Dogecoin (DOGE) is one of the biggest winners in the cryptocurrency market’s recent bull run, experiencing a massive rally to establish it as one of the top ten cryptos by market cap.
If you are looking for ways on how to buy Dogecoin in Belgium, then this guide will help you with everything required to get started. We have compiled a well-researched and thorough guide containing the best places and the various ways to buy DOGE in Belgium. This will make it easier for any Belgian to buy the meme cryptocurrency.
Quick Guide to Buy Dogecoin in Belgium Today
Select from any of our recommended crypto brokers and exchanges and proceed to open an account with them using your name, phone number and email address. Move to the next stage and complete the Know Your Customer (KYC) process by submitting documents to prove your identity. The KYC procedure is mandatory on all regulated crypto trading platforms.
Fund your account
With your newly activated trading account, proceed to fund it using any of the payment options available. Most platforms offer numerous payment options like bank transfer, credit/debit card, crypto payment or other channels such as PayPal. Use the deposited funds to purchase DOGE or start trading it against other cryptocurrencies or fiat currencies. However, ensure that the funds reflect in your trading account before you initiate the Buy Dogecoin procedure. Note, there could be deposit limits, especially when you open a new account.
With the funds safely in your exchange or brokerage account, you can use it to purchase DOGE. You can use the deposited funds to purchase DOGE directly if the platforms support the DOGE/EUR pair. The Euro is Belgium’s official fiat currency, and the DOGE/EUR pair is available on various exchanges. Complete the transaction once you have inserted the amount of DOGE you wish to buy or the equivalent amount in euros.
Where to Buy Dogecoin in Belgium in 2021?
Buying Dogecoin in Belgium comes down to two major outlets; crypto exchanges and brokerage platforms. Belgian users can use either of the two to access the cryptocurrency market.
Investing through exchanges is a popular way of purchasing the cryptocurrency, especially for people that want to be long-term investors of Dogecoin. You can easily move the coins into an external wallet to ensure the maximum security of your investment.
The other option is to buy from brokerage platforms. The brokers provide services to traders who wish to speculate on the price of the cryptocurrency, using investment vehicles like contract for differences (CFDs) and futures or options. In this case, you are not buying the main DOGE, and you don’t need to buy a wallet and store the coins.
We want to make it easier for Belgians to trade DOGE on the best platforms available to them. Hence, our research team worked hard to select the best exchanges and brokers that sell Dogecoin in Belgium.
Step by Step Guide - How to Buy Dogecoin in Belgium
It can be a tough task for anyone to buy cryptocurrencies. It is even harder for people new to the market and yet to understand how crypto trading platforms work. We have broken down the DOGE buying process into five easy steps
Step 1: Find an Appropriate Platform to Buy Dogecoin
As one of the leading cryptocurrencies, Dogecoin is available on numerous brokerage platforms and crypto exchanges. You will need to choose a platform you wish to work with, and that depends on your investment needs and style.
You should use cryptocurrency exchanges if you fancy yourself to be a HODLer (a long-term investor). By buying DOGE from a crypto exchange, you are acquiring the real coins, giving you the option to move them to a cold storage wallet to ensure maximum security. However, a broker is your best bet if you are only interested in conducting quick, hassle-free trades.
Regardless of your investment style and choice of a platform, ensure that you work with regulated ones. The unregulated platforms will promise you lower fees and other perks. However, your funds are at risk with them since they are not regulated, and the platforms are not covered by any insurance in the event of a theft, a hack or an exit scam.
Step 2: Registration / Create a New Account
After setting your mind on the platform to use, open a trading account with them. Usually, most platforms allow you to open a trading account using an email address, a phone number or using your social media account.
The account will be activated almost instantly, and you will proceed to complete the KYC procedure before buying DOGE. Each of our recommended platforms will require you to provide necessary copies of your ID (like passport, driver’s license or more) and proof of address (bank statements or utility bills). Some might even ask for a selfie.
Some traders think this process is inconvenient, and they switch to unregulated platforms to avoid it. However, KYC is important to ensure the safety of your DOGE investment and other cryptocurrencies. KYC is already popular in other financial markets, and it should be the same with cryptocurrency platforms.
Step 3: Deposit Funds
With the KYC process completed, your exchange or brokerage account will be fully activated, allowing you to buy DOGE. However, you will need funds to buy DOGE, and this is what this stage is about. Belgian investors can fund their trading accounts using a wide range of payment methods. Some of the most popular ones include bank transfers, PayPal, credit and debit cards and others. The choice is yours, but each of the platforms has its pros and cons.
PayPal is a funding option on some cryptocurrency trading platforms. However, it is not readily available on most platforms, which means you have to choose the exchange or broker that supports your payment needs.
Step 4: Start Trading or Buying Dogecoin
After the deposited funds reflect in your account, you can use them to purchase DOGE or start trading the cryptocurrency against other leading coins or fiat currencies. If you choose to go with a crypto broker, you will be granted exposure to DOGE through investment vehicles like CFDs. This allows you to make profits from DOGE’s price performance without holding the underlying coin.
