Monday, June 21, 2021

How to Buy Dogecoin In India? A Guide For The Investors

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Shubham Attri
Welcome to the paradise readers. Shubham Attri is a passionate reader, discovering his capabilities as a writer. He's a publisher at DeasileX.com Shubham enjoys penning down his thoughts on technology and evergreen issues. He feels inspired to create content for his readers. He's currently pursuing his graduation in computer applications.

You must have heard about the Tyndall Effect or the Raman Effect? Well, it has nothing to with the article, I was just setting up my plot for the “Elon Musk Effect”. Ever heard about the effect that started on Twitter with a meme dog as the center. Well, cryptocurrency buyers would have got an idea of what I am talking about here. Yes, the dogecoin, and here is how to buy Dogecoin in India.

I heard it the other day that memes rule the world and the live example is the dogecoin. The founders registered and launched the coin as fun with the dog symbol on it n 2013. But, as of now it the biggest money-spinner in the crypto world. If we talk about numbers the coin was valued at $0.00026 in 2013 and in May 2021 the coin has grown 26000 percent and values INR 49. If you haven’t invested in the Dogecoin cryptocurrency yet, here is a guide to tell you how to buy Dogecoin in India.

Dogecoin is a cryptocurrency, with the face of the Shiba Inu Dog as the crypto name and face. The currency as the founders say started as fun that turns out to be a huge success after a series of celebrities including Elon musk and Snoop Dog tweet about it. Ah!! Now I realized why Snoop Dog tweeted. Do you get it? I cant’ be more clear than this.

Well, back to the guide “How to buy Dogecoin In India”. You must not blindly trust anybody a proper knowledge about the subject is a must. There is a risk, you need to be aware of the market’s up and downs before you went on to buy any of the cryptocurrencies. Although Dogecoin has shown an increment of 26000 percent while its rivals Ether and Bitcoin showed a growth percentage of 698% and 286% respectively in the last six months.

How to Buy Dogecoin In India?

This guide on “How to Buy Dogecoin In India” will not only tell you how to buy it. But we have also mentioned the ways and requirements for the purpose. There are also several questions about the legality of Dogecoin in various countries. You will find the countries with the ban here. Not only this we have also mentioned the Apps that will help you buy the Dogecoins on your devices.

Requirements For “How To Buy Dogecoin In India”

  • First, you need to set up an account on Crypto Exchange that supports Dogecoin.
  • You need to install a few applications that we have given further in the article on your device.
  • Since we are studying how to buy Dogecoin in India then you should know that you can buy it through debit card, credit card, or e-wallets.
  • You must Linux, Mac, or Windows for Dogecoin Mining.
  • If you wish to buy Dogecoin in small quantities then you must head to the websites that dole out free cryptocurrency to visitors.
  • If you are using the cryptocurrency over a longer period and you have a powerful setup to buy and sell the Dogecoin. You can process the Dogecoin for other people and get the Dogecoins as payments.

How to Buy Dogecoin In India Over The Applications

How to Buy Dogecoin In India over Mobile applications
Source: IQ Option

Various crypto exchange applications allow the users to buy and sell the Dogecoins from its platforms. We will be discussing these applications in great detail further in the article. But, first, let us have a look at the general steps that needed to be followed.

  1. Download and install the Crypto Exchange applications from the Google play store of the Apple App Store.
  2. Next, create an account on the platform by registering yourself. 
  3. Verify Your KYC.
  4. You can use your bank account details or the UPI details, according to your wish.
  5. You can now transfer the money from your account to the Crypto Exchange Platform.
  6. You can use the money transferred to buy the Dogecoin from the platform.

Legality Of the Dogecoin

As such any country has not Specifically banned the “Dogecoin”, it is the Cryptocurrency that has been banned. As we are talking about how to buy Dogecoin in India, so it is clear that Dogecoin has not been banned or illegal in India.

