How to buy Dogecoin on Coinbase? A simple guide for beginners
Dogecoin has become a popular cryptocurrency recently, gaining attention from high-profile figures such as Elon Musk and Mark Cuban. As a result, many investors are interested in purchasing Dogecoin as part of their portfolio. Coinbase is one of the most well-known cryptocurrency exchanges and offers a simple and secure way to buy Dogecoin. In this guide, we'll walk you through the steps of buying Dogecoin on Coinbase, from setting up an account to completing your first purchase.
To buy Dogecoin on Coinbase, users need to follow the three simple steps:
Sign up for a Coinbase account and complete the verification process.
Deposit funds into your Coinbase account using a bank transfer or credit/debit card.
Search for Dogecoin on Coinbase, select the amount you want to buy, and complete the transaction.
To know more about the information on the fees and limits associated with buying Dogecoin on Coinbase, tips for safely storing your cryptocurrency after purchase, how to buy dogecoin in coinbase, what is dogecoin, where to buy dogecoin, how to buy dogecoin on coinbase and does coinbase sell dogecoin, scroll down to the details in this blog.
How Does Coinbase Work?Coinbase review
Coinbase is one of the world's largest and most well-known cryptocurrency exchanges, focusing on providing a user-friendly platform for buying, selling, and storing cryptocurrencies. One of the critical advantages of Coinbase is its regulatory compliance and robust security measures, making it a trusted platform for retail and institutional investors.
Coinbase is based in the United States and is fully regulated by the US government, providing high transparency and accountability. The exchange is also publicly traded on the NASDAQ stock exchange, providing investors additional transparency and accountability. Coinbase offers a user-friendly platform with a wide range of features, including a mobile app, various trading pairs, and a range of payment options.
Therefore, Coinbase is a trusted and reliable platform for buying, selling, and storing cryptocurrencies, focusing on regulatory compliance and strong security measures.
Best Crypto Trading PlatformsCan I trade Dogecoin on Coinbase?
Yes, you can trade Dogecoin Coinbase via the app and the website. However, you must create an account on the platform to start trading. Dogecoin has been available on Coinbase for trading since June 3, 2021 (after 9.00 AM PT). As far as the exchange fees of cryptocurrency trading on Coinbase is concerned, it is a 1% flat transaction fee.
It is traded on the platform as a single pair of DOGE/USD. It's important to note that regional restrictions may apply to trading Dogecoin on Coinbase. For example, some countries may restrict cryptocurrency trading or may not be supported by Coinbase. It's essential to check with Coinbase to see if you can trade Dogecoin on the platform.
Where to Trade Dogecoin? Best Place to Buy and Sell DogecoinWhat are Coinbase fees?
The Coinbase withdrawal fee for crypto is around a 1% fee to cover. It will also include an additional network fee. Paying the network fee to process the transaction across the decentralised cryptocurrency network is important.
Can I trade on Coinbase from my country?
Coinbase crypto can be traded around the world. Here is the list of areas where you can trade crypto on Coinbase, along with the countries:
North and Central America- 14 countries.
South America- 10 countries.
Europe- 41 countries.
Asia- 16 countries.
Africa and the Middle East- 25 countries
How to buy Dogecoin (DOGE) on Coinbase? Beginner guide
If you want to learn how to buy Dogecoin, here are the steps to follow:
Create an account on Coinbase.
How to open account on Coinbase
Add a payment method for depositing money.
Start trading on the app. Select the (+) option to Buy Dogecoin.
You will be redirected to the Buy panel, where you can search for assets. Search for Dogecoin and click on it.
In the purchase screen, enter the amount you want to buy Dogecoin.
You will be next moved to the Preview Buy screen, where you will get all the details of your purchase before completing the purchase. After verifying the details, click on Buy Now.
After the order is processed, you will get a confirmation message.
Open a Coinbase account
The documents that you will need to open a Coinbase account are as follow:
Government-issued photo ID.
Phone number connected to the smartphone.
Proof showing that you're 18 years old or above.
How to open account on Coinbase
To create the Coinbase account, you must read and agree to the User Agreement and Privacy Policy after submitting the documents.
Verify your account
You must provide an email or phone number during the account sign-up process. This is later on used for your account verification purposes.
Verification on Coinbase
You will receive an email on your registered email for verification purposes. For email, click on the verification link you received, and you will be redirected to Coinbase.com.
