Dogecoin has the ticker DOGE and has become very popular recently, but how do you actually get some DOGE? In this beginner’s guide, we will tell you exactly how it works. First of all, we need to mention that investing in cryptocurrencies is a high-risk activity – especially when investing in DOGE. Therefore, you should understand all the risks before investing. Now that we have gotten that cleared, let us get started.
Buy Dogecoin in Europe
In Europe, it is very easy to buy Dogecoin, because eToro accepts clients from Europe. This platform allows you to buy Dogecoin with competitive spreads. The spread for DOGE is 2.9%, which might seem a little bit high, but you pay for the user-friendliness. If you are interested in trading Bitcoin, they also offer it with a spread of 0.75%, which is really low.
If you are visiting from Denmark, you might be interested in the price of DOGE in DKK. Denmark does not use USD or EUR, which is why you need to be checking a dedicated site displaying the price in DKK. The linked website updates prices every minute.
To register at eToro, you just have to go to the website and create an account. Thereafter, you will need to answer some questions about yourself and verify your account. If it is your first time trading cryptocurrencies, you might be asking the following question: “Why do I have to submit my documents to a trading platform?”. The answer is compliance. All regulated crypto trading platforms need a copy of your documents in order to be able to accept you as a customer.
After verification, you will be able to trade DOGE on eToro. All you need to do is fund your account through Paypal, bank transfer, or credit card.
If you are not interested in submitting your documents, you will need to find someone selling DOGE for cash. This might be difficult, as DOGE is not a very popular currency in Europe at the moment. However, it might be possible to buy Bitcoin anonymously for cash and then exchange that for Dogecoin at an exchange like Binance.
We cannot cover all fees on all exchanges in this guide, but you should expect to pay 0 to 4 percent in total fees when converting fiat to DOGE. If you are paying more, you should consider using the platforms and exchanges mentioned in this guide.
What kind of fees are there?
You might be wondering about what the word spread means. A spread is basically the difference between the ask and bid price for a currency. In other words, it is the trading fee. Many platforms say that they do not charge commissions or fees, but they make money from the spreads.
It is therefore important to understand what kind of fees you are paying when trading. If you are trading on traditional exchanges, you will be paying a classic fee. This fee is typically under 1 percent, but it depends on what method you are using to fund your account. Bank transfer usually means lower fees, while payment card usually means higher fees. This is due to the nature of card payments where the processor takes a cut.