- Dogecoin can be earned by mining or purchased from an exchange.
- There is no lifetime cap on the number of Dogecoin that can be issued.
- Learn more about how to buy it quickly.
Decided to buy Dogecoin? Use this step-by-step guide to get an exchange set up and start buying Dogecoins in Australia today.
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Where to buy Dogecoin
Step 1: Choose an exchange that sells Dogecoin
Dogecoin is the original meme coin. Due to its popularity, you can find Dogecoin listed at many of the leading crypto exchanges. While comparing exchanges, check what fees are charged when depositing and withdrawing funds as well as on trades. Fees vary considerably between exchanges.
Step 2: Create and verify your account
Once you've settled on an exchange to use, you'll need to open an account and verify your identity to comply with regulation and for security. Most exchanges will ask for your name, date of birth, and address. Some may require a phone number to secure your account with 2FA. Additional proof of identification, like an image of you holding your driving licence, may be required.
Step 3: Decide how much to spend
Dogecoin, like many altcoins, is prone to price volatility — especially if Elon Musk tweets about it. Like with any investment, you should only spend money that you are prepared to lose.
Step 4: Fund your account
You can deposit fiat currency (AUD) with a transfer from your bank account. Depending on the exchange, it may be possible to fund your account using a credit card, PayID, PayPal, POLi, etc. Funds may take several days before they are cleared and can be used to buy Dogecoin. If you already hold crypto in a wallet, you can fund your account by transferring coins.
Step 5: Buy Dogecoin
With a verified account and cleared funds, you can purchase Dogecoin. Depending on the exchange you use, it may be possible to set up a recurring order that will purchase more Dogecoin regularly so you can take advantage of dollar cost averaging.
Where to store your Dogecoin
When you purchase Dogecoin, you can choose to keep it in the exchange’s wallet or move it to another wallet you own.
Storing your Dogecoin in an offline cold wallet is a more secure option, but it is less convenient than a hot wallet. Since a hot wallet are connected to the Internet, they are inherently more vulnerable to theft and loss. On the other hand, they are more convenient and facilitate faster crypto trading.