How To Buy Dogecoin In Uganda

What Is Dogecoin?

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, making fun of the wild speculation in cryptocurrencies at the time. It is considered both the first “meme coin”, and, more specifically, the first “dog coin”.

How To Buy Dogecoin In Uganda

  • Step 1 – Create & secure an account
  • Step 2 – How much Dogecoin DOGE should I buy?
  • Step 3 – Payment methods buying Dogecoin
  • Step 4 – Trade or buy your first Dogecoin
  • Step 5 – Prepare for the crypto future!
  • Step 6 – More information about buying Dogecoin

How Much Dogecoin (DOGE) Should I Buy?

The good thing on cryptocurrencies are that you can divide them and buy just a (small) piece. This way you still own your piece of Dogecoin and you can use it or hold it. It’s good to first try with a small amount of Uganda Shilling to gain confidence about the process of purchasing Dogecoin and than scale up your transactions and buy more Dogecoin. (be aware of the fee’s that are involved when you buy and sell cryptocurrencies)

Symlix is a peer-to-peer marketplace where users buy, sell and exchange cryptocurrencies. The platform offers secure Dogecoin trades and live chat for users to communicate with each other.

  1. Create a Coinbase account. Download the Coinbase app and start the sign up process.
  2. Add a payment method.
  3. Start a trade.
  4. Select Dogecoin from the list of assets.
  5. Enter the amount you want to buy.
  6. Finalize your purchase.

Where Can I Directly Buy Dogecoin?

Binance is the best place to buy, sell, trade, and hold DOGE easily. Signing up for a Binance account will allow you to buy, sell, and hold cryptocurrency.

Two Smart Reasons It’s Good To Be Active On Multiple Exchanges

Smart to do is create multiple accounts at once. The demand of people are increasing fast and sometimes you want to trade ASAP. Therefor its good to have accounts on multiple exchanges. Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Uganda Shilling (UGX) you don’t want to end up in line waiting for approval but just take action before the price goes up. 

Is Dogecoin Worth Buying?

Dogecoin is already down 77% from its May peak, and history suggests it has a ways to go before it has any chance of finding a bottom. Despite Dogecoin’s popularity and big gains, investors should consider it one of the worst cryptocurrencies to buy for 2022 and beyond.

Payment Methods Buying Dogecoin

Binance has over 100 payment options to deposit money and purchase your Dogecoin. Easily select your preferred currency (in your case from Uganda probably Uganda Shilling) and the payment option you want to use. Of course they also provide the most used payment methods like Credit Card, Bank Transfer & PayPal.

Note: every country has different payment options, simply login and check the payment methods for Uganda. In the cryptoworld and on exchanges like Binance you can’t buy every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.

These are cryptocurrencies you can buy to later swap them over to the currency you want to buy. Before buying your preferred coin its good to look-up what what coins are paired to the coin you want to buy.

Trade Or Buy Your First Dogecoin From Uganda

In the world of crypto and on exchanges like Binance you can’t buy every cryptocurrency directly with FIAT currency. Therefor the exchanges created stable coins like Tether USDT.

These stable coins are cryptocurrencies you can buy to later swap them over to the currency you want to buy. The name stable-coin is from the USD as the price of these coins just use the price of the UGX. Before buying your preferred cryptocurrency its good to look-up what what coins are paired to the coin you want to buy. For example some coins only pair with Bitcoin and Ethereum other also pair with stable coins.

Benefit of usingstable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the UGX. Therefor their price stays very similar what will reduce the risk while trading fiat currency into other crypto coins and visa versa.

How Do I Invest In Dogecoin Stock?

  1. Open an online account. The first step to buying Dogecoin is to open an account with a cryptocurrency exchange that supports DOGE.
  2. Fund Account & Make your purchase. After both your wallet and your exchange account are open, you can place a buy order to purchase DOGE.
  3. Buy a wallet (optional)

More Information You Need To Know About Dogecoin

DYOR – Do Your Own Research
When investing in Dogecoin always make sure you do your own research on the coin, technology of the coin and the team behind the coin. Before you’re investing in a coin its important to do you your own research on the coin, technology of the coin and the team behind the coin.

DCA – Dollar Cost Averaging Strategy
Dollar Cost Averaging is a strategy that is famous in the investment- and crypto-world. It’s a tactic where you purchase systematic a certain amount of a certain coin / investment you believe in. For example every month 100 Uganda Shilling. As you buy systematic it will reduce the emotional involvement and as you spread the money you invest you spread the risk of a unstable market.
Pro DCA

  • Invest small amounts
  • Less stress about volatile markets
  • Less chance on losses as you never purchase full amounts on peaks

Cons DCA

  • Won’t make optimal trades as you don’t invest all on the bottom
  • Takes longer, as you’re not rich after one trade
  • If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.

Can I Invest In Dogecoin?

You can buy DOGE on Coinbase! You might be asking yourself, “how much Dogecoin should I buy?” Well, Dogecoin is almost certainly not a good investment in any traditional sense of good investing, but that might just be the reason to buy it. Dogecoin was created by software engineer Billy Markus in only 3 hours.

Official Dogecoin DOGE Sources

  • Website: http://dogecoin.com/
  • Whitepaper: Click here for the whitepaper of Dogecoin
  • Dogecoin Announcements
  • Dogecoin Twitter
  • Dogecoin Reddit
  • Dogecoin Chat
  • Dogecoin Explorer