Dogecoin (DOGE), the real meme coin which began its journey as an experimental or fun cryptocurrency, gained plenty of ground during the April 2021 bull run, emerging as one of the mainstays of the top 10 crypto lists everywhere. Having found an ardent fan in none other than Elon Musk, the multi-billionaire businessman, Dogecoin is apparently here for the long haul.
Are you keen on learning how to buy Dogecoin in Portugal? If so, then this guide will help you out as it will explain important aspects like the best places to buy Dogecoin in the country and payment methods.
Quick Guide to Buy Dogecoin in Portugal Today
Choose any of the shortlisted exchange and broker platforms displayed below in this article. Then, open an account by entering your full name, email id, residence address and phone number. Verify your identity by uploading copies of certain documents. Please know, it’s mandatory to verify your identity as per the KYC process of regulated platforms, to be able to use their crypto buying or trading services.
Fund your account
You can do this via any of the payment methods accepted at the chosen platform. Most brokers and exchanges in Portugal accept a wide range of payment methods including credit/debit cards, bank transfer and PayPal. Nonetheless, always double-check that the platform you have in mind indeed accepts the payment option preferred by you. Select a suitable payment method that meets your requirements.
You’ll be good to go and make the Dogecoin purchase as soon as the funds get credited into your broker/exchange account. Almost all the crypto exchanges and brokers operating in Portugal accept Euro for crypto purchases. If you are transacting on an exchange, look for a DOGE/EUR pair, alternatively try locating a ‘Buy Dogecoin’ button on the brokerage portal. Thereafter, simply specify the amount of DOGE you’d like to buy, and make the purchase.
Where to Buy Dogecoin in Portugal in 2021?
It is highly recommended that people interested in buying Dogecoin in Portugal should only use regulated and reputed platforms.
With exchange platforms, you can quickly buy the desired amount of DOGE without any hassles. Such portals are the first preference of investors with a longer investment horizon, who are also commonly known as ‘HODLers’. They make timely crypto purchases from exchange portals and then move their funds to a cold hardware wallet, for long-term holding.
On the other hand are brokers that are frequently used by short-term traders who prefer betting on the crypto price movements. They use financial derivatives such as Contract for Differences (CFDs), Options and Futures for this purpose. Please note, derivatives are financial contracts that allow you to speculate on the price fluctuations of the underlying cryptocurrencies, without owning and exchanging any actual crypto coins.
Our experts have shortlisted some of the best Dogecoin exchanges and brokers operating in Portugal today. You can use any of these portals to make a swift and convenient Dogecoin purchase straightaway.
Step by Step Guide - How to Buy Dogecoin in Portugal
As cryptocurrencies are very different from conventional tradable assets, it is normal for people new in this space to find their purchase slightly intimidating. We’ve racked our brains and have broken down the entire Dogecoin buying process into the below-detailed 5 simple steps.
Step 1: Find an Appropriate Platform to Buy Dogecoin
Please remember, when it comes to investing/trading in Dogecoin through an online broker or exchange in Portugal, there’s no single best or worst platform for the activity. If you’d like to buy DOGE ownership and stay invested in your coins for the long term, you may be better off using a well-known exchange portal. However, if you simply prefer hassle-free and regular DOGE trades, to profit from its frequent price movements, a recognised broker will be best for you.
We couldn’t stress more the importance of signing up and dealing with only well-regulated platforms. Though unregulated service providers may charge you less and have a simpler sign-up procedure, there will always be the risk of losing your funds. Moreover, with them, you’ll be on your own in case anything goes wrong.
Step 2: Registration / Create a New Account
Once you have made up your mind to deal with a specific exchange or broker, you may sign up with it by providing some basic info like your name, address, phone number and email ID. Some of these portals may even ease up and expedite this process by allowing you to sign up with an existing social media or Google account.
