In today’s article, we will be looking at the easiest options available that allow you to convert your Dogecoin to USD and vice versa.
Dogecoin was created in 2013 by Billy Markus and Jackson Palmer as a bit of a joke currency, and while the two founders have since left the project, the Shiba Inu crypto is still being used by thousands of traders.
As such, many are wondering how they can exchange their Dogecoin into the US dollar, or how they can buy with fiat DOGE.
While there are a limited number of exchanges that support DOGE/USD pairs, few allow this transaction.
Kraken is one of the oldest crypto exchanges on the market, supporting both crypto-to- crypto trades as well as fiat options. Dogecoin is also supported on the platform, and it is paired with a number of fiats, including the US dollar.
If you are looking to deposit or withdraw USD from your Kraken account, you can do so via SEPA (EU residents), SWIFT, or bank wire.
Kraken applies a fee between 0.16% and 0.00% for the buyer, and between 0.26% and 0.10% for the seller based on their 30-day volume.
Exmo is a crypto trading platform and exchange that accepts fiat for a wide range of cryptos, including Dogecoin. The platform supports a variety of payment options when it comes to depositing or withdrawing fiat funds, as traders can use credit/debit cards, e-payment processors, and bank wire. The exchange supports three fiat currencies, USD, RUB, and Euros, which can be transferred through SEPA bank wires. It should be noted that US traders are not able to access the platform. The trading fee is set at 0.2%.
Below are all the payment options supported:
- Credit/debit cards;
- Perfect Money;
- Ex-Code (Exmo Internal Currency Exchange system) – for fiat withdrawals;
- Crypto Capital – converts cryptocurrency holdings into fiat currencies.
YoBit is an online exchange trading platform that was launched in 2014, founded by a group of European developers and crypto enthusiasts. The platform supports 497 cryptocurrencies and tokens and 8,575 active pairings. Of course, you can also find Dogecoin listed here. The trading fee is 0.2% on all trades.
The only fiat currency supported is USD, and you can transfer it via AdvCash, debit cards, Payeer, Capitalist, and Perfect Money.
The withdrawal fees will vary based on the payment option used:
- Debit Card (US$6 + 5%, max $2,000);
- Perfect Money (1%);
- AdvCash (7%);
- Payeer (7%);
- Capitalist (1%).
Livecoin is a rather obscure exchange, as there is limited information regarding its ownership, registration, and headquarters. The exchange supports many cryptos, including Dogecoin. Livecoin’s flat fee is set at 0.18%.
The exchange supports three fiat currencies, namely the US dollar, EUR, and Russian Ruble, which can be deposited through a number of e-payment processors, including Payeer, PerfectMoney, Capitalist, AdvCash, and Qiwi.
You cannot deposit using credit cards, but you can withdraw fiat currency to your VISA-card or Mastercard. You can withdraw (but not deposit) to Yandex.money and Webmoney.
In our example on how to convert Dogecoin to USD, we will be using Kraken, as it is the exchange that has the highest liquidity.
How to Convert Dogecoin to USD
- Go to Kraken, open an account, and deposit your Dogecoin. You will have to pass the KYC requirements if you want to trade with fiat.
- Select currency pair
- Select the DOGE/USD pair from the ticker/quote bar near the top left corner.
- After selecting your trading pair, go to the “New Order” page and click the “Simple” form.
- Select the amount of Doge you want to sell and chose if you want to execute a market or limit order.
- Submit the order by pressing the large buy/sell button.
- Confirm your order.
- Wait for the order to be completed.
A market order executes the trade instantly, while limit orders may not be filled right away. You can check your trade’s status in the “Orders” tab. The buying process with fiat for Dogecoin is the same, but instead of depositing DOGE, you deposit fiat and fill in a buy order.
Depending on what payment option is most convenient for you, other exchanges might be more suitable for you. For example, Yobit and Exmo are more convenient for credit card users for both deposits and withdrawals, Livecoin supports credit card withdrawals, while Exmo and Kraken support bank wires.
Credit card transfers are processed faster than bank transfers and e-wallet payments, but they also come with the highest fees. You will have to take into account the trading fees, withdrawal fees, as well as the processor’s fees.
You will also have to take into consideration the exchange’s liquidity on the DOGE/USD pair because if liquidity is low, your order may not be executed.
Advantages of converting Dogecoin to USD:
- Fast transfers.
- You can find exchanges that support the pair, meaning you only need to register on one platform.
Disadvantages of converting Dogecoin to USD:
- Aside from Kraken, only small exchanges support the pair, and these exchanges are often completely unregulated.
- Smaller exchanges also have low liquidity levels, meaning that you might not be able to sell a large amount of Dogecoin.
This has been our article on how to convert Dogecoin to USD. We hope that the information we have provided here will be of use to you in the future.
Featured image: NullTX