- Might be too sophisticated for beginners.
- Slow process for bank transfers.
Buy Dogecoin in South Africa – Capital.com Full Guide
Once you’ve decided on buying Dogecoin in South Africa, you can follow the full guide below. Again, the process is completely seamless and the most cost-effective platform to use is Capital.com.
Step 1: Open an Account
Visit the official website of Capital.com, click “register now”. Then input your email address and create your password.
After concluding the account sign-up process, you will have access to a demo account on the platform. This will assist you in learning the processes of buying or trading on cryptocurrency as a newbie.
Step 2: Verify Your Account
Account verification is one of the prerequisites for trading in Capital.com. Being under the regulation of some giant financial agencies such as the FCA and others, the broker maintains KYC compliance. Thus, every account must undergo verification.
The verification process requires an upload of any government-issued ID such as a passport or driver’s license. Also, you’ll upload a copy of your recent utility bill or bank statement that is not more than 3 months. After the upload, Capital.com sends a notification message to
Step 3: Deposit Your Funds
When you get a notification for the account verification, you can deposit your funds. Capital.com accepts the deposit of South African Rand. It later converts it to USD, one of the fiats for crypto transactions.
Log in to your online account and click the DEPOSIT button.
Then select any payment option that is suitable for you. The broker supports deposits through bank transfers, e-wallets, and debit/credit cards. The minimum deposit on the platform is $20. This is considerably low in comparison to other competitors in the industry.
With Capital.com, there’s no deposit fee for any method of transfer that you choose. While bank transfers may take a longer time to reflect in your account, transfers from cards and e-wallets are instantaneous.
Step 4: Buy Cryptocurrency
You can buy any cryptocurrency of your choice after funding your account. First, search for the digital asset your want to buy in the search box. Then select the crypto and USD pair that matches your choice. For instance, when buying Bitcoin, you will choose USD/BTC. Proceed by clicking the TRADE button.
Then, input the amount of the digital asset you’re buying and set your order. Ensure you confirm your order and click the TRADE button. The broker will buy your cryptocurrency according to your order.
That’s it! Your trading journey just started!
Why Buy Dogecoin in South Africa?
Are you still considering whether to buy Dogecoin in South Africa or not? This section gives you five reasons why you may need to start investing in this crypto.
Get a Large DOGE with little money.
One of the main advantages that Dogecoin has over other popular crypto is its low price. You can buy a significant amount of tokens with only small capital. For instance, DOGE price as of the time of writing on July 19, 2021, is $0.173.
Having this price in mind, with as small as 3,209.30 rands, you can buy 1,000 Dogecoins. This is different from other renowned cryptos, which will surely cost you more. Bitcoin, for example, costs over $30,687 while Ethereum is about $1818
Tremendous growth in 2021
Dogecoin was introduced first into the crypto market in 2013, but it continued to be worthless until 2021(8years). The digital asset started making headway from January 1st, 2021, with a take-off price of $0.004 for each token.
On the 8th of May, Dogecoin had an all-time high of $0.73 which is like 18,000% growth within 5months of trading. This implies that if you had invested 39,913.64 rands in January, you would have like 7,179,673.66 rands to cash out by May. Imagine the huge gain that you would have made.
Buy low while the dip lasts
The price of Dogecoin as of July 19, 2021, is $0.1735, as stated earlier. This implies that it has recorded over a 66% decrease from its all-time high rate of $0.73 in May. This is good news and another opportunity for those who are yet to invest in this coin. They can now buy it at a cheaper and more favorable rate.
Dogecoin can be used for staking as a long-term investment. The high price volatility may create enough opportunities for investors to speculate on the fluctuations in prices.
Huge Community of Users
The Dogecoin community has recorded a remarkable increase since early 2021. A lot of speculators have invested in this coin since its launch in 2013. This number is growing recently since Elon Musk endorsed digital currency.
Elon Musk is the popular founder and CEO of Tesla and SpaceX, who has directly promoted Dogecoin via his numerous tweets. He is an entrepreneur and home to more than 57.6 million Twitter followers.
Also, the Dogecoin Reddit group now boasts of 2.1million members. It is a platform where you can get up-to-date developments and news about crypto.
Major Brokers around the World Support it.
