How to Buy Dogecoin with PayPal12-min read

An Insight into Dogecoin: From Memecoin to Mainstream Adoption

Dogecoin, once characterised by its whimsical origins, has transcended its initial label to become the premier memecoin globally. Its inception was rooted in a unique concept — acting as a reward for individuals disseminating uplifting content on virtual platforms, predominantly on Reddit. However, the narrative surrounding Dogecoin underwent a paradigm shift, in no small part due to endorsements from industry titans like Elon Musk. His backing and publicised affinity for Dogecoin infused a newfound legitimacy into its status, influencing all too many retail investors to buy Dogecoin, prompting its valuation to skyrocket both within and beyond the cryptocurrency realm.

Given Dogecoin’s meteoric rise and its cemented position in the market, various brokers have adapted to accommodate the increasing demand. This evolution is evidenced by their inclusion of conventional transaction methods, notably PayPal, to simplify the process of acquiring Dogecoin.

This comprehensive guide delineates the steps to procure Dogecoin via PayPal, catering to enthusiasts in India and overseas. Furthermore, it delves into identifying the crème de la crème of Dogecoin brokers within the Indian subcontinent and elucidates the advantages and potential pitfalls of leveraging PayPal as your chosen medium for Dogecoin transactions.

In This Guide:

1. Brief History of Dogecoin
2. Where to Buy Dogecoin in India and Abroad – Best Dogecoin Brokers for December 2024
3. How to Buy Dogecoin with PayPal in India and Abroad in December 2024
4. Advantages and Limitations of Buying Dogecoin via PayPal
5. Choosing the Right Dogecoin Exchange for You
6. Vetting our Recommended Brokers
7. What to Know Before Buying Dogecoin
8. Alternatives to Buying Dogecoin with PayPal
9. Investing Responsibly
10. Dogecoin as a Payment Option
11. Conclusion

Brief History of Dogecoin

Dogecoin is a cryptocurrency that was created in 2013 by software engineers Billy Markus and Jackson Palmer. It was initially created as a joke but has since gained a significant following and is now considered a legitimate cryptocurrency. Dogecoin is based on the same technology as Bitcoin, but it has a few key differences. For example, Dogecoin has a faster block time and a larger supply limit than Bitcoin.

Where to Buy Dogecoin in India and Abroad – Best Dogecoin Brokers for December 2024

When it comes to buying Dogecoin in India, the best crypto trading platforms listed below have gained positive reviews from the community due to their reliability, trustworthiness, and ease of use.

AvaTrade: Leading the Charge for Dogecoin Investors

A Well-Established Broker with Customised Solutions

AvaTrade is well-regarded in the financial industry and provides custom solutions for traders eager to venture into cryptocurrencies like Dogecoin. It is renowned for its structured bonus programs that cater to both newcomers and experienced traders.

Bonus Strategy to Maximise Returns

AvaTrade offers a deposit-driven bonus scheme, helping investors maximize their initial capital outlay. Investors who deposit £200 (or equivalent in USD, ZAR, EUR, or AUD) receive a £40 bonus. The larger the initial deposit, the greater the bonus, with deposits up to £1,000 fetching bonuses of up to £200. This structure provides a great opportunity to enhance Dogecoin investments with extra funds.

Bonus Requirements and Stipulations

This bonus is exclusive to verified real accounts, and traders must meet a specific trading volume to cash out. Although the bonuses aren’t immediately withdrawable, they can significantly improve the trading experience.

Two bonuses available include:

• AvaTrade Initiation Bonus: Suitable for FX, CFD, and Dogecoin investments, this initiation bonus is available upon account activation and funding. Traders should aim to achieve the required trading volume within six months, or they risk losing the bonus. Additionally, deposits through Neteller or Skrill are ineligible for this bonus.

With AvaTrade, whether you are specifically interested in Dogecoin or a broader range of cryptocurrencies, you can count on bespoke solutions that help optimize your investment potential.

CEX.IO: Reliable Trading for Dogecoin and More

Low Fees and User-Friendly Features

One of the standout features of CEX.IO is its low trading fees—taker fees start at 0.25%, while maker fees are as low as 0.15%. The platform’s user-friendly interface allows novice investors to begin their crypto trading journey seamlessly, while experienced traders can benefit from advanced tools.

Availability of PayPal and Other Payment Methods

CEX.IO supports various payment methods for buying Dogecoin, including PayPal, credit cards, and bank transfers, providing greater flexibility for Indian users.

Binance: A Market Leader in Cryptocurrency Exchange

Comprehensive Cryptocurrency Offering

Binance is one of the world’s largest and most well-known cryptocurrency exchanges, with more than 600 cryptocurrencies listed on its platform. Dogecoin is one of the popular coins that can be traded on Binance, and the platform allows a variety of payment methods, including PayPal, credit cards, and bank transfers.

