Dogecoin is one of the most well-known cryptocurrencies in the world. Although this coin originated as a joke, inspired by an internet meme, it has since gained considerable fame in the market and is now a hot item.
So, how can you buy Dogecoin on Coinbase, a very popular crypto exchange?
Getting started on Coinbase
To buy Dogecoin on Coinbase, you need an account. To do this, you need to verify your identity, email address, and phone number, as is the case with many exchanges. You also need to add a payment method to your account so that you can purchase assets.
Go to Coinbase and create an account on the exchange.
Coinbase also has two versions of its exchanges to cater to different experience levels: Coinbase and Coinbase Pro. Depending on your knowledge of cryptocurrency and the market in general, one of these versions could be very suitable for you.
Once you have everything set up on your Coinbase account, you can buy Dogecoin. So, how does this work?
Coinbase’s transaction fees
To make a sale or purchase on Coinbase, you have to pay a fee. Different exchanges have different fee structures, with Coinbase charging a spread fee of 1% on crypto transactions and 0.5% on fiat transactions.
Coinbase Pro, on the other hand, uses a maker-taker fee structure. When you take liquidity from an exchange you are a taker and when you provide liquidity to an exchange you are a maker. Because exchanges value liquidity, maker fees are sometimes lower than taker fees, but this is not always the case. On Coinbase Pro, both creators and buyers pay a 0.5% fee for fiat and crypto transactions.
Coinbase does not charge a deposit or withdrawal fee for either version.
Now let’s see how to buy Dogecoin on Coinbase.
Buy Dogecoin on Coinbase
The process to buy Dogecoin with Coinbase’s basic layout is very simple. First click on the Buy Sell icon at the top of the screen.
After clicking on this window, a small window will appear where you can buy assets. The default purchase option appears to be Bitcoin, but you can easily change it by clicking on it and choosing from the list of assets on offer.
Scroll through this list or use the search bar to access the Dogecoin option. After this you have to select how many Dogecoins you want to buy. Coinbase gives you some basic options, but you can enter the amount you want in the box provided. You will then be asked to review and confirm your purchase of Dogecoin as shown below.
After confirming your purchase, you now have your Dogecoin money.
But what if you want to buy Dogecoin through Coinbase Pro?
Buy Dogecoin on Coinbase Pro
Coinbase Pro is a bit trickier to navigate than Coinbase, but you can still buy Dogecoin through this interface. As you can see below, Coinbase Pro’s homepage can seem intimidating, displaying a wide variety of stats at once. But your focus should be on the left side of the page when buying Dogecoin.
Here you must click on the . click Select Market option at the top left of the screen. Then type DOGE in the text bar and you will get a number of trading pairs, as shown above. Then select the trading pair you want to use. For example, if you want to buy Dogecoin with GBP, select the DOGE-GBP choice.
You will now get a purchase window where you can enter exactly how much Dogecoin you want to buy.
Once you have done this, you can click on the Place buy order button at the bottom of the screen to confirm your purchase.
Why can’t I buy Dogecoin on Coinbase?
There are certain situations where you cannot buy Dogecoin on Coinbase. Especially if Coinbase isn’t available in your geographic location, you probably won’t be able to use it for any function, including asset purchase.
As mentioned before, it is also important that you add the relevant information to your account. For example, if you didn’t add payment information or confirm your identity, your options are limited. So make sure your account is fully set up and verified before making any trades.
Buying Dogecoin on Coinbase can be done in seconds
Whether you use Coinbase or Coinbase Pro, buying Dogecoin is quick and easy. Just follow the steps above to buy your own possession of Dogecoin and continue in your crypto trading journey.