How to buy Dogecoin in the UK: A step by step guide for beginners
Will it hit a dollar?
Warning: This is not professional financial advice
Okay, so you want to buy Dogecoin in the UK. You saw the Gamestop craze pass you by, and investing in other currencies like Bitcoin and Ethereum is either “been there done that” or just doesn’t really interest you. However, Dogecoin has hype, and that’s enough for any amateurish investor to want a slice of the pie.
The problem is that mainstream platforms like Coinbase (which is generally considered the most popular choice for purchasing and storing cryptocurrencies in the UK) are quite restricted with which cryptocurrencies you can buy – and Dogecoin is one of those currencies that isn’t offered just yet.
So, for beginners it can be quite hard to understand how to foray into a completely unfamiliar world – and yes, we’re talking serious beginners – so before the Reddit mob come at me for advising poorly on how to buy altcoins, here is a complete beginner’s guide for the most amateur investors to buy Dogecoin in the UK.
How do I buy Dogecoin in the UK?
As you may or may not have discovered, buying cryptocurrencies (and storing them) isn’t exactly the most streamlined process, and the only way you’re really going to learn is by just having a go yourself. Having said that, this appears to be the easiest and safest way to buy Dogecoin in the UK currently with GBP.
- We’ll be using Binance because it’s a reputable platform and the largest cryptocurrency exchange in the world. Start by heading to their website and creating an account.
- From here, you may have to go through several layers of account setup. Ensure that you turn on two-factor authentication and any other suggested security measures.
- Now you can deposit GBP into your Binance account. Only deposit what you can afford to lose, and when you’re ready you can start trading it for Dogecoin (or any of the other cryptocurrencies on Binance).
Now, this is where you’re advised to transfer money to a wallet. There is a common phrase used in the crypto community, which is: “If you don’t have the keys, it ain’t your car.”
In other words, any crypto that you haven’t secured in a wallet with a password that only you know is open to online attacks. To do this, you can either use an online wallet supplied by Binance themselves or another provider, or you can go one step further by purchasing an offline hardware wallet to keep everything really secure – but people don’t tend to do this unless they’re storing very large amounts.
And that’s all there is to it. Remember Dogecoin is a meme currency, and so it may not be the wisest idea to pour your life savings into it.