Dogecoin (DOGE) is a participant in decentralised crypto comparable to Bitcoin (BTC) and Litecoin (LTC). Although it began as a jest, it has developed into one of the world’s most famous cryptocurrencies, with more than $70 billion market capitalisation.
The recommended way to buy Dodgecoin in Australia is: Swyftx
What is Dogecoin?
Dogecoin (DOGE) is a crypto that was split from Litecoin in December 2013. It is based on the famous ‘Doge’ Internet joke and has a Shiba Inu dog breed on its logo.
Dogecoin has been chiefly utilised on Reddit and Twitter as a tipping mechanism to encourage the production or posting of high-quality content.
It was founded by Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia. Both saw Dogecoin as a humorous, joyous cryptocurrency with a broader appeal than the core Bitcoin market.
How to Buy: A 3-Step Guide
In three easy steps, create an account with a Dogecoin-supporting exchange.
Step 1: Create an Account on Swyftx
Search for an agency that supports DOGE in one or even more currency pairs and join up with your email address and a password. Before you can trade, most exchanges will ask for your full name, contact details, and verification of ID.
Step 2: Deposit Funds Into Swyftx Account
When your chosen platform offers Dogecoin, you can purchase DOGE directly using Australian dollars (AUD). Other payment options have higher costs, with credit card transactions being the most costly.
Step 3. Buy DOGE
To select your favourite DOGE pairing, go to the market area of your preferred exchange. Search for the part on purchasing DOGE and enter the quantity of the paired crypto you wish to spend or the amount of DOGE you want to buy.
Before making the purchase, carefully examine your transaction information, including the quantity of DOGE you’re purchasing and the overall cost of the purchase.
Can DOGE Ever Hit $1?
Although nobody can predict if Dogecoin will hit $1, the almost 11,000 per cent growth in price during 2021 has many fans on Reddit and other communities hoping for even more.
Dogecoin has been regarded as a meme coin, with price fluctuations dependent on celebrity tweets, peculiar occurrences, and the gathering of internet communities helping to push price movements up and down.
Since approximately 150 million Dogecoin are produced every day, we’d need to witness many more huge buying activities for the price to keep on rising and hit $1.
Factors to Consider When Buying DOGE
Cryptocurrencies are sophisticated and highly speculative, and their value may be affected by a variety of reasons. Please, before purchasing crypto, be aware of the potential hazards you may incur.
If you’re considering purchasing Dogecoin, consider the following aspects concerning your financial objectives:
- Availability: Among the most important aspects influencing a cryptocurrency’s appeal is its availability. Dogecoin is available on various cryptocurrency exchanges, making it easily accessible than more esoteric currencies for anybody considering purchasing.
- Support from the community: Dogecoin is somewhat of a legend in cryptocurrency settings, and it is backed by a solid and engaged community, as seen by its popular Reddit page. Because of this backing, Dogecoin has survived since 2013, which is a reasonably long period in the realm of digital money.
- Dogecoin began as a jest, and a brief visit to the coin’s webpage often reveals that there is not much seriousness with this currency. This has been crucial to its existence and prosperity. Nevertheless, if you’re searching for a coin to purchase and keep in the hopes of making long-term profits, you’ll have to assess if DOGE suits your crypto plan.
- Potential development: When pondering what the future has in store for Dogecoin, note what Jackson Palmer said in a March 2017 interview with CoinDesk: “Additional innovations have not been added to Dogecoin because there is no significant development going on.” And the network will naturally shut down as a result.” Palmer departed the Dogecoin team in 2015. His departure raises serious doubts about the currency’s long-term viability.
- Support by celebrities: Dogecoin’s surge in 2021 is mainly credited to a single individual called Elon Musk. Musk’s influence, paired with his love of memes and online entertainment, has pushed the price of Dogecoin to record highs—primarily via late-night Twitter posts of Doge-related jokes. Assuming Musk abruptly abandons Dogecoin, the market may feel the brunt.
Where Should I Buy DOGE?
1. Swyftx—Best for DOGE Purchase
Swyftx is a significant crypto trading marketplace established in Australia that allows users to purchase, trade, and acquire about 280 cryptocurrency initiatives straightforwardly and transparently. With over 250,000 registered members, the network has grown in popularity since its introduction in 2019. Swyftx has focused on creating a user-friendly platform with many features for beginning, intermediate, and expert traders.
Swyftx was initiated to reduce the frustration cases, such as increased manipulation, deception, among other malpractices that the already existing crypto platforms had. Today, Swyftx has grown into a reputable platform trusted by many crypto investors, both in Australia and other parts of the world.
The possibility to swiftly acquire Bitcoin or any cryptocurrency using AUD or USD is a real incentive to utilise Swyftx. Swyftx supports a broad range of options for transferring money to an account. Clients with an Australian bank account can quickly deposit up to $50,000 in AUD via bank transfer, OSKO, POLi payment, or PayID—there are no costs for depositing or withdrawing AUD from a bank account. Furthermore, Swyftx has also just provided aid for debit and credit card purchases of cryptocurrency.
Pros
- AUSTRAC regulates Australian exchange with a solid reputation.
- Affordable instantaneous trading costs beginning at 0.6 per cent.
- SwyftX allows you to purchase cryptocurrency with a debit or credit card.
- There are almost 250 distinct cryptocurrencies.
- When purchasing cryptocurrency, there is an instant verification.
- Simple SMSF incorporation
Cons
- The price for using a credit card is two per cent.
- There is no order book to trade on, simply quick purchasing.
- There is no margin trading function.
