One of the biggest winners of the recent Bull Run in the cryptocurrency market is Dogecoin (DOGE). Its massive rally caught the attention of millions of investors globally, with the increase in market cap making it one of the top ten cryptocurrencies in the world. The support from multi-billionaire businessman Elon Musk has also helped peak interest in Dogecoin.
Are you interested in finding out how to buy Dogecoin? If so, then this guide is designed for you. We have put together a thorough and perfectly-researched guide to help you buy Dogecoin with ease in Austria.
Quick Guide to Buy Dogecoin in Austria Today
Choose from one of our recommended crypto exchanges or brokers and open an account with them by entering an email address, username and phone number. Afterwards, you will need to submit documents to prove your identity. This is for AML and KYC purposes, and all the legit and regulated crypto trading platforms will require you to submit documents to prove your identity.
Fund your account
Use any of the available payment methods on a platform to fund your newly opened trading account. Most platforms offer a wide range of payment options like bank transfer, credit/debit card, crypto payment or other channels. After depositing the funds and once it reflects in your account, you are set to start trading DOGE. Keep in mind that there could be deposit limits, especially when you open a new account.
Once the funds reflect in your exchange or brokerage account, you can use it to buy Dogecoin. The euro is the official currency of Austria and there are several platforms that offer the DOGE/EUR trading pair. To make it easier, find platforms that support the DOGE/EUR pair, enter the amount of DOGE you wish to buy or the amount of euro you intend to spend and complete the transaction.
Where to Buy Dogecoin in Austria in 2021?
When it comes to Dogecoin purchases, Austrian traders can choose between cryptocurrency exchanges and brokers. They usually serve two different classes of investors. The exchanges allow investors to buy the DOGE coins. This is a popular method, especially for long-term investors, who can transfer the coins into an external wallet for safekeeping.
The second option is brokerage platforms. Here, the brokers provide services to traders who wish to speculate on the price of DOGE using financial derivatives like contract for differences (CFDs) and futures or options. With brokers, the trader doesn’t deal with the actual DOGE token, which means they don’t have to set up a wallet to store the coins.
To make it easy for our readers, we have selected the best exchanges and brokers that sell Dogecoin in Austria.
Step by Step Guide - How to Buy Dogecoin in Austria
Buying a cryptocurrency can be a daunting task, especially for people new to the crypto market. To make it easier for you, we have broken down the process into five simple steps to help you buy Dogecoin in Austria.
Step 1: Find an Appropriate Platform to Buy Dogecoin
There are numerous brokers and exchanges selling Dogecoin, which makes the decision tough for investors. However, the final choice of the broker or exchange depends on your investment style and other personal needs.
If your goal is to be a HODLer (a long-term investor), then it would be best to buy Dogecoin from a cryptocurrency exchange. This way, you can move the coins to a cold storage wallet for safekeeping afterwards. However, if you are only interested in a quick, hassle-free trade, then a broker is the right platform to use.
We always recommend readers use regulated exchanges or brokers. The unregulated platforms tend to lure customers with low fees and other perks. However, since they are not authorised by the Austrian regulatory agencies, your cryptocurrency investment could be lost if the platforms get hacked or turn out to be scams.
Step 2: Registration / Create a New Account
After choosing a suitable exchange or broker, proceed to open a trading account with them. You can do so using an email address or a phone number. Others even support opening an account using a social media account.
With your account activated, you will be required to complete the Know Your Customer (KYC) procedure before you can buy Dogecoin. KYC requires you to submit necessary copies of your ID (like passport or driver’s license) and proof of address (bank statements or utility bills). Some platforms even require a selfie to verify your identity.
While this process may seem tedious and inconvenient, it is crucial for the safety of your cryptocurrency investments and personal details on the platform. The other financial markets like forex, stock and commodities require the players to verify their ID and cryptocurrency trading platforms are held to the same standard.
Step 3: Deposit Funds
Your brokerage or exchange account will be fully activated after completing the KYC procedure. Once that is done, proceed to fund your trading account. Austrian investors enjoy a wide range of payment options, including bank transfers, credit and debit cards and more. However, each payment option has its pros and cons.
While you can buy cryptocurrencies using various payment options in Austria, PayPal is not an option for most platforms. Hence, ensure the platform you are choosing offers the payment option you seek before you commit.
Step 4: Start Trading or Buying Dogecoin
Once the deposited funds arrive in your trading account, you can buy Dogecoin or trade the cryptocurrency. If you choose a broker, you will gain exposure to DOGE via derivatives like CFDs allowing you to speculate on the price movement of the cryptocurrency without holding the underlying asset.
However, if you choose a crypto exchange, you will buy the real DOGE coins, allowing you to store them for safekeeping on external wallets. The leading exchanges like Binance offer the DOGE/EUR trading pair, allowing you to purchase DOGE directly using the Euro.
However, there are some brokers like eToro that allow people to buy the real DOGE coins and some exchanges like Binance that offer traders access to futures and options.
Step 5: Optional Steps
There are other steps you can take to boost your investment or secure your coins once you have bought them. Some of them include:
Store in an external wallet: If you are a Hodler, you might want to move your Dogecoins to external hardware wallets like Trezor or Ledger. This will ensure the safety of your DOGE investment.
