithm that ensures a miner can add a new block of transactions only if all the network mining nodes agree on the block’s validity. The network also verifies transactions and ensures the integrity of the data using cryptography.

What Is Dogecoin Used for?

Dogecoin is a peer-to-peer digital currency that can be used as payment for goods and services, tipping people for services over the internet or simply sending digital money from person to person.

Transactions can be made semi-anonymously, even if a record is available publicly on the blockchain. And you can do this without going through a traditional intermediary such as a bank. Dogecoin is not a currency that effectively stores value due to the infinite number of coins that can be created and is most often used for light-hearted clout.


Frequently Asked Questions

1. Does Elon Musk own Dogecoin?

No, Elon Musk does not own Dogecoin. Dogecoin was created by Jackson Palmer and Billy Markus in 2013.

In early 2021, Elon Musk first announced that he personally holds some Dogecoins, which caused the value of Dogecoin to increase by nearly 15,000% in seven months. He has not disclosed how many Dogecoins he owns, but in February 2021, Musk revealed in a tweet that he had donated to a nonprofit organisation via Dogecoin. Reddit fans tracked the nonprofit’s transactions and speculated that Musk might have donated around 150,000 DOGE. In July 2022, Tesla sold most of its Bitcoin investments, but interestingly, Musk announced that no Dogecoin had been sold.

2. Is Dogecoin safe?

As with all cryptocurrencies, there are general risks, such as losing all your money if you lose access to your wallet. Though a network of decentralised nodes means that no single entity controls the network and that all participants need to agree on the blockchain in order for a block to be valid, it also means that no protective measures can be taken if you are a victim of a scam or fraud.

A 51% attack occurs when a single person or group does manage to control over 50% of the blockchain’s ability to generate a code, which allows them to block new transactions from being confirmed, change the order of transactions and ‘double-spend’, i.e. use the same cryptocurrency twice or more. Ethereum and Bitcoin have suffered 51% attacks, and their networks are made up of a significantly higher number of decentralised nodes than Dogecoin’s 1,090 nodes. So Dogecoin may be less safe due to relatively weaker security.


3. Is Dogecoin a good investment?

As with all investments, it is up to you to decide whether Dogecoin is worth your money. Like most cryptocurrencies, Dogecoin is a speculative investment - its price is determined solely by what other people are willing to pay for it. Dogecoin is also not backed by any assets or cash reserves. If you decide to invest in Dogecoin, please note that profit is not guaranteed, and you could lose everything you put into it.

4. Why is Dogecoin so cheap?

Dogecoin is cheap primarily because it was designed to be plentiful in volume. Whereas Bitcoin was designed to be scarce and resist inflation, Dogecoin is intentionally abundant, and there is no maximum supply. Bitcoin’s software limits the number of Bitcoins in circulation to 21 million, but over 130 billion Dogecoins exist, and 10,000 Dogecoins are issued every minute.


5. Does Dogecoin have a future?

Dogecoin’s abundance means it is not a practical cryptocurrency to store value, but you can pay with and send Dogecoin fairly easily with most crypto exchanges. Given that most of Dogecoin’s spikes in value follow Elon Musk’s tweets and viral publicity stunts, it may not be suited to any investors who are planning for their futures in the long term.


6. How do I sell my Dogecoin for cash?

You can sell Dogecoin and cash out on a cryptocurrency exchange such as eToro, Coinbase or Uphold, the same way you place your buy order to purchase Dogecoin.


7. How is Dogecoin different from Bitcoin?

Dogecoin’s coding is similar to Bitcoin’s. Billy Markus (one of the creators) has even stated that he used the Control F function to scroll through Bitcoin’s code and replace all occurrences of the word ‘Bitcoin’ with ‘Dogecoin.’ However, there are some notable differences:

  1. Shorter block time: A blockchain’s block time tells us how long it takes to validate a transaction and how often a new ‘block’ of transactions is added to the chain of transactions. Bitcoin transactions take 10 minutes to process, whilst Markus decided on a 1-minute block time for Dogecoin transactions.

  2. Transaction fees: It costs more to process a Bitcoin transaction than to process a Dogecoin one. This is because they have different fee structures. Bitcoin users can pay a higher fee for a faster transaction, and the fee is the same regardless of the value of the transaction. Dogecoin transaction fees are charged based on the transaction size in kilobytes of data, with 0.01 DOGE charged per kilobyte.


8. What is the current price of Dogecoin?

The current price of one Dogecoin is £0.05 (at the time of writing). You can find the current price of Dogecoin here at any time.

9. Can I buy Dogecoin with GBP?

Yes, you can buy Dogecoin with your GBP debit or credit card via a cryptocurrency exchange such as eToro, Coinbase or Uphold.


10. How can I buy Dogecoin?

You can buy Dogecoin in the UK from crypto exchanges such as:

  1. eToro - Live prices; Wallet; Advanced trading tools; Popular coins
  2. Coinbase - Best for beginners; Live prices; Wallet; Popular coins
  3. Uphold - Good for beginners; Cheap Forex rates; Crypto wallet
  4. Coinsmart - Good for beginners; Advanced crypto trading tools
  5. Phemex - Live prices, Advanced crypto trading tools, Crypto wallets


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