Dogecoin (DOGE) is a cryptocurrency that has generated online buzz in recent years. From being a cryptocurrency created as a joke, DOGE has amassed investors who found financial gains and even stability through investing in the said cryptocurrency.
Success stories as such may have piqued your interest in investing in DOGE and to seek investment advice related to Dogecoin. Through this article, we’ll show you how you can buy DOGE in Singapore through cryptocurrency exchanges using fiat currency. We’ll also discuss other factors that you need to consider before and when you invest in DOGE.
What is Dogecoin and How Does it Work?
Dogecoin is a cryptocurrency that was initially created as a joke in 2013. However, it has since gained a large following and become one of the most popular cryptocurrencies available. Dogecoin is based on the Bitcoin protocol but uses a Scrypt mining algorithm instead of SHA-256. This makes it more accessible to users who don’t have expensive mining hardware.
Dogecoin has also been used to fund some charitable causes, including the Jamaican bobsled team’s trip to the Winter Olympics in 2014. This demonstrates the power of Dogecoin and its ability to bring people together for a common cause. Overall, Dogecoin is a great cryptocurrency option for those looking for a fast, affordable, and charitable currency.
One of the key features that sets Dogecoin apart from competing cryptocurrencies is its fast transaction times. Transactions are confirmed as fast as within one minute. This makes it a great option for merchants who want to accept payments quickly. Another advantage of Dogecoin is that it has a very low transaction fee, making it a more affordable option than Bitcoin. Find out more on which cryptocurrency to buy in 2022.
Should You Buy Dogecoin?
Cryptocurrencies are known for their volatility. Given this, it’s important to assess your current financial status, as well as other factors, before you purchase dogecoin.
Ease of transaction and mining.
Dogecoin shares several similarities with and provides certain benefits similar to Bitcoin. DOGE’s coding is also similar to Bitcoin, making it secure and easier to transact.
Where they differ, though, is that there are no mining limits to Dogecoin. This provides the investors with the unlimited opportunity to trade Dogecoin, be it a short-term or long-term investment.
Its acceptability is increasing. Not only are businesses starting to invest in dogecoin as a form of payment, but charities are beginning to take the currency as well. The dogecoin community is known for raising funds for various causes, most notably one that raised $30,000 for the Jamaican bobsled team to help them get to the Winter Olympics in 2018.
Growing and Engaged Community of Holders
One of the major advantages of dogecoin is that it has a growing community of holders and supporters. Related to the point above, this gradually makes it a suitable medium for exchange.
Investors also tend to be very active on social media platforms and share memes based on the crypto as a part of its promotion. Monitoring the feeds and chats of DOGE holders alerts you to get to know where the price of DOGE is headed. Some of the comments alert you as to a huge price spike in the future, or even an impending fall.
Decentralized exchange compatibility
Dogecoin can be transacted and traded on decentralized exchanges. The Ren project has enabled it to work on the Ethereum blockchain platform, and also access the decentralized finance network. This indicates that DOGE is compatible with the emerging decentralized finance movement within the crypto market.
Scales Relatively Faster than Bitcoin
DOGE is built on a basic technology associated with cryptocurrencies – enabling it to verify transactions and prevent double-spending attempts by users. Through this, DOGE provides secure access for the sending and receiving of money without intermediaries. Additionally, as mentioned, DOGE employs SCRYPT in its algorithm. This enables DOGE to have a relatively faster processing speed than Bitcoin. This could help its adoption and integration as a transactional currency in the future.
High Risk and Volatility, Like Other Cryptocurrencies
While the past performance of DOGE showed excellent movement, future performance and profitability can never be ensured when you purchase cryptocurrency. Additionally, generally, the entire value of DOGE is built on hype and community engagement alone – with non-DOGE holders even claiming that there are no real-use case with Dogecoin.
Relatedly, the price of DOGE can drop drastically after a short amount of time. It previously dropped from a $1 billion market cap to about $200,000,000 market cap within a month after recovering the year later. The currency’s dev team is speculated to be unable to maintain inflation control on currency issuance. The result is currently 1,000 doges generated after every minute, and that’s because of its ongoing dilemma with the unlimited supply.
