The process of buying Dogecoin online in Australia is very simple. All you need to do is register an account with a crypto exchange, make a deposit, and then decide how much money you wish to stake.
In this beginner’s guide, we’ll walk you through the step-by-step process of how to buy Dogecoin in Australia with an ASIC-licensed broker.
How to Buy Dogecoin in Australia – Quick Guide
If you’re simply looking for a quick run-through of how to buy Dogecoin in Australia – check out the 5-step guide below:
- ✅ Step 1: Open an Account With eToro: It’s best to use a low-cost broker that is regulated by ASIC when buying Dogecoin online – which is why we like eToro. As such, to get the ball rolling, visit the eToro website and open an account by entering some basic personal information.
- 🔑Step 2: Account Verification – Verify your account by uploading proof of address and identity.
- 💳 Step 2: Deposit Investment Funds: Before you can buy Dogecoin, you will need to make a deposit into your eToro account. Meet the minimum deposit of at least $50 via a local bank transfer, debit/credit card, or an e-wallet like Paypal.
- 🔎 Step 3: Search for Dogecoin: At the top of the page you will see a search bar. Start typing ‘Dogecoin’ and press on ‘Trade’ when the correct market loads.
- 🛒 Step 4: Buy Dogecoin: And finally – in the order box, enter your total investment stake from $10. Click on the ‘Open Trade’ button to place your Dogecoin buy order at eToro.
If this is your first time buying cryptocurrency online – read on to find a more detailed walkthrough of how to buy Dogecoin in Australia.
Cryptoassets are a highly volatile unregulated investment product.
Where to Buy Dogecoin in Australia
If you’re wondering how to find the best place to buy Dogecoin in Australia – you will need to research a variety of crypto exchanges before getting started.
The best crypto exchanges in Australia offer low fees and a strong regulatory framework.
If you’re strapped for time, below we review three top-rated places to buy Dogecoin in Australia right now.
1. eToro – Overall Best Place to Buy Dogecoin in Australia
eToro wins hands down as the overall best place to buy Dogecoin in Australia. This hugely popular broker is authorized and regulated by ASIC – as well as the FCA (UK), SEC (US), and CySEC (Europe). And therefore – eToro offers a safe and secure way to buy Bitcoin and other popular altcoins.
Moreover, we also found that eToro is one of the cheapest places to invest in crypto. For example, you will only pay a variable fee of 1% – which is in addition to the market spread.
And, when depositing Australian dollars with a debit/credit card, Paypal, Skrill, a local bank transfer, or any supported payment method for that matter – you will only pay a fee of 0.5%. We also like that withdrawals are charged at just $5. Another reason why we like eToro is that it offers a place to buy Dogecoin in Australia for those on a budget.
This is because the minimum stake per crypto trade is just $10. In addition to Dogecoin, eToro gives you access to over 55 other digital currencies. To name a few – this includes everything from Bitcoin, XRP, and Litecoin to Decentraland, Ethereum, and Yearn.finance. Moreover, you can also store your crypto assets in the eToro Money crypto wallet.
Other asset classes are supported too – including stocks, indices, forex, and ETFs. Back to crypto, if you wish to buy Dogecoin and other digital currencies passively, consider the eToro Copy Trading tool. Put simply, this enables you to copy the buy and sell orders of experienced crypto traders without needing to do any research yourself.
And finally, you might also consider investing in a diversified crypto portfolio that is managed by eToro. Not only does this include Dogecoin – but more than a dozen other tokens.
Cryptoassets are a highly volatile unregulated investment product.
2. Crypto.com – Earn Interest on Dogecoin via a Crypto Savings Account
The next exchange to consider when thinking about where to buy Dogecoin in Australia is Crypto.com. This platform is ideally suited for long-term investors that wish to create a diversified portfolio. This is for two key reasons.
First, Crypto.com not only allows you to buy and sell Dogecoin – but also 250 other leading crypto assets. This includes everything from large and medium-cap projects to Defi coins and up-and-coming ERC-20 tokens.
As such, if you’re thinking about buying a wide range of digital currencies in addition to Dogecoin, Crypto.com has you covered.
