Buying Dogecoin (DOGE) in Australia is a straightforward process. To get started, you’ll need to create an account on a cryptocurrency exchange, deposit funds, and determine the amount you want to invest. In this article, we will provide a step-by-step guide on how to buy DOGE in Australia using AUD.
What is Dogecoin (DOGE)?
Dogecoin (DOGE) is a decentralised digital currency on a peer-to-peer network. It emerged as an alternative crypto, commonly referred to as an altcoin, and was introduced to the market in December 2013. Instantly recognisable by its logo featuring a Shiba Inu dog, Dogecoin uses blockchain technology that draws inspiration from Litecoin.
Initially intended as a joke, Dogecoin unexpectedly developed its vibrant community over time. In 2020, the coin gained significant attention when Elon Musk expressed interest in it, triggering an unprecedented rally. Consequently, the number of organisations accepting Dogecoin payments has experienced a remarkable surge.
The growing adoption of Dogecoin contributes to its promising future. However, attributing its success solely to Elon Musk would be an oversimplification. Numerous other factors position Dogecoin as a favourable cryptocurrency for long-term investment and retention.
How to Buy DOGE in Australia?
There are five simple steps to buy DOGE in Australia:
Step 1: Select a crypto exchange
When you purchase DOGE or any other crypto, choose a suitable platform. Consider factors such as authenticity, security, supported coins, user interface, trading features, fees, customer support, payment methods, and the ability to purchase directly with AUD. Conduct thorough research, read customer reviews, and opt for transparent exchanges that align with your trading preferences and offer reliable services.
You can refer to reviews of Australia-based crypto exchanges for further details. But now, to effortlessly follow along, we recommend signing up with CoinSpot, where we will demonstrate how to acquire cryptocurrency through screenshots from a CoinSpot account.
Step 2: Sign up CoinSpot account
To open a CoinSpot account, click the “Register” button to access the registration screen. Provide your email address, password, and optional referral or affiliate code.
Complete the reCAPTCHA verification and read the terms and conditions. Click “Create Account” to proceed.
Once your account is established, you will receive an email. Click the “Confirm Email” button in the email to verify your address and be directed back to the registration page.
Step 3: Deposit AUD in your account
After verifying your account, the next step is depositing AUD into your CoinSpot account. To initiate the deposit process, locate the “Deposit Funds” button in the top left corner of your account interface. Clicking on it will take you to the deposit page.
CoinSpot supports many deposit methods in AUD, including POLi, PayID, BPAY, direct deposit, or cash deposit. We recommend POLi as you can instant deposits without any additional charges. Enter the desired deposit amount, select your bank, and click the “Continue to POLi” button to finalise the deposit.
Note that low-level accounts have a daily deposit limit of AUD 2000, which can be increased after verifying your account. If you require assistance, feel free to contact CoinSpot customer support.
Step 4: Buy Dogecoin (DOGE) in Australia
To choose from over 380+ cryptocurrencies on CoinSpot, click the “Buy/Sell” option. You can see details such as the current price and price change over the last 24 hours. To purchase a diversified portfolio and minimise transaction fees, you can use CoinSpot’s Bundles feature, accessible through the CoinSpot Dashboard.
To buy DOGE, navigate to the top menu and search for DOGE. Click “Buy DOGE” to access the purchase screen, similar to the provided screenshot. The price of DOGE will be displayed on the screen.
Specify the amount of AUD you want to spend on DOGE, then click the “Buy” button. A pop-up confirmation will appear, outlining the amount spent, associated fees, and the number of coins you will receive.
Verify that all the information is accurate, and then click “Confirm Buy” to complete the transaction.
Step 5: Store your Dogecoin safely
By default, when you buy DOGE on an exchange like CoinSpot, it will be stored in an in-built CoinSpot crypto wallet. Clicking Wallets at the top of the screen, you can see details such as how much DOGE you own and the value in AUD.
Alternatively, cold wallets not connected to the internet are considered the most secure option. They come in external devices like USB drives or hard drives. However, you must handle them carefully, as losing the key code or device could permanently lose your cryptocurrency.
If you prefer enhanced security beyond CoinSpot, you can send your DOGE to a personal wallet. Ensure you choose a wallet that meets your security requirements and provides a reliable storage solution for your DOGE. Read our reviews of the best crypto wallets for Australia for more details.
Where to Buy DOGE in Australia?
Where to buy DOGE in Australia, we have compiled a list of the top crypto brokers and exchanges.
CoinSpot
CoinSpot stands out as the premier platform in Australia, offering an extensive selection of more than 380 coins, including DOGE. This diverse range empowers users to diversify their investment portfolios and explore various opportunities within the crypto space. CoinSpot users have the potential to earn interest on 21 different coins, allowing for passive income generation while holding their assets.
As a platform registered with AUSTRAC, CoinSpot prioritises user accessibility and provides a user-friendly interface accessible on desktop and mobile devices, catering to newcomers entering the crypto market. The platform’s clutter-free dashboard ensures a seamless and intuitive user experience. CoinSpot excels in customer support, offering various channels such as Live Chat, email, and a comprehensive Help Centre, complete with informative articles and tutorials.
CoinSpot strongly emphasises security and compliance, holding certifications from Blockchain Australia, ASIC registration, and AUSTRAC regulations. These measures ensure that the platform fulfils Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations, instilling confidence in users when engaging in transactions involving the purchase and sale of DOGE tokens. For further details, please refer to our CoinSpot review.