Association with Pump and Dump Schemes
The DOGE community is not immune from making pump and dump schemes to inflate the currency’s value, which leads to price manipulation by a selected few whales who own a large number of dogecoins.
Pump and dump commences when a group of people purchase a large number of coins, which increases the price of the asset substantially. Once the coin reaches a higher value than what they were bought for, they release or “dump” the assets to other buyers and take back a huge return. This manipulation is quite common with DOGE.
Where to Buy Dogecoin
|Platform||Trading Fees||Withdrawal Fees||Fund Transfer Methods|
|Coinbase||Depends on coin/token||2%||debit/credit card with 3D secure|
|Crypto.com||0.20 – 0.40%||Depends on coin/token||Xfers, EUR IBAN, direct bank transfer|
|Gemini||0.35%||0%||Bank transfer, ACH transfer, Apple Pay, Google Pay, Credit Card, Debit Card|
|Coinhako||1%||$2 per transaction||Bank transfers including DBS/POSB, OCBC, UOB, and Standard Chartered|
|FTX||0 – 0.017%||0%||Bank transfer, Credit Card, Debit Card|
Coinbase is a cryptocurrency exchange that offers a variety of crypto tokens. It is also regarded as the most user-friendly cryptocurrency exchange system, with both simple and expert UI alternatives, transparent statistics including daily trading volume and daily charts, and digital asset information available.
Why Use Coinbase
Easy-To-Use. Coinbase is an easy-to-use and versatile digital cryptocurrency exchange for both novices and part-time traders, especially for bank transfer processes. It may not have the most advanced trading tools or the lowest trading fees, but it serves as a decent beginning kit for people without prior knowledge of cryptocurrencies.
Primarily, this is one of the crypto exchanges with the easiest access to buy and sell dogecoin. It includes minimum fees from 0.5 to 4.5%, depending on the token and amount you purchase. You only need at least $2 to begin trading. Coinbase simplifies bank transfer exchanges with its option to directly wire from platform to Mastercard or to any supporting bank.
Intuitive Interface and Relevant Features. Coinbase is also relatively new in Singapore, allowing you to evaluate why so many people are enthusiastic about the platform.
A number of Coinbase’s features contribute to why it has become one of the most popular platforms in Singapore like its simple interface, fast investing and selling process, ease of purchase through bank accounts (high daily limits), security precautions, high level of trustworthiness, and great customer service.
Crypto.com, arguably the best cryptocurrency exchange for low trading commissions, is one of the first platforms before the crypto market’s rise.
Why Use Crypto.com
Simple and Fast Bank Linking and Transfers. Crypto.com is ideal for simple bank transfers and fast banking linking. If you want to use Crypto.com for money transfers and purchases, make sure you aren’t paying too many fees for this service.
Large number of Cryptocurrencies. Crypto.com is one of the greatest crypto exchanges according to Google Play and App Store reviews. It includes more than 80 different tokens and coins that you can directly purchase and trade in fiat money.
Larger Windows for Profits. While withdrawal fees vary per coin or token, Crypto.com is also known for its low fees. This, coupled with its wide range of currencies, provides a large window for profits.
Gemini is a full-service crypto exchange and only acts as a custodian of your cryptocurrencies for exchange – that means you’ll have to move your coins off-platform in order to trade them.
Why Use Gemini
Security. Custodial platforms are great because they make it easy to buy and sell cryptocurrencies without having to worry about keeping them secure.
To begin, you’ll need a U.S. dollar bank account to link your Gemini account with–if you don’t have one, it will require a swift wire transfer from your bank of choice or a check deposit before being able to trade on the platform–in the future, there may be additional methods.
As you trade more frequently, this might become a problem–you can expect it will take up to six weeks before your bank account is verified and fully functional.
This platform is considered to be well-regulated and compliant with government standards like knowing your customer (KYC) and anti-money laundering (AML) policies.
Friendly Fees. As for fees, they can range from 0.5% to 3.99% depending on the platform and payment method of your choice. It’s one of the more complex cryptocurrency exchanges but with no minimum fee required to begin.
Coinhako is a cryptocurrency platform and comparison service that allows you to buy, sell, and trade various cryptocurrencies.
