Dogecoin Trading Platforms

Written by Naylyan Nazifova

Naylyan Nazifova

Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 

, | Updated: July 15, 2024

With Dogecoin becoming one of the most popular cryptocurrencies in the world, it is no surprise that investors are looking for different platforms where they can trade the crypto coin and hopefully gain some profits from the investments. Whether you are interested in spot trading or you are keener on short-term investments like CFDs, there are multiple brokers and exchanges that can offer the most suitable trading conditions. To make your choice easier, we have compiled a list of top-tier retail brokers as well as crypto exchanges, offering the best value for your Dogecoin investments.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2FP Markets

Rating: 4.8 ⭐

73.85% of retail investor accounts lose money

3IC Markets

Rating: 4.6 ⭐

70.64% of retail investor accounts lose money

4eToro

Rating: 4.2 ⭐

51% of retail investor accounts lose money

5IG

Rating: 3.6 ⭐

70% of retail client accounts lose money

Best Platforms for Dogecoin Speculative Trading

1. TRADE NOW READ REVIEW
   1. Fusion Markets

   Fusion Markets is one of the best brokerage platforms to trade Dogecoin as well as other popular cryptocurrencies in the form of CFDs. You will have the opportunity to speculate on the cryptocurrency’s price movements and even use leverage of up to 1:10 to boost your potential returns. You can use popular trading platforms like MT4, MT5, TradingView, and cTrader to trade DOGE as a CFD and have zero commission attached to your orders. What is more, Fusion Markets offers some of the most competitive spreads, starting as low as 0.0 pips. As for the funding part of your trading experience, you will be able to resort to several convenient banking options, with deposits and withdrawals incurring zero fees.

   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
2. TRADE NOW READ REVIEW
   2. eToro

   Probably one of the most popular brokerages for copy trading, eToro caters to the preferences of a wide range of traders, allowing crypto investors to trade Dogecoin and numerous other crypto assets. You can choose between spot DOGE trading and trading the crypto coin as a CFD. No matter which option you choose for your investments, you will pay a small fee when opening and closing positions, making your trades budget-friendly. If you feel confident in your trading decisions and you wish to trade bigger volumes while staking a small portion of your deposit, you can also use leverage while trading DOGE with eToro. The maximum DOGE CFD leverage available to UK, European, and Australian members of eToro is capped at 1:2 while the Seychelles entity of the broker allows a maximum crypto CFD leverage of 1:5.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
3. TRADE NOW READ REVIEW
   3. FP Markets

   The brokers on our list strive to offer fair and safe trading conditions to their clients and FP Markets makes no exception. This reputable retail broker operates following regulatory guidelines imposed by reputable authorities like CySEC and ASIC. The brand offers CFD trading on various assets, including Dogecoin. To ensure the best value for your crypto trades, FP Markets offers competitively low spreads, with the average spread for DOG/USD being 0.0012 pips. Since the commission is built into the spread, members of FP Markets will not pay any additional trading fees for their CFD DOGE trades. Leverage trading is also available to FP Markets members, allowing them to trade cryptocurrencies with leverage of 1:2.

   10 per quarter for non-AU traders; 20 per quarter and notional volume of AU$1,000,000 per 4 quarters in the last 1 year 73.85% of retail CFD accounts lose money
4. TRADE NOW READ REVIEW
   4. IC Markets

   Crypto traders are guaranteed exposure to some of the best trading conditions if they join IC Markets. You can trade Dogecoin and a wide range of other crypto assets as CFDs, allowing you to take either short or long positions. To reduce the trading cost, the broker does not charge any commission on your DOGE CFD trades. Meanwhile, the spreads are competitively low, with the average spread on DOG/USD being 0.0001 pips. IC Markets also allows its members to make use of leverage whenever trading DOGE or other cryptocurrencies, with the maximum allowed leverage being capped at 1:2.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
5. TRADE NOW READ REVIEW
   5. IG

   Trading Dogecoin or other cryptocurrencies is extremely easy if you are an IG member. This reputable broker offers its customers CFD trading on Dogecoin and other popular cryptocurrencies. Additionally, traders can also place CFD trades on the Crypto 10 index, which includes 10 of the cryptocurrencies that currently have the highest trading volume, with DOGE usually being one of them. Traders are free to take either long or short positions, allowing them to profit from any type of price movement. Low trading cost is achieved through competitive spreads starting from 0.17 on Dogecoin and 38 on the Crypto 10 Index.

   CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Comprehensive Comparison of the Top 5 Dogecoin Trading Platforms

Best Platforms for Buying and Exchanging Dogecoin

1. Binance

   Being one of the biggest crypto exchange platforms, Binance makes sure to offer some of the best trading conditions, with ranging trading options, reduced fees, and plenty of instruments to trade. Dogecoin investors will be able to trade the popular meme coin in several ways, including spot, options, USD-M futures, and COIN-M futures. The maker/taker fees on spot trades start from 0.1000% / 0.1000% for the regular user and can be reduced to 0.0120% / 0.0240% if you advance to the highest tier reserved for traders with a significantly higher monthly trading volume. Margin trading is also available to Binance users, with the maximum leverage capped at 75x on USDC-margined DOGE Perpetual Futures contracts.

2. Kraken

   Another popular exchange offering Dogecoin trading is Kraken, which is a reputable platform, regulated by numerous top-tier authorities. Depending on your trading strategies, you can trade the popular crypto coin in several ways. Members who have signed up for Kraken’s services can purchase DOGE coins with as little as $10 of starting capital. Conveniently enough, traders can use various fiat methods as well as other cryptocurrencies to purchase DOGE. You can also invest in Dogecoin using spot trading, margin trading, or trading DOGE futures. The exchange strives to offer some of the lowest fees, with maker and taker surcharges reducing significantly when traders increase their monthly trading volume.

3. Coinbase

   Coinbase is a trustworthy crypto exchange, offering its customers the chance to trade more than 206 digital assets, including Dogecoin. You can purchase your DOGE coins using several convenient payment options, including bank cards, e-wallets, bank transfers, or other cryptocurrencies. The fee system of Coinbase will impose trading fees for buying, selling, and converting your cryptocurrencies, with surcharges being calculated based on factors like market conditions, order size, current asset price, and more. Spread is also a type of fee applied to one’s DOGE trades at Coinbase, with advanced traders having the option to trade crypto with no spreads as they will be handling their trades directly via the order book.

4. Gemini

   Gemini is a crypto exchange platform that caters to a wide range of investors, allowing them to trade over 70 crypto assets, including Dogecoin. Members of Gemini can easily purchase, store, and sell DOGE, with a native user-friendly platform allowing a smooth trading experience for both newbies and expert traders. Residents of jurisdictions outside the US, UK, and EU will have access to the Gemini Derivatives platform that allows traders to use leverage and boost their potential return when trading crypto. The ActiveTrader platform will grant access to various DOGE trading options, with maker and taker fees starting as low as 0.20% and 0.40% for regular investors with 0 or low monthly trading volume.

5. Uphold

   Easy crypto trading is one of Uphold’s strongest features, boasting a platform that allows easy buying and selling of crypto assets in just one step. Covering a wide range of cryptocurrencies, Uphold allows its customers to trade more than 260 digital assets, including Dogecoin. The brand is comparing prices across 28 trading venues, including centralized and decentralized exchanges as well as OTC brokers. That allows Uphold to offer some of the most competitive prices, offering the best value for your trades by implementing extremely low fees. Cross-asset trading is the main feature of Uphold, allowing traders to directly exchange their DOGE coins for an alternative cryptocurrency or another asset type like gold for example. The platform imposes its trading fees through spreads, with rates for altcoins such as DOGE ranging between 1.9% and 2.95%.