The crypto industry now boasts of more than 4,000 digital cryptocurrencies. Regulated brokers only host a few of these projects for fear of supporting crypto that is a scam. However, strong and regulated brokerage firms now list Dogecoin. These brokers include Capital.com. Robinhood, a brokerage firm in the US, also lists Dogecoin. It is one of the biggest brokerage sites in the US, with more than 13 million investors. Other brokers that list Dogecoin include, Coinbase, Binance, etc. These brokers have helped Dogecoin to gain credibility and be accessible to more customers.
Safest Ways of Buying Dogecoin in South Africa
Dogecoin is now among the popular crypto in the industry where more than 4000 digital assets are fighting for recognition. Below are the safest ways to buy Dogecoin in South Africa presently.
Buy Dogecoin with PayPal
The process of buying Dogecoin with PayPal is seamless, secure, and instant. Brokerage firms regulated by FCA like Capital.com enable you to buy Dogecoin with not only PayPal but with Neteller and Skrill.
The process requires that you first key in the amount you want to deposit. Then a box will pop up requesting you to log in to PayPal.
More so, you will need to confirm the PayPal transaction before the funds will drop into your Capital.com account.
You can then buy Dogecoin with the fund. But, most exchanges don’t recognize PayPal as a method of payment. The reason is that PayPal transactions are reversible, and buyers go for a refund of their money after a transaction.
However, few exchanges now accept PayPal as a payment method since many exchanges have decided to bypass it. They want to avoid the stress of proving that a transaction was done or lose funds in the case of refunding a buyer.
It may be challenging to find a trusted exchange that accepts PayPal; you can bypass Dogecoin for other available cryptos.
In a nutshell, you can easily buy popular cryptos like Bitcoin with PayPal and then trade it to get the Dogecoin. After completing the transaction, you can store the purchased coin in a Hardware wallet, Binance wallet, or Dogecoin wallet.
Buy Dogecoin via Paypal with Capital.com Now >
Buy Dogecoin with Credit Card
Buying DOGE with a credit card is a simple way of getting this crypto once it’s from a supported platform. This method is not a good option, and you may need to reconsider using it.
Customers who use the credit card to buy Dogecoin will later pay up the purchase amount. This is irrespective of whether the coin price appreciates or depreciates.
Also, the issuer attaches some charges to crypto buyers who use their credit cards to buy crypto. This is called a cash advance fee and may add 3-5% to the original cost of the Dogecoin.
Buy Dogecoin via Credit card with Capital.com Now >
Buy Dogecoin with Debit Card
Another common and easiest way of buying Dogecoin in South Africa is by using a debit card through a regulated broker.
Most brokers support debit cards issued by Maestro, Visa Electron, Visa, and Master card. So you can just proceed to buy the Dogecoin once you open an account with the broker and verify your identity.
However, you will have to input the details of your debit card into the broker’s website to complete your transaction. Therefore, we advise that you stick to using a regulated broker to ensure the safety of your debit card details.
Buy Dogecoin via Debit Card with Capital.com Now >
Buy Dogecoin with Bitcoin
The recent increase in crypto investment in South Africa has increased the popularity of Bitcoin. That is why we want to consider how you can buy Dogecoin using Bitcoin.
It will take you only a few minutes to exchange your Bitcoin to Dogecoin if you have decided to do so. The major requirement is to look for an exchange or broker that supports DOGE/BTC at low fees like Binance.
Binance charges a little commission of 0.10% to transact bitcoin with Dogecoin. Another benefit of using Binance in exchanging or Buying Dogecoin with Bitcoin is that verification is no longer necessary.
The transaction process does not require your details; hence you can go through the process as an anonymous user. Aside from the Bitcoin method, all other payment methods involve using the money at your disposal.
Buy Dogecoin via Bitcoin with Capital.com Now >
Risks of Buying Dogecoin in South Africa
Before you start investing in Dogecoin, it is really necessary to evaluate the risk. This is because there is a possibility of getting back a lower amount of your initial investment.
The major risk that you need to be mindful of are;
The Dogecoin Bubble Could Burst
The sudden growth of dogecoin in 2021 between January and May though of about 18,000%, cannot last forever. It is simply a parabolic move, an upward trajectory. Dogecoin’s behavior in 2021 is a typical illustration of a digital asset that is over speculative. An asset that is amidst a bubble that will burst eventually.
Investors are prone to lose some reasonable amount of money when this finally happens.