Why Use Coinhako
Low fees and great liquidity. It’s a great place to trade dogecoin because your profit margins will be higher than other platforms thanks to low fees and great liquidity. It is one of the few cryptocurrency exchanges in Singapore that allows fast intraday trades as long as the user is willing to pay the flat 1% fee. The minimum maintaining balance to keep using Coinhako requires at least $10 in the portfolio. Buying Doge using Coinhako only requires a few steps as well.
Trusted platform and great support. Coinhako also has a great reputation and is one of the most trusted cryptocurrency platforms available. It also offers 24/7 customer support. It has payment method options but with limited fiat currencies. Fortunately, it allows direct exchange wire transfer options between BTC, USDT and SGD.
FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens
Why Use FTX
Low Fees. FTX’s fees are very competitive, starting at just 0.02% for makers and 0.07% for takers, with discounts for large trading volume.
Large Suite of Cryptocurrencies. FTX provides a huge array of crypto exchanges with over 275 different coins and tokens available.
Useful Trading Tools and Features. When it comes to the most important trading indicators and risk management tools, FTX is an excellent application for both long-term investments and short-term trades.
Security. FTX als has high security standards. To date, neither has been the victim of any sort of security incident, such as a data breach or hack. Two-factor authentication (2FA) is mandatory with FTX. The exchange recommends the Authy or Google Authenticator app, but there are other 2FA options available as well. FTX also allows you to require 2FA and a separate password for all withdrawals on your account.
It also has relevant partnerships geared towards monitoring suspicious cryptocurrency transactions and enabling real-time anti-money laundering (AML) compliance solutions for monitoring cryptocurrency transactions. It also supports IP and wallet whitelisting to further secure accounts. You can whitelist IP addresses so that only those addresses can log in to your account. In addition, you can whitelist crypto wallet addresses so that withdrawals can only be made to addresses on your whitelist.
How to Purchase Dogecoin on a Cryptocurrency Exchange
Now that you more or less know if you’re keen on buying DOGE, you’ll probably now want to purchase dogecoin.
In this example, we’ll show you how to buy DOGE with US dollars on Coinbase. The process is similar for other exchanges such as Crypto.com and Binance.
- Use any of the options and create an account:
- Download the Coinbase app on your mobile device
- Download the Coinbase app on desktop or Mac
- Visit the website directly
- Verify your identity by uploading a photo of your government ID, such as a driver’s license or passport (this is required in order to deposit money into the exchange). Once you’ve been verified, it’s time to deposit some money into your account.
- To do this, click “Funding” in the top navigation bar and then select the currency that you would like to deposit from the dropdown menu on the left side of the screen (in our example we are using USD).
- We recommend depositing via bank transfer because it is the easiest and fastest way to get funds into your account. Select “Deposit” for direct wire transfer and then follow the instructions on the screen.
- Once you have deposited money, click “Trade” in the top navigation bar and select Dogecoin from the dropdown menu on the left side of the screen.
- You will then see the DOGE / USD order book, which displays all of the current buy and sell orders for DOGE / USD.
- To place an order, select the “Buy” tab on the right side of the order book. This will show you all of the currently available buy orders for DOGE / USD. You can select any order in the list to see more details about that order, but we recommend selecting an “All or None” (AON) order because it will fill your entire buy amount at once instead of multiple smaller orders over time. You may also choose other trading pairs like BTC and USDC.
- Click “Buy DOGE” and you’re done.
*Bank transfer options depend on the platform. Some bank transfer choices include P2P, but most are based on direct processes.
As with any investment, risks are a given. This rings much truer when you are investing in cryptocurrency. Given the market’s high volatility, anything can happen. When you decide on investing in DOGE, remember the following takeaways:
- Investing or trading to buy and sell Dogecoin is allowed in major platforms like Coinbase, Coinhako, and Gemini
- DOGE started as a joke but has become serious money with an uncertain future performance.
- The past performance of DOGE was way more volatile than its current price but that does not mean it can either tank or moon in an instant someday.
- Keep in mind the risks involved in cryptocurrency.
- Be mindful that cryptocurrency trading means you are willing to lose all the money you invested whether you do cryptocurrency trading on a daily basis or holding DOGE for the long term.
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