Dogecoin has now grown into a very productive venture for consumers. It started as a joke, even the team at Dogecoin didn’t realise how will it gain people’s traction and they began investing their resources in Dogecoin.
DOGE’s value has risen from a relatively small amount of money to about $1 in a couple of months.
When selling DOGE, there are several factors to take into account. Primarily, you should verify that DOGE is offered on the site and that your selected fiat currency is allowed for withdrawal to a bank account before enrolling on an exchange. Evaluate exchanges to discover the least transaction fees in order to maximise the amount of fiat obtained.
Surprisingly, a broad spectrum of brokers and exchanges enables consumers in the UK to sell Dogecoin and withdraw cash from a bank account in the form of GBP, the UK’s currency. Today, I’m going to delve into those platforms and provide a concise tutorial on how to get started.
Look At The Choices Available for Selling Dogecoin in the UK
Most individuals sell or purchase cryptocurrency through brokers and exchanges, but there are other options as well. Here’s a rundown of all the potential alternatives.
- Brokers: Most people believe that brokers are the ideal platform for trading cryptos since they link you with other investors. You will also profit from increased market depth, enhanced liquidity, and other advantages. However, keep in mind that brokers act as middlemen between buyers and sellers, which means they often charge charges and provide varying crypto exchange rates.
- Exchanges: Exchanges are the places or platforms where you may purchase and sell a broad variety of cryptos. Remember that most exchanges have different costs and demand registration requirements.
- P2P marketplaces: These platforms are similar to brokers in that they link you to potential purchasers. You might look for lower rates and payment alternatives. P2P marketplaces for Dogecoin, o any other cryptocurrency, are uncommon. Getting the right opportunity can be difficult, and there is always the trust issue, even if it is improbable.
- Dogecoin ATMs: There are currently a lot of crypto ATMs in the UK, and some of them may let you sell DOGE coins. ATM fees are typically hefty; yet, here’s a useful tool for locating ATMs.
- Selling directly to the buyer: If you don’t want to use online services, you can always sell Dogecoin to a possible purchaser in reality. Obviously, this means you’ll need to locate a buyer, strike a contract, and close the purchase. You must also be cautious not to be deceived, which is why it is advisable to do the transaction in a public place.
Do Tax Charges Apply When Selling Dogecoin in the United Kingdom?
When you sell your digital currencies, you may be subject to Taxation in the United Kingdom.
However, in the 20/21 tax year, traders had to pay taxes on income over £12,300.
These regulations are prone to revision, so check the HMRC website to verify you’re obeying the law appropriately.
Step-by-step Instructions To Sell Dogecoin (DOGE) Cryptocurrency
Step 1: Determine where to sell Dogecoin
A few things influence where to sell Dogecoin. Aside from the network cost, cryptocurrency exchanges charge varying fees for depositing assets, however depositing DOGE should be free. When deciding where to sell, you should also consider trading costs for selling DOGE. Trading costs should be between 0 and 0.5% for every deal. The withdrawal charge for transferring to a bank account in the GBP is the final factor to take into consideration when selling Dogecoin. Some exchanges levy a flat fee, while others levy a%age. Look for an exchange that has no withdrawal costs, a cheap flat rate, or pays a percentage of the expenses.
Step 2: Make An Account
Once you select your desired platform to sell DOGE, you have to create your account on that platform. On the screen or GUI of your chosen exchange, you’ll find instructions. You’ll definitely be asked to provide your identity or personal details as a know-your-customer (KYC) procedure to verify your identity.
Step 3: Add Dogecoin To Your Wallet
Go to the account’s deposit area and copy the Dogecoin wallet address. Then paste the address into the wallet where your Doge is kept, and transfer the desired amount. The coins should be in your account shortly.
Step 4: Sell your Dogecoin
Then, using the search box, locate the DOGE/GBP market. Enter the number of DOGE coins you wish to sell and click the Confirm button. The cash should be reflected in your GBP balance shortly.
How Do I Get My Money Back After Selling Dogecoin in the UK?
After you’ve sold your Dogecoin and have GBP to withdraw, you’ll have a few alternatives, which may differ depending on the site.
Withdrawing cryptocurrency is simple; simply click withdraw and follow the onscreen directions to send it to your personal crypto wallet.
Here are some of the most prevalent options for withdrawing fiat currency:
- Credit and debit cards
- Transfer by bank
Whichever you select, the process is usually the same and just takes a few minutes. Select a method, enter the amount to be withdrawn, and link the payment option to your crypto platform’s account. Note that you’ll generally need to verify your identity first since you won’t be able to withdraw GBP unless you have a legitimate payment method associated with your name.