24/7 Availability and Security

Binance operates 24/7, allowing users to trade anytime. The platform is also known for its high security standards, including two-factor authentication (2FA) and withdrawal whitelist features, ensuring users’ funds are safe.

How to Buy Dogecoin with PayPal in India and Abroad in December 2024

1. Choose the broker
2. Create a crypto account
3. Deposit funds with a card
4. Search for Dogecoin
5. Buy Dogecoin

Here is a detailed explanation of these steps:

1. Choose a broker: The first step is choosing a broker. Conduct comprehensive research about a cryptocurrency broker’s trading history before selecting one that suits your requirement.
2. Create a crypto account: Once you have selected a broker, create a crypto account on its platform. Building a crypto account on Binance is simple.
3. Deposit Funds with Card: Binance requires at least $10 to start trading. So log in, go to your dashboard, click “deposit,” and fund your account using your card.
4. Search for Dogecoin: Click on “Buy Crypto”. Select the payment method. In the dialogue box, select DOGE in the receiving section.
5. Buy Dogecoin: Click on Pay. Choose PayPal once it becomes available. For now, only a few third-party payment channels are available, including Bifinity, GEO Pay, ADVCash, and Simplex.

KYC and Verification

To buy or sell any cryptocurrency, you must provide your KYC details to Binance. It would include any government-issued ID. For an Indian consumer, that would be an Aadhar card, PAN card, Voter ID card, or driving license. Binance has taken these measures under the Anti-Money Laundering rules (AML), making it one of the most responsible exchanges in the market.

How to Buy Dogecoin with PayPal on AvaTrade: A Step-by-Step Tutorial

Diving into the world of cryptocurrencies can seem challenging at first, but platforms like AvaTrade simplify the process—especially when it comes to purchasing Dogecoin using PayPal. Whether you’re new to crypto or a seasoned trader, AvaTrade makes the process easy and efficient, allowing you to leverage the convenience of PayPal for your Dogecoin transactions.

Step 1: Prepare Your PayPal Wallet

First and foremost, ensure your PayPal wallet is adequately funded. You can easily add funds from your bank account or credit card directly to your PayPal account. Having sufficient balance in your PayPal wallet will facilitate a smooth Dogecoin purchase on AvaTrade.

Step 2: Sign Up or Log in to AvaTrade

Next, navigate to the AvaTrade platform. If you’re new to AvaTrade, you’ll need to sign up and create an account, providing necessary credentials like your name, contact information, and identification documents for verification. Existing users can simply log in using their credentials.

Step 3: Deposit Funds via PayPal

Once logged in, locate the “Deposit” section on the AvaTrade platform. AvaTrade allows you to deposit funds using a variety of payment methods, including PayPal. Select “PayPal” as your payment method, input the desired deposit amount, and proceed to complete the transaction. AvaTrade will redirect you to PayPal’s secure login page, where you can finalize the payment.

Step 4: Verify Deposit

After completing the deposit transaction, you will receive a confirmation from both PayPal and AvaTrade. This ensures that the funds have successfully reached your AvaTrade trading account. Depending on network conditions, the funds will typically appear in your account within a few minutes.

Step 5: Navigate to the Cryptocurrency Section

Now that your AvaTrade account is funded, head to the cryptocurrency trading section. AvaTrade offers a comprehensive range of cryptocurrencies, including Dogecoin. Locate the “Dogecoin” trading option on the platform.

Step 6: Purchase Dogecoin

To purchase Dogecoin, specify the amount you’d like to buy. AvaTrade provides easy-to-use trading tools and interfaces that make this step highly intuitive. Simply input the amount of Dogecoin you wish to buy, review the current market price, and click “Buy” to complete the transaction. AvaTrade will execute your order instantly, and the Dogecoin will reflect in your trading account balance.

Step 7: Track and Manage Your Dogecoin Holdings

After purchasing Dogecoin, AvaTrade provides tools to help you track and manage your investment. Use the AvaTrade trading platform to view the real-time value of your Dogecoin holdings and make informed decisions about whether to hold, buy more, or sell based on market trends.

Why Choose AvaTrade for Buying Dogecoin with PayPal?

• User-Friendly Interface: AvaTrade’s platform is easy to navigate, catering to both beginners and experienced traders.
• Secure and Regulated: AvaTrade is regulated by several top financial authorities, ensuring your funds are secure.
• Fast Transactions: Deposits using PayPal are processed quickly, allowing you to buy Dogecoin almost instantly.
• Comprehensive Support: AvaTrade offers 24/7 multilingual support to assist you with any questions or issues you may have during your trading journey.