If you have signed up using your phone, you will receive a 7-digit code on your phone. Enter the code on the respective section on Coinbase and click on submit. If you did not receive a code, ask to resend the code.
Verification on Coinbase
Fund your account
For the US audience, they can find their Coinbase account using Fedwire. Other countries may use International Wires or Bank Transfers to fund their account. However, international groups may lose some funds during the conversion process.
How to fund your account on Coinbase
Buying Dogecoin (DOGE)
To buy Dogecoin on Coinbase, you must have a verified Coinbase account and a linked payment method.
How to buy Dogecoin on Coinbase
You can then navigate to the trade page on Coinbase and select the "DOGE" trading pair from the list of available cryptocurrencies.
After entering the amount of DOGE you want to buy and selecting the currency you want to use to make the purchase, you can review the transaction details and confirm the purchase.
How to buy Dogecoin on Coinbase
Coinbase will execute the trade and add the purchased Dogecoin to your Coinbase account.
How to buy Dogecoin on Coinbase
How to withdraw Dogecoin from Coinbase?
Dogecoin can be withdrawn from Coinbase to your crypto wallet. However, you must connect the Coinbase account to your Coinbase wallet for that purpose.
Below are the steps to withdraw Dogecoin from Coinbase:
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Open the Coinbase app on a mobile device.
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At the top of the screen, click on the Send button.
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Choose the asset (Dogecoin) for the transfer process.
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You will receive a prompt to enter the address to which you want to send your Dogecoin. Choose the address in which you can see your email address.
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Enter the amount of Dogecoin you wish to transfer from the account to your wallet. Click on Preview.
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Review the transaction to check all the fees involved and click on Send Now.
How to sell Dogecoin (cash out) on Coinbase?
If you want to know whether Dogecoin sells Bitcoin, read further. You can sell Dogecoin (Cash out) from Coinbase in two ways- the website and the app. Before cashing Dogecoin out, linking the payment method to the account is advisable.
The steps to sell Dogecoin from the browser are as follows:
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On the web browser, select the cash balance under Dogecoin.
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On the Cash-out tab, enter the amount you wish to Cash out, then click Continue.
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Enter the destination where you wish to receive the Cash-out amount. Select the Continue option.
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On the next page, choose the Cash Out Now option to complete the transfer.
How to sell Dogecoin on Coinbase
The steps to Cash out Dogecoin via the app are as follows:
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On the home tab, click the More option and then choose the Cash Out option.
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Enter the amount of Dogecoin to cash out.
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Choose the destination for the transaction and click on Preview.
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Review the details on the app and complete the process.
Where to keep Dogecoin? Best wallets
There are different ways to store Dogecoin, and each method has pros and cons. Here are some of the most common ways to store Dogecoin, along with their benefits and drawbacks:
Cryptocurrency exchange
Many people store their Dogecoin on cryptocurrency exchanges like Binance, Coinbase, and Kraken. The main advantage of storing Dogecoin on an exchange is convenience. You can easily buy, sell, and trade Dogecoin on the platform.
However, the disadvantage of storing Dogecoin on an exchange is that exchanges are vulnerable to hacking and other security breaches. It's generally recommended to only store funds on exchanges you plan to use for trading and move the rest to a more secure wallet.
Coinbase Crypto Wallet ReviewHardware wallet
Hardware wallets are physical devices that store your Dogecoin offline, making them the most secure way to store cryptocurrency. Examples of Dogecoin cold storage wallets include Ledger Nano S, Trezor Model T, and KeepKey.
Your private keys are stored on the device, and a PIN or password protects the device itself. However, the disadvantage of hardware wallets is that they can be expensive, and they can also be lost or damaged.
Online wallets
Online wallets are web-based wallets that allow you to store and access your Dogecoin from anywhere with an internet connection. Examples of secure online wallets for Dogecoin include MyEtherWallet, Exodus, and Jaxx Liberty.
The main advantage of online wallets is convenience. You can easily access your funds from anywhere with an internet connection. However, the disadvantage of online wallets is that they are vulnerable to hacking and other security breaches. It's important to choose a reputable online wallet with strong security measures in place.
Best Crypto Wallets Reviews and ComparisonWhat is Dogecoin (DOGE)?
There are a few things that set DOGE apart from other crypto tokens. Since it launched at a low price point, less than $0.001 per coin, it became a popular tipping currency on social media. Another reason it started to gain traction is that it facilitates cheap, fast transactions.