Quick Facts About Dogecoin and Dogecoin Blockchain

Dogecoin is probably the most popular example of a meme coin skyrocketing to a significant value, making it a proper investment for a number of crypto traders. Launched in 2013 as a joke, the crypto coin depicting the Shiba Inu Doge meme was created as a less serious alternative to Bitcoin. Unlike other cryptocurrencies, the DOGE coin comes with no limitations on supply, which in turn, decreases the inflation rate of the cryptocurrency. While adding more coins can help the crypto coin continue its functionality, with a constantly increasing number of DOGE coins, the value of the asset declines, making it a less attractive investment option for some crypto traders.

What started as a joke in 2013, managed to gain enough attention in the crypto community, elevating Dogecoin to one of the serious investment options for a large number of crypto traders. The endless-supply nature of Dogecoin, however, can turn out to be an issue for future value increase, which is the reason why the crypto coin’s development team is looking for new ways to improve Dogecoin’s network abilities and scale.

Here are some Dogecoin facts we believe are worth learning before you start investing in the crypto coin:

• Dogecoin was a joint effort of US software engineer Billy Markus and Australian Adobe System product manager Jackson Palmer
• The launch of the coin was mainly done as a joke, using the popular Doge meme as the logo of the crypto asset
• In 2014, Dogecoin was widely used as a donation currency on various social media platforms
• The Dogecoin community has managed to fundraise money for a couple of sporting events, making it increasingly popular in the crypto sector
• In 2015, Jackson Palmer announced his departure from the Dogecoin community, which he believed has grown to become extremely toxic
• By 2017, Dogecoin has reached a market value of $2 billion
• In 2020, Dogecoin became a viral trend among the TikTok community, prompting bigger investments in the meme coin with the final goal being a value surge to $1
• In 2021, Dogecoin saw its biggest gain since its inception, increasing its value by more than 13,350%, with the cryptocoin reaching a market cap of more than $50 billion
• The goal of $1 per coin is yet to be reached, with Dogecoin experiencing a significant decline after its all-time record in 2021

Dogecoin Brokers vs. Dogecoin Exchanges

If you are looking for ways to gain profits by investing in Dogecoin, you can resort to trading the crypto coin either on an exchange platform or register with a crypto broker where the most common form of trading crypto is via Contract for Differences (CFDs). While crypto exchanges and brokers might share some similarities, the two types of platforms offer two different ways to invest in Dogecoin.

Typically, crypto exchanges allow their customers to practice spot, margin, and futures trading. With spot trading, you can purchase DOGE tokens at a specific spot price, with orders instantly processed once the buy price matches another trader’s sell price point. Exchanges also allow you to purchase the cryptocurrency and store your coins until their value increases enough to bring a decent profit. Exchanges allow easy purchase, storing, and selling of cryptocurrencies, with small fees typically attached to every transaction you initiate on the platform. With margin investments, traders can stake a portion of their Dogecoins and use them as collateral for buying a bigger amount of DOGE tokens. Using margin can significantly boost one’s profit, making it a preferred trading strategy for numerous crypto exchange users. It is worth noting that the fees that will be charged whenever you sell or buy Dogecoin on an exchange platform can be reduced significantly whenever you increase the volume of your monthly trades.

Many top-tier crypto exchanges allow their members to trade Dogecoin futures contracts. This type of investment involves two counterparties staking money on the future price of the cryptocurrency. Futures grant traders access to crypto assets without actually purchasing the crypto tokens and gaining any ownership over the digital assets.

With retail brokers, you are given a different trading experience, offering you an alternative way to profit from Dogecoin investments. While some crypto brokers do support spot and futures trading, in most cases, such platforms offer their customers CFDs on DOGE, allowing them to trade the digital asset without actually owning it. Brokers will also impose trading fees whenever you invest in DOGE CFDs, with a small surcharge typically built into the spread. This is the difference between the buy and sell price of the CFD crypto asset, allowing the broker to make a profit by facilitating your orders.

