If you are new to the Dogecoin world, you have probably heard of places like Robinhood or Webull to buy and sell Crypto. The good thing about both these services is that they are easy to sign up and get started. You can deposit from your checking account, and you are ready to enter the Crypto world.
The problem with both these services is that you don’t own the Crypto you purchase. Meaning you can’t move it off their platform onto your Dogecoin wallet. One service that allows you to move your Crypto to and from your Dogecoin wallet is Kraken, the exchange we recommend.
Where To Buy Dogecoin With USD
Kraken is great for getting Crypto from your Dogecoin wallet to their platform. But buying Dogecoin on their exchange, unlike Robinhood or Webull is a lot more cumbersome.
The issue is that Kraken only allows for wire transfers to fund your account. For the small-time investor who wants to deposit $50 to their account to buy some Doge, that does not work. There is a $25 fee associated with each wire transfer, and wire transfers are cumbersome.
Kraken has said they are working on ACH transfers, but they have said that for years. But we want to use their platform for buying and selling Dogecoin. So how can we, in the US, get around this.
Thanks to this post on Reddit, there is a solution. Here are the steps.
- Create a Coinbase account – This will be your on ramp to put fiat (cash) into the Crypto world.
- Create a Kraken account – This is where you will buy and sell your Dogecoin.
- According to Reddit poster, watson_tanner buy Lumen(XLM) on Coinbase. XLM will be the value holder as you move it over to Kraken. “The transactions speed is near-instantaneous by comparison and $0 network fee.”
- On Kraken, create a Deposit address for XLM.
- Send your XLM over from Coinbase to Kraken. Make sure you fill in both fields, address, and memo. Otherwise, your coin won’t get there.
- Within a minute, your XLM will appear in Kraken.
- From here, you can convert it to USD(cash) or Bitcoin(BTC)
- Then use that to buy your Dogecoin.
It is not the best way to do things, but Crypto trading is still a relatively new thing. Things will get better once Robhinood lets you move Dogecoin to your own wallet, Coinbase accepts Dogecoin, and or Kraken starts ACH transfers. Until then, this is the option we have.
Stay tuned to Dogecoin News Hub when any of these services changes.