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How to Buy Dogecoin with PayPal9-min read

Prateek Arora

Prateek Arora |  Updated on 19/8/2023

 Dogecoin

Dogecoin

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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.

Beautiful woman with Shiba Inu dog buying Dogecoin - CoinBharat artwork

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.

CoinBharat artwork of the Dogecoin mascot anthropomorphised and almost deified

In This Guide:

  1. Brief History of Dogecoin
  2. Where to Buy Dogecoin in India and Abroad – Best Dogecoin Brokers for February 2024
  3. How to Buy Dogecoin with PayPal in India and Abroad in February 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 February 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.

Admiral Markets Review

Admiral Markets Review

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Pros

  • list bullet Over 40,000 active clients from 110+ countries, carrying out an average of 1.5 million trades per year.
  • list bullet Competitive spreads as low as 0.5 pips and up to 500:1 leverage for forex trading.
  • list bullet Provides access to over 8,000 trading instruments, including 40+ forex pairs, 200+ stocks, and 5+ cryptocurrencies.

Cons

  • list bullet Admiral Markets has relatively high minimum deposit requirements for some account types, such as those in GBP.
  • list bullet Some users have reported slow response times from customer support, during excessively busy periods.
Libertex Review

Libertex Review

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Pros

  • list bullet 0% fees on stock trades, minimum deposit of only $10 or equivalent
  • list bullet Over 322 tradable assets available
  • list bullet Unmatched user-friendly interface, easy for beginners to catch on

Cons

  • list bullet Unavailable in some countries, including the United States
  • list bullet Only features two types of accounts (Demo and Standard)

Admiral Markets: A Deep Dive

Credibility and Safeguarding Measures

For anyone contemplating purchasing Dogecoin, security remains paramount. With roots dating back to 2001, Admiral Markets stands tall as a respected broker in the trading sphere. It operates under the oversight of esteemed financial bodies like the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Admiral Markets employs robust defence mechanisms, inclusive of negative balance shielding, the separate holding of client assets, and fortified 256-bit SSL encryption to ensure data integrity during transmission. Moreover, client funds are held in isolation within premium banking institutions, which bolsters the security facet.

Competitiveness in Rates and Charges

With attractive spreads and a fee structure, Admiral Markets emerges as a compelling choice for prospective Dogecoin investors. One can initiate a standard account with a modest deposit of $100. Notably, the spread commencing at a mere 0.3 pips for Dogecoin transactions is particularly competitive relative to its industry counterparts.

Furthermore, Admiral Markets abstains from levying commissions on cryptocurrency ventures, enhancing its appeal in terms of cost-efficiency.

Sophisticated Trading Infrastructure

The diverse array of platforms and instruments on offer by Admiral Markets simplifies the Dogecoin acquisition process. Their MetaTrader 5 platform, both sophisticated and user-friendly, facilitates effortless market analysis, order placements, and position management.

This platform not only provides a suite of tools and indicators but also caters to automated and copy trading functionalities. Such resources can be pivotal in honing trading strategies, thereby potentially amplifying returns.

To further aid in knowledge acquisition, Admiral Markets extends a plethora of educational materials ranging from webinars and articles to interactive tutorials. This proves invaluable for traders keen on elevating their cryptocurrency trading acumen.

Purchasing Dogecoin Through Libertex

Libertex is a multifaceted trading platform, well-regarded for its stock and forex trading services, and now expanding into the dynamic cryptocurrency market. It provides an enticing environment for those looking to buy Dogecoin, given its user-friendly interface and innovative design.

One of the exciting features of Libertex is its incentivization program, enticing users with enticing prizes and competitions. Regular draws provide opportunities to win rewards such as up to 500 BTC, a brand-new Tesla Model Y, iPhones, and more.

Accessibility is a major perk of Libertex. The platform can be accessed via web browsers or through Android and iOS mobile applications. This means that the trading experience with Libertex will be very similar to that with other online brokerages. It operates 24/7, providing users with the flexibility to engage in transactions at any time.

Furthermore, Libertex is a highly approachable platform for both experienced and novice traders due to its low entry threshold. The platform necessitates a minimum deposit of only $10 or equivalent, making it a viable option for traders with varying budget ranges. Remarkably, Libertex also boasts some of the lowest market commissions, eliminating fees for most trades.

