What You Need to Know About Buying Dogecoin on Coinbase

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What You Need to Know About Buying Dogecoin on Coinbase
What You Need to Know About Buying Dogecoin on Coinbase

Dogecoin is one of the world’s most well-known cryptocurrencies. Though this currency began as a joke inspired by an online meme, it has subsequently garnered substantial market traction and is now considered a hot item.

So, how can you purchase Dogecoin on Coinbase, a prominent cryptocurrency exchange?

Getting Started on Coinbase

coinbase website behind magnifying glass
Image Credit: marcoverch/Flickr

To purchase Dogecoin on Coinbase, you must first create an account. As with many other exchanges, you’ll need to validate your identity, email, and phone number. You must also add a payment method to your account in order to acquire assets.

Head to Coinbase and set up an account on the exchange.

Coinbase now offers two exchange versions to meet different degrees of experience: Coinbase and Coinbase Pro. Depending on your understanding of bitcoin and the market in general, any of these versions may be suitable for you.

You’ll be able to purchase Dogecoin after everything is set up on your Coinbase account. So, how exactly does this work?

Coinbase’s Transaction Fees

You must pay a charge to perform any sell or buy on Coinbase. Charge structures vary across exchanges, with Coinbase charging a 1% spread fee on crypto transactions and 0.5% on fiat transactions.

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Coinbase Pro, on the other hand, operates on a maker-taker fee model. When you withdraw liquidity from an exchange, you are a taker, and when you offer liquidity to an exchange, you are a maker. Maker costs are often cheaper than taker fees since exchanges emphasize liquidity, however this is not always the case. On Coinbase Pro, both makers and takers are charged a 0.5% fee on fiat and cryptocurrency exchanges.

On any version, Coinbase does not impose any deposit or withdrawal fees.

Now, let’s get into how to buy Dogecoin on Coinbase.

Buying Dogecoin on Coinbase

Using Coinbase’s basic structure, purchasing Dogecoin is incredibly straightforward. To begin, go to the top of the screen and click on the Buy & Sell button.

When you click on this window, a little window will popup in which you may purchase assets. The default buy choice will seem to be Bitcoin, but you can simply change this by clicking on it and selecting an item from the list presented.

To reach the Dogecoin option, scroll down this list or use the search box. Following that, you must decide how many Dogecoins to purchase. Coinbase will give you some basic choices, but you may input your desired amount in the area given. Then, as illustrated below, you’ll be prompted to evaluate and confirm your Dogecoin purchase.

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You now have Dogecoin money after completing your transaction.

But what if you wanted to buy Dogecoin via Coinbase Pro?

Buying Dogecoin on Coinbase Pro

Coinbase Pro is a bit more difficult to use than Coinbase, but it still allows you to buy Dogecoin. The Coinbase Pro webpage, as seen below, might seem frightening, with a vast variety of information shown at once. When acquiring Dogecoin, though, your attention should be drawn to the left-hand side of the website.

At this point, you must choose the Select Market option at the upper left of the screen. Then, in the text bar, enter DOGE, and you’ll be presented with a selection of trading pairings, as seen above. Next, choose the trade pair you want to utilize. Select the DOGE-GBP option, for example, if you want to buy Dogecoin using GBP.

You’ll now be sent to a purchase window where you may specify how much Dogecoin you want to buy.

After that, click the Place Buy Order button at the bottom of the site to confirm your purchase.

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Why Can’t I Buy Dogecoin on Coinbase?

Dogecoin cannot be purchased on Coinbase in some circumstances. If Coinbase is not accessible in your country, you will most likely be unable to utilize it for any purpose, including the purchase of assets.

As previously said, it is also critical that you provide the necessary information to your account. If you haven’t supplied payment information or validated your identification, for example, your choices will be restricted. So, before you perform any transactions, make sure your account is properly set up and validated.

Buying Dogecoin on Coinbase Can Be Done in Seconds

Buying Dogecoin is fast and simple using Coinbase or Coinbase Pro. Simply follow the methods outlined above to get your own Dogecoin holding and continue on your crypto trading experience.

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