The second reason why Crypto.com is highly suited for long-term investors is that it offers crypto savings accounts. And as such, once you have invested in Dogecoin at this exchange – you can begin earning interest. The specific APYs on offer for Dogecoin will depend on a number of variables.
For instance, the highest rates are paid on crypto interest accounts with a 3-month lock-up period. Alternatively, 1-month and even flexible accounts are offered, albeit, these pay lower yields. Higher yields on Dogecoin interest accounts are also offered when you stake the Crypto.com digital token – CRO.
In terms of the Dogecoin investment process itself, Crypto.com allows you to deposit funds with a debit/credit card or a local bank transfer. When it comes to fees, Crypto.com charges a maximum commission of 0.4% when you buy and sell Dogecoin.
With that said, by holding CRO tokens or trading larger amounts throughout the month, lower commissions are on offer. And finally, you might even consider downloading the Crypto.com mobile app so that you can trade Dogecoin on the move. The app is free to set up and is compatible with both Android and iOS devices.
Cryptoassets are a highly volatile unregulated investment product.
3. Binance – Trade Dogecoin Crypto Pairs at 0.1% Commission
When it comes to low fees and liquidity levels, Binance is by far the best place to buy Dogecoin in Australia. This popular exchange attracts billions of dollars in trading volume each and every day.
Moreover, the platform offers more than 1,000 tradable markets – which includes many crypto-to-fiat and crypto-cross pairs that contain Dogecoin. For instance, you can trade Dogecoin against the Australian dollar or even another crypto like Bitcoin. Either way, in using Binance to trade Dogecoin, you will pay a maximum commission of just 0.10%.
To put this super-low fee structure into perspective, this means that for every $10,000 traded, you will pay Binance just $10 in commission.
Furthermore, just like Crypto.com, when you hold the exchange’s native digital token – BNB, lower commissions are on offer. This is also the case when you trade larger amounts. Another reason why Binance is a top-rated place to buy Dogecoin is that it caters to technical traders.
For instance, you will have access to high-level data fees, technical indicators, chart drawing tools, and even the ability to deploy third-party bots via an API. With that being said, those based in Australia can easily buy Dogecoin with fiat money – with the exchange supporting debit/credit cards and bank transfer deposits.
Cryptoassets are a highly volatile unregulated investment product.
Should I Buy Dogecoin?
Dogecoin is a speculative crypto asset – meaning that there are one of two things that can happen after you make an investment.
- First, if the price of Dogecoin increases in the open marketplace and you cash out your tokens – you will make a profit.
- On the other hand, if Dogecoin goes down in value – you will be running at a financial loss.
And as such, this is why you should spend some time researching the pros and cons of Dogecoin from an investment perspective before parting with any money.
Benefits of Buying Dogecoin?
To help clear the mist, in the sections below, we discuss the benefits and potential risks to consider before you buy Dogecoin in Australia.
Fractional Investments
The first thing to note about Dogecoin is that you only need to risk modest amounts to gain exposure to this marketplace.
The reason for this is that unlike Bitcoin – which requires thousands of dollars to buy a single token, Dogecoin has never traded for more than $1.
In fact, since hitting highs of $0.74 in 2021, the crypto asset has struggled to stay above $0.30. With this in mind, a very small capital outlay of $100 would get you several hundred Dogecoin tokens.
Therefore, there is no requirement to risk large sums of money to buy DOGE in Australia.
Historical Returns
Dogecoin has grown in value by a considerable amount since the digital currency was launched in 2013.
With that said, most of this project’s success came in early 2021 when Elon Musk was quoted as saying he owned Dogecoin tokens himself – more on this shortly.
Cryptoassets are a highly volatile unregulated investment product.
To illustrate this point, Dogecoin was trading at a tiny fraction of $0.01 before the start of 2021. And, just five months later, Dogecoin hit an all-time high of $0.74 per token.
This represents growth in the thousands of percent – which is perhaps one of the key reasons why Dogecoin remains so popular with speculative investors.
Buy the Dip and Wait for the Next Bull Market
As we briefly mentioned above, although Dogecoin hit highs of $0.74 in mid-2021, the value of this crypto asset has since gone down considerably.