In summary, Libertex provides an advantageous platform for buying Dogecoin with its user-centric design, appealing incentives, 24/7 market availability, low minimum deposit requirement, and competitive commission structure.

AvaTrade: A Leading Contender for Dogecoin Endeavours

Prominent in the financial landscape, AvaTrade presents bespoke solutions tailored for enthusiasts eager to explore the cryptic world of cryptocurrency. Its pièce de résistance? A bonus structure meticulously curated for both novices and veteran traders. Keen to amplify your Dogecoin ambitions with premier perks? Let’s embark on a closer examination.

AvaTrade’s Bonus Strategy: Supercharging Your Financial Outlay

While the concept of a bonus sans deposit remains elusive for now, AvaTrade’s deposit-centric bonus scheme promises to fortify your maiden financial commitment. A preliminary deposit of £200, or its equivalent in ZAR, EUR, AUD, or USD, lays down a robust foundation. The principle is straightforward: as your deposit amplifies, so does your bonus. This structure can be particularly enticing for prospective Dogecoin engagements. Here’s a brief on the bonus gradation:

Terms and Provisions

This bonus proposition is solely accessible to traders operating verified real accounts. If you’re navigating a demo variant, perhaps it’s the juncture to shift gears. These bonuses are fashioned to elevate your trading trajectory, yet aren’t instantly ready for withdrawal. Achieving a specified trade threshold is paramount for redemption.

Securing AvaTrade Bonuses

Two chief bonuses await you:

How to Buy Dogecoin with PayPal in India and Abroad in February 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.

Buy Dogecoin with Paypal in India

How to Buy Dogecoin with PayPal on Libertex: A Tutorial

Venturing into cryptocurrency might seem daunting, but with platforms like Libertex, purchasing Dogecoin, especially via PayPal, is streamlined for both novices and veterans alike. If you’re looking to integrate the convenience of your PayPal wallet with Libertex’s efficient crypto exchange features, this guide is tailor-made for you.

Step 1: Prep Your PayPal Wallet

Begin by ensuring your PayPal wallet is stocked with Bitcoin. If not, there are several platforms where you can purchase Bitcoin using fiat currency and then transfer it to your PayPal account. It’s pivotal that your wallet is adequately funded to facilitate the subsequent Dogecoin purchase.

Step 2: Engage with Libertex

Access the Libertex platform. If you’re a newcomer, you’ll need to sign up and provide necessary credentials for account creation. Existing members can simply log in using their account details.

Step 3: Navigate to Your PayPal Wallet

Once inside your PayPal wallet, scout for the cryptocurrency section. You’ll encounter a list of various coins you own. Identify and select the Bitcoin you intend to use for this transaction.

Step 4: Initiate the Transfer

Having selected Bitcoin, click on the ‘Send’ option. At this juncture, you’ll be provided with a unique crypto address – think of it as a sophisticated, crypto-specific account number. Safeguard this address; perhaps jot it down or copy it to your clipboard for precision in the next steps.

Step 5: Transition to Your Libertex Account

With your unique crypto address at the ready, head back to Libertex. Navigate to the ‘Deposit’ section, which is typically prominent on the platform, making it accessible even for first-time users.

Step 6: Signal the Incoming Transfer

In the deposit section, you’ll find a ‘Receive’ subsection. Here, paste or input the unique crypto address you previously obtained from PayPal. This action effectively tells Libertex where the funds are coming from.

Trading on Libertex

Step 7: Confirm the Transaction

Having input the crypto address, click on the ‘Receive’ button. This action finalises the transfer initiation from your PayPal to Libertex. Generally, the Bitcoin transfer may take a short while, depending on network congestion, but rest assured, Libertex will notify you once the funds are safely in your account.

Step 8: Convert Bitcoin to Dogecoin

Now, with Bitcoin in your Libertex account, the final step is straightforward. Navigate to the cryptocurrency trading section and select an option to exchange Bitcoin for Dogecoin. Follow the prompts, specify the amount, and voilà – your Dogecoin will soon be in your Libertex wallet!

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.

CoinBharat artwork of a beautful Indian woman, with deity-like characteristics, emerging from cryptocurrency token

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.