Both crypto exchanges and brokers allow traders to use a wide range of payment methods to fund their accounts or directly purchase DOGE tokens. This is where additional fees may play a major role in your choice of a trading platform. In most cases, brokers and exchanges may charge no fees for depositing via a wide range of methods. However, whenever you are using a fiat option to directly purchase DOGE coins, the exchange platform may charge you a fee, which will depend on the amount of your purchase, the payment solution you use, and current rates. Nevertheless, exchanges must always be clear about the size of any surcharge before you confirm the purchase.

While we believe that both types of platforms catering to DOGE investors are offering great trading conditions, the choice between a broker and an exchange platform should be based on your goals and overall trading preferences. Spot trading is typically better for investments with quicker but smaller in size returns. Meanwhile, CFD trading is more suitable for short-term investments as traders are mainly placing their money on the opportunity of gaining profit from either a price decline or a surge in the crypto coin’s value.

How to Confirm if Dogecoin Trading Platforms Are Regulated

Whether you will start trading CFDs on DOGE or you will choose an exchange where you can directly buy and sell the cryptocurrency, you always need to make sure that your trades will be performed on an authorized, regulated, and secure platform. This is where regulators come into play, making sure that crypto brokers and exchanges are following best practices for safe and fair trading.

Depending on your country of residence, crypto financial service providers might be regulated by various authorities. Nevertheless, with more countries developing proper legislative frameworks for crypto trading, brokers and exchanges have a set of rules and guidelines to follow in order to ensure the safekeeping of their customers’ investments.

While there are many regulatory bodies overseeing the financial services offered by brokers, some regulators ensure safer conditions as they impose stricter regulations. Typically, traders from the UK, Australia, EU countries, and parts of North America have access to better trading conditions when it comes to security and customer protection. Limited leverage, negative balance protection, and other security instruments are typically adopted by brokers regulated in any of the aforementioned jurisdictions.

While this is in no way the complete list of reputable financial service regulators, you can definitely trust brokers licensed and regulated by the FCA (the UK), CySEC (Cyprus), ASIC (Australia), CFTC and SEC (US), or CIRO (Canada). If you want to make sure that a crypto broker is truly licensed and regulated by reputable authorities, you can check any regulatory information published on the official website of the broker. Additionally, you can also check the official registries of the authorities and verify the validity of the licenses issued to the broker of your choice.

Financial authorities across the globe are still exploring the best way to regulate crypto trading, as it does not fall under the category of any other financial service typically provided by entities. That said, quite a few financial regulators have introduced regulations for crypto exchanges and other platforms offering crypto trading. To be eligible to offer crypto services to their customers, exchanges are required to be registered as Digital Asset Service Providers (DASPs) with the regulators in the respective jurisdictions where they operate.

The aforementioned regulators are also some of the most prominent watchdogs ensuring safer crypto exchange trading. Again, to verify the regulatory status of an exchange, you can check the information available on the official website of the respective trading platform.

Ways to Trade Dogecoin Online

As covered above, online brokers and exchange platforms tend to offer different forms of crypto trading. To help you pick the best trading form, we will cover the most popular ways you can invest in Dogecoin, focusing on the specific features of every trading model.

Spot trading is essentially the most straightforward way to invest in DOGE, allowing you to buy and sell the crypto asset at its current market price, allowing traders to actually own the asset they are trading. While spot trading is more commonly offered by exchange platforms, it is also possible to come across several retail brokers that will also allow you to directly invest in DOGE by purchasing the crypto coin and selling your tokens whenever your buy price matches the sell point price.

Whenever traders adopt the spot trading strategy, they will be charged trading fees that are known as taker and maker fees. Depending on the type of order you place, you will be charгed either a taker fee (for buying the cryptocurrency) or a maker fee (for selling the crypto coin). The goal of spot trading is accumulating a small profit from selling the crypto asset at a price that is higher than the buy spot price they have paid to obtain the asset.