In fact, based on its 52-week low, Dogecoin briefly touched just $0.10. Although this might appear a major red flag for investors that bought the so-called pump, those that are yet to buy Dogecoin can still do so at a major discount.
After all, Dogecoin is one of just thousands of other digital currencies that have witnessed a bearish market cycle since the turn of 2022.
This means that this rapid drop in value is not specifically any issue associated with Dogecoin itself – but the broader crypto markets.
Elon Musk Provides Dogecoin With Legitimacy
One of the overarching reasons why Dogecoin was able to generate returns in the thousands of percent in the first half of 2021 is largely down to Elon Musk.
Not only did the Tesla CEO announce that in addition to Bitcoin and Ethereum he owned an allocation of Dogecoin tokens, but he continued to promote the project at various intervals both online and in TV appearances.
Crucially, when you consider that Elon Musk is one of the most successful entrepreneurs on this planet, his interest in Dogecoin offers the project a huge amount of legitimacy and credibility.
Cheaper and Faster Blockchain Transactions
Leading on from the above section, Elon Musk noted that he believes Dogecoin is much more suitable as a global payments network than its Bitcoin counterpart.
- There is some logic to this, not least because Dogecoin is both faster and cheaper than Bitcoin.
- Regarding the latter, Bitcoin transactions often cost several dollars – which makes micro-transactions unviable.
- During busy network times, Bitcoin transactions can hit double-digit figures on a dollar basis.
- Dogecoin, however, is much cheaper – with transactions often costing less than $1.
In terms of speed, Bitcoin requires 10 minutes to validate a new transaction. In the case of Dogecoin, this stands at just 1 minute.
Risks of Buying Dogecoin?
In the sections above, we outlined some core benefits of adding Dogecoin to your portfolio today.
However, before you buy Dogecoin in Australia – it is crucial that you also consider the risks. This will enable you to make an informed and balanced investment decision.
Huge Market Decline is a Concern
The first risk to consider before you buy DOGE in Australia is with respect to how quickly the value of the digital currency has fallen since hitting all-time highs in 2021.
As noted, although Dogecoin breached $0.74 per token, the digital currency has since hit lows of $0.10. And as such, for every $740 invested in Dogecoin at its peak, your capital would be worth just $100.
Parabolic Volatility Levels
The amount of volatility that Dogecoin attracts can only be described as parabolic.
After all, this digital currency can go up in value by 15% in a single day, only to then drop by the same amount just 24 hours later.
The key point here is that unless you have a strong appetite for high volatility levels, Dogecoin likely won’t be the right investment product for your portfolio.
Wallet Hacks or Losing Private Keys
Once you buy Dogecoin in Australia, you will need to keep your digital tokens in a crypto wallet. On the one hand, there are many different wallet types of varying security levels – such as mobile apps and desktop software.
Cryptoassets are a highly volatile unregulated investment product.
However, irrespective of the Dogecoin wallet you choose, you need to think about the risks involved.
- For instance, if somebody is able to hack your Dogecoin wallet remotely, the individual will be able to steal your funds.
- Similarly, if you lose the private keys and backup passphrase attached to your wallet, again, your Dogecoin tokens will likely be lost forever.
This is why – as we explain shortly, eToro offers the safest and most convenient way to buy and store Dogecoin – not least because the broker is regulated by ASIC.
Ways of Buying Dogecoin
Now that we have covered the potential benefits and risks of investing in Dogecoin – we can now talk about payment methods.
Overall, as per our market research, the best ways to buy Dogecoin in Australia are discussed below.
Buy Dogecoin With Credit Card or Debit Card
If you’re looking to buy Dogecoin in Australia with a credit or debit card – the end-to-end process can be completed in less than five minutes from start to finish.
This is because when using a new-age broker like eToro – you can open a verified account in just a few clicks. And, once you enter your credit/debit card details, the payment will be processed instantly.
However, although it’s fast and easy to buy Dogecoin with a credit/debit card in Australia – you do need to be wary of fees.