Please note, all regulated portals will require you to verify your identity prior to using their services. It would normally involve uploading a scanned copy of a valid proof of address (bank statement or utility bill) and a government-issued photo ID (National ID, driving license or passport). Keeping all such documents handy can get you going in no time. We’d like to highlight here that though this verification process, commonly referred to as KYC (Know Your Customer) process, may seem cumbersome to many, it is crucial to keep bad elements away from the trading portals, and to safeguard everyone’s interests.
Step 3: Deposit Funds
Once you’re past the KYC checks, you may deposit funds into your exchange/broker account, to buy the required amount of DOGE. Portugal being an integral part of Europe enjoys the services of many reputed European and international trading platforms. It’s highly unlikely to not find a payment method suitable to you on the majority of these portals. Some of the commonly-accepted payment methods include credit/debit cards, 3D Secure Cards, bank transfers, SEPA transfers, Neteller, Skrill, SOFORT and PayPal. Please bear in mind that different platforms may accept different payment options for fund deposits and crypto purchases. It’s always better to cross-check the availability of a particular option beforehand.
Step 4: Start Trading or Buying Dogecoin
You’ll be freely able to trade or buy Dogecoin the moment deposited funds get credited into your account.
If you decide to go with a broker, you may open a Dogecoin trade via a derivative like CFD. As mentioned earlier, such derivative products are meant to bet on the price fluctuations of the crypto-assets, including Dogecoin. As there’s no actual exchange of DOGE involved, you will not require a crypto wallet either.
In case you prefer buying the actual DOGE ownership, and use an exchange portal for this purpose, you’ll need to ensure that your coins are stored safely after their purchase. While frequent DOGE traders store their coins in web-wallets normally offered by and integrated into exchange platforms, crypto investors with a long-term strategy, prefer moving their coins to more secure and self-owned hardware wallets. All well-known exchange platforms in Portugal will offer a DOGE/EUR trading pair to facilitate easy purchase of the meme coin.
Please be aware that there may be exceptions when it comes to the usual services provided by crypto exchanges and brokers in Portugal. To give you an example, even though Binance is a reputed international online crypto exchange, it also allows investors to trade Futures and Options. The same way, while eToro is a highly recommended broker in the crypto world, it also gives you the option to buy actual DOGE coins.
Step 5: Optional Steps
At this point when you have already purchased the required quantity of DOGE or have opened a DOGE trade, you can use the below-provided optional steps, to do something extra with your crypto investment/trade, or ensure your coins’ safety.
Derivative traders can open a complementary trading position, to hedge their primary Dogecoin investment.
In case you bought the ownership of Dogecoin from an exchange, you may want to transfer your coins to an external, self-owned wallet for higher security.
What is the Best Payment Method for Buying Dogecoin in Portugal?
Just like a trading platform, there is no best or worst payment method to buy Dogecoin in Portugal. It will essentially boil down to your personal preferences, and what level of fees, security and speed you want in your transactions. Generally speaking, Portugal being one of the most crypto-friendly nations, you’ll find almost all popular payment methods to buy Dogecoin in the country.
Buy Dogecoin with Cash – Can buy through peer-to-peer (P2P) exchanges, by meeting a seller in person.
Buy Dogecoin with Credit Card – Quick and safe, but involves a higher transaction fee.
Buy Dogecoin with Bank Transfer – Secure and inexpensive, however, comparatively slower than other options.
Buy Dogecoin with PayPal – Not all platforms allow deposits through PayPal, but it delivers a nice combination of cost and convenience.
Buy Dogecoin with Bitcoin – Almost all crypto exchanges will permit easy purchase of DOGE with Bitcoin.
Why Buy Dogecoin?
Dogecoin was created as a joke but it eventually found a purpose with many people branding it as an approachable and more friendly alternative to Bitcoin. In fact, there’s a thriving Dogecoin community which has catapulted the coin to cult status today, with many new investors using it as an entry-medium into the crypto world.