But, there was a time when using cryptocurrency was declared illegal in India. In 2018 the RBI (Reserve Bank Of India) declared the use of Cryptocurrencies illegal in India. But, in 2020 the Supreme court of the country lifted the ban and declared the use of Cryptocurrency legal again.

List of Countries that have Banned The Cryptocurrency

County Name Legality
AlgeriaIllegal
EgyptIllegal
MoroccoIllegal
NigeriaBanking Ban
Canada Banking Ban
BoliviaIllegal
ColumbiaBanking Ban
EcuadorBanking Ban
RussiaBanking Ban
Saudi ArabiaBanking Ban
JordanBanking Ban
TurkeyIllegal as payments Toll and Banking Ban
QatarBanking Ban
IranBanking Ban
BangladeshBanking Ban
Nepal Illegal
ChinaBanking Ban
TaiwanBanking Ban
CambodiaBanking Ban
IndonesiaIllegal as payment tool
VietnamIllegal as payment tool

Trusted Apps To Buy Dogecoin India

The Apple App Store and the Google Play Store are full of applications that will help you provide the platform as the Crypto Exchange. But, choosing the app for the purpose is very important, after all, you are going to invest your savings in it.

Don’t be in a hurry to invest. Next, in the guide “How To Buy Dogecoin In India”, you will find the best applications for the purpose. Go through these apps and choose the right one to invest your money in.

WazirX

How to Buy Dogecoin In India - WazirX
Source: Entrackr

WazirX is one of the most popular apps for buying Dogecoin that is owned by Binance. The app provides a simple and sorted User Interface that has a quick buy section. Not only in Dogecoins the app also deals with the other types of cryptocurrencies as well.

The app has three sections Exchange, Offers, and Funds. The “Exchange” shows all the cryptocurrencies that WazirX deals in. The “Offer” section helps in tracking and opening the orders and finally, the “Funds” section helps to check all the investments.

Is WazirX Safe?

Well, talking of the security the app is secured with 256-bit encryption for the 5 percent of the funds you invest and the remaining 95 percent are saved offline. In addition to this, you have two-factor authentication as well.

Transaction Fees – INR 5.9

Trading Fees – 0.2 Percent of the transaction

CoinDCX GO

How to Buy Dogecoin In India - CoinDCX
Source: Financial IT

CoinDCX GO is another crypto exchange app available to buy Dogecoin In India. The app will let you trade with 200 cryptocurrencies and obviously, Dogecoin is included that’s why we mentioned CoinDCX GO in the guide “How To Buy Dogecoin In India”.

Well, the app is simple and easy to use. The sign-up up process is simple and it is fast to sign in. But, the KYC update requires a few hours. The user interface of the app is sorted and simple with four major sections Prices, My Orders, My Investments, and accounts.

As far as security is concerned the app saves 5 percent of the investment online and the rest 95 percent offline plus you have the two-factor authentication lock as well.

Trading Fees – 0.1 Percent of the transaction

Bitbns

How to Buy Dogecoin In India - Bitbns
Source: Medium

Bitbns comes with the best User interface and the user experience for trading cryptocurrencies. The user interface is simple and straightforward. As per the signup process is concerned, it is simple to register and the KYC is done online via video conferencing. The video conferencing KYC makes this crypto trading platform different from the two mentioned above. Once the KYC is complete you can are ready to trade the Dogecoin or any other cryptocurrency.

What Makes Bitbns the Unique and best to Buy Cryptocurrencies?

The fixed Income plan makes the Bitbns unique. The fixed income plan is that the user will never lose the principal amount he has invested. Sounds interesting.

The app also comes with two-factor authentication for the user’s wallet and most of the money invested is stored offline in the cold wallet.

Trade Charges – 1.7 Percent

Withdrawl Charges – INR 4, INR 6, INR9 on the transaction of INR 999, INR 24,999, and INR 2,00,000 Respectively

Zebpay

How to Buy Dogecoin In India - Zebpay
Source: ZebPay

Zeb pay is one of the oldest crypto trading platforms in India. The service was started five years ago and the clean and simple user interface attracts more and more users.

