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How to Buy Dogecoin in Venezuela in 5 Simple Steps

Dogecoin Venezuela

Hyperinflation has pushed Venezuela to embrace cryptocurrencies. The government even went ahead to launch its own national digital currency, the Petro. Dogecoin (DOGE) is one of the top cryptocurrencies within the crypto market today, with a market cap of over $21 billion. 

Its popularity has been boosted by endorsements from celebrities such as Elon Musk and Mark Cuban, who have expressed their love for the meme token. Are you looking to buy Dogecoin in Venezuela? This guide is going to help you achieve this goal with ease as it will discuss all issues related with buying DOGE.

Quick Guide to Buy Dogecoin in Venezuela Today

1

Sign up

identify a suitable platform that offers access to Dogecoin and sign up. Towards the end of this guide, we will recommend a few top platforms you can opt to use to buy Dogecoin with ease. Once you sign up, proceed to verify your account by uploading the necessary documents. Most platforms will not allow you to buy/trade if you don’t verify your account.

2

Fund your account

After your account has been verified, it’s time to fund it and proceed to buy DOGE. Various brokers and exchanges will support different modes for this purpose, including bank transfers, credit/debit cards, and third-party payment options. Choose the most appropriate mode and fund your account. Also, you need to understand the speed at which the funds get to your account will depend on the mode of payment that you select.

3

Buy Dogecoin

Once funds hit your account, it’s time to buy DOGE. This process is easy and can be done in a few steps by following instructions offered on the platform. Some brokers and exchanges will allow you to buy DOGE directly. However, some exchanges might require you to buy a particular coin then swap Dogecoin. If you get stuck, you can always reach out to customer support for help.

What is the Best Payment Method for Buying Dogecoin in Venezuela

Below is a list of some of the ways you can buy Dogecoin while in Venezuela. As you will see, they differ in terms of fees, speed and convenience.

  • Buy Dogecoin with Cash – It's possible to buy DOGE using the Venezuelan Bolivar through a peer-to-peer platform where you arrange to meet up with a seller. After you make the payment, the other party can transfer the coins to your address. But, you have to be careful to avoid getting scammed.

  • Buy Dogecoin with Credit Card – Most brokers and exchanges that offer access to DOGE will allow you to fund your account using this mode. It's pretty convenient and easy to use. All you need to do is enter your card details and complete the transaction. One issue with this method is that it might charge higher fees.

  • Buy Dogecoin with Bank Transfer – This is another popular option supported by various brokers and exchanges. It's cheaper when compared to credit/debit cards but can be slow since bank transfers can sometimes take 3 to 5 days. 

  • Buy Dogecoin with PayPal – Use of third-party payment modes such as PayPal is another option available to citizens of Venezuela when it comes to accessing Dogecoin. Most brokers and exchanges will allow you to fund your account this way. It's easy, fast and quite convenient.

  • Buy Dogecoin with Bitcoin – Lastly, it's possible to buy Dogecoin using other cryptocurrencies such as Bitcoin. The only issue is you need to have BTC first before making the swap. You can buy the coin and move it to another platform supporting both DOGE and BTC, then make the swap. 

Why Buy Dogecoin?

Launched almost 8 years ago, Dogecoin has managed to outlast many crypto projects and risen to be one of the top cryptocurrencies within the market today. When Billy Markus forked this project from Litecoin, he didn’t know it would get so popular since it was meant to be a “fun currency” that didn’t have much utility. For some reason, the coin was able to gain a strong community of meme lovers, including celebrities such as Snoop Dogg, Elon Musk, Mark Cuban and many others.

Elon Musk has played the biggest role in projecting Dogecoin to the world through his tweets. From his baby Doge songs to images of Shiba Inu on the moon to changing his profile to read the CEO of Dogecoin, he has played a significant role in bringing awareness to the project, and this has been reflected in its price. Dogecoin is faster and cheaper than Bitcoin, and for this reason, Musk has promised to make it the official cryptocurrency of Mars.

However, there are skeptics. People that don’t understand how a coin that lacks utility keeps dominating the market. One famous skeptic is Billy Markus, the creator of the project who a while back claimed to have sold all his DOGE holdings after running into some financial troubles back in 2015 for a tiny sum equal to the price of a Honda. Even though he claims not to have any regrets, we doubt, given the 2000x returns the project has posted since its all-time low.

As time passes, it seems Dogecoin keeps getting stronger. It's only safe to assume as long as memes exist, Dogecoin will be around. 

Is it Legal to Buy Dogecoin in Venezuela?    

Venezuela is very open to cryptocurrencies, and you have the freedom to purchase any cryptocurrency you like in the country. With their national currency suffering hyperinflation, most citizens see crypto as a hedge against the bad economy. This is a no-brainer, and given that cryptocurrencies are decentralised, offering users complete control over their finances is a big bonus. This article has provided a list of some top brokers and crypto exchanges you can use to buy DOGE if you reside in Venezuela.

Buy Dogecoin in Venezuela!

Where Can I Use Dogecoin in Venezuela?

Even though Venezuela is open to cryptocurrencies, you will struggle to find businesses that accept DOGE payments. It’s possible to agree with a business or individual willing to accept DOGE for goods and services. However, you can convert your coins to BTC and spend them at over 20,000 PoS terminals that accept Bitcoin. Also, you can convert your DOGE to Venezuelan Bolivar and use it as you like at any location. One place this is possible is using the crypto ATM located in Caracas.

Our Recommended Best Way to Buy Dogecoin in Venezuela

This guide has outlined the steps you need to take to buy Dogecoin and the various payment modes at your disposal. This part will offer our choice of the platform that you can use to make your purchase quickly.

1
Min. Deposit
$10
Promotion
User Score
10
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA

Frequently Asked Questions

  1. Currently, it's not possible to buy DOGE using the official digital currency of Venezuela since there aren’t any platforms that support the Dogecoin/Petro pair.

  2. This depends on how much you have planned for the activity. Most exchanges will allow you to buy coins worth at least $10. As for brokers, you will have to fund your account with at least $100 to $250.

  3. Yes. Most reputed platforms will insist on identity verification as part of the KYC regulations.

  4. As much as Musk has some influence over the crypto market since he has a huge following on Twitter and many individuals tend to take his tweets seriously, the project is too big to be controlled by the opinions of a single individual.

  5. Yes. This is possible using a crypto ATM where you feed the machine with cash and make the purchase. Also, it's possible in a peer-to-peer manner, but you need to be careful conducting transactions this way since there is a risk of getting robbed.

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