Advantages and Limitations of Buying Dogecoin via PayPal

A standout advantage of utilising PayPal for Dogecoin transactions is undeniably its ease of use. Given its global acceptance and intuitive design, many find PayPal a preferred mode of payment. Furthermore, the promptness with which PayPal handles transactions often ensures that your Dogecoin acquisition is reflected in your wallet with minimal delay. Moreover, the built-in security provisions, like the buyer protection mechanism, act as a shield against potential fraudulent activities.

Reasons to Opt for PayPal when Purchasing Dogecoin

Choosing PayPal as your preferred method for Dogecoin acquisition carries several merits. Foremost, the blend of convenience and rapidity that PayPal brings to the table is commendable. Its universal acceptance coupled with a user-friendly interface makes the transaction process seamless. The swiftness with which transactions are executed ensures you can access your Dogecoin almost instantaneously. Additionally, PayPal’s ingrained safety mechanisms, especially the buyer protection feature, serve as a formidable defence against deceptive practices. Nevertheless, it’s pivotal to remain cognisant of any potential charges tied to Dogecoin purchases via PayPal and to comprehend the inherent uncertainties linked with cryptocurrency investments.

Choosing the Right Dogecoin Exchange for You

Here are the tips for choosing the right exchange.

1. Decide if you want an exchange for a long-term or short-term investment. Are you looking for a platform for long-term trading or day trading?
2. Research the security measures the exchange has taken.
3. Don’t expect positive results always; the crypto market is volatile.
4. Find out whether a platform provides cold storage for Dogecoin holdings.

Fees

It is important to be aware of any fees that may be associated with buying Dogecoin with PayPal. PayPal may charge a fee for processing the transaction, and the cryptocurrency exchange may also charge a fee for buying and selling Dogecoin. Additionally, there may be other fees that apply, such as network fees.

Vetting our Recommended Brokers

Our experts review the crypto exchanges that we have shown. We created the account on the platform, traded on it, and learned the intricacies of withdrawal and deposit time. We also take community feedback in our reviews to ensure that we do not leave any stone unturned during the review process.

However, ensure you read in-depth reviews of every broker and do your research before investing. To learn more, check out our review of the best cryptocurrency trading platforms.

What to Know Before Buying Dogecoin

Dogecoin’s Evolution: From Memecoin to Digital Phenomenon

Dogecoin began its journey as a light-hearted memecoin, created more as a joke than as a serious contender in the cryptocurrency market. Despite its humorous origins, Dogecoin quickly found a loyal community and has since evolved into a notable digital currency, largely due to the powerful influence of Elon Musk. The tech mogul’s casual endorsements of Dogecoin, primarily through his Twitter feed, ignited fervent enthusiasm within the cryptocurrency community, leading to dramatic surges in its value. Musk’s tweets, sometimes as simple as a single word, have often been enough to send Dogecoin soaring to new highs. Conversely, waning sentiment has led to significant value depreciation during certain periods, highlighting the volatility of this memecoin.

Elon Musk’s involvement with Dogecoin is more than just online endorsements—it’s a well-documented “crypto love affair” that he has described as fun and engaging. His influence on the price of Dogecoin began as early as 2019, when he first tweeted, “Dogecoin might be my fav cryptocurrency.” However, it was his comments in 2021, specifically stating that he was working with Dogecoin developers to improve its efficiency and network, that sparked a major bull run. This led many to speculate that Musk might even be the elusive Dogecoin whale holding about 28% of the total token supply—a speculation that still stirs curiosity.

Musk’s influence peaked again during his 2021 appearance on Saturday Night Live (SNL), where he jokingly referred to Dogecoin as “a hustle.” Ironically, the market responded unfavorably, causing a sharp dip in Dogecoin’s value, despite the massive buildup of hype prior to the event. Despite this volatility, Musk continued to vocalize his support for Dogecoin, including allowing Dogecoin to be used for purchasing Tesla merchandise and even integrating it as a payment method at SpaceX for select items. This integration into Tesla’s payments not only highlighted the token’s adaptability but also emphasized Musk’s commitment to giving Dogecoin more real-world use cases.

In 2022, Elon Musk was sued for $258 billion for allegedly running a pyramid scheme to artificially pump Dogecoin’s value. The lawsuit accused Musk, SpaceX, and Tesla of intentionally inflating Dogecoin’s price by up to 36,000% over the span of two years before allowing it to crash, leading to significant losses for many investors. Despite the controversy, Musk remained committed to Dogecoin, urging his followers not to sell their crypto holdings amid a broader market downturn.

The Musk Factor in Politics and Future Projections

Elon Musk’s influence on Dogecoin has not only impacted the present but also raised questions about its future trajectory, particularly in light of Musk’s possible involvement in U.S. politics. There is mounting speculation that, with a potential political shift—especially if Donald Trump returns to power and brings Musk into his administration—Dogecoin could experience another wave of popularity. Musk’s ties to influential networks and his tech-driven agenda might give him a unique position to influence crypto regulations or policies favoring cryptocurrency adoption. Some industry analysts have projected that Dogecoin could see significant gains, driven by positive regulatory support and increased adoption if Musk attains a key governmental advisory role.

