How To Buy Dogecoin (DOGE) In Australia
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Dogecoin has become one of the most well-known and traded cryptocurrencies in the world. The price has surged in value and has a market capitalization of 12.02 Billion dollars at the time of writing. Within Australia, there is a strong demand to obtain Dogecoin. In this guide, we will list where to invest in the popular meme coin, DOGE.
Quick Guide: How To Buy Doge In Australia
To buy DOGE in Australia, follow these simple steps:
- Compare and select an exchange. Find and compare the best exchanges that support AUD that will be converted into Dogecoins. Each exchange will have different deposit options to fund an account with money.
- Register an account with the exchange. Create an account with an exchange using a valid email address or mobile number. Before making a deposit in fiat currency, exchanges have a mandatory Know Your Customer (KYC) process that will need to be completed.
- Deposit funds to a wallet. Choose a payment option that offers the best fees and reasonable speed for the funds to arrive in the exchange wallet. The most common payment methods include a bank transfer, wire transfer, debit card, credit card and PayPal.
- Buy Dogecoin. Browse the supported assets and choose Dogecoin (DOGE). Use the funded account to choose an amount to spend. Finalize the transaction to receive DOGE tokens.
What Is Dogecoin?
Dogecoin (DOGE) is an open-source peer-to-peer digital currency that was developed in 2013 to transfer money through the internet using the high-security protocols embedded within blockchain technology. It was in part developed as a fun and friendly internet currency to mock the slow transaction speeds on Bitcoin and other cryptos. Dogecoin has since become a popular online meme that is represented by the Japanese breed of dog Shiba Inu. For a beginner's guide on Dogecoin, read this article that explains how Dogecoin works, its pros and cons, where to store it, and whether it's a good investment.
Where To Obtain Dogecoin In Australia
The best method to obtain Dogecoin is to use a regulated and trusted Australian exchange. Most crypto platforms in Australia offer Dogecoins which can be purchased with AUD using a bank account, PayID or POLi payment. The following exchanges list Dogecoin as a supported coin and are compliant with AUSTRAC regulations for buying cryptocurrency.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|350||0.1% (spot) and 0.02% / 0.04% (Futures)|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|380||1% (instant), 0.1% (spot)|
|$20 Bitcoin for creating a verified account and depositing||Visit CoinSpot||CoinSpot Review|
Benefits Of Using An Australian Exchange
Dogecoin can be purchased using numerous exchanges all over the globe. However, a good approach is to use a local exchange that accepts AUD deposits without any foreign conversion fees. Using an Australian crypto exchange has both advantages and disadvantages that should be taken into consideration.
- Australian exchanges must comply with AML/CTF reporting obligations which are enforced by AUSTRAC
- Supports local methods to deposit AUD such as POLi, PayID and BPAY
- Buy, trade and sell Dogecoin directly from the exchange using Australian Dollars
- Local customer support service that is easier to get in touch with
- Will need to submit identification documents to prove identity before making a purchase
- Australian exchanges can have lower liquidity compared to overseas exchanges meaning spreads can be higher
- Innovative products and services offered on global exchanges are not available on Australian exchanges
Is Dogecoin A Good Investment?
Unlike Bitcoin, there is no hard limit or cap on the total supply of Dogecoin. This means an unlimited amount of Dogecoins can be created and released into the circulating supply. This will prove difficult for a Dogecoin investment to appreciate in price over the long term if demand starts to decline as millions of new coins are created every day.
Guide To Buying Dogecoins In Australia
1. Compare and select a crypto exchange
The first step to buying Dogecoin is to decide on what type of cryptocurrency services to use. There are several options which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges, and brokerages to choose from. Centralized exchanges are the most commonly used and convenient for beginners which allow individuals to buy Dogecoin. For this tutorial, we will use Swyftx as an example to show the full buying steps involved.
2. Create An Account With An Exchange
The first step to making a Dogecoin purchase is to create an account with our top-rated cryptocurrency platform in Australia, Swyftx. To get started, visit the Swyftx website using this link for $20 BTC and click on the "Sign Up" button. This will redirect to the registration page that will show the promotion code. For a tutorial on how to use the Swyftx referral code, click here.
Enter a valid email address, set a strong password, full name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".
Once an account has been created, the next step is to commence the ID verification process in accordance with Know Your Customer (KYC) and Counter Terrorism Financing (CTF) regulations under Australian law. Before a wallet can be funded with AUD to deposit and withdraw funds, the account must be verified as per with the rules set by AUSTRAC.
Using Swyftx as an example, the verification process is fast and hassle-free which can be completed within 2 minutes of creating a new account. To start verification, login to the account and navigate to the 'Verification' tab under the 'Profile Tab'. A valid email address, mobile phone number of identity document number will need to be provided.
To protect any funds within a crypto exchange account, it is vital to increase the basic account security level and turn on Two Factor Authentication (2FA). This should be the first step after verifying an account and prior to depositing any funds.
2FA is a specific type of multi-factor authentication that requires two methods to verify the user's account and even withdrawal requests. Popular 2FA apps for multi-factor authentication are Authy and Google Authenticator which can be downloaded for both iOS and Android devices.
3. Deposit Funds In AUD
Finding an exchange that accepts local deposit methods using Australian Dollars is an important consideration. The majority of cryptocurrency exchanges in Australia have direct AUD payment methods with varying fees. The most common deposit options include bank transfer, POLi and PayID.