Upside Potential is Limited
The limited upside potential of Dogecoin is another risk to consider. The crypto grew so quickly that it has reached its all-time high Marketcap of about $90 billion since.
This is only much higher than the crypto can go, and it explains why the present risk/reward ratio offer is somehow unattractive. This implies that it is a big risk to buy Dogecoin that has little hope of rising.
Also, Dogecoin is a meme currency, and some people may not always take it seriously. There is also little development since its inception.
Speculative Without Usage
A lot of people invest in digital assets because they hope for real-world usage. This means that they can use it to solve their current-day problems. For instance, Bitcoin is presently being considered as a good store of value for periods of economic uncertainty.
However, Dogecoin doesn’t have many use cases. Although the platform enables users to receive and send funds quickly and in a cheap and decentralized manner, other decentralized protocols give a better offer than Dogecoin. So, investing in Dogecoin in South Africa is simply based on FOMO (Fear of Missing Out) speculation.
If you are not resistant to shook, investing in Dogecoin may not align with your investment goals.
Buy now
CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 75% of retail investor accounts lose money when trading CFDs from this provider.
Buy now
CFDs are complex instruments that have a high risk of losing money quickly due to leverage. 72.6% of retail investor accounts lose money trading CFDs with this provider.
Buy now
CFDs are complex instruments and carry a high risk of possible rapid loss of capital due to their leverage. 71% of retail investor accounts lose capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take high risk in losing your capital.
Mobile App
Wallet
Number of Coins
Trading Fees
Deposit Fees
Withdrawal Fees
Bitcoin
| $42321.96 | $42360.04 | $42465.84 |
Ethereum
XRP
Tether
Litecoin
Bitcoin Cash
Chainlink
Cardano
IOTA
Binance Coin
Stellar
EOS
Credit Card
Paypal
Sepa Transfer
Skrill
Sofort
Giropay
Neteller
Dogecoin Price Analysis- Should I buy Coin?
A passionate and strong online community believes and firmly supports Dogecoin, which is a different case for other popular cryptos. One can say that the strength of a currency depends on the level of confidence it attracts from the public.
Dogecoin enjoys a high level of confidence from its community. This means that DOGE also has a functional value aside from its monetary value when its community members use it.
The functional value includes; charity and fundraising purposes which have made the token popular. The surge of 18,000% growth the DOGE recorded this year is attributed to the support it gained from entrepreneurs and celebrities.
For example, the renowned innovator, entrepreneur, and South African billionaire Elon Musk made series of tweets regarding this altcoin. In one of his tweets, he described Dogecoin as the people’s cryptocurrency.
This tweet led to a sharp increase in the price of DOGE. Other celebrities like the Star of OnlyFans –Mia Khalifa, and Snoop Dog also aired their support for this crypto. The Reddit group that aided the surge in AMS shares and GameStop also gave their quota.
However, during one of his comedy shows in the US, Elon Musk joked that DOGE is a mere ‘Hustle.’ This mere joke brought down the crypto price from $0.63(9.44 Rand) to $0.48(7.12 Rand)- a loss of almost 25%. This is a practical example of how swiftly the coin can react to even trivial celebrity news and also how volatile the crypto is.
Again, Dogecoin has further lost some ground due to the current volatility in the digital market. The rumors following China’s activities on digital currencies have made many cryptos depreciate, including Dogecoin.
The coin loss was 40% from May 14 to 19, showing how deep market sentiments can affect this coin.
Lastly, Dogecoin needs to be adopted in many practical ways for it to continue increasing in value. For example, Elon Musk has disclosed his intention to allow Dogecoin as payment for Tesla. If this becomes a reality, the price of the coin would be affected positively.
Dogecoin Price Prediction
For over a month now, DOGE has remained on a declining resistance. It has maintained a trend line that may be aiming to launch another major increase of like 20%.
Since June 2nd, the coin price has been down by 57% and has remained in this downward trend. With their effort to boost the coin price against the counterforce distribution of sellers, DOGE bulls keep the hope alive.
On the chart, the price of Dogecoin seems to have remained within a descending line since the 25th of June.
The coin looks like it’s preparing for a rise above the normal chart pattern getting closer to the topside trend mark. The reigning trend is suggesting a 20% increase.
Speculators are to note that DOGE’s next price action might move up to prove a potential rally. Investors are supposed to be mindful of the selling rate. If it intensifies, the pressure it will have on the coin price would be much.