One of the advantages of spot DOGE trading is that you actually own the asset once your buy order is fulfilled. Gaining ownership over DOGE coins can allow you to engage in margin trading, which is suitable for traders who are looking for a way to increase their potential profit. With margin DOGE trading, you use the coins in your wallet as collateral for placing trades in a volume higher than the actual DOGE coins you own. That way, your potential return can be significantly higher. Like spot DOGE trading, margin crypto trading also will charge a maker or taker fee, depending on the type of order that you place.

Options and futures contracts are also among the ways traders can invest in Dogecoin. While similar in nature, options and futures are somewhat different in the essence of actually owning the digital asset. With options, you are speculating on the underlying cryptocurrency’s price fluctuations.

Options trading is considered a contract between two counterparties, with the buyer having the right to obtain the crypto assets at a specific price rate within a set timeframe. Since the buyer is not obligated to actually obtain the crypto coin, options allow traders to profit from price fluctuations without actually owning the underlying asset. Meanwhile, futures are similar contracts between buyers and sellers, agreeing on a specific price point at a set time in the future. However, with futures, the buyer is actually obtaining the assets once it reaches the preset price point.

Most crypto exchanges offer perpetual futures contracts, which are similar to standard futures but have no expiration date, resembling spot trading but also adding the benefit of trading with leverage. With perpetual futures on DOGE, traders do not actually own the digital asset and can take both a short and long position, making use of any price movement.

While retail brokers may offer different ways to trade DOGE, the most common type of trading available at most crypto brokers is through CFDs. In this case, you do not own the asset but rather speculate on the price fluctuation, with DOGE often juxtaposed against the US dollar. Typically, traders can take both long and short positions, meaning they can adjust their orders to gain profit either from price increases or price reductions. Usually, CFDs offer spreads that include a small fee for the service offered by the broker. Typically, CFD DOGE trading is suitable for day trading as it involves making a profit from any small price movement, bringing a small gain generated from the difference between price points.

Trading Dogecoin with Leverage

Simply put, trading DOGE with leverage will allow you to place orders with a volume higher than your actual tradable balance. To be eligible to place bigger orders and increase your potential profit, you need to stake a portion of your crypto balance as collateral. While leverage trading is a preferred strategy by many, it is quite risky as placing orders exceeding your available funds may quickly result in bigger losses.

If you are trading CFDs on DOGE at a retail broker, you will most likely have the chance to use leverage of up to 1:2. This is a significantly lower ratio compared to leverage allowed on other tradable instruments available on retail broker platforms. As risk linked to trading with leverage increases with more volatile markets, regulatory bodies across multiple jurisdictions have introduced a mandatory cap on crypto leverage. That said, as some brokers offer their customers the chance to open professional accounts, the maximum leverage for trading DOGE CFDs can be increased to 1:5.

Margin or leverage trading is also available to spot, futures, and options crypto traders. Margin DOGE trading will allow you to use a portion of your crypto balance as collateral to increase your order’s volume and hopefully increase the return on your trade. Typically, exchanges set their specific margin requirements and maintenance margin levels that may trigger forced liquidations if traders are unable to meet said margin conditions.

Using leverage on DOGE futures is a similar trading process to margin trading as you are depositing a margin amount to use as collateral for placing bigger futures orders. As daily prices determine profits and losses, those who have made use of leverage will have the chance to significantly boost their profits. However, using leverage when trading DOGE futures is also extremely risky as one can also quickly amass bigger losses.

Similar to the previous trade types, DOGE options also allow traders to make use of leverage, with margin (deposits) yet again being used as collateral, allowing traders to borrow funds for bigger orders. Yet again, DOGE investors must be aware of both the potential and the risks that come along with using leverage while trading the crypto coin with leverage.

What Moves Dogecoin Prices?

Before you start investing in Dogecoin, it is recommended to get familiar with the crypto coin and factors that play a major role in its price fluctuations. Getting familiar with key elements in the Dogecoin market will allow you to spot any price movements more easily and place more successful crypto trades.

