This article will walk you through how to buy Dogecoin in India. Do not be surprised when I tell you that with the growing acceptance of cryptocurrencies, buying Dogecoin has become easier than ever.
I will show you all the steps that you need to follow – from selecting a trustworthy exchange platform to actually making the purchase – so you can buy DOGE without jeopardizing your safety and security.
What Is Dogecoin?
Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo.
The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.
Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme.
Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favourite coin.
How To Purchase Dogecoin in India?
The following is a comprehensive guide through which users are able to purchase Dogecoin (DOGE) via the ZebPay app:
Initial Steps
The first thing you’ll need to do is download the ZebPay app to your device or tablet.
Account Creation
You will now be required to create an account. Start by providing a working phone number and email ID.
KYC and Bank Account Verification
It is mandatory to complete the KYC stage and attach a bank account to your profile to assist in secure payments.
Funding the Account
Next, you can deposit the amount in rupees that you want to your ZebPay wallet.
Buying DOGE
Through the Quick Trade option of ZebPay, you can buy Dogecoins. All you need to do is state the amount that you wish to invest in DOGE, state its equivalent in INR, and proceed with the trade.
Is Buying Dogecoin Legal in India?
Yes, it is legally permissible to buy Dogecoin in India. There is currently no legal prohibition against the purchase, sale, or possession of cryptocurrencies such as Dogecoin, even though the legal landscape regarding cryptocurrencies in India has not been static.
The Reserve Bank of India (RBI), however, has warnings about the usage, and the government is attempting to clarify the rules further.
Until such legal frameworks are put into place, general citizens can buy and sell Dogecoin and other cryptocurrencies via recognized exchanges in India.
Can You Buy Dogecoin In Other Ways?
A different option for buying Dogecoin is using peer-to-peer (P2P) marketplaces, where you can sell and buy DOGE from people rather than from an exchange.
These exchanges do not conduct the trade but assist in the transactions by providing an escrow service that matches buyers and sellers..
As an alternative, you can use some of the other coins in your wallet to buy Dogecoin.
For example, if you have BTC or ETH, you may use these coins to purchase DOGE on exchanges like ZebPay or CoinDCX. This method should allow for easier and cheaper transactions than buying Dogecoin with fiat currency.
Tips for Safe and Secure Transactions
Consider the following tips that can help you in making safe and secure deals while buying Dogecoin or any other cryptocurrency:
Always use a trusted exchange
Purchasing Dogecoin through an untrustworthy platform is not the best approach.
Trusted and regulated platforms such as ZebPay or CoinDCX can save you a lot of hassle.
Use 2-factor authentication (2FA)
There is no harm in adding additional security measures. Add 2FA to your exchange account for extra protection.
Use a private internet connection.
Public Wi-fi should be avoided during transactions, wherever possible. Always use a secured connection.
Set up withdrawal whitelists.
This will restrict any attempted withdrawal to predetermined trusted wallet addresses only.
Watch out for phishing attacks.
There is a tendency to click on a suspicious link or even share personal information with someone you don’t know. Avoid this.
Keep your coins in a safe wallet.
If you plan to hold on to your Dogecoin for an extended period, consider purchasing a hardware wallet rather than keeping it on exchanges.
Check your accounts on a regular basis.
Monitoring your cryptocurrency and your wallet balances is crucial if you want to avoid any potential fraud.
Conclusion
To wrap this up, it is quite easy to buy Dogecoin in India. First, you need to choose a reputable exchange like ZebPay that allows you to complete KYC to validate your identity and use the Indian rupee to fund your account in order to proceed with buying the dogecoin.
It will be very advantageous to enable two-factor authentication and use a dependable wallet to keep your DOGE to ensure a safe transaction.
Stay informed about the policies and make wise decisions so as to have a safe and seamless cryptocurrency trading experience in India.
