Fastest Way to Buy Dogecoin | Step-by-Step

Summary: Dogecoin, the trailblazing memecoin, has managed to transcend its joke-based origins to become a genuine contender in the crypto world. If you want to buy DOGE fast, we suggest using a regulated cryptocurrency exchange like BYDFi.

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started

What is Dogecoin?

Dogecoin (DOGE) is the dog-faced brainchild of software engineers Billy Markus and Jackson Palmer, who created the coin in 2013 to mock the hype surrounding cryptocurrencies like Bitcoin (BTC) at the time. And unlike Bitcoin, which is scarce, Dogecoin is deliberately abundant, with 10,000 new coins mined every minute without a cap on the total supply.

Dogecoin’s blockchain is derived from Litecoin, utilizing the same proof-of-work mechanism. By 2014, the mining processes of Litecoin (LTC) and Dogecoin were merged, enabling Litecoin miners to mine Dogecoin without any additional work. 

Shortly after its launch, the Shiba Inu-branded coin quickly built a loyal online community, with its website, dogecoin.com, attracting over a million visitors within the first month alone. Since then, the cryptocurrency has won over high-profile crypto fanboys, including Elon Musk.

Where to buy Dogecoin?

The easiest way to buy DOGE is through a regulated cryptocurrency exchange. Here are some of the things to consider before deciding on a platform:

• The broker’s security measures, regulatory adherence, and credibility;
• User interface quality and customer support service;
• Access to DOGE;
• Liquidity and associated fees.

Considering these factors, we suggest BYDFi as your go-to platform for cryptocurrency trading. Putting security at its core, BYDFi stands out for its dedication to ensuring a safe trading experience and regulatory compliance, including adhering to relevant regulations and enforcing Know Your Customer (KYC) protocols to ensure a secure trading environment.

Indeed, BYDFi demonstrates its regulatory compliance by maintaining registrations like the  Money Services Business (MSB) and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), making it an ideal choice for crypto enthusiasts in Canada and the US. 

BYDFi also offers: 

• A diverse selection of cryptocurrencies, including DOGE and over 400 other coins and tokens;
• An intuitive interface that’s easy to navigate;
• Copy-trading feature that enables users to imitate the transactions of high-performing investors;
• Advanced trading features like leveraged pairs and high-leverage perpetual contracts.

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started

How to buy Dogecoin fast: Step-by-step

Now let’s take a look at the step-by-step process of buying DOGE through BYDFi.

Step 1: Register on the BYDFi website or app

You can create an account with BYDFi by clicking on the “Get Started” button via the BYDFi mobile app or through your web browser. There are two options for registering with BYDFi: through your email or phone number. 

Email registration:

1. Enter your email address;
2. Click on “Send” to have the verification code sent to your registered email address;
3. Enter the email verification code mailed to you;
4. Create a password;
5. Click on “Get Started” to complete your registration.

Mobile registration:

1. Select your country/region and provide your mobile number;
2. Click on “Send” to receive the verification code;
3. Enter the SMS code sent to you;
4. Create a password;
5. Click on “Get Started” to finish your registration.

Step 2: Decide the amount of DOGE you wish to purchase

After you’ve successfully set up an account on BYDFi, the next step is depositing funds to buy DOGE. To do this, click on the “Buy Crypto” button on the left-hand side of the navigation bar. You can then select the DOGE coin and designate the fiat currency of your choice for the transaction.

Next, pick the service provider you want to deposit with. Note that fiat deposits go through third-party service providers.

You can choose between various payment options, including: 

• Credit card payment;
• Apple Pay;
• Google Pay;
• CashApp;
• Bank wire.

Step 3: Review the fees and confirm your order

Fortunately, BYDFi provides competitive and transparent pricing. Specifically, the fees for crypto spot trading range from 0.1% to 0.3% of the transaction, subject to the specific cryptocurrency involved. In addition, while there are no charges for deposits on BYDFi, a standard fee applies to withdrawals to cover transaction expenses.

Before confirming your order, you will need to overview the total charges, including an estimate of the fees and the amount of DOGE you will receive from your purchase.

Step 4: Store Dogecoin in your wallet

Once you’ve made your crypto purchase, you can keep it in your personal crypto wallet or leave it in your BYDFi account.

Digital assets in your BYDFi account are secure in an offline, deep cold storage wallet, thereby eliminating any single point of failure risk. Furthermore, BYDFi uses multi-signature technology for deposits and withdrawals, protecting against potential attacks and the risk of losing access to keys or facilities.

Even under the most severe conditions, such as a complete system breach, including the web server, transaction engine, and database, a hacker would not possess enough keys to steal the funds since no private keys are stored on any cloud server.

DOGE price today

Pros and cons of buying Dogecoin

From its humble beginnings as a memecoin, Dogecoin has since evolved to become a notable player in the crypto world. Here are some pros and cons to consider before adding it to your portfolio: 

Pros

• Popularity and community support: Dogecoin has a large, supportive community that advocates for its use and acceptance, which may contribute to its future demand and value;
• Accessibility: Dogecoin is available on several prominent exchanges and can be easily bought, sold, and traded;
• Variety of use cases: Doge is widely used for Internet-based tipping bots, donations, and microtransactions because of its lower transaction fees compared to Bitcoin.

Cons

• High volatility: Like all crypto, the price of DOGE is exceptionally volatile and can lead to losses, especially for those who invest without a solid understanding of the crypto market;
• Overreliance on social media and celebrity endorsements: The price of Dogecoin is notorious for being influenced by social media trends or cryptic messages from Elon Musk. Exercise caution and avoid getting swept up in the hype, lest you be holding the bag in the end;
• Lack of institutional adoption: While you can buy a Tesla (NASDAQ: TSLA) with DOGE, compared to Bitcoin or Ethereum, Dogecoin has yet to be as widely adopted by businesses and financial institutions;
• Regulatory uncertainty: Cryptocurrencies’ legal and regulatory environments differ by country and are constantly evolving, potentially impacting the value and usability of DOGE. 

Mistakes to avoid when investing in crypto

Ensure you steer clear of the common investing mistakes as you delve into the world of cryptocurrencies:

• Neglecting market research; 
• Getting carried away with derivative products, like options and CFDs, that use leverage; 
• Putting in more money than you can afford to lose;
• Using unregulated exchanges;
• Acting on hype.

Crypto trading tips

While the price of Dogecoin is volatile, the volatility has its advantages. Indeed, it enables traders to use strategies such as cryptocurrency day trading or scalping to capitalize on fast, short-lived price swings. 

As a result, beyond researching the crypto market and trends, you may want to familiarize yourself with more advanced trading techniques and tricks to maximize your profit, including: 

• Technical analysis; 
• Various technical analysis tools such as oscillators, moving averages, Bollinger bands, support and resistance, and so on; 
• Chart patterns such as the golden cross or the double bottom pattern;
• Day and swing trading, as well as scalping techniques.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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