For instance, while at eToro you will only pay 0.5% to deposit funds in AUD, the likes of Coinbase will charge you 3.99% for the same transaction.
Buying Dogecoin With Paypal
Alternatively, you can also buy Dogecoin with Paypal – and pay just 0.5% in fees for doing so when using eToro.
Take note, your Paypal account needs to be verified before you can make a deposit into a crypto exchange.
Moreover, you will still need to go through a KYC process – as you will be using fiat money.
Other Ways to Buy Dogecoin
There are several other ways to buy Dogecoin in Australia – such as:
- Skrill
- Neteller
- Local Bank Transfer
- Peer-to-Peer Transaction
Irrespective of your chosen payment method – just make sure that you are using a legitimate and trusted exchange.
Cryptoassets are a highly volatile unregulated investment product.
What is the Best Way to Buy Dogecoin?
In addition to thinking about the best way to buy Dogecoin in terms of payment methods, it’s also wise to have an understanding of the types of platforms that can facilitate your investment.
For instance, although the terms crypto exchanges and brokers are often used interchangeably, they actually differ.
Buy Dogecoin via a Crypto Exchange
Crypto exchanges enable you to buy and sell Dogecoin online with other traders.
For example, if you were to use Binance to trade Dogecoin, and you wanted to invest $1,000 – somebody else on the same exchange would need to sell $1,000 worth of tokens for the order to go through.
As such, crypto exchanges utilize traditional order books. This means that unless there are sufficient levels of liquidity, you might be forced to buy or sell Dogecoin at an unfavorable price.
A crucial thing to note about crypto exchanges is that they are often unregulated. This means that you will be buying Dogecoin in an unsafe environment.
Buy Dogecoin via a Crypto Broker
Crypto brokers are regulated entities that allow you to buy crypto assets like Dogecoin in a safe and licensed ecosystem. eToro, for instance, is not only regulated by ASiC, but licensing bodies in Europe and the US.
With that said, it is important to note that, unlike crypto exchanges, brokers do not require you to trade with other market participants. On the contrary, you can buy Dogecoin directly from the broker itself.
This makes it a smooth and burden-free way of investing in Dogecoin and other cryptocurrencies – as it’s often just a case of opening an account and making a deposit.
Dogecoin Price
Dogecoin is usually traded and quoted against US dollars – as we have done throughout this guide. This is no different from trading commodities like gold or crude oil.
With that said, it is still possible to buy Dogecoin with AUD – it’s just that the funds will be converted to USD at the time of the deposit.
Nevertheless, in terms of its valuation history, the Dogecoin price, as noted earlier, was quoted at $0.74 in 2021. This is the most that Dogecoin has ever been worth.
Dogecoin, like all digital assets, is valued based on market activity. For instance, when the price of Dogecoin increases, this is because there are more buyers than sellers looking to engage with this crypto token.
Dogecoin Price Prediction
It remains to be seen what the future holds for Dogecoin.
After all, one of the main reasons why this digital asset performed so well in the first half of 2021 is because the project continued to be plugged by Elon Musk.
And, while many other digital currencies continued to perform well for the remainder of 2021 – Dogecoin has since struggled since hitting $0.74.
Cryptoassets are a highly volatile unregulated investment product.
You might find an abundance of Dogecoin price predictions online that suggest this crypto asset is certain to hit $1 by the end of 2022.
However, you should take this so-called analysis with a pinch of salt. Overall, the Dogecoin price is driven by hype and speculation.
How to Buy Dogecoin Safely
Many Australians are hesitant about buying cryptocurrencies like Dogecoin online – not least because this industry is often associated with crime and fraud.
However, this represents a very small segment of the broader crypto trading arena.
To ensure you buy Dogecoin in Australia safely, consider the tips outlined below.
Safety Tip 1: Buy Dogecoin via an ASIC Broker
It goes without saying that the best way to ensure you are buying Dogecoin safely is to ensure you only do so via an ASIC-regulated broker.
- Crucially, ASIC – which regulates the Australian financial services sector, doesn’t hand out licenses freely.
- On the contrary, brokers are required to go through a highly stringent process to obtain ASIC approval – both before, during, and after the application.