Some would even argue that it serves as a better form of digital currency than larger projects like Bitcoin, a coin perceived more as a store of long-term value.
Due to its popularity on social media and a very active community of supporters, Dogecoin is the reason many people have gained exposure to the cryptocurrency market, potentially acting as a catalyst for growth in the global crypto market.
However, Dogecoin is not without its risks and downsides. At its core, it was not developed for any specific utility but as a meme coin that relies heavily on public opinion to act as its foundation of value. The development team behind DOGE rarely updates the project beyond essential maintenance, so it is unlikely to progress in a technological sense. Furthermore, it can experience extreme price volatility. A single tweet by public figures like Elon Musk can send the price to the ceiling or the floor. Due to these factors, critics consider Dogecoin little more than a risky pump-and-dump scheme that can leave inexperienced investors with heavy losses.
Dogecoin has gained a massive following, in no small part due to the influential support of Elon Musk, who won the vote to become the coin’s CEO in a 2019 Twitter poll. Public sentiment and widespread support on social media have been the primary factors behind Dogecoin’s meteoric rise, so the coin’s price can sometimes contradict broader market trends – if only for a moment. For example, when the overall crypto market saw falling prices throughout mid-2023, Dogecoin’s value experienced brief jumps in value spurred on by Elon Musk’s tweets.
| Ticket | DOGE |
|---|---|
Max supply |
N/A |
Total supply |
130,063,646,536 |
1-year price low |
$0.05788 |
1-year price high |
$0.10186 |
Current Price |
$0.08 |
Market cap |
$11 128 827 111 |
Markets |
Binance, Huobi Global, Coinbase |
Should you buy Dogecoin now?
Coinbase’s intuitive platform makes it a great place to start trading Dogecoin. However, make sure to do extensive research before putting money into any investment. While DOGE has set record highs this year and has a highly active supporter base, it is also highly volatile and vulnerable to external influence. Investors have made huge profits trading Dogecoin, but many people have also experienced significant losses.
Where to buy Dogecoin? Coinbase best alternatives
Coinbase is not the only option for buying Dogecoin. There are many trusted exchanges that each offer their own unique benefits. Our Trader’s Union experts have prepared a list of some of the best Coinbase alternatives for buying DOGE.
Top 10 Best cryptocurrencies to buy now
In this table, you will find a side-by-side comparison of what it means
| Current Price | Market Cap | 1 m return | 1 y return | ||
|---|---|---|---|---|---|
2470.81$ |
185.3B |
13.45% |
59.30% |
||
41327.50$ |
387.4B |
-2.24% |
96.12% |
||
94.40$ |
11.0B |
29.32% |
341.12% |
||
0.50$ |
13.3B |
-12.76% |
48.74% |
||
7.02$ |
7.3B |
4.64% |
20.94% |
||
33.59$ |
5.3B |
-15.48% |
107.47% |
||
0.55$ |
22.6B |
-8.72% |
40.53% |
||
0.79$ |
7.4B |
2.60% |
-17.50% |
||
0.03$ |
1.7B |
-13.31% |
40.47% |
||
313.00$ |
51.1B |
23.76% |
6.25% |
Summary
Buying Dogecoin on Coinbase is a straightforward process that requires a verified account, a linked payment method, and a careful approach to trading. It's essential to store your Dogecoin securely after purchase, either in a secure hardware wallet or on a reputable cryptocurrency exchange. Overall, Coinbase provides a trusted and reliable platform for buying and selling Dogecoin, with strong regulatory compliance and security measures.
FAQ
How do I buy and sell Dogecoin on Coinbase?
To buy and sell Dogecoin on Coinbase, you must first create an account on Coinbase and complete the necessary verification steps. The detailed process of buying and selling Dogecoin on Coinbase is discussed above.
How can I purchase Dogecoin?
You can purchase Dogecoin on cryptocurrency exchanges, including Coinbase, Binance, Kraken, and Robinhood. You must create an account on one of these exchanges to purchase Dogecoin.
How much is Dogecoin on Coinbase?
The price of Dogecoin on Coinbase can vary depending on market conditions and other factors. You can check the current price of Dogecoin on Coinbase by going to the Dogecoin page on the Coinbase website or mobile app.
Can I buy Dogecoin on Coinbase with a credit card?
Yes, you can buy Dogecoin on Coinbase with a credit card. Coinbase accepts credit and debit card purchases for various cryptocurrencies, including Dogecoin. However, there may be additional fees along with the transactional limit.
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