As a cryptocurrency, Dogecoin allows for investment. Similar to other cryptocurrencies, getting started with it is also not very difficult. Dogecoin may really be purchased in a number of ways these days. This may apply to wallets, exchanges, and the approach we advise using: brokers. These services are all very user-friendly and, of course, all let users invest in Dogecoin.

What Is Dogecoin?

Dogecoin is a cryptocurrency that was introduced in 2013. The Shiba Inu dog breed served as the project’s first source of inspiration when it was first developed as a meme currency.

Dogecoin, a fellow blockchain currency, will be argued to be far more appropriate as a payments network by supporters of this project than Bitcoin.

In a word, this is because purchasing Dogecoin is faster, less expensive, and more scalable than purchasing Bitcoin. For example, Dogecoin transactions finalise in under 1 minute, compared to 10 minutes for Bitcoin transactions.

Investing In Dogecoin in the UK: A Guide

We’ll now go through how to invest in Dogecoin in the UK using the FCA-regulated trading site eToro if you’ve already done your homework on the market and had some time to consider whether or not this digital currency is a good fit for your portfolio.

In summary, by utilising eToro to purchase Dogecoin, you will be able to: Rest easy knowing that the broker you are using is FCA-authorized and -regulated.

Invest using spreads alone. Start with only $10, or around £7. Use a UK debit/credit card, an e-wallet, or a bank transfer to pay for your transaction. To finish your Dogecoin buy in less than five minutes, just adhere to the guidelines listed below.

Step 1: Activate your eToro Crypto Account

You must first apply for registration with any online broker in the UK before you can begin trading. This procedure may be begun by clicking “Join Now” on the webpage.

Next, finish filling out the registration form with your identity details and any other information eToro requires.

Step 2: Submit ID

You will also need to upload some identifying papers as part of the Know-Your-Customer (KYC) procedure.

This comprises:

• A driver’s licence or passport
• A bank/tax statement or energy bill that was issued during the last three months

However, if your payment is less than €2,000 (about £1,600), you may still purchase Dogecoin in the UK without immediately providing the aforementioned documentation. However, this must be completed before authorization for withdrawals is granted.

Step 3: Make a Deposit

Now you can submit your hard-earned cash to your eToro account. You will have to deposit $10 or more into your account if you’re a UK customer. On all GBP deposits, eToro assesses a very fair FX cost of 0.5 percent.

Your investment will be converted into USD as a result, enabling you to purchase Dogecoin. A debit card is the quickest option to use for deposits. 

Step 4: Find Dogecoin

You may now look up Dogecoin on the eToro website with a funded account.

Simply type “DOGE” into the search field and click on trade when the cryptocurrency asset appears.

Step 5: Purchase Dogecoin in the UK

Your screen will now display an order box. Start with $10 and enter the amount you want to spend on Dogecoin in US dollars. The investment can then be confirmed by clicking “Open Trade.” Your DOGE coins will subsequently be included in your portfolio on eToro. When you purchase Dogecoin, you’ll be able to use a trading bot like bitcoin evolution to help yourself in performing your trades accurately. 

The Bottom Line

Dogecoin is a very liquid cryptocurrency since it has grown to be a multi-billion dollar crypto asset. Simply put, this indicates that the asset draws a significant level of trading activity, which makes it impossible for you to enter or exit the market at any time.

For example, your tokens would be put right away into your account portfolio if you were to purchase Dogecoin in the UK through the FCA-licensed broker eToro.

Then, by placing a sell order, you may instantaneously cash out again to fiat money on a 24/7 basis. Because of this, Dogecoin is far more sought-after than low-cap businesses that have trouble attracting liquidity.