🟠 How to Sell Dogecoin (DOGE) for GBP in the UK

Backed by Tesla CEO Elon Musk, Dogecoin was one of the standout performers during the 2021 crypto bull market. UK investors with profits often search for how to sell Dogecoin (DOGE) for GBP, while those aspiring for future gains want to know their options if they decide to cash out Dogecoin.

Interestingly, many exchanges and brokers let people sell Dogecoin in the UK and receive the payment directly to their bank account, debit card, or other cryptocurrencies. This article lists these platforms and also provides a simple guide on how you can get it done.

A quick guide on selling DOGE for GBP on Binance

• Register at Binance.com and complete the user verification process.
• Go to Wallet > Fiat and Spot.
• Find your DOGE wallet from the coin’s list and click Deposit
• Copy the address provided and use it to transfer funds from the external wallet where you hold the coin.
• Once confirmed, go to Markets and search for DOGE/GBP pairs. You will find it under Fiat Markets.
• Click on the pair. At the bottom of the page, switch the Order type from Limit to Market.
• Under the Sell column, enter the quantity of DOGE to sell to GBP and execute the order.
• Go back to Wallet > Fiat and Spot and click Withdraw on your GBP wallet.
• Provide your bank or card details and initiate the withdrawal.
• Binance will complete the GBP transfer to your account using the provided information.

How to sell Dogecoin for GBP

Binance

Binance is one of the most popular cryptocurrency exchanges and offers multiple options for selling cryptocurrencies like DOGE for GBP. Aside from the steps outlined in the quick guide, here’s another way to cash out after registering and completing the KYC process.

How to do it:

• Go to Wallet > Fiat and Spot.
• Click Deposit on your Dogecoin wallet and copy the address provided.
• Transfer your coins to this address and wait for the network confirmation.
• Go to Trade > Convert and select DOGE as the conversion coin for BUSD.
• Input the amount and complete the conversion.
• Next, convert the BUSD to GBP following the same method.
• Once successful, go back to Wallet > Fiat and Spot.
• Click Withdraw on your GBP wallet.
• Enter the amount to withdraw on the next screen and choose your preferred method.
• Initiate and approve the withdrawal.

Supported Withdrawal Methods: Bank Transfer (Clear Junction, Faster Payments), Credit and Debit card.

EXMO

Based in London, Exmo is another excellent choice for cashing out Dogecoin. The exchange is among the few that support direct conversion between DOGE and GBP, and the process of doing so is relatively straightforward.

How to do it

• Sign up at Exmo.com and complete their user identification process.
• Go to Funding and click Deposit on your Dogecoin wallet.
• Copy the provided address and transfer funds from an external wallet.
• Once successful, go to Trade>Simple Trade.
• Switch the Markets tab to GBP and find the DOGE/GBP pair.
• Click Sell and input the amount to sell in the pop-up box.
• Verify the details and click Sell DOGE.
• Go back to Funding and click Withdraw on your GBP wallet.
• Provide the bank details for the withdrawal and initiate the process.

Supported Withdrawal Methods: Bank Transfer (Faster payments, CHAP, BACs)

BC Bitcoin

BC Bitcoin is a UK-based cryptocurrency broker. Unlike exchanges where you buy and sell from the order books, BC Bitcoin deals directly with customers. If you sell DOGE to them, you’ll be provided with an address to transfer it to, while BC Bitcoin sends the GBP equivalent to your bank account.

How to do it:

• Register at BC Bitcoin and complete their lengthy verification process.
• Go to Sell Coins and select DOGE as the coin to sell.
• Input the amount (the minimum amount is £100)
• Select GBP as your preferred currency
• Provide your bank details and initiate the trade.
• Copy the Dogecoin address provided and transfer the funds to it.
• Once confirmed, BC Bitcoin will send the GBP equivalent to your designated bank account.

Supported Withdrawal Method: Bank Transfer

Kraken

Kraken is one of the oldest cryptocurrency exchanges and among the first to announce support for Dogecoin. The platform will not let you directly sell DOGE for GBP. Instead, it supports direct conversion into USD, EUR, or BTC. 

Since Kraken also offers GBP pairs for the three currencies, you can sell DOGE to any of them and then convert it to GBP for withdrawal to your bank account.

