How to Buy Dogecoin (DOGE) in Australia

Written by: Warren Wheeler

When it comes to buying cryptocurrencies such as Dogecoin (DOGE), it has never been easier in Australia. Due to its recent rise in popularity, demand for the meme coin has never been stronger. In this article, we show you where and how to buy DOGE.

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How To Buy Dogecoin In Australia: A Tutorial

Here’s a step-by-step guide on how you can easily and safely use AUD to buy Dogecoin in Australia.

Step 1 – Create an account with a crypto exchange

Using a cryptocurrency exchange or brokerage is the safest and most dependable way to purchase Dogecoin. Efforts should be sought to find a reputable crypto exchange that is regulated by the Australian government body, AUSTRAC.

Based on our Swyftx review, the Brisbane-based exchange is an ideal place to buy Dogecoin due to its ease of use, low trading fees and support for AUD withdrawals. The other advantage is that new customers can obtain $20 of free Bitcoin by creating an account using our Swyftx referral code. Upon signing up, you will see our promo code “Cryption20” applied.

You will want a working email address and password in order to register with Swyftx. Click “Create Account” after entering your email address, phone number, and acceptance of the terms and conditions.

Step 2 – Complete the KYC process

Swyftx is registered with AUSTRAC, which means that the exchange needs to satisfy mandatory provisions under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. These regulations are meant to enhance the safety of your account and limit fraudulent activities.

The Know-Your-Customer (KYC) process takes less than 5 minutes to complete. To do so, you can use the Swyftx mobile app to scan and upload copies of either your driver’s licence or Australian passport. Once your document has been uploaded, you may need to wait for an hour to receive an email confirmation from Swyftx that your ID has been successfully verified to be correct.

Step 3 – Deposit Australian Dollars

Since Swyftx is an Australian exchange site, it allows you to deposit funds in AUD in a variety of ways including bank transfers, PayID, POLi, and credit/debit cards. All of these DOGE payment methods are free to use and result in an instantaneous deposit of funds so you can start trading quickly. The minimum amount you can deposit is $30, while the maximum limit is $100,000 with full verification.

Transfers of money from an Australian bank account will be the most popular way of funding your account. If you are a Commonwealth Bank customer then you can also use your CommBank to buy crypto.

Step 4 – Start trading Dogecoin

As soon as your wallet has been funded with cash, you can click on “Trade” on the left-hand side of the Swyftx interface to start the buying process. Next, find Dogecoin from the list of supported crypto assets. Once you find and select Dogecoin, Swyftx will present TradingView charting as well as the buying and selling panel.

At this point, you can either use the charts and analytical tools available to analyse the current price of DOGE against AUD. You can additionally set up a trigger order or recurring buys if you don’t want to immediately purchase DOGE coins.

If you know how to analyse the price action of crypto using Swyftx’s wealth of indicators and drawing tools then placing trigger orders will provide natural benefits. Trigger orders allow you to buy DOGE at the price that want. If the market price meets the price that you set, the transaction is triggered and the coin will be automatically purchased.

Recurring orders, otherwise known as Dollar Cost Averaging, are a popular investment vehicle for beginners who want to slowly buy into the market. As long as your Swyftx account is funded, recurring orders will allow you automatically buy specified amounts of Dogecoin at regular intervals, for example, weekly or fortnightly. The advantage of this is that you don’t need to ‘time’ the market and thus mitigate the effects of price volatility.

After entering the amount of fiat currency to spend on DOGE, review the order by clicking review. Swytx will then present a summary of the transaction including the trading fees incurred for you to confirm.

What Is Dogecoin?

Dogecoin is a digital coin, similar to bitcoin, that was launched in 2013 by software developers, Billy Markus and Jackson Palmer. Interestingly, this coin started off as a joke, based on a tweet that was criticizing the available altcoins at the time. They envisioned the coin as a lighthearted cryptocurrency that people could trade with for fun. It has now grown to be one of the most traded cryptocurrencies and is currently ranked as the 8th coin in the world in terms of market cap and trading volume.

Dogecoin’s logo is based on a Japanese dog breed, the Shiba Inu. At first, this coin was primarily used to tip users on Twitter and Reddit which created great content, but now it’s also used as a mode of payment.

The CEO of Tesla, Elon Musk, has posted about the coin regularly, which has boosted Dogecoin’s popularity. At one time, he even mentioned that his company would accept Dogecoin as a mode of payment to go to the moon.

Where To Buy Dogecoin in Australia

Using a regulated crypto exchange

The best way to buy Dogecoin in Australia is through a cryptocurrency exchange. Local crypto trading platforms that are registered with AUSTRAC will allow you to convert your AUD into DOGE coins. Crypto exchanges such as CoinSpot and Cointree have strong reputations as secure and easy-to-use places to buy digital currencies. In terms of value for money, Swyftx and Binance Australia offer cheap trading fees so that you can stretch your dollars further. Almost all digital currency exchanges will let you sell Dogecoin back to AUD and provide an in-built crypto wallet for storage.

Through a Peer-to-Peer Marketplace

Peer-to-peer (P2P) marketplaces are often centralised in nature and hosted by a crypto exchange. P2P marketplaces bring together crypto traders who prefer to trade directly with others and without an intermediary party facilitating transactions.

All P2P marketplaces use escrow services to guarantee that the Dogecoin transaction is completed by both parties because these services depend on confidence between the buyer and seller. When the payment for the coins is confirmed, the platform holds the Dogecoins and releases them to the buyer. This process provides a great deal of confidence to both parties that the transaction will be completed without issue.

Factors To Consider Before Investing In Dogecoin

Cryptocurrency trading is complex and can be overwhelming and risky to new traders. This is because digital coins are highly speculative, and the prices are determined by several factors including the demand and supply of coins. Before buying Dogecoin, you should consider factors such as:

1. Investment goals: Dogecoin may have started as a joke, but it’s now a widely accepted mode of payment for goods and services. You need to identify whether trading in these coins aligns with your short and long-term investment goals.
2. Availability: Unlike other digital currencies, there is no cap on the supply of DOGE in circulation. Since there is no finite supply, this may dilute its value.
3. Community support: Due to its lighthearted nature, Dogecoin has a very active community, as indicated by its dedicated Reddit page. This should let you know that it’s in it for the long haul.
4. Celebrity endorsement: Elon Musk is responsible for propelling the price of Dogecoin and has regularly endorsed it. He’s also shared a couple of doge-related memes, ultimately increasing the coin’s legitimacy.
5. Future development: Most investors buy digital coins with the hope that their value will increase in the future. Dogecoin has grown by more than 250 times since it was launched and has great value potential.

Before buying any digital currency, ensure you understand the risks associated with it to protect your investment.

Storing Dogecoin

There are a few crypto wallet options for storing Dogecoin. The first option is to store your coins in the wallet that your crypto exchange provides. Since your trading wallet will be linked to your storage wallet, DOGE that you buy and sell will be seamlessly moved between the relevant wallets during trading. They are convenient, but not as secure as external hardware wallets.

Recommendations for hardware wallets include the Ledger Nano X. These compact, small devices will be used to store the encrypted private keys that will allow the rightful owner of the Dogecoins access.

Software wallets sometimes referred to as browser wallets, are also a sound Dogecoin storing solution. You can visit the official Dogecoin website to see what soft wallets can be downloaded.

Frequently Asked Questions