And therefore, when you buy Dogecoin in Australia from an ASIC-regulated platform like eToro – you know that you are dealing with a legitimate and credible broker.
Safety Tip 2: Avoid Peer-to-Peer Transfers
Although you might be tempted to buy Dogecoin from a peer-to-peer exchange, these platforms are fraught with risk.
The reason for this is that you will be buying Dogecoin directly from another seller – with no third-party mediating the transaction.
And, one of the main ways that fraudsters benefit from peer-to-peer trades is via a bank transfer. In other words, once you transfer the cash, there is no guarantee that you will actually receive the Dogecoin tokens.
Safety Tip 3: Learn About Wallet Safety
It’s also important to learn about wallet storage when you buy Dogecoin online. The most important thing is that you keep your private keys and backup passphrase safe and away from the wrong hands.
If somebody does manage to get hold of the aforementioned information, they can access your wallet and steal your entire Dogecoin balance.
This is once again why it might be best to buy Dogecoin with an ASIC-licensed broker like eToro, as you won’t need to worry about wallet storage.
This is because eToro offers a free custodial wallet, which means your newly purchased Dogecoin tokens will be safeguarded on your behalf.
How to Buy Dogecoin in Australia – Tutorial
If you have conducted sufficient research and wish to learn how to buy Dogecoin now – the walkthrough below is a must-read.
Put simply, in less than five minutes, you will be able to open an eToro account, make a deposit in AUD, and subsequently buy Dogecoin for your portfolio in safety.
Step 1: Open a Crypto Account
To open a crypto account on the eToro website, you will first need to click on the ‘Join Now’ button – which will populate a registration form.
This will require information surrounding your name, address, and tax identification number. You also need to provide your email address and choose a suitable username.
Step 2: KYC Process
The KYC process at eToro can be completed in full within two minutes.
All you need to do is upload the following two documents:
- For proof of identity, upload a copy of a passport or driver’s license
- For proof of residency, upload a bank statement, utility bill, or any other eligible document accepted by eToro
Take note, for proof of residency, the document must have been issued no more than three months ago.
Step 3: Deposit Investment Funds
Before you can buy Dogecoin for your eToro investment portfolio, you will need to make a deposit.
As noted earlier, you can easily deposit funds via a debit/credit card or an e-wallet like PayPal. If you elect to deposit funds via a local bank transfer, expect to wait 1-3 working days for the money to clear.
Either way, the minimum deposit requirement stands at $50 and all supported payment methods attract a small fee of 0.5%.
Step 4: Find Dogecoin
To find Dogecoin on the eToro website, simply type in the name of the crypto asset via the search bar.
Next, when you see Dogecoin appear (like in the image above) – click on the ‘Trade’ button.
Step 5: Buy Dogecoin From $10
The final step is to place a buy order. At eToro, this requires you to specify how much money you want to invest in Dogecoin – from a minimum of $10 per trade.
Once you have entered your stake, click on the ‘Open Trade’ button. That’s the process complete – you have just learned how to buy Dogecoin in Australia!
How to Sell Dogecoin
Once you buy Dogecoin in Australia, you might decide to hold onto your investment for a few weeks, months, or even years.
Either way, the overarching objective is to sell your Dogecoin tokens for a higher price than you originally paid.
To sell Dogecoin on the eToro website, log into your account and head over to your portfolio. Next, find Dogecoin and close the trade.
After confirming, your Dogecoin tokens will be sold to cash – which you can then reinvest into other assets. Alternatively, you can withdraw the cash back to your original payment method.
Conclusion
This beginner’s guide has simplified the process of how to buy Dogecoin in Australia in a safe and low-cost way. Crucially, our step-by-step tutorial walked you through the required Dogecoin investment process with the ASIC-regulated broker eToro.
In choosing this platform, not only can you buy Dogecoin through a legitimate platform – but you only need to deposit $50 to get started. Plus, fees at eToro are super-competitive and the broker supports AUD-backed credit/debit cards, bank account transfers, and e-wallets.
Cryptoassets are a highly volatile unregulated investment product.
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