How to buy dogecoin australia

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Buying Dogecoin (DOGE) is quick and simple. It's a lot like buying stocks and can take as little as 15 minutes.

You just need to create an account with a crypto trading platform like Swyftx or CoinSpot.

Keep reading for step-by-step instructions and a list of platforms you can use to buy Dogecoin in Australia.

How to buy Dogecoin in 4 easy steps

To buy DOGE all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.

1. Compare crypto exchanges

   The easiest way to buy Dogecoin is from a cryptocurrency exchange. Comparing in the table below helps you find a platform with the features you want like low fees, ease of use or 24-hour customer support.

2. Create an account

   To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.

3. Make a deposit

   Once verified, you can deposit AUD using the payment method that best suits you – bank transfer, credit card, cryptocurrency and debit card payments are widely accepted.

4. Buy Dogecoin

   You can now exchange your funds for Dogecoin. On beginner-friendly exchanges, this is as simple as entering the AUD or DOGE amount you want to purchase and clicking "buy". If you like, you can then withdraw your Dogecoin to a personal wallet.

This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Where to buy Dogecoin in Australia

If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Australian dollars, like Swyftx or CoinSpot.

Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.

Use the table to choose a platform that meets your needs and click the Go to site button to get started.

What will I need to buy Dogecoin?

To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not AUD.

If you want to buy Dogecoin with Australian dollars, you'll need to pass a Know Your Customer (KYC) check.

This is a standard security procedure for most exchanges in Australia and requires you to upload some photo ID, and in some cases a selfie with today's date.

KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.

What are the best ways to buy Dogecoin?

Once you've set up your account, you'll need to deposit funds to buy Dogecoin with. We've listed out some popular ways to buy DOGE and what you should know about each payment method below.

What is the cheapest way to buy Dogecoin?

Most exchanges let you buy as little as $5 worth of DOGE, if not less. Just type in how much you want to spend in AUD and let the exchange work out the rest.

Some platforms only offer 1 way to buy Dogecoin, while others provide several choices. The 2 most common ways to buy DOGE are on the spot market or with an "instant buy" feature.

Instant buy

If it's your first time buying Dogecoin this will be the fastest method – but also the least cost-effective.

You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.

It should feature a simple interface that lets you enter the amount of Dogecoin you want to buy, or Australian dollars you want to spend.

This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.

Be prepared to pay a markup on DOGE's market rate in exchange for the convenience.

Spot market

If you see colourful charts with a range of prices, you're probably in the spot market.

The spot market is where buyers and sellers come together to place bids for DOGE on the open market. It's usually the cheapest way to buy Dogecoin because it lets traders set their own price.

You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.

There are several different order types that you can make on the spot market.

• Market order. This will buy you the amount of Dogecoin you specify at the lowest possible price available. This makes it like an instant buy order, but with much lower fees.
• Limit order. This is the most common order type and lets you purchase Dogecoin at the price you specify. Traders use this to time the market and capitalise on price dips or increases.

How to find the best place to buy Dogecoin in Australia

There are dozens of different trading platforms to choose from when buying Dogecoin in Australia, so to help you find your best option, keep these factors in mind:

• Where it's registered. Using a locally registered exchange is a good idea. It's more likely to accept Australian dollars and local payment methods like Osko, which helps avoid foreign exchange fees. Choosing from Australia-based exchanges also means it's likely to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) which means it has to comply with local laws in Australia.
• Security. Look at the security features the platform has to offer, like 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered industry standard, but insurance funds are less common and indicative of good security practices.
• Fees. Check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include spreads, trading fees and deposit and withdrawal charges.
• Transaction limits. Are there any minimum or maximum limits on the amount of Dogecoin you can purchase? Does the exchange restrict the amount of funds you can withdraw from your account in any 1 transaction or 24-hour period?
• Other platform features. Look out for other features that suit your investment or trading needs. For instance, many exchanges now let you earn yield on your holdings, while some issue crypto debit cards to help you spend your coins.
• Customer support. If you ever have a problem with a transaction, will you be able to quickly and easily get in touch with the customer support team? Are they based in Australia? Check what contact methods are available and find out how quick the team is at responding to enquiries.
• Insurance fund. A small number of exchanges now insure user funds. Beware that policies vary greatly between exchanges, so you'll need to research this thoroughly if insurance is important to you.
• Reputation. As a young industry, reputation can provide a lot of clues when choosing an exchange. For instance, who are the founders? Have there been any controversies? Are their business practices transparent? If you can't find any of this information, that may be a red flag.
• Range of coins. If you're thinking about adding other cryptos to your portfolio in the future, check to see what other coins you can buy through the platform.
• Read reviews. Finder's crypto exchange reviews include user feedback, which helps you get a better idea of what the exchange is like to use for other people starting out just like you.

Is Dogecoin safe to invest in?