POLi connects to Australian Bank accounts and is processed instantly. PayID and bank transfers can take between 1 and 3 business days. Alternative payment methods that are available with certain Australian exchanges include cash deposit at a local newsagency, BPAY and credit cards. Swyftx is the only crypto exchange in Australia that allows buying crypto with credit cards.
4. Buy Dogecoin
Now that an account has been verified and the wallet is funded with Australian dollars, the person can proceed to buy Dogecoin. It is important to understand there are different order types that can be used to purchase DOGE. These include:
- Market order (buy Dogecoin at the current price)
- Limit order (buy DOGE at a specific price or higher)
- Recurring order (automatically deposit AUD on a regular basis to buy DOGE)
Once an amount of AUD to spend has been entered, the trade can be completed to instantly buy Dogecoins. The funds will be deposited to the Swyftx wallet which can be withdrawn to a hardware wallet for safekeeping or kept on the exchange to easily sell back to AUD in the future.
Most Common Methods To Get Dogecoin
In Australia, there are several ways for residents to buy Dogecoin. Each method will comprise different risks and fees that must be considered before making any transaction to invest in DOGE using AUD.
1. Use A Crypto Exchange
Cryptocurrency exchanges are online websites or trading apps that are accessible to individuals using an internet connection. These platforms are highly regulated and allow users to deposit funds in AUD and convert into Dogecoin. Using an exchange to buy Dogecoin will require ID verification to comply with Australian laws.
2. Buy Using Cash In Hand
Swap cash for Dogecoin with a trusted friend or family member who is willing to buy and sell using a local computer or mobile wallet. The benefit of getting Dogecoins in person is that the buyer does not need to create an account with an exchange and complete identity verification. However, it can be a tricky process to complete and verify the transaction has been successful. Both buyers and sellers will need to exchange their Dogecoin wallet address' and wait for the required number of confirmations to be processed. To learn how many confirmations are required and how long it takes to send Dogecoin, read this article next.
3. Use a Peer To Peer Exchange
Peer to Peer (P2P) exchanges was commonly used several years ago to buy crypto before the emergency of centralized exchanges. Platforms such as Paxful connect willing buyers and sellers from all over the world.
As these services rely on trust between the buyer and seller, Paxful uses an escrow service to ensure the Dogecoin transaction is fulfilled by both parties. The Dogecoins are held by the website and released to the buyer once the payment for the coins is verified. P2P exchanges were commonly used several years ago to buy crypto anonymously. However, the higher trading fees have largely deterred the average investor from using these services.
How Does Dogecoin Work?
Dogecoin operates on blockchain technology in the same manner as Bitcoin or Ethereum. It is a peer-to-peer electronic payment system that is distributed in nature where all transactions are transparent and verified on a public ledger.
Like Bitcoin, miners will validate and process transactions on the Dogecoin network by solving mathematical equations that are secured by cryptography. This is referred to as a Proof-of-Work (PoW) system. Dogecoin miners are rewarded for their efforts to support the network and are paid rewards in Dogecoin.
Is It Safe To Buy Dogecoin In Australia?
It is safe to purchase Dogecoin using a reputable and regulated exchange within Australia that is licensed by AUSTRAC. The Governing body aims to ensure crypto exchanges comply with identity verification requirements to deter financial crimes. Furthermore, exchanges will typically include multiple layers of security such as 2FA and hot wallets to ensure funds are safe at all times.
Where To Store Dogecoins In Australia
While exchanges such as Swyftx and CoinSpot are some of the safest crypto wallets in Australia for storing crypto, the best option to safeguard Dogecoin is a hardware wallet. Even if the device is lost or stolen, the Dogecoins can still be recovered using a seed phrase that should be kept safe at all times.
Popular hardware wallets such as a Ledger Nano X are recommended options. These devices are small compact that will store the encrypted private keys that give access to the rightful owner of the Dogecoins.
Dogecoin software wallets can also be downloaded from the official Dogecoin website to store the coins. Multidoge is the light version of the wallet that skims through the blockchain to allow rapid sync speeds. The Dogecoin Core wallet on the other hand will download the blockchain each time it is connected to the Internet to provide a full wallet functionality.
Frequently Asked Questions
Dogecoin is 100% legal to buy in Australia using an AUSTRAC-regulated cryptocurrency exchange. Given the meme coins' surge in popularity, most exchanges have listed DOGE as a currency with trading pairs against Australian Dollars or Bitcoin. Common methods to obtain Dogecoin with AUD include bank transfers, PayID, POLi.
Dogecoin can be purchased using several cryptocurrency apps in Australia. The most popular apps that can be used include Swyftx, CoinSpot and Digital Surge. These applications are safe to use and will store Dogecoins within a secure wallet.
The CommSec app does not provide support for cryptocurrency assets within Australia such as Dogecoin. Investors will therefore not be able to invest on DOGE using CommSec and will need to use a cryptocurrency exchange that lists the coin.
Dogecoin has gained widespread attention as the 'joke' coin in the cryptocurrency market. Many individuals have invested in DOGE as a legitimate prospect and will continue to do so. With Elon Musk continually tweeting about Dogecoin, interest in DOGE between technology believers, investors and speculators that are looking to buy Dogecoin in Australia could be a talking point for a while longer.