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How to buy Dogecoin in Australia – Forbes Advisor Australia – Forbes

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Published: Aug 26, 2022, 2:00pm
There are few cryptocurrencies that attract as much intrigue as Dogecoin. Routinely promoted by Tesla boss Elon Musk, the DOGE coin is based on an internet meme of a type of Japanese dog called Shiba Inu, is championed by many amateur investors, and was originally created as a joke version of Bitcoin.
Predictably, Dogecoin is just as volatile as every other type of crypto, reaching an all-time high of over 70 cents in May 2021 per coin before experiencing a 78% drop in May 2022. At the time of publication on August 26, DOGE was worth $US0.06922.
If you’re keen to purchase a slice of the action, here’s what you need to know about both buying – and selling – Dogecoin.
Note, however, that authorities, such as the Australian Government’s Moneysmart site, caution Australians to be careful when dealing with cryptocurrency, with some would-be investors falling victim to crypto criminals in recent times.
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Both a crypto exchange and a crypto broker can help you buy DOGE, but the two are slightly different.
An exchange is a platform on which buyers and sellers can trade cryptocurrencies. A broker is an interface that interacts with exchanges on your behalf.
Some exchanges only deal in crypto, so if you’re new to investing and need to use a fiat currency (for example, Australian dollars) to buy crypto, make sure you choose an exchange that accepts it.
If you choose a broker instead, be aware of the rules around moving your assets off a brokerage platform because some brokers don’t allow you to move holdings out of your account. If you wanted to store your DOGE in a crypto wallet for added security, this would not be possible.
Most exchanges let you add funds to your account from your credit or debit card, bank account, crypto wallet or other payment service. Transaction fees may apply, and your payment method may have a bearing on the amount you’ll pay.
Use a credit card and the card issuer will treat it as a cash advance, which will be subject to a higher rate of interest than a normal purchase.
Within your chosen exchange, find the DOGE currency option and enter the amount you want to invest.
It’s important to note that crypto is not regulated in Australia by the Australian Securities and Investments Commission (ASIC) because cryptocurrencies are not considered to be financial products. This means you would not be entitled to reimbursement if your DOGE were stolen, you lost your access codes, or if the exchange/broker in question went bust.
A broker might not provide any choice about where your DOGE is stored, but while an exchange might not provide an integrated crypto wallet, you’re free to store it in wallets elsewhere – whether ‘hot’ or ‘cold’.
Hot wallets are stored online, making them more convenient but also more exposed to hackers.
Cold wallets are external storage devices such as hard drives or solid-state drives. They’re arguably more secure but if you were to lose your own access codes there may be no way for you to ever access your assets.
Whichever you choose, you may be charged a fee for exporting your DOGE to an external wallet.
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Buying shares in an organisation which uses or owns cryptocurrencies and the blockchain that powers them is another way to invest in cryptocurrency. If the company is subject to regulatory scrutiny, you may feel this is a more secure way to invest.
Nvidia (NVDA), for example, is a manufacturer of graphics processing units which are used by cryptocurrency miners. Paypal (PYPL), meanwhile, allows users to buy and sell select cryptocurrencies.
Nvidia and Paypal are used for illustrative purposes only. This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency as an investment class. 

If you’re reading this in Australia, then it’s likely that you have heard about the online, zero-commission broker, Robinhood, and wondered when it’s going to come Down Under. The broker is hugely popular in the US and while there are reported plans to expand into Australia there are no set dates as yet. Be aware too that no platform is perfect and Robinhood has been subject to security breaches related to sensitive information, and that during the stock market plunges of 2020, the app crashed, causing some investors to pursue law suits.
There are a range of exchanges available for those wanting to invest in Dogecoin, and your first question should be whether it accepts Australian dollars. Fortunately, there are many that do these days, including Swyftx, CoinSpot and Binance. All of these exchanges offer slightly different terms and conditions — as well as perks — and some are more complex than others. Do a bit of research and if you decide to buy Dogecoin, find the one that suits you best.
There is a very tricky question to answer and be aware of anyone who pretends they can predict this with great certainty. Cryptocurrencies are essentially a wild ride, and, if you choose to invest in them, you can never tell at what stage of the journey you are at. Sure, Tesla boss Elon Musk has flagged he intends to keep supporting Doge through social media, but relying on these kinds of statements may not be the wisest investment approach. Just as many people have spoken out against the “joke” coin as those have for it, so if you’re tempted to try and predict an optimal time to buy Doge, tread very carefully.
Associate Editor at Forbes Advisor UK, Andrew Michael is a multiple award-winning financial journalist and editor with a special interest in investment and the stock market. His work has appeared in numerous titles including the Financial Times, The Times, the Mail on Sunday and Shares magazine. Find him on Twitter @moneyandmedia.
Johanna Leggatt is the Lead Editor for Forbes Advisor, Australia. She has more than 20 years' experience as a print and digital journalist, including with Australian Associated Press (AAP) and The Sun-Herald in Sydney. She is a former digital sub-editor on The Guardian and The Telegraph in the UK, and lives in Melbourne.

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