Pros

  • list bullet

    PayPal is a streamlined payment process that doesn't require you to provide much information.

  • list bullet

    Credit or Debit Card information is not required when using PayPal.

  • list bullet

    PayPal is secure and has two-factor authentication implemented to ensure that it is you who are completing the transaction.

Cons

  • list bullet

    Can’t use it on standard exchanges.

  • list bullet

    Only applicable in P2P exchanges.

Choosing the Right Dogecoin Exchange for You

CoinBharat artwork of a Dogecoin divine-like figure bestowing fortune upon the Dogecoin mascot, in a manner reminiscent of Michelangelo's artwork

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.

CoinBharat artwork of an Indian investor analysing crypto trends

 

What to Know Before Buying Dogecoin

Dogecoin commenced its journey as a memecoin, evolving from a light-hearted jest to a noteworthy digital currency. A significant impetus in its ascendancy was the series of tweets from Elon Musk, the tech magnate. His online endorsements stirred heightened enthusiasm within the cryptocurrency community, propelling Dogecoin to register unparalleled highs. Conversely, when sentiments surrounding this token waned, a consequent depreciation in its value was observable.

An interesting facet to Musk’s connection with Dogecoin lies in his wider association with the digital payment realm. Not only is Musk known to possess Dogecoin holdings, but he was also one of the co-founders of X.com, which later became PayPal after a series of mergers. This intimate relationship with the digital financial sphere accentuates the weight his words carry in market sentiment.

Before diving into Dogecoin investments, it’s essential to scrutinise various review platforms dedicated to it. An authentic review site should deliver an objective perspective on Dogecoin, shedding light on the token’s market dynamics without any predisposed inclination.

Elon Musk tweets about Dogecoin

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.

CoinBharat artwork of the Dogecoin mascot in a royal-like demeanour

Dogecoin as a Payment Option

A growing number of companies are accepting Dogecoin as a payment option due to its low transaction fees and the influence of high-profile supporters like Elon Musk. Among the companies that accept Dogecoin payments are Tesla, Twitch, AMC Theaters, GameStop, and others. Although Dogecoin has gained popularity and has a strong community, it is subject to high volatility and is not as widely accepted as other cryptocurrencies like Bitcoin and Ethereum.

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
2. Admiral Markets, Libertex and AvaTrade are some of the most reliable exchanges used by Indian investors to buy Dogecoin
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.

FAQs

How to buy Dogecoin in India?

To buy Dogecoin in India, you can go to Admiral Markets, Libertex, or AvaTrade or any other listed exchange, create an account, and buy it using either crypto or fiat.

Where to buy Dogecoin in India?

Dogecoin is available in most major cryptocurrency exchanges, including Admiral Markets, AvaTrade, Libertex, WazirX, CoinDCX, and Unocoin.

What can I buy with Dogecoin in India?

You can swap Dogecoin for other cryptos in India.

Can I use PayPal to buy Dogecoin in India?

Yes, you can use PayPal to buy Dogecoin in India from AvaTrade, Admiral Markets, Libertex.

Do crypto exchanges accept Dogecoin?

Yes, most crypto exchanges accept Dogecoin as payment.

What are the best exchanges for Dogecoin from?

According to our research, the best exchanges for Dogecoin from India are Libertex, Admiral Markets, and AvaTrade..

Is Dogecoin safe?

Dogecoin is an extremely volatile cryptocurrency. Investors must be careful before investing.

Should I Buy Dogecoin now?

Dogecoin is currently performing volatility in the charts – but it has many developments coming. However, buying Dogecoin should depend on whether you want it as a long-term or an intra-day trading asset.

Why invest in Dogecoin?

Dogecoin is the world's #1 memecoin that can rise in price depending on the community's perception. If you can, you can gain a lot from investing in Dogecoin for the short term in India.

What are the pros of buying Dogecoin?

Dogecoin is a memecoin, which means it is cheap. That makes it good crypto for first-time investors.

Is Dogecoin a good investment?

Dogecoin is a volatile investment and good for short-term intraday trading.

How to Dogecoin online?

You can Dogecoin online via any cryptocurrency exchange we have listed in our guide.

When is the right time to Dogecoin?

The right time to buy Dogecoin is when you believe it has hit bottom. The bounce can likely push it to reach great highs.