How to buy Dogecoin in India
Dogecoin is one of the most famous cryptocurrencies all over the world and has been one of the trending topics on social media recently. Since then – How to buy Dogecoin in India is one of the hot topics amongst all the Indian tech and trade enthusiasts.
Well, if you are one of those, then your wait and confusion end here, as we will be discussing what is actually dogecoin. How did it gain so much popularity, its pros, cons, and ways in which you can buy Dogecoin in India?
Along with that, we would also tell you whether you should buy dogecoin or not on the basis of your personal opinion.
So, let’s get started!
What is Dogecoin?
Dogecoin is one of the most famous cryptocurrencies. It was created by two software engineers namely Billy Marcus and Jackson Palmer. It is based on the doge meme that was gaining popularity on social media and was initially devised to create a payment method making fun of that meme.
Its circulating supply as per records till May 9, 2021, has been up to 129.5 billion. Its exchange rate is floating and it has a block reward of up to 10,000 dogecoins (as of Feb 2018).
It was initially released on December 6, 2013, and can be supported by almost all famous operating systems like Windows, Linux, iOS, and Android.
Other famous cryptocurrencies include Bitcoin, Ethereum, Litecoin, and many more.
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How did Dogecoin Gain Popularity?
Initially, dogecoin came to use at the Reddit website, where it was used to send tips on one’s posts and comments. Back then the value of dogecoin was only 0.0002 cents. Gradually it became very famous amongst the masses as it came into use very often.
The more frequent use of dogecoin gradually made its value increase to such an extent that during September 2018, Elon Musk started promoting and sharing about the dogecoin on social media.
Due to his high fan following, every post and tweet increased the value of dogecoin up to 25 – 30%.
Dogecoin Community
Dogecoin has one of the largest and most active communities in the cryptocurrency world. This community has come together to fund a number of charitable efforts and other projects. They even managed to sponsor a NASCAR.
How to Buy Dogecoin in India?
Following is the process explain on How to buy Dogecoin in India:
- The potential buyers can sign up and create an account in any of the crypto currency exchange platforms that supports Dogecoin.
- Users are also required to sign up to the applications like WazirX, BuyUcoin or CoinSwiitch that can be used to buy Dogecoins (DOGE).
- In India, users have credit card, debit card, e wallet, direct bank transfer and IMPS transfer as available payment options available.
- If users want to have a few amounts of dogecoin, then users can use web applications or websites that give dogecoin in small portions for free.
- These websites are very helpful as users can earn new Dogecoins (DOGE) in every 2 – 3 hours.
- Users are suggested to have one of the following as their computer operating systems or Mobile operating systems in order to buy dogecoin in India – Windows, Linux, iOS or Android.
Crypto Exchange Platforms to buy Dogecoin in India
As mentioned above, to buy Dogecoins (DOGE) in India, one needs to sign up to the cryptocurrency exchanging platform and create an account there. So here we go, with our best picks among the various cryptocurrency exchange platforms available in the market at the present time:
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1. Gemini
Gemini is one of the most famous crypto exchange platforms available. It was launched in 2015 and is suited to most people due to its user-friendly interface.
Both beginners and active traders find it very easy to trade and exchange Dogecoins (DOGE) and other cryptocurrencies. It is one of the best ways to buy dogecoin in India.
Other than dogecoin it trades in over 40 cryptocurrencies. It also offers other applications like Gemini Earn, Gemini Pay, Gemini Wallet, and many more which aids in the process of crypto exchanges.
FEATURES:
- Gemini Earn Program
- Cryptopedia education hub
- Insurance plan
- Majority assets held offline
- Gemini Active Trader for frequent users
- Gemini Pay for using cryptocurrency at stores
- Gemini Wallet and Gemini Custody
PRICING:
Both the convenience fee and transaction fee are charged by Gemini.
The convenience fee is about 0.5% of the Gemini Market Price for a given trade.
Transaction fee is charged depending up on the amount which is to be traded by the user. It can be explained as follows:
| Amount | Fees |
| < $10 | $0.99 |
| $10 < amount < $25 | $1.49 |
| $25 < amount < $50 | $1.99 |
| $50 < amount <$200 | $2.99 |
| $200< | 1.49% |
PROS:
- Strong security
- 40 + crypto currencies
- Beginner friendly interface
- Education hub
CONS:
- High Fees
- Mentor or a trainer may be required for some users
2. Binance
Binance was initially launched in 2017 in China and is the world’s largest cryptocurrency exchanging platform on the basis of the trading volume.
Binance is rated best for cryptocurrency traders, peer-to-peer trading, and crypto to crypto trading. It is best known for its high-speed trading execution and efficient services.
Other than Dogecoin, it trades in over 50 cryptocurrencies.
FEATURES:
- State of art storage technology for protection of crypto currencies and other assets of the users
- Reward earning
- Mobile application available on both iOS and android
- BUSD bonus
- Binance leveraged tokens
- Grid trading
- peer to peer trading
- crypto to crypto trading
PRICING:
Both transaction and convenience fees are charged by Binance.
The convenience fee charged by Binance is the standard rate that is 0.1%.
The transaction fee charged by Binance is 0.5%.
Other than the above mentioned, Binance also charges a minimal amount of deposit and withdrawal fees as follows:
| Method | Minimum Withdrawal | Deposit Fees | Withdrawal Fees |
|---|---|---|---|
| ACH | $1 | $0 | $0 |
| Wire Transfer | $100 | $0 | 15$ domestic, $35 international |
| Debit Card | NA | 4.5% | NA |
PROS:
- low fees
- Binance coin offers 25% discount
CONS:
- Difficult to be operated by beginners
- Lack of information on security
3. eToro
eToro was found in 2007 when it was initially used to trade commodities like gold and stocks. eToro offers a simple and beginner-friendly interface along with some advanced features for experienced traders.