Where to Sell Bitcoin in the UK?
Let’s take a deeper look at all of the leading platforms for selling DOGE. We’ve researched and tested these sources to ensure you have all of the necessary information. The reviews will also assist you in determining which platform is ideal for you.
The commission cost is 0.50% for each trade, and the withdrawal price varies per method, ranging from 1.49% to 3.99%. Coinbase provides its traders with withdrawal methods like credit cards, bank transfers, and PayPal. Coinbase is one of the most user-friendly cryptocurrency exchanges in the world. It’s an excellent alternative for selling most cryptocurrencies, including Dogecoin. The website is simple to use, and even the signup procedure is quick, taking no more than 15 minutes to finish.
However, all of this comes with a price, and as with other cryptocurrency exchanges, there are a variety of charges to pay.
- Over 56 million users
- Available and popular cryptocurrency exchanges
- Maximum security
- The FCA regulates
- Excellent client service
- Debit card withdrawal fees are exorbitant.
- The platform does not support all coins.
Kraken’s commission cost ranges from 0% to 0.26% in most circumstances, with withdrawal fees ranging from £1.95 to £35. Kraken provides many withdrawal alternatives, including bank transfer (FPS, CHAPS, SWIFT)
Kraken is one of the world’s leading cryptocurrency trading platforms, and it was among the first to declare that it will begin accepting Dogecoin when it was released in 2013. The programme is simple to use and provides many excellent trading possibilities, although it has a slight flaw.
Dogecoin cannot be sold directly for GBP. You must exchange Doge for USD, EUR, or Bitcoin. Following that, you may quickly convert the money to British Pounds and withdraw your cash. This is still a viable alternative due to the exchange’s minimal costs.
- One of the world’s leading crypto exchanges; lower costs than other exchanges; no deposit fees
- Optional extras and features
- Excellent customer service system
- It is not possible to swap DOGE straight into GBP.
- These days, it is not as popular as other exchangers.
There is no commission cost. However, users outside the United States must pay a $5 withdrawal fee. It accepts credit/debit cards, bank transfers, PayPal, Neteller, Skrill, iDeal, and Klarna/Sofort banking for withdrawals.
eToro is widely regarded as one of the greatest platforms for trading the most popular cryptos in the United Kingdom, including Dogecoin. It is one of the few fully licenced broker platforms, which means that everything on it is completely controlled.
It is appropriate for both novice and expert users.
There are no commission costs, but you will have to pay a spread when selling Dogecoin, which typically begins at 0.75%.
- The FCA regulates it, and it has a user base of roughly 20 million individuals.
- Supports a variety of withdrawal strategies
- There are no commission costs.
- Low initial investment
- Some cryptocurrencies are not accepted.
- Reports of poor customer service at peak times
OKEX charges a 0.10% commission and no withdrawal cost. OKEX offers bank transfer withdrawal choices.
OKEx is a well-known crypto and fiat trading platform that supports a wide range of trading pairings, including Dogecoin. The commission cost is merely 0.10%, which should be sufficient for the majority of customers wishing to sell Doge. Although it is not as user-friendly as other platforms are, it still has a lot of important features that you can utilise when trading.
- Trusted platform with over 20 million users
- Very safe
- There are several crypto pairings.
- Excellent and really useful smartphone app
- Low commission charges
- Some options may be too complicated for newcomers.
- Not as well-known as other exchanges
What Factors Should You Take into account When Selling Dogecoin in the United Kingdom?
Before you start selling your DOGE supply, there are a few things you should think about:
- Cryptocurrency taxes: Before selling your DOGE coins, discover what taxes you may be accountable for as per law.
- Withdrawal methods: Before you join an exchange, be sure it supports the withdrawal methods you need so you don’t bother wasting your time.
- Fees. Examine any trading costs and whether there are any fees for withdrawing funds from your bank account or cryptocurrency wallet.
- Limits on trading and withdrawal. Is there a maximum quantity of Dogecoin you can sell or fiat cash you can remove from your account?
- Features for security. Is there any encryption to assist secure your money and personal information, such as 2-factor authentication or a ranking system for traders?
- Customer service. How can you reach customer service if some problem occurs with your transaction? What hours is assistance available?
- Analyses and reputation: Look for internet evaluations and crypto forum remarks from other users to see whether they advocate a specific exchange or trading platform.
That’s all there is to it when it comes to selling Dogecoin in the UK. If you’re ready, you may start using any of the platforms we mentioned right immediately. Use two-factor authentication to safeguard your accounts, and don’t believe random strangers who contact you promise to buy your coins for a high price.