Musk’s extensive background in the digital payments space further deepens his connection to Dogecoin. Musk co-founded X.com, which would later become PayPal following a series of mergers. This foundational experience with digital financial systems has endowed him with profound knowledge and insight into online payments and fintech innovation, adding extra weight to his involvement with Dogecoin and the broader cryptocurrency market. With this understanding of digital transactions, Musk’s support for Dogecoin feels more strategic than whimsical—he envisions a world where a decentralized payment system is not just viable but integral to our daily transactions.

Before Investing in Dogecoin: Conducting Due Diligence

Given Dogecoin’s substantial price fluctuations and its close association with Musk’s unpredictable endorsements, prospective investors are strongly advised to conduct thorough research before investing. Scrutinizing various review platforms is a wise approach to understanding Dogecoin’s real potential. Authentic review sites should provide objective perspectives on Dogecoin, covering both the token’s market dynamics and its risks. Relying solely on Musk’s influence to make investment decisions can lead to highly volatile outcomes. As always, investors are urged to diversify their portfolio, be cautious about market hype, and weigh the pros and cons before making financial commitments in the cryptocurrency space.

Understanding the Inherent Risks

Engaging in any form of investment comes appended with risks, and Dogecoin is no exception. The inherent volatility of the cryptocurrency landscape implies that Dogecoin’s valuation could witness stark variations in a relatively condensed timeframe. Beyond market fluctuations, there remains the perpetual risk of deceitful practices or scams. Therefore, it’s imperative to be meticulous in your groundwork, ensuring that your acquisitions are channelled through credible platforms.

Alternatives to Buying Dogecoin with PayPal

While PayPal is a popular payment method, it is not the only way to buy Dogecoin. Other payment methods that are commonly accepted include credit cards, bank transfers, and other cryptocurrencies. Additionally, there are many cryptocurrency exchanges that accept PayPal as a payment method.

Paytm

Paytm, one of India’s most trusted digital payment platforms, has expanded its offerings to include transactions in the realm of cryptocurrency, especially Dogecoin. Using Paytm to purchase Dogecoin provides a blend of convenience, reliability, and swiftness. Here’s a step-by-step guide to help you buy Dogecoin with Paytm:

1. Preparation: Ensure you have a verified Paytm account with adequate balance for the transaction.
2. Cryptocurrency Exchange Selection: Opt for a cryptocurrency exchange that accepts Paytm as a payment method. Several India-based exchanges have integrated with Paytm, given its vast user base.
3. Connect Your Paytm: After creating and verifying your account on the chosen exchange, navigate to the payments section and select Paytm as your preferred payment mode.
4. Deposition of Funds: In the exchange’s dashboard, locate the ‘Deposit’ option. Choose Paytm and specify the amount you wish to deposit. You’ll likely receive a prompt or QR code to complete the payment from your Paytm app.
5. Purchasing Dogecoin: Once your exchange account reflects the deposited amount, search for Dogecoin, decide on the volume you wish to purchase, and confirm the transaction.

It’s prudent to be aware of any transaction fees that may be associated with the exchange. Furthermore, given the volatile nature of cryptocurrencies, always stay informed and perform due diligence before investing.

Investing Responsibly

When investing in cryptocurrency, always assess your risk tolerance. Always consider how much you can afford to lose because the wealth you invest can disappear within a day. Take the case of Terra, for instance. Within a day, its value dropped to zero. While it is highly unlikely that Dogecoin will suffer the same fate, one must always be watchful of the market conditions before investing.

Conclusion

We reviewed the best brokers from which you can get Dogecoin, and we have also discussed the “how-to” buy steps to buy Dogecoin using PayPal. You now also know how to choose the right crypto exchange for buying Dogecoin and what you should know before investing. Please consider this guide before buying Dogecoin or any other crypto investment.

PayPal’s move to integrate and facilitate crypto transactions through its platform is a major step towards the mainstream adoption of digital assets. This could have a significant impact on the wider cryptocurrency market and could lead to an influx of new users and investors. Popular exchanges like Admiral Markets, Libertex, or AvaTrade allow easy purchase of DOGE through PayPal.

Dogecoin, the popular meme coin, has been making waves in the crypto industry since 2013. Despite the tough market conditions in 2020, Dogecoin has managed to move up two spots on the crypto ladder and is now ranked 8th by market capitalisation. As Dogecoin continues to prove its strength and stability, now is the perfect time to start investing in Dogecoin with PayPal.

Key Takeaways:

1. Dogecoin is a volatile memecoin
3. You can only buy Dogecoin with PayPal only on P2P exchanges at the moment.
4. You must consider your investment needs before choosing an exchange.
5. You must invest only after considering your risk tolerance.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.