The main characteristics shaping the price movements of the DOGE coin include:

• Supply and Demand
• Traders’ Sentiment
• Implementation of the Cryptocurrency
• General Crypto Market Movements
• News and FUDs (fear, uncertainty, and doubts)

Supply and demand are the driving forces for the price movement of various goods and cryptocurrencies are no exception. Traditionally, crypto coins have a supply cap beyond which there will be no more coins released. With fewer coins remaining to be released, the demand tends to increase, which also affects the price of the crypto asset. That said, as Dogecoin was originally released as a joke and there was no way to predict that so many people will be interested in the meme coin. As a result, the initial 100 billion coins were mined before 2015 and the protocol was changed to allow 5 billion new coins to be minted every year. That means there is no cap on the supply of DOGE coins.

The more DOGE coins are released every year, the value of single coins tends to reduce, which is a factor that may negatively impact the price of the crypto asset. That said, the no-cap policy has also made Dogecoin more stable, with transaction fees also getting lower the more coins are being mined.

Traders’ attitude was probably the main factor that drove the meme coin to a massive price surge in 2021. With an influential individual like Elon Musk showing great support for Dogecoin, the cryptocurrency quickly amassed a huge following, driving the market crazy in just a couple of days. However, with many traders seeing no particular value or opportunity for wider adoption of the meme coin, the price of the crypto assets has significantly reduced in price as there is less hype among traders.

The adoption of Dogecoin as a payment option by more companies has also affected the price movements of DOGE. With major businesses like Tesla and NBA’s Dallas Mavericks accepting Dogecoin payments, the price of the crypto asset has seen some significant movements upwards.

Generally speaking, all participants in the crypto market are somewhat connected and it is rarely the case that the Bitcoin price does not affect the value fluctuations of other crypto assets. This is why, a general uptrend will also affect the price of Dogecoin, boosting the price in a similar direction as the price increase of Bitcoin and other popular cryptocurrencies.

News, as well as FUDs (fear, uncertainty, and doubts), are also among the factors that can drive the DOGE price up or down. Important financial events that are having an impact on the Dogecoin ecosystem will most definitely influence the crypto coin’s price. Fake news is also just as important as any misleading post by a fake Elon Musk account can force speculations that may artificially boost the coin’s value. That is why traders must fact-check every piece of information they come across online.

Costs Associated with Dogecoin Trading

Whenever you are trading Dogecoin, whether it is with a retail broker or crypto exchange, you are bound to pay some surcharges for the services that you receive. Depositing into your trading account or purchasing DOGE coins via a fiat option/another cryptocurrency may include some fees. Retail brokers may often allow their customers to fund their accounts for free and even pay no fees whenever they choose to withdraw their money. Meanwhile, crypto exchanges will always display any surcharges applicable to the transaction before you confirm the payment/purchase.

If you are trading CFDs on Dogecoin, you will most likely trade the cryptocurrency against the US dollar. In that case, you will have a spread attached to the trade, which expresses the difference between the buy and sell price of the pair. Since in most cases brokers do not charge commissions on your CFD trades, a small fee will be built into the said spread. The spread may differ across various brokers but you can use our list of top-tier brands to compare spreads and pick the most budget-friendly options.

As mentioned earlier, taker and maker fees are charged whenever traders practice spot, margin, options, or futures DOGE trading. The taker fee is charged whenever investors are “taking from the market”, i.e. executing immediate orders. Meanwhile, those who help create the market, i.e. placing orders that are fulfilled whenever a set price is reached, will be charged a maker fee. Takers fees tend to be higher than maker surcharges but the good news is that most exchanges will significantly reduce their rates when traders increase their monthly trading volumes.

It is possible that brokers and crypto exchanges charge other types of transaction fees but they must always be fully transparent with their customers. That way, you can be well aware of any additional costs that may be attached to your trade.

Reasons For and Against Trading Dogecoin

Written by N. Nazifova