How to do it:

• Register at Kraken and complete user verification (Intermediate Level at least)
• Go to Funding and click Deposit on your Dogecoin wallet.
• Copy the address to complete the transfer from an external wallet.
• Go to Trade and find the DOGE/BTC pair under Markets
• Switch the order tab to Sell and input the amount in DOGE to sell to BTC.
• Click Sell Doge for BTC.
• Next, locate the BTC/GBP pair and use the same steps to sell the purchased BTC for GBP.
• Once completed, go to Funding and click Withdraw on your GBP wallet.
• Provide the required account details and initiate a withdrawal.

Supported Withdrawal Methods: Bank Transfer (Faster Payments, CHAPs, SWIFT).

Bitfinex

Launched in 2012, Bitfinex is one of the oldest cryptocurrency exchanges. The platform supports Dogecoin trading, offering USD, BTC, and USDT trading pairs. Users looking to cash out Dogecoin for GBP can initially swap DOGE for any listed currencies and then convert to GBP to withdraw to a bank account.

How to do it:

• Register at Bitfinex.com and complete the full KYC process.
• Go to Wallet > Deposit and select Dogecoin from the cryptocurrency list.
• Copy your DOGE address and complete a deposit from an external wallet.
• Go to Trading. Use the provided search bar to find the DOGE/USDT trading pair.
• Change the Order type to Market. Input the quantity of DOGE to sell and click Exchange Sell.
• Follow the same steps to trade USDT for GBP using the GBP/USDT pair.
• Once completed, go to Withdraw. 
• Initiate a GBP withdrawal using your preferred method. 

Supported Withdrawal Method: Bank Transfer (SEPA).

Selling DOGE for cryptocurrency short step-by-step guide (Binance)

As a diversification measure, some Dogecoin investors are only interested in exchanging all or some of their Dogecoin for other cryptocurrencies. Binance offers one of the simplest ways to do so, and you do not need to submit any personal information to convert from one crypto to the other.

How to do it:

• Register at Binance.com and complete the email verification process.
• Go to Wallet > Fiat and Spot.
• Search for your Dogecoin wallet using the bar provided.
• Click Deposit on the wallet and copy your address to complete a transfer from an external exchange or wallet.
• Go to Trade > Convert
• Select DOGE as the coin to convert.
• Choose a coin to convert it to and Preview Conversion.
• Confirm the order details and complete the conversion.

Things to consider before selling Dogecoin

The Future of Dogecoin: Until the meteoric rise of Dogecoin’s price in 2021, many cryptocurrency investors had considered the meme-based cryptocurrency a fad. 

The rally (alongside the WallStreetBets saga) demonstrated how powerful retail influence could be on the market. Many companies have also adopted DOGE as a means of payment, putting cryptocurrency in the limelight like never before.

If you’re considering selling your holdings, it might be worth leaving a portion if DOGE grows even more popular in the years ahead.

Taxation: Depending on where you live, certain taxes apply to profits acquired from investing in cryptocurrencies. Consult a cryptocurrency tax expert or use software sometimes available on exchanges to determine what taxes apply when you sell your DOGE.

Diversification: Many who bought Dogecoin in 2021 were just getting started with cryptocurrency and only had the meme coin in their portfolio. If you fall into that category, you may consider allocating a portion of your portfolio to more robust coins like Bitcoin and Ethereum.

Privacy and Security Tips

Here are some tips to keep in mind while selling Dogecoin.

• Double-check the copied address from your exchange before transferring the coins. This is to avoid falling victim to clipboard malware that replaces your originally copied address with another from a scammer.
• For large amounts, it is usually best to send a test transaction first and then a follow-up if the initial transaction is successful.
• Always enable two-factor authentication on your exchange account. While phone and email verification are popular, using authenticator apps offers additional protection against SIM swaps and email hacks.

Conclusion

This article outlined how to sell Dogecoin (DOGE) for GBP in the UK, listing exchanges where it can be done, and precisely what steps you need to take. Unlike in its early days, it is not easy to move from Dogecoin to a bank account or exchange it for another cryptocurrency. 

Whether or not DOGE remains a dominant cryptocurrency is a question that only time can answer. Until then, the free nature of the crypto market means investors can speculate on the asset's future and reap the rewards if they make the right call.