You shouldn't invest in any asset, including DOGE without doing plenty of research first. Before you buy Dogecoin, make sure you understand and weigh up these risks:

• Price volatility. Dogecoin's price is largely based on speculation, which means it can rise or fall in a short time. It's not uncommon for DOGE to lose more than 10% of its value in a single day.
• Perceived value. DOGE is a unique asset that does not have any tangible value. It derives most of its value from utility and speculation.
• Exchange vulnerabilities. Leaving your Dogecoin on a crypto platform exposes you to several counterparty risks, including:
  • Scams. Scammers frequently try to trick exchange users into handing over their username and password, often by phishing with malicious emails or fake website links. Use 2FA and encrypted emails to help protect your funds.
  • Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
  • Fiscal mismanagement. In mid-2022 a number of crypto platforms froze user funds after it was revealed they had engaged in irresponsible funds management.
  • Insurance. Unlike stocks, only a small handful of exchanges provide insurance on your cash deposits.
• Regulatory uncertainty. The regulatory environment for Dogecoin and other cryptos is constantly changing. It's important to understand how international rulings have the potential to impact Dogecoin's future – for better or worse.
• Novel technology. Dogecoin was created in 2013 which makes it relatively new as a form of technology and as a currency. DOGE doesn't yet have the same track record or performance history as some other asset classes.
• Technical learning curve. Evaluating the tech behind DOGE before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralised finance. You should be prepared to do plenty of research.
• No hard cap. DOGE has a block time of 1 minute, meaning that new coins are issued every minute. At this rate, 5 billion DOGE are issued each year, which makes Dogecoin a high-inflation asset. In general, inflation is expected to cause a coin's value to depreciate over time.
• Utility. Dogecoin was originally launched as a joke intended to demonstrate that anyone could create a cryptocurrency. While it has found some success as a payments coin since – primarily thanks to Elon Musk – many modern blockchain projects offer much more advanced payment systems that incorporate smart contracts or stable value.
• Memecoins. Dogecoin is considered the first ever memecoin and started the trend that led to other cryptos such as Shiba Inu and Floki. Memecoins became extremely popular in 2021 and if they continue to grow, competitors have the potential to take away market share from DOGE. This happened in 2021 when newcomer Shiba Inu (SHIB)'s market cap eclipsed Dogecoin's.

How is Dogecoin taxed?

Dogecoin is treated as an asset by the Australian Tax Office (ATO), which means that if you've bought, sold or earned DOGE during the financial year, you will need to report it at tax time. Investors will need to declare any profits as capital gains, while losses can be used to reduce your tax bill or offset any future gains.

If you make frequent BTC trades in a professional capacity you may be classified as a trader, which is a bit more complex. Learn more in our guide to crypto tax in Australia or use our round-up of the best crypto tax software to make tax reporting easier.

After you've bought Dogecoin

Once you own some DOGE, you have 2 options – keep it on an exchange, or move it to a personal wallet. Each comes with its own set of pros and cons.

Bottom line

If you want to buy Dogecoin, start by comparing a range of crypto brokers and exchanges available in Australia. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Consider an exchange registered with AUSTRAC for added peace of mind.

Remember that owning and using Dogecoin is not without its risks. Carefully consider investing in DOGE as part of a wider strategy, and talk to a financial advisor if you have any questions.

Once you've bought some DOGE, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.

FAQs

Is Dogecoin a good investment?

Unfortunately, there's no easy way of knowing for certain whether any asset is a good investment. A good place to start your research is by considering DOGE's utility.

Dogecoin founder Billy Markus has openly stated that he created the crypto in about 3 hours. He cloned Bitcoin's open-source code and added some minor tweaks to the block time.

"It was a find-and-replace job. Ctrl+F Bitcoin, replace with Dogecoin."

Although DOGE is now its own distinct, multi-billion-dollar crypto, it offers no unique utility in the digital currency and payments space. Before investing in Dogecoin, make sure you explore DOGE price prediction data and closely evaluate the risks.

Can I buy Dogecoin for fiat?

Lots of crypto trading platforms can help you buy Dogecoin with AUD, including Swyftx and CoinSpot. Once you've created and verified your account, you'll be able to purchase some DOGE.

Compare more trading platforms that let you buy DOGE with fiat currency in our table.

Can I get Dogecoin for free?

There are a handful of ways to earn small amounts of free DOGE, including playing online games, using a crypto faucet or paying for goods with a crypto rewards credit card.

Read our guide on how to earn free crypto for other potential ways to earn some free DOGE.

What is the easiest way to buy Dogecoin?

If you don't already own crypto, the easiest way to buy DOGE is with Australian dollars.

To get started, choose a crypto trading platform like Swyftx that allows you to deposit AUD.

Alternatively, you may need to convert your AUD into BTC or USDT first, which you can then trade for DOGE.

James Edwards is the cryptocurrency editor for APAC at Finder. He has been using Bitcoin since 2013 and began working in the space in late 2017. He draws on his qualifications in both psychology and UX design to help communicate the advantages of Web3 technology to Finder's audience. His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.

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