One more thing that makes the app more famous is the mini KYC that you can do with your Phone Number. Yeah, you heard that right just your phone number and you can start trading. But, this mini KYC comes with some trading limitations that are lifted after the full KYC.

The app is perfect to find its place in the guide “How To Buy Dogecoin” because of the unique multi-chain security system it uses to keep the investor’s money safe. The security system is called Omnitrixx. Oh no, not the one Ben 10 wears.

Zebpay saves 98 percent of the Investor’s money in the cold/offline wallet which is transferred to the hot/online wallet using the Omntrixx technology. The app comes with the 4 figure pin lock and has two-factor authentication for the online wallet. 

Trading Charges – 1.77 Percent on the Net Banking

Unocoin

How to Buy Dogecoin In India - unocoin
Source: Cryptopolitan

Unocoin is the next app that we recommend in our guide on “How To Buy Dogecoin In India”. The app has got a simple user interface and is one of the best trade app available in the Indian region.

The app comes with the Auto Sell feature that makes the app different from the other apps. The auto-sell feature will ask you to set a maximum limit you want the fund to reach. If the fund reaches the limit the app will auto sell that fund.

The platform also provides a 24X7 customer care service and you can contact them anytime through calls, emails, or via support bots.

Moving to the security part of the trade exchange the app comes with a four-figure pin lock and the wallet is secured by two-factor authentication.

Trading Fees – 0.7 Percent 

                         0.5 Percent for Gold Membership owners

These are the few apps that we recommend if you are searching for the best apps to buy Dogecoin. All the apps have got different features and functions so, it is recommended to know the app before starting trading.

Recent Updates On Dogecoin

Well, we now know how to buy Dogecoin in India and the best applications to start trading. Now, let us have a look at the recent updates on Dogecoin and the other cryptocurrencies.

Elon Musk again called the Dogecoin the great idea after the drop observed in the other cryptocurrencies. As of 30 May 2021, the bitcoin dropped from $40,757 to $33,722. Ethereum was down from $2,892 to $2,201, Cardano slipped from $1.81 to $1.36 and Binance declined from $382 to $292.

Well, you can call the trend in the favour of Dogecoin here again and it could be the perfect time to Invest as well.

YouTube Video On How To Buy Dogecoin In India

Conclusion

It is good to invest the money as the money kept home won’t grow automatically. Now that you know how to buy Dogecoin in India. You must try your luck in the business. But, remember that you must be ready to take the risk as there are equal chances of failing as succeeding. Many people are doing it and earning but you can’t be sure what happens in the share market. So, be Vigil.

Frequently Asked Questions

Is Dogecoin Legal In India?

Yes, Dogecoin is Legal in India. But in 2018 the RBI (Reserve Bank Of India) declared the use of Cryptocurrencies illegal in India. But, in 2020 the Supreme court of the country lifted the ban and declared the use of Cryptocurrency legal again.

Can I invest in Dogecoin In India?

Yes, the ban has been lifted in 2020 by the supreme court on cryptocurrency. Now you can invest in Dogecoin in India using various apps like WazirX, CoinDCX GO, Bitbns, Zebpay, and Unocoin.

Will Dogecoin Reach $100?

The market cap for Dogecoin needs to increase by $180 for an increase of $1 in Dogecoin. For $100, The cap value needs to be $18 Trillion that is almost equal to the US Economy. It is not possible at least now for Dogecoin to reach $100.

Will Dogecoin make me rich?

Well, there is a chance that Dogecoin will make you rich. If you see the current stats the best strategy would be holding the funds and watch them rise. Wait for the correct time and sell.

Can I Buy Dogecoin On Cash App?

No currently, you cannot buy the Dogecoin on the Cash App. but, the app offers you the feature to buy Bitcoin.

Featured Image Source: The Financial Express

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