Founded in the year 2013, Dogecoin has its roots in Luckycoin, which is based on Litecoin. As mentioned above, the original purpose of DOGE was to serve as a more approachable and light-hearted alternative to Litecoin, Bitcoin and other crypto-assets. You’re unlikely to find any ground-breaking features that possibly set it apart from a great multitude of other cryptocurrencies. It won’t be wrong to state that Dogecoin’s true value is because of its irreverent attitude and a vibrant and strong community that has formed around it, over a period of time. This community boasts of celebrity members like Elon Musk, Mark Cuban, Snoop Dogg and Gene Simmons.
Dogecoin’s creators Jackson Palmer and Billy Marcus would have never imagined that the coin would reach a market cap of over $25 billion, at the time of writing, and touch the $88 billion mark during the bull-run in the first half of 2021!
Why could it be the best time to buy Dogecoin now? There are many reasons that suggest a bright future for DOGE. Most important of them is the support received from Elon Musk, multibillionaire businessman, who has pledged continued support for Dogecoin, including a space mission funded by Dogecoin and working alongside its developer community. There are rumours that Tesla may also accept Dogecoin as a valid payment option in the future. Some other popular adoption-related news stories include the acceptance of Dogecoin payments by the Dallas Mavericks, the NBA team.
Even though DOGE’s price has been wildly volatile, having witnessed a significant drop in May 2021, sliding down from a high of over 70 cents (in early May 2021), to under 20 cents per coin at the time of writing, it continues to be an extremely popular option for new and seasoned crypto investors. With the crypto market and Dogecoin being in a state of ‘Dip’ right now, it may be the perfect opportunity to buy Dogecoin in Portugal right now.
Is it Legal to Buy Dogecoin in Portugal?
Portugal is a very progressive country when it comes to adopting innovative and emerging technologies. Though it follows the general EU guidelines related to the regulation of virtual currencies, the country’s authorities have repeatedly clarified that cryptocurrencies, including Dogecoin, will be treated the same way as any other currency, and not just as an asset. Additionally, a notification was issued by the Portugal’s Ministry of Finance, in the year 2016, which clearly stated that any capital gains made from crypto retail trading (non-professional income) will not be subjected to any tax in the country. Furthermore, any business entity that intends to function as a Virtual Asset Service Provider (VASP) in Portugal, must obtain authorisation from its Central Bank.
Where Can I Use Dogecoin in Portugal?
Portugal is ranked 43rd on the Global Cryptocurrency Adoption Index, indicating a considerably higher usage of crypto coins than many other countries. There are several merchants and service providers in Portugal that actively accept Bitcoin, Dogecoin and other cryptocurrencies as a valid form of payment. You can find one closest to you by zooming in on this map at Cryptwerk.com. Additionally, there are 3 Bitcoin ATMs in the country, with one each in Lisbon, Braga and Porto. All these facilitate easy cash purchase of BTCs, but no other cryptocurrency. You can’t sell any crypto coins through them either but you can always swap BTC for DOGE at any platform of your choice.
Our Recommended Best Way to Buy Dogecoin in Portugal
We followed a detailed review process and studied a large number of platforms where you can buy Dogecoin in Portugal. From these, we’ve selected the most cost-efficient, convenient and dependable way to make a Dogecoin purchase in the country today. It is displayed below.
Frequently Asked Questions
Yes. You’ll need to pay income tax as per the existing rate for professional individuals in Portugal if you make profits from professional crypto or Dogecoin trading, and it is your primary source of income.
As is the case with any type of investment, there is a certain risk involved in buying and selling Dogecoin and other cryptocurrencies too. However, you can minimise such risks by taking some measures and ensuring that you always use well-regulated platforms.
Elon Musk hasn’t developed or launched Dogecoin. He is just an investor and is quite vocal about his fondness for DOGE. Though his comments often influence the DOGE price, he doesn’t have any direct control over the cryptocurrency.
Whereas a crypto exchange will normally facilitate easy buying and selling of actual DOGE, a broker other than permitting the sale/purchase of DOGE will also allow you to use financial derivatives like CFDs and Futures to bet on its price fluctuations.
Yes. You will need to verify your identity to be able to buy Dogecoin from a regulated exchange or broker in Portugal.