Binance
Binance, a renowned global cryptocurrency exchange, stands out for its vast selection of over 600 cryptocurrencies, NFTs, vanilla options, and automated trading services. This comprehensive range of offerings has made Binance a preferred platform among crypto enthusiasts worldwide. Notably, Binance is known for its competitive fee structure, with a mere 0.1% transaction fee when purchasing DOGE on its classic trading terminal, ensuring a cost-effective trading experience.
For users in Australia, Binance facilitates AUD deposits through multiple methods, including bank transfers, credit cards, and third-party providers like Simplex and Poli. Different deposit limits are applicable, ranging from 25 AUD to 20,000 AUD for credit card payments, with a minimum of 75.41 AUD for local bank transfers. It’s essential to be aware that payment providers may impose additional fees, such as a 1.8% fee for credit card transactions and a $1 fee per transaction for bank transfers.
In addition to its traditional trading services, Binance offers a peer-to-peer market that connects buyers and sellers worldwide, enabling fee-minimised transactions. Users can directly exchange fiat and cryptocurrencies through this market, with Binance as an escrow service. Alongside purchasing DOGE coins, Binance provides DOGE futures, allowing users to engage in derivative trading based on DOGE’s price movements.
Swyftx
Swyftx provides users with a diverse selection of over 310 assets and offers the convenience of a mobile app with a portfolio tracking feature. It ensures a seamless experience for local users by facilitating AUD deposits and withdrawals free of charge through various methods, including bank transfers, credit cards, PayID, Poli, and Osko. Transactions conducted via these channels are processed instantly, enhancing user convenience.
When converting fiat to crypto on Swyftx, users should consider the applicable conversion and spread fees. The conversion fee is a fixed rate of 0.6% based on the transaction value, while spreads are variable, typically starting at 0.41%. It’s important to be aware that purchasing DOGE on the platform will incur both spread and conversion fees.
Swyftx goes beyond basic functionalities by offering additional features. Users can deposit in USD and trade popular cryptocurrencies such as DOGE and USDT. Furthermore, users can customise their account’s base currency to USD, set up recurring purchases, invest in crypto bundles with adjustable proportions, and gain trading experience through a demo account.
eToro
eToro is a mobile app-based social investing platform offering convenient and user-friendly means to purchase cryptocurrencies. With its unique social and copy trading features, users can leverage the investment decisions of experienced peers, enhancing their investment strategies. In addition to DOGE, eToro grants access to over 70 other coins and a diverse range of investment assets such as stocks and commodities.
When conducting direct conversions from fiat to crypto on eToro, a 1% transaction fee is applicable. It’s important to note that specific transactions, including Luna Classic, may involve additional fees. The platform supports multiple deposit methods, including credit cards, PayPal, and bank transfers, albeit with certain limitations and potential conversion fees.
Deposits made on eToro are free, although payment providers may apply their fees. The minimum initial deposit requirement is $10, while subsequent deposits may have their minimum thresholds. Notably, eToro is regulated in Australia by the Australian Securities and Investments Commission (ASIC) and adheres to the guidelines of the Australian Financial Services.
Coinbase
Coinbase is particularly suitable for users seeking a user-friendly platform, making it an excellent choice for beginners. Depositing funds to buy DOGE is straightforward, as it supports popular methods such as bank transfers, credit cards, and wire transfers. Credit card transfers incur a fee of 2.49%, while wire transfers cost $10. Withdrawals also carry fees, with credit card transfers charged at 2.49% and wire transfers at $25.
Coinbase allows users to link their bank accounts to add funds, make direct crypto purchases, receive sales proceeds, and facilitate balance transfers. However, credit card transfers are limited to direct crypto purchases. It is advisable to initiate an initial deposit of $50 for bank account verification and PayID creation, as this helps with the process.
For direct fiat-crypto conversions on Coinbase, there is a 1% conversion fee. The trading terminal on Coinbase applies fees ranging from 0.05% to 0.60% for trades. For more comprehensive information, please refer to our Coinbase review.
Should I Buy DOGE in Australia?
Here are the top reasons why Dogecoin is a good cryptocurrency investment:
Decentralisation: DOGE is highly decentralised, adding value and making it a safer investment compared to centralised cryptocurrencies.
Unique Market Position: Dogecoin has positioned itself as the first and biggest meme coin, giving it an edge over its competitors. This positioning could lead the way for other meme coins to follow.
Convenience for Transactions: Dogecoin offers low-cost and fast transactions, making it suitable for everyday use. Its decentralised nature ensures transactions cannot be censored.
Strong Community: Dogecoin has a large and influential community that includes prominent figures like Elon Musk and Mark Cuban. Their influence attracts more investors and drives Dogecoin’s growth.
Listed on Multiple Exchanges: Dogecoin is listed on numerous cryptocurrency exchanges, increasing its liquidity and accessibility to new investors.
Scalability: Dogecoin doesn’t face scalability issues, allowing for widespread adoption and long-term value growth.
Considering these factors, investing in Dogecoin is a good idea for those who believe in cryptocurrencies’ future and are looking for a long-term investment opportunity.
Final Thoughts
When buying DOGE in Australia, it’s essential to compare different crypto brokers and exchanges. Take the time to carefully evaluate their features, fees, security measures, and reputation to find the most suitable platform. Giving preference to exchanges registered with AUSTRAC adds more confidence in regulatory compliance. It’s essential to understand that owning and using DOGE involves inherent risks. Therefore, it’s recommended to incorporate DOGE into a broader investment strategy and consider consulting a financial advisor if needed. After purchasing DOGE, assess your short and long-term goals to decide whether to keep the tokens on the exchange or transfer them to a personal wallet.