Other than dogecoin eToro has to offer trade-in over 20 cryptocurrencies. It requires a minimum account deposit of $50.
FEATURES:
- News & analysis and eToro academy
- Copy Top investors
- Investment Portfolio
- Popular Investor Program
- eToro Earnings report calendar
- CFD Trading
- 0% commission stocks
- eToro club and media centre
PRICING:
eToro charges an amount that is dependent upon the spread of the particular cryptocurrency and its popularity amongst the masses.
Its charges for some of the famous cryptos are as follows:
| Crypto Currencies | Rate |
| DOGE | 2.16% |
| BTC | 0.75% |
| ETH | 1.90% |
| BCH | 1.90% |
| LTC | 1.90% |
| DASH | 2.90% |
eToro does not charge a deposit fee but it is required to maintain a deposit in the account which depends on the deposit type used by the user. This can be explained as follows:
| Deposit Type | Minimum Deposit | Availability |
|---|---|---|
| Debit Card | $50 | Instant |
| Bank Account | $50 | Instant |
| Wire Transfer | $500 | 4-7 business days |
If you use the eToro Wallet, there are some fees to keep in mind. Each time you send money from your eToro account to your eToro wallet, there’s a 0.5% fee ($1 minimum and $50 maximum).
PROS:
- spread based fees charged
- available on both desktop and mobile
- community network
CONS:
- Only 20 + coin options
- Lesser availability as compared to above mentioned applications
Coinbase
Coinbase is one of the best and most famous cryptocurrency exchange platforms available at present. Users find it very easy to buy dogecoin through this platform.
At present, it has over 56 million users all over the world and is trading cryptocurrency worth $300 billion.
Other than dogecoin, it trades in over 50 different cryptocurrencies.
FEATURES:
- free wallet service
- borrow cash using bitcoin as collateral
- Prime, custody, exchange platforms for business
- Asset hub
- Analytics
- Tips and tutorials
- Market updates
- Bison Trials
PRICES:
You will be charged both a spread fee and a Coinbase fee by the app.
Coinbase’s spread is equal to about 0.50% of your crypto sales and purchases, though it can fluctuate based on the market.
The flat fee charged by Coinbase is as follows:
| Total Transaction Amount | Fees |
|---|---|
| $10 or less | $0.99 |
| More than $10 but less than or equal to $25 | $1.49 |
| More than $25 but less than or equal to $50 | $1.99 |
| More than $50 but less than or equal to $200 | $2.99 |
PROS:
- Simple interface
- Educational tools
- Strong security
CONS:
- High fees
- No control on private keys
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Head on comparison
| Comparison Criteria | Gemini | Binance | eToro | Coinbase |
|---|---|---|---|---|
| Number of coins | 40+ | 50+ | 20+ | 50+ |
| Pricing | 0.50% convenience fees, $0.99 – $2.99 transaction fees, 1.49% transaction fees for transactions worth above $200 | 0.10% trading fees, 25% discount for those who hold Binance coin in their wallet | 0.75% – 4.9% (on the basis of the spread of various cryptocurrencies) | 0.50% spread fees and Trading fee between 1.49% and 3.99% |
| Wallet | Available | Available | Available | Available |
All of the above-mentioned crypto exchanges provide users, investors and traders a perfect platform to buy Dogecoin in India and other cryptocurrencies in India.
All of them have their own pros, cons, features, and functionalities. Now it is completely on the users on choosing which of them solves their purpose most meaningfully, keeping their pricing in mind.
Dogecoin vs Bitcoin
Dogecoin was initially started as a joke and gradually became viral on social media, whereas Bitcoin was introduced for a purpose that was to decentralize the digital economy.
Dogecoin has a market capitalization of over $1 billion whereas Bitcoin has a market capitalization of over $500 billion.
The all-time highest value recorded for Bitcoin was equivalent to $19,908 whereas that for Dogecoin was $0.072.
Should you prefer Dogecoin over Bitcoin?
Dogecoin is surely one of the most famous cryptocurrencies all over the world, but is it really necessary buying Dogecoin?
The answer to this can be explained as follows:
Dogecoin does not have any significant competitive advantage over other cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and others.
However, Dogecoin’s prices have surged over 14,500%, but still, they are not adding any value to the system. Hence, it is considered one of the riskiest coins in the cryptocurrency industry.
A very few merchants accept dogecoin in actuality, hence, giving it a limited utility.
The main reason why the prices of Dogecoin are rising is the hype made on social media. Since the time it has been promoted by one of the most famous billionaires in the world like Elon Musk, they have been on the trending side. But as a user, you need to remember that internet trends are really unpredictable especially during recent times.
Every day there is something or the other thing on the internet which catches up the public eye, making the previous trend completely vanished, hence it is not wise to say that there are 100% chances that the value of Dogecoin will exponentially increase from now onwards (though it is possible).
Personal Opinion
We advise all the young and professional investors out there to invest only a small part or insignificant part of their hard-earned money so that the level of risk is minimum here.
FAQs
While bitcoin was introduced to bring about a revolution in our economic system, Dogecoins (DOGE) were one of the altcoins based on a meme.
Yes, with the basic knowledge of coding and blockchain technology, anyone can create their own coins.
Bitcoin is safer than dogecoin
Mining Method
E-wallet, bank transfer, and many more.