Buying Dogecoin (DOGE) is a relatively simple process to follow. You need a photo ID to create an account on a platform that sells it and then link a payment method to buy it, such as a bank account or debit card. Credit cards are another common way to buy Dogecoin.
How To Buy Dogecoin In Kenya
To purchase Dogecoin, you will need to do the following:
- Choose an exchange that accepts payment in your local currency.
- Some of the most popular exchanges that accept KES are Binance Cryptocurrency Exchange, Coinmama Cryptocurrency Marketplace and Gate.io Cryptocurrency Exchange. All of these exchanges are considered relatively beginner friendly and offer deposit methods in a variety of ways.
- They are considered beginner-friendly and accept standard payment methods, like bank transfer, wire transfer and debit or credit cards.
To help you pick an exchange for buying Dogecoin, consider the following:
- Fees: Fees are charged on each purchase and can add up over time. Paying with a credit card tends to be the most expensive option, so keep an eye out for exchanges with free payment methods like a bank transfer.
- Coins: Obviously, you want some Dogecoin, but have you thought about what other cryptocurrencies you might like to purchase later on? If you plan to expand your portfolio at some point, consider picking an exchange with other coins of interest.
- Location: Cryptocurrency exchanges based in Kenya must comply with local laws and regulations, and you will find some exchanges are unavailable in certain states. Be wary of exchanges located in foreign tax havens with weak consumer laws.
Create an account
Once you have selected an exchange to purchase Dogecoin from the table above, you will need to register.
- You can sign up for an account by selecting the Go to site button above.
- This will take you to the account creation page where you can fill in your details, such as your name and email address.
- You will then need to verify your identity and address, which is part of a process called Know Your Customer (KYC). This is a legal requirement by exchanges in Kenya
- To do this, you will need a photo ID and a copy of a recent bank statement or utility bill that has your address on it.
- KYC is typically approved instantly, although in some cases, you may have to wait a few days before your account is verified.
- Finder’s KYC Guide.
- Once your account has been approved, you will need to choose a payment method to deposit funds into your account before you can make any purchases.
Fund your account:
To buy Dogecoin, you will first need to deposit money into your exchange account or link a credit or debit card. You can register for some exchanges without KYC, but you will need to go through the process when you fund your account with fiat or buy Dogecoin with a card.
There are various ways to deposit funds into an exchange account to buy Dogecoin, each of which will have a different wait time before payments are deposited.
- Wait times can range from nearly instant to a few business days.
- Each exchange will accept different forms of payment for deposits, and there are often region-specific methods. Some funding methods include the following:
- Bank transfer
- e-Transfer
- ACH
- SEPA
- Debit card
- Wire transfer
- Credit card
Buy Dogecoin:
Navigate to the section of the market on your chosen exchange to find your desired Dogecoin pairing. Look for the section on buying DOGE, and type in the amount of the paired cryptocurrency you want to spend or the amount of DOGE you want to buy.
- Note: Carefully review your transaction details, including the amount of Dogecoin you’re buying and the total cost of the purchase, before completing the transaction.
Some cryptocurrency exchanges only offer one way to purchase cryptocurrency while others give you a few options. The most popular methods of purchasing Dogecoin are instant buying and the spot market.
Instant buy/market order
Most exchanges offer the ability to buy high-volume cryptocurrencies such as Dogecoin instantly, and this is one of the fastest ways to purchase DOGE. Simply enter the amount you would like to purchase in KES and the exchange will calculate the equivalent amount of DOGE, according to the market rate.
Buying DOGE via the instant buy method is generally more expensive than on the spot market as there is usually an extra exchange fee added on top of the market price. This can be a simple way to purchase Dogecoin for beginners but it’s important to be aware of the extra costs involved, especially if using this method with a linked credit card as fees add up.
Spot market
The spot market is offered on the majority of crypto exchanges and is the most common way to buy and sell Dogecoin. There are different ways to buy DOGE on a spot market, but market buys and limit orders are the 2 most common.
A market buy is like an instant buy, but without the added fee charged by the exchange for brokering the deal. There is still a trading fee, but it’s lower than instant buy.
Keeping Dogecoin safe in a wallet:
While some people choose to store their Dogecoin in their exchange account, this is not recommended. You should only keep crypto on an exchange when planning to trade it. Exchanges are regular targets for hackers and thieves. It’s a much safer option to move coins and tokens into a wallet that allows you to retain full control of your private keys. There are both hardware and software wallets for desktop and web browsers available to store Dogecoin.