You might think buying Dogecoin in New York is just like purchasing any other crypto. I thought the same, only to be disappointed after signing up on some major exchanges.
I faced two challenges: the exchange did not have the license to operate in New York, or the exchanges in New York did not list Dogecoin. I would like to point out that Dogecoin is considered to be a meme coin and has no proven use case so far. But with endorsements coming from Elon Musk and other popular names, that might change soon.
I put on my Sherlock Holmes hat and researched for the best options to buy Dogecoin in NY. To my surprise, there were many options. So here are my top ways to buy DOGE in NY.
How to buy Dogecoin in New York: Updated for 2021
Option 1: Buying Dogecoin on Coinbase
Coinbase, a reputed US-based exchange licensed in New York, started offering Dogecoin for spot trading.
Users in NY can buy Dogecoin once they complete the KYC process. The process is straightforward: login to the app or website, search for ‘Dogecoin’ or ‘Doge,’ enter the quantity, and hit the buy button to complete the purchase.
The fee is slightly higher than Binance, but you should be okay with that because there aren’t many options available for New York residents.
You can store DOGE on the exchange wallet, or if you want complete control over the asset, make use of a non-custodian like Metamask or hardware wallets. As I am into day trading, I prefer to store DOGE in my Coinbase wallet, and their 98% offline storage policy is promising.
Option 2: Buying Dogecoin on Gemini
To my surprise, Gemini was among the first crypto exchange to receive the Bitlicense and become a fully compliant exchange in New york. Like with Coinbase, the process to buy DOGE is pretty simple.
Clicking on the buy button will prompt you to enter the number of DOGE coins you want to buy. Enter the number and complete the transaction using any payment method. Gemini supports bank transfer(ACH), wire transfer, and debit cards when writing this.
Gemini has lower fees for trading and withdrawals when compared with Coinbase. However, the daily trading limits are lower than Coinbase. The Gemini earn feature allows you to earn 5.03% APY for just holding your DOGE coin in the Gemini wallet. You have to opt-in for the program and will not receive interest by default.
Option 3: Buy a Different Crypto and Swap using Atomic Wallet
Suppose you are adamant about buying DOGECOIN in NY from your exchange(operational in New York) but don’t list DOGE yet. In that case, you can purchase base crypto and then head to Atomic wallet and exchange it with DOGECOIN using the swap feature.
Go to the ‘Exchange’ feature in the Atomic wallet and see which crypto pair is available for DOGE. Based on that, you can buy that crypto from the exchange and then swap it with Dogecoin. Be careful and double-check the deposit addresses before sending the crypto. All these transactions will add-on to the fees.
I would opt for option one or two because it is hassle-free. Robinhood also offers services in New York, and Dogecoin is listed there. But I’m not too fond of the fact that they do not allow you to send cryptos to other wallets at the moment.
Recommended read – Can Dogecoin reach $100?
FAQs on Buying Dogecoin in NY State
Can I buy Dogecoin on Gemini in New York?
Yes, Gemini was among the first few exchanges that received the Bitlicense and can legally operate in New York. You can buy Dogecoin on Gemini using any of the payment methods.
Can I buy Dogecoin on Coinbase in New York?
Coinbase is among the few exchanges that provide crypto services to New York residents. Coinbase listed Dogecoin on June 4th and it is available on Coinbase.com and the Pro version. The buying process is explained in detail above.
What Reddit is saying about buying Doge in NY?
As per Reddit, the best way to buy Dogecoin in New York is to buy an alternate token and then swap it with DogeCoin. However, these threads seem to be 5-6 months old and they aren’t updated with Coinbase and Gemini Dogecoin listing.
Due to strict regulations in NY, you might not find many options to buy Dogecoin. The aforementioned methods have been tested and verified at the time of writing this, go pick your bag of Dogecoins even though you are a NY resident. Please do research on the fundamentals of Dogecoin before investing.
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.