Cryptocurrency is growing in popularity, so it makes sense that more people would want to cash in on the trend. Behind Bitcoin, Dogecoin is easily one of the most well-recognized types of crypto around the globe. It is a popular and memorable form of currency, but can you buy Dogecoin without fees?
Apps like Voyager do allow you to buy Dogecoin without fees, but they still make money. They may have a larger spread between the bid and ask prices. On the other hand, eToro is upfront about the small spread they charge at just 2.9 percent.
|Coinbase||0.5% spread plus 1.49% to 3.99% fees|
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eToro USA LLC does not offer CFDs, only real Crypto assets available.
If you think that you would like to get into crypto with Doge, here is what you need to know.
How to Buy Dogecoin without Fees: Voyager
There aren’t many ways to avoid paying fees on your Dogecoin purchase. Platforms for cryptocurrency investments have to have a way of making money. Exchanges may charge you a fee based on the spread or a percentage of what you purchase.
Voyager is a bit different, and it is one way that you can buy Dogecoin without fees. This broker offers commission-free trades and interest on certain types of coins, including Doge. If you have more than 5,000 Dogecoin, you earn 2 percent interest on your holdings.
How do they stay in business if they don’t charge commission and they are busy paying out interest on your holdings?
When you place an order, you will notice that there is a pretty sizeable spread between the bid and ask prices. In fact, it is even larger than some of the exchanges that would typically charge you a fee for trading cryptocurrency with them. This is a part of how Voyager makes money.
They are funded through their Smart Order Routing system. If Voyager is able to find Dogecoin at a lower price than what was quoted (and they often can), they receive a portion of the savings. This is really no different than other popular sites that charge a spread, including eToro.
However, some people like the idea of not paying fees on their crypto trading. Using Voyager is one way to do just that, though you will likely be paying them something to facilitate your trade.
Some users who are looking to buy and sell Dogecoin without fees will prefer the easy-to-use platform Robinhood offers. Much like Voyager, they do not charge any commissions or trading fees to buy and sell cryptocurrency.
Their system is set up in much the same way as Voyager. You will still be asked to pay the spread (the difference between the bid and ask price).
If you plan to buy and sell a large amount of Dogecoin, then Robinhood might be the best solution for you. Unlike Coinbase and eToro, you will never pay any additional fees on your transaction. While these other two platforms only charge small fees, they do add up if you plan to do many transactions.
Unfortunately, there aren't many ways to purchase Dogecoin without fees. The best thing you can do is look for companies that have low fees. Coinbase is one popular alternative to purchase your new cryptocurrency.
They charge both a spread and a fee. The spread is usually equal to about 0.5 percent but it could be higher or lower depending on market fluctuations.
The fees are also something that must be considered. In general, Coinbase charges a relatively low rate of 1.49 percent for those paying with a US bank account. That fee rises to 3.99 percent if you are purchasing Dogecoin with a debit card.
This is their variable fee. Depending on how much you purchase, you may instead be charged a flat rate fee. Whichever fee is higher is what you will be charged. Here is the breakdown of their flat rate fees:
- Less than or equal to $10: $0.99
- Greater than $10 but less than $25: $1.49
- Greater than $25 but less than $50: $1.99
- Greater than $50 but less than $200: $2.99
eToro USA LLC does not offer CFDs, only real Cryptoassets are available for US users.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
|Minimum first deposit||$50|
”Both major and alt cryptocurrencies at a trusted and secure platform”
If you want a convenient way to purchase your Dogecoin and don’t mind paying a small fee, eToro may be the right fit for you. They sell tons of different cryptocurrencies which could allow you to diversify your holdings. However, it is most important that they charge reasonable fees on your Dogecoin.
eToro charges based on the spread or the difference between the bid and the offer price. Keep in mind that this difference can vary pretty greatly when the market is more volatile. However, it is still a relatively small fee added to your transactions.
While most brokers will charge a spread on both the buy and the sell of your Dogecoin, eToro charges just one spread when you buy the asset. It is then adjusted whenever you go to sell with a $0 withdrawal fee.
The spread is just 2.9 percent for Dogecoin, but it varies for the other types of cryptocurrency.
How to Buy Dogecoin Without Fees
If you want to get in on one of the latest investing trends and buy Dogecoin without fees, you might have a hard time. Most brokers will charge at least a small fee to purchase your new crypto. You can do your best to keep those fees to a minimum by looking into platforms like Voyager and eToro.