On the flip side, if you choose an exchange, you will purchase the actual DOGE coins, giving you the option of moving them to external wallets for safekeeping or using them for other functions.
We also have exchanges like Binance that grant traders exposure to cryptocurrencies via futures and options, and we have brokers such as eToro that allow users to purchase the actual coins from their platforms.
Step 5: Optional Steps
You can take extra steps to ensure the safety of your investment or boost your potential profits after buying Dogecoin. These optional steps are listed below.
Store in an external wallet: As a long-term holder, it is recommended to move your DOGE coins to external wallets like Trezor, Ledger or Trust Wallet. This will increase the security of your DOGE investment.
Hedge the coins: Derivative traders can open complementary positions to hedge their DOGE coins.
What is the Best Payment Method for Buying Dogecoin in Belgium?
The best payment method for buying Dogecoin in Belgium depends on the choice of the user. Each user has his/her preferences when it comes to funding their account to buy cryptocurrencies. This is because the payment options have various trading fees and other factors.
Positively, Belgian traders can fund their crypto accounts using virtually every payment option available. PayPal, which is not readily available in every country, is available to Belgian traders. Furthermore, they can use other popular methods such as credit cards and bank transfers.
Buy Dogecoin with Cash: You can use this option on peer-to-peer exchanges.
Buy Dogecoin with Credit Card: This option is popular due to the speed and security of transactions. However, the transaction cost involved is higher than other payment options.
Buy Dogecoin with Bank Transfer: You can use this method if you want to enjoy low fees and security. However, you also have to deal with slow transactions.
Buy Dogecoin with PayPal: This method is convenient and comes with low fees. Unfortunately, it is not available on most platforms.
Buy Dogecoin with Bitcoin: Almost all platforms allow you to buy DOGE using Bitcoin.
Why Buy Dogecoin?
Dogecoin rose to prominence over the past few months, with thousands of investors entering the market to enjoy the massive profit it generated. One of the main reasons investors would consider Dogecoin is because of the huge return on investment (ROI) it offered earlier this year.
DOGE’s price performance is unmatched amongst the top ten cryptocurrencies. At the start f of the year, DOGE was trading at $0.005538. However, the price experienced a massive rally that saw its price reach its all-time high of $0.74 on 8 May 2021, representing a 6,000% increase in price within the space of five months.
The rally is understandable after a recent report revealed that Dogecoin’s trading volumes went up by 1,250% in the 2nd quarter to almost $1 billion a day. The increased media attention it received during that period also contributed to its rally.
Another reason why investors flocked to Dogecoin could be Elon Musk. The Tesla and SpaceX boss is one of the world’s richest people and a leader in the science and tech world. His support for Dogecoin is enough to convince some people to invest in the cryptocurrency.
In terms of adoption, Tesla is still down the pecking order compared to BTC and ETH. However, Tesla no longer accepts Bitcoin as a payment option and Musk has teased with the idea that they could adopt Dogecoin. He also believes that Dogecoin is a better payment cryptocurrency than Bitcoin and Ether.
Despite the price decline, Dogecoin has maintained its position as one of the top ten cryptos by market cap.
Is it Legal to Buy Dogecoin in Belgium?
Yes, it is legal to buy Dogecoin in Belgium. Although cryptocurrencies remain unregulated in Belgium, like other countries, the government said it is working on establishing a regulatory framework for the market.
We recommend using regulated and reputable brokers and exchanges in Belgium when you wish to buy Dogecoin. This will ensure the safety of your DOGE investment and help you avoid hackers and scam platforms.
Where Can I Use Dogecoin in Belgium?
At the moment, Dogecoin’s adoption hasn’t gone much beyond an investment vehicle. There are limited outlets that accept the meme coin as a payment option for their products and services.
However, the cryptocurrency continues to evolve and grow, and so does DOGE. Hence, it wouldn’t be surprising if outlets in Belgium and other parts of the world start accepting DOGE as a payment method in the coming months and years.
There are 21 cryptocurrency ATMs in Belgium that allow people to buy and sell cryptocurrencies using fiat currencies. The crypto ATM in Bastogne allows people to buy DOGE using fiat currencies, hence, making it easier for people to buy and sell the cryptocurrency.
Our Recommended Best Way to Buy Dogecoin in Belgium
This guide promises to find the best ways for you to invest in Dogecoin in Belgium, and that is exactly what we did. Our research team spent hours going through various crypto trading platforms to find the best one to use for buying DOGE. Following our research, we present you with the most reliable, convenient, and cost-effective way to buy Dogecoin in Belgium.
Frequently Asked Questions
Yes. Most reputed platforms will insist on identity verification as part of the KYC norms.
At the moment, you can store Dogecoin on external wallets if you are a long-term investor. You can also trade it against other cryptocurrencies on exchanges or brokerage platforms. Furthermore, you can send DOGE to people, especially if they accept it as a payment option for their services or goods.
You can store it in an external wallet. There are hot wallets such as Trust Wallet, or you can go with the cold storage wallets like Ledger and Trezor.
Dogecoin doesn’t have a supply limit and there are over 130 billion Dogecoins currently in circulation.