Hedge the coins: As a derivative trader, you can open complementary positions to hedge your DOGE coins.
What is the Best Payment Method for Buying Dogecoin in Austria?
It is tough to pinpoint the best payment method for buying Dogecoin in Austria. This is because the payment methods available appeal to varying classes of traders and investors. Different payment options have varying fees and you should choose the one that appeals to you as per your budget and needs.
Austrian traders get to enjoy various payment methods on the exchanges and brokers operating in the country. The popular options like credit cards and bank transfers are supported by all Austrian platforms.
Buy Dogecoin with Cash: This option is usually available on peer-to-peer exchanges.
Buy Dogecoin with Credit Card: It is the most popular option, and it is fast and secure. However, the transaction fee is higher than other options.
Buy Dogecoin with Bank Transfer: This method is safe and has a very low cost. However, transactions sometimes take days to be processed.
Buy Dogecoin with Bitcoin: Virtually all exchanges allow you to buy DOGE using BTC.
Why Buy Dogecoin?
Dogecoin has become one of the leading cryptocurrencies in the world, and there are reasons why investors have been attracted to the token in recent months. As the first meme cryptocurrency, Dogecoin has received the most attention from the cryptocurrency community amongst its peers.
The massive rally attracted millions of people to Dogecoin. It also got considerable media coverage as more investors entered the market. However, one of the biggest factors for Dogecoin’s performance can be tied to Elon Musk. The Tesla boss is a massive supporter of Dogecoin and has always supported and promoted the cryptocurrency.
Tesla has suspended accepting BTC as a payment method at the moment and could adopt Dogecoin. Musk had asked his Twitter followers if Tesla should accept DOGE as payment for its electric vehicles, indicating that the electric car manufacturer could consider that option.
Furthermore, Musk has praised Dogecoin’s function as a payment cryptocurrency over Bitcoin and Ether. The adoption of Dogecoin is on the rise, with NBA team the Dallas Mavericks accepting Dogecoin payments. With increased adoption, an increase in the price of cryptocurrencies is also likely to happen.
Although Dogecoin’s price has dropped massively from its all-time high of $0.74 achieved earlier this year, the cryptocurrency remains one of the top ten by market cap. It has gained recognition, and its adoption is rising, which could lead to further growth once the market recovers from the current bearish cycle.
Is it Legal to Buy Dogecoin in Austria?
Yes, buying Dogecoin from cryptocurrency exchanges and brokerage platforms is legal in Austria. Austria, similar to other leading countries, taxes cryptocurrency investors and traders for capital gains. Any capital gains on cryptocurrencies are subjected to taxation in Austria.
Although buying Dogecoin is legal in Austria, we recommend using reputable and regulated cryptocurrency trading platforms for your activities. Using regulated platforms helps you avoid the bad actors in the market and, in essence, saves you from scam platforms and falling victim to hacks.
Where Can I Use Dogecoin in Austria?
Despite the massive rally in DOGE’s price over the past few months and the adoption from millions of people, there are limited outlets that accept it as a means of payment for goods and services.
At the moment, there are no major retail outlets or brands in Austria that accept Dogecoin as a payment method for their products and services. This implies that most people using Dogecoin are investors speculating on the cryptocurrency’s price performance. However, the cryptocurrency market is continuously evolving and growing, it wouldn’t be surprising if outlets start accepting DOGE as a means of payment in a few months or years.
Austria is also home to 158 cryptocurrency ATNs. It allows people to buy and sell cryptos, with some of them supporting Dogecoin. Vienna has 66 cryptocurrency ATMs, with Graz coming in second place with 22 machines. The crypto ATM in Krems an der Donau allows people to buy Dogecoin using fiat currencies. Other crypto ATMs in Austria that support buying DOGE are located near Körper im Blick, VouGee GmbH, Hive 5 Office, Kfz Steinkleibl and CarVista Autohaus.
Our Recommended Best Way to Buy Dogecoin in Austria
Our research team spent hours researching the various crypto trading platforms in Austria that allow people to buy Dogecoin. After hours of research, we present you with the most reliable, convenient, and cost-effective way to buy Dogecoin in Austria.
Frequently Asked Questions
You can sell your Dogecoins on the platforms you bought them. The exchanges and brokerage platforms offer both buying and selling services. Selling DOGE on those platforms is easy and doesn’t take more than a few minutes
We couldn’t find Austrian exchanges or brokers that accept PayPal as a payment option for buying Dogecoin.
There are no cryptocurrency laws in Austria at the moment but the citizens are not restricted from investing in them. Cryptocurrency exchanges and brokers are allowed to offer DOGE to Austrians without restrictions. However, we still recommend you use a reputable and regulated broker or exchange to ensure the safety of your DOGE investments.
While Elon Musk is not the creator of Dogecoin, he is perhaps the most powerful person in the DOGE universe. His comments and support may influence the price of the cryptocurrency in the short term, but he doesn’t control it since it is a decentralised coin.
If you are a Hodler, you can keep your DOGE safe by storing the tokens in cold storage wallets. Wallets such as Trezor and Ledger offer the best protection for your Dogecoins since they are offline and ultimately safe from hackers and scammers.