2. CoinSpot—The Most Straightforward to Use
Coinspot is a Melbourne-based Australian cryptocurrency that offers a safe and comfortable platform for trading cryptocurrencies. Its visitors may instantaneously purchase or sell Bitcoin or play the market and earn some profit.
Casey Block Services Pty Ltd ABN 19 619 574 186, business as CoinSpot, is a legal corporation with a license. Australia’s highly regulated financial industry controls the exchange to guarantee proper behaviour and activities involving investor funds.
Pros
- The POLi payment mechanism allows you to pay straight from an Australian bank account.
- It is the ONLY Australian Exchange that lets you buy a wide selection of alternative currencies using AUD.
- It is pretty active on Facebook.
- There are no additional charges at the time of checkout.
- It has a sound affiliate system that pays out 25 per cent of the costs your affiliates suffer on the exchange.
Cons
- Hefty fees (between 2% and 3%) are not advised for more significant sums of $1000 or more.
- Deposits may only be made in Bitcoin.
- The UI is straightforward.
- There will almost certainly be no insurance.
3. Independent Reserve—Best for Excellent Customer Support
Independent Reserve is an Australian-licensed cryptocurrency that offers users a safe and secure platform to purchase and trade 26 famous digital currencies. It was formed in 2013 and has since continued to expand its service offerings to include crypto traders in New Zealand and South-East Asian countries such as Singapore.
Since its inception, it has won the trust of over 200,000 people and 8,000 SMSF accounts by allowing them to purchase cryptocurrencies using Australian Dollars (AUD), United States Dollars (USD), New Zealand Dollars (NZD) and Singaporean Dollars (SGD).
Independent Reserve, unlike its competitors, is a licensed cryptocurrency exchange in many countries, including Australia, Singapore, and New Zealand. As a result, clients may fill their accounts with fiat currencies such as AUD, USD, NZD, and SGD.
Every currency may be toggled, allowing users to choose the currency to use based on foreign exchange rates. Users may make deposits via several payment options, such as bank transfer, PayID, and SWIFT for US and Singapore dollars.
Pros
- An exchange that is fully compliant and licensed by AUSTRAC
- Over 200,000 investors and 80,000 SMSF accounts trust the deal.
- 0.5 per cent trading charge, which decreases with increased volume
- Reliable and easy-to-use user interface for rapid buy/sell
- Excellent live assistance and tax tools are available 24 hours a day, seven days a week.
Cons
- Advanced trading using charting is out of date.
- There is no mobile trading app that allows you to place orders or manage your account.
4. Binance—Best When Looking for Lower Fees
Binance is the world’s biggest cryptocurrency exchange in terms of trading volume and liquidity. The site is highly user-friendly and straightforward for newbies. It provides a vast choice of crypto pairings, new goods, features, affordable fees, and prompt customer service. It’s accessible in many nations throughout the world, facilitates most trading commodities of any exchange, and has excellent liquidity.
Clients do not pay any fee when opening a new account with Binance or keeping a Binance wallet. However, certain costs are associated with using a Binance account, including depositing funds into the exchange, buying and selling, exchanging assets, and transferring funds to an external wallet. These charges are prevalent on a centralised exchange to compensate the company’s expenditures for supplying the infrastructure necessary to establish a healthy marketplace.
Binance is commonly traded due to its global access, promotion for different fiat currencies, and many means to deposit cash into an account. Users from all parts of the world may fund their trading accounts using the trading platform and utilising methods such as bank transfers, credit/debit cards, SEPA, wire transfer, and cash deposits.
Pros
- Purchasing costs are low for both non-instant and immediate purchases.
- A massive coin collection is available.
- Several other services are available.
- There are almost 50 cryptocurrencies accessible.
Cons
- There are fewer crypto-to-crypto currency pairings on this site than on the worldwide Binance site.
- It is not available in the USA.
5. Cointree—For Conversion Flexibility
Cointree is a crypto exchange in Australia founded in 2013 to provide a quick and secure option for people acquiring Bitcoin and other digital money. It C has over 80,000 registered members and has transacted over $250 million.
Additionally, it is an excellent platform to deposit AUD and easily convert into a broad number of digital assets like Bitcoin, Ethereum, Cardano, XRP, and many other digital currencies, with 160 digital assets to buy and sell with competitive fees ranging from 0.5 per cent to 0.9 per cent.
Cointree seems to be a trustworthy cryptocurrency exchange with various safeguards to secure its clients’ private information and funds. Two-factor authentication, SSL certification, wallet and personal information confidentiality are among the available protection. Fortunately, since the cryptocurrency exchange’s inception, there have been no recorded hacks or thefts of money on Cointree.
In compliance with rules, Cointree users are obliged to authenticate their accounts to reduce fraud. Establishing a primary account with the cryptocurrency exchange enables the user to study the platform’s features. Still, it does not allow users to execute activities like depositing cash or using the buy/sell platform.
Pros
- It is simple to open a Cointree account.
- There are several cryptocurrencies accessible.
- It offers excellent client service.
- The exchange is very secure.
Cons
- The verification procedure takes between 24 and 48 hours.
- Deposits may only be made in one fiat currency.
Buy DOGE With Swyftx
Swyftx is the clear winner; not only are its 0.6 per cent trading costs far cheaper than Coinbase’s 4.49 per cent, but it also offers various fee-free deposit alternatives. Furthermore, Coinbase does not permit the selling of cryptocurrencies, so you will be unable to sell your digital assets or withdraw fiat cash in Australia.
Swyftx offers several internal wallet technologies to store and keep your Crypto securely and safely while you purchase, sell, deposit, and withdraw. Swyftx’s asset storage is a combination of cold hot and wallet storage methods to preserve your valuables.
