Buy Dogecoin with a Bank Transfer
How to Buy Dogecoin with a Bank Transfer – The Complete Guide for 2022
Dogecoin is a popular cryptocurrency that took off in 2021. In fact, it’s caught the attention of almost all crypto enthusiasts in the world. Though it has had some ups and down in the past, investors like to invest in it!
There are plenty of ways to invest in Dogecoin. However, today, we’re focusing on bank transfers. They aren’t the most popular, but they do have many benefits.
Before talking about the platforms that let you pay with a bank transfer, it’s important to go over the basics of Dogecoin and how to purchase it.
What’s Dogecoin?
Dogecoin is often referred to as a leader for meme currencies. Initially, it was an open-source, peer-to-peer currency introduced in 2013. Here’s the funny thing: it was designed to be a sarcastic or joke alternative to Bitcoin!
The Dogecoin emblem and name were inspired by Shiba Inu dog, and this is a highly popular internet meme. Even though it started as a joke, there are many reasons to choose it. For example, unlimited supplies and low prices are appealing to many investors!
Initially, it wasn’t considered a promising crypto, but that changed in 2021 because the price for one token surged. Mark Cuban, Snoop Dogg, and Elon Musk endorsed Dogecoin, making it skyrocket.
Though there were a few price drops after the surge, developers have great plans for 2022, attracting many investors!
Top 3 Exchange Platforms to Buy Dogecoin with a Bank Transfer
While debit/credit card transactions and PayPal are often the top choices for online purchases, some people dislike using them or don’t have an account. A bank transfer can be a safe and secure way to buy cryptocurrency, but some exchanges don’t support it or don’t offer Dogecoin. Here are the top three options for buying Dogecoin with a bank transfer:
eToro
There are thousands of brokerages and exchanges out there, but eToro is one of the top choices for investors who prefer to buy altcoins like Dogecoin. You’re sure to appreciate that the platform is registered with FINRA and is regulated by the SEC.
Plus, this broker is regulated by licensing bodies in Australia and Europe, giving you more protection. Whether you’re a beginner or professional, eToro offers lower trading fees than others in the industry.
For example, if you deposit money into your account with a bank transfer, you don’t pay transaction fees like you might with Coinbase.
With that, new customers get free deposits, but there’s a $50 minimum. This is very low compared to the norm for the industry!
Pros
- Lower minimum deposits
- Suitable for speculating price swings
- Easy-to-use platform with a simple interface
- Transparent fee structures
Cons
- Can’t hold/store coins on the exchange
Binance
Binance also lets you buy Dogecoin with a bank transfer, and it’s one of the largest crypto exchanges out there. However, it features a dedicated platform with more than 60 digital currencies.
There are two ways to buy DOGE here, but the cheapest is to use a bank transfer from a domestic bank account. If you do that, Binance doesn’t charge a transaction fee for the service.
Investors who store digital currencies in a private wallet can deposit funds to Binance and swap whatever tokens they have for Dogecoin at a 10 percent commission. However, Binance isn’t regulated by a licensing agency.
To counter that risk, it offers various security controls to protect your funds. For example, two-factor authentication is used to set up an account and for each login attempt.
Pros
- Free to use
- Offers many services
- Over 500 virtual currencies available
Cons
- Not governed by a licensing agency
- Scams possible
Coinbase
Though Coinbase is one of the biggest cryptocurrency exchanges in the world, it just recently added DOGE support back in June 2021. That only happened because customers requested it.
Still, Dogecoin fans now have a buy/sell functionality for DOGE on Coinbase Pro and Coinbase.com. You use the first option if you’re experienced, but the latter is ideal for beginners.
Regardless of the platform, you have many educational resources available to help you learn about crypto trading. No other site rivals that, and Coinbase offers 100 resources and guides.
However, the biggest advantage here is the cost. Along with the set spread fee for all DOGE transactions, the platform charges you a flat fee based on the user trading volume.
Pros
- Easy to send money with a bank transfer
- Mobile app available
- Tons of educational resources
- Advanced platform provided
Cons
- High transaction fees compared to others
How to Purchase Dogecoin with a Bank Transfer
Now that you know which exchanges allow bank transfers, it’s time to buy Dogecoin for the first time. Here are the steps to take:
Choose an Exchange and Register
Any of the three crypto platforms above offer Dogecoin, and you can pay with a bank transfer. Go to the website or app of your favorite and register. Generally, this means signing up with a username/password and getting verified.
Decide How Much You Want
Determine how much Dogecoin you wish to buy before you do anything else. That way, you’re ready when you go to enter that amount in the box. It tells you what the exchange rate is so that you understand how much is taken from your bank account to cover the transaction.
You should also take this time to create an account with a digital wallet. You require one to store the Dogecoins, regardless of how you pay. Set it up now so that you’re ready when the time comes to enter the wallet address.
Verify the Account
When you buy Dogecoin from an exchange for the first time, you’re required to verify your account. Generally, this happens at the sign-up stage. If it doesn’t, you should do so now. Usually, it takes five or so minutes to complete.
Make Your Bank Transfer
Now, you must log into your online bank account to finish the transaction. Most banking institutions have an “ACH and Wire Payment” tab or option on the website or app. Choose “make a payment,” enter the payment details, and click on “Continue.”
When the payment goes through, you receive the Dogecoin you’ve bought. It often takes a few minutes. Then, transfer the crypto to your wallet, and you’re done!
Benefits of Purchasing Dogecoin with a Bank Transfer
There are many advantages of using a bank transfer to buy Dogecoin. They include:
Lower Fees
The biggest reason to use a bank transfer to buy Dogecoin is that most crypto exchanges charge nothing for the service. When you use a credit/debit card, you could pay upwards of four percent per transaction.
Everyone wants to save money, and this is an easy way to do it. Plus, banks rarely have chargebacks with wire transfers like they do with debit cards. Therefore, the exchange platform and bank have fewer risks involved.
Faster Service
Most online payments happen in near-real-time, but debit/credit card transactions might take a while to post to your financial institution’s account. Therefore, you can’t see that information initially.
Bank transfers happen instantly and don’t require the bank to be open. Plus, it shows in your account immediately and is debited.
Conclusion
Many investors want to buy Dogecoin, and there are many ways to do that. However, a bank transfer might be the safest and easiest option. As long as you have an online banking account, you can do it in a few moments and can get your DOGE in your digital wallet faster.
This guide can help you understand the process and find the best platforms to use!
BWCEvent aspires to share balanced and credible details on cryptocurrency, finance, trading, and stocks. Yet, we refrain from giving financial suggestions, urging users to engage in personal research and meticulous verification.
