Buy Dogecoin with PayPal
How to Buy Dogecoin with PayPal - The Complete Guide For 2022
Dogecoin has had a great run since the start of 2021, catching the attention of practically every cryptocurrency enthusiast in the industry. Despite several ups and downs in previous months, investors continue to buy Dogecoin in large quantities.
While there are other ways to invest in Dogecoin, we will focus on one of the most common payment options in the world – PayPal.
Let’s go over some of the basics of this intriguing cryptocurrency and show you how to buy Dogecoin with PayPal.
What Is Dogecoin?
Dogecoin is frequently referred to as the “leader” among meme currencies. It was first introduced in 2013 as a peer-to-peer (P2P) open-source money. Surprisingly, it was created with the intention of serving as a ‘sarcastic’ alternative to Bitcoin.
Dogecoin’s name and emblem are inspired by the Shiba Inu dog, which is one of the most well-known internet memes.
Despite the fact that the project began as a joke, there are some applications for its blockchain. A low price and unlimited supply, for example, are appealing features.
While Dogecoin’s early years were not promising, everything changed in 2021 when the price of a single token suddenly surged.
This was largely owing to the endorsements of well-known businessmen such as Elon Musk, Snoop Dogg, and Mark Cuban.
Dogecoin’s price reached an all-time high in May 2021; however, has subsequently had a series of drops. Nonetheless, the developers have unveiled some very intriguing plans for 2022, which have attracted a large number of investors expecting to benefit in the coming months.
Top 3 Exchange Platforms to Buy Dogecoin with PayPal
Given that PayPal is one of the most widely used online payment systems, it’s no surprise that practically every cryptocurrency exchange supports it. Not all exchanges, however, provide the same commodities. Let’s have a look at the top three exchange platforms to buy Dogecoin with PayPal:
eToro
eToro is by far the greatest crypto trading site when it comes to fees, functionality, and other criteria.
FinCEN, CySEC, FCA, ASIC, and FINRA are just a few of the regulatory bodies that oversee eToro’s security.
The biggest advantage of eToro, however, is the incredibly low fees. This site uses a spread-based approach, which means there are no transaction costs when you open a trade. Both sides pay a tiny fee, typically 0.75 percent, while trading Doges.
Not only that, but deposits are free for new customers, with a $50 minimum deposit – this is a very low price when compared to the industry norm.
Pros
- Excellent option for investors who want to speculate price swings
- Low minimum deposit
- Transparent fee structure
- A simple platform that is easy to master
Cons
- Cannot store or hold coins on the exchange
Coinbase
Coinbase may be the best option for newbies looking for educational resources on how to get started with crypto trading. There aren’t many sites that can rival Coinbase in this aspect, with over 100 reading resources and video guides.
Furthermore, Coinbase’s biggest disadvantage is its cost. In addition to the set spread fee for DOGE transactions, the exchange platform charges a flat fee depending on the trading volume of the users.
Pros
- Many educational resources
- Advanced trading platform
- It is easy to send money
- There is a mobile app
Cons
- High transaction fees
Binance
Binance is also an excellent platform for buying DOGE using PayPal. People can invest in over 500 digital currencies thanks to the industry’s greatest asset portfolio.
Advanced capabilities such as technical price indicators and charting tools are also available. However, compared to eToro, Binance does not offer many benefits in terms of pricing and security.
Pros
- The service is free to use
- You can invest in over 500 virtual currencies
- Provides various additional services
Cons
- You can get scammed if you’re not careful
How to Buy Dogecoin with PayPal
Here’s a more in-depth look at how to buy Dogecoin with PayPal. As previously stated, eToro is the best alternative platform for this venture; thus, we will focus on how to buy Dogecoin through eToro.
Step One – Create an Account
If you don’t already have an eToro account, you can get one by visiting the official website and clicking ‘Join Now.’
Fill in your personal information, including your name, address, phone number, birth date, and a valid email address.
Because the platform adheres to strong anti-money laundering standards, you’ll also need to authenticate your account by uploading a photocopy of your driver’s license or passport to the ‘Complete Profile’ tab.
It only takes a few minutes to verify everything, and then you’re ready to go.
Step Two – Fund the Account via PayPal
Click ‘Deposit’ on the main dashboard of eToro. Choose PayPal from the small drop-down option in the right corner of your screen as the preferred payment method.
To link your PayPal account to eToro, you’ll need to follow the precise instructions provided. After you’ve completed this, fill in the amount you want to transfer (the minimum deposit is $50).
Buy Dogecoin
The last step is to purchase your first DOGE!
To find the currency, type ‘Dogecoin’ into the search bar in the left corner. Then, select ‘Trade’ and enter the precise quantity of DOGE you wish to purchase (the minimum is $10).
Double-check that everything is in order, then click ‘Open Trade’ to complete the transaction.
The Advantages of Buying Dogecoin with PayPal
Users can choose from a variety of payment methods when purchasing Dogecoin. However, there are some advantages to buying DOGE with PayPal that you won’t find with other methods.
Let’s have a look at these advantages:
Advanced Safety Measures
PayPal’s exceptional security procedures have been one of the company’s principal hallmarks over the years. The high-quality data encryption mechanism prevents accounts from being hacked.
Quick Deposits and Withdrawals
The main benefit of PayPal is that withdrawals and deposits can be made almost instantly. Many users find this feature quite helpful in the fast-paced world of cryptocurrency, particularly when they discover new chances and want to take advantage of them right away.
Supports Various Currencies
People have a great deal of flexibility when it comes to acquiring Dogecoin in a cost-effective method, thanks to PayPal’s 25+ currencies compatibility. With only a few clicks of a button, PayPal makes it simple to get payments in dollars and then convert them to euros or other currencies.
Conclusion
It can be challenging to figure out how to buy Dogecoin with PayPal, especially if you are a novice trader. We hope that this guide has been helpful and that you can now successfully purchase your first DOGE token with PayPal.
While it isn’t challenging to find an exchange platform that accepts PayPal for Dogecoin transactions, finding the one with great deals takes some time.
We propose that you buy through eToro because of the numerous considerations. eToro, being one of the industry’s leading crypto platforms, can be used by experienced and new traders.
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.