Hence, Dogecoin will continue to decline in value and maintain a downward trend again. Below is a sample of Dogecoin’s price prediction chart
Selling Dogecoin: A Quick Overview
Selling your dogecoin depends on if you want a fiat currency or to make an exchange with another digital asset. In either way, your storage facility influences its selling procedure.
Selling DOGE from your brokerage account
If you leave the coins in your brokerage account, such as with Capital.com, you can just initiate a sell order. In the sell order, you will select either getting a fiat current or another cryptocurrency. Then, input the selling amount for the Dogecoin or the quantity of the other cryptocurrency you want to acquire.
Capital.com will then execute your sell order. If you choose a fiat currency, the broker will move your money to your cash account. If you wanted another crypto, Capital.com would buy the asset at the best market price.
Selling DOGE from your private wallet
If you moved your Dogecoin to a private wallet after purchasing, you would use a crypto exchange at the point of selling.
First, select a trusted exchange to use and create an exchange account on the platform using your details. Proceed by moving your Dogecoin from the private wallet to the exchange account.
For instance, when using Coinbase exchange, click on the ‘Wallets’ box and select ‘Generate Deposit Address.’ Then, input the required address for transferring your DOGE on the displayed popup.
Once you’ve transferred the Dogecoin to your exchange account, proceed by placing a sell order on the trading page.
When you want a fiat currency, for instance, USD, select DOGE/USD. If you want an exchange, for instance, with Bitcoin, select DOGE/BTC.
Conclude and confirm the order by inputting the amount of DOGE you want to sell and click the ‘SELL’ button. The exchange will execute your sell order and move the money to your cash account.
In the case of another asset, it will exchange the DOGE and credit your exchange account with the equivalent amount of the new cryptocurrency.
Conclusion
We believe that this guide has given you the nitty-gritty on how to buy Dogecoin in South Africa. Also, you now understand the importance of using a trusted brokerage or exchange while buying Dogecoin.
Capital.com stands out as the best brokerage when you are wondering where to buy Dogecoin in South Africa. The broker offers its users the best cost-effective and secured platform to run their crypto investments.
Both the unique spreads in charges and zero commission trading fee in Capital.com are great offers you can afford to miss. Its user-friendly interface is an additional advantage for beginners. Also, the broker supports a minimum purchasing of digital assets at $25. Most importantly, signing up for an account on Capital.com is very fast and simple to complete.
Leading Platform to Buy Dogecoin: Capital.com
FAQs
How to Buy Dogecoin?
To buy Dogecoin, you will use a trusted, reputable brokerage or exchange that supports the use of credit/debit cards. Capital.com is one of the best top secured brokers you can use to buy Dogecoin in South Africa.
Visit the platform of the broker to signup for an online brokerage account. Verify your account through ID upload, then fund the account by transferring fiat currency. Afterward, proceed to place your buy order for Dogecoin.
Where to Buy Dogecoin?
Capital.com remains the overall best broker for buying Dogecoin in South Africa. The broker is prominent in the crypto industry as a secured platform for digital investment.
Much thanks to the strict regulation by FCA, ASIC, and CySEC. Also, Capital.com supports different methods of fund deposit, such as the use of credit/debit cards, PayPal, and others. Furthermore, you can invest as low as $25 using the platform.
Is Dogecoin A Good Investment?
The general crypto industry is a volatile, speculative, and dynamic one, and Dogecoin is not left out. Considering the progress of its growth recently, Dogecoin has surged over 100% in its price. However, before you invest in this meme coin, you should do your research and consider the risks associated with it.
Is Dogecoin Safe to Invest In?
Buying Dogecoin safely involves the use of a regulated and trusted brokerage or exchange such as Capital.com. With several exchanges and brokers around us operating without any regulatory license, every investor needs to be careful. However, you must understand that certain risks go with digital assets investments.
How to Sell Dogecoin?
You can sell your Dogecoin tokens depending on where you stored the token after purchasing. If you purchased the tokens from Capital.com and they are still in your account, you can conveniently initiate a sell order.
The broker will instantly execute your order at the best available market price and credit your cash account.
However, if you moved the coins to a private wallet, you’ve first transfer them to an exchange account. From there, you can initiate a Sell order for the Dogecoin.
About Asad Gilani PRO INVESTOR
Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.
Comments are closed.