Since its creation as a joke in 2013, Dogecoin has risen to be one of the most recognised cryptocurrencies on the planet. In 2021, it gained massive popularity and a 4000% increase in price as a result of celebrity influence, and with it came the wave of Dogecoin withdrawals to make a profit.
This inevitably led to the need for reliable off-ramp wallets for Dogecoin holders to facilitate quick conversion from Dogecoin to local legal tender.
In this piece, we’ll look at Dogecoin off-ramp wallets and review some of the best.
What are Dogecoin Off-Ramp Wallets?
Dogecoin off-ramp wallets are a category of crypto wallets that lets users convert their Dogecoin to fiat or local currency like Naira or Cedis, as opposed to on-ramp platforms that let users buy crypto with fiat. They provide a way to exit the crypto space and liquidate your Dogecoin for day-to-day expenses or real-life purchases; essentially, they let you withdraw your Dogecoin holdings.
Dogecoin off-ramp wallets, however, come in many different forms. They may be centralised cryptocurrency exchanges like Binance, Peer-to-Peer platforms, or more dedicated custodial off-ramp wallets like Breet.
Advantages of Off-ramp Wallets
Here are some of the merits of using off-ramp wallets:
1. Liquidity: Crypto still hasn’t enjoyed widespread adoption and cannot be used as legal tender in many countries. So, having a way to immediately convert your Dogecoin to fiat is reassuring. Off-ramp wallets provide a way to get local currency for your day-to-day transactions, savings or even other investments.
2. Convenience: Off-ramp platforms make it really easy to opt out as easily as you are onboarded into cryptocurrency.
3. Withdrawal Options: Most off-ramp wallets offer various methods for receiving funds, such as direct bank transfers, gift cards, or PayPal.
Things to Consider When Choosing a Dogecoin Off-ramp Wallet
1. Supports Dogecoin:
Dogecoin is a really popular cryptocurrency, and most off-ramp wallets support it. However, it’s important to make sure the off-ramp wallet you choose actually supports Dogecoin.
2. Ease of use:
Off-ramp wallets are a link between Web3 and traditional finance. Therefore, it’s important that your chosen wallet has a good user experience and interface that makes it easy for users new to cryptocurrencies to use.
3. Withdrawal Options:
You should also check the available withdrawal options on your prospective off-ramp wallets to ensure they suit your needs.
4. Customer Support:
Customer support, especially in finance-related platforms, is crucial for resolving any difficulties or problems a user might encounter.
5. Fees: You should also review the off-ramp wallet’s fee structure and fully understand any fees charged for the dogecoin conversion or withdrawal process.
The Best Dogecoin Off-Ramp Wallets: Review, Pros and Cons
1. Breet:
Breet is an off-ramp platform with a very user-friendly interface. It facilitates the conversion of Dogecoin(and many other cryptocurrencies) to Naira or Cedis.
Pros:
- High rates and fast transactions
- Pays directly to users’ bank account
- 24/7 customer support
- Zero trading fees
Cons:
- Currently limited to certain regions (Nigeria and Ghana).
2. Kraken:
Kraken is an established cryptocurrency exchange famed for its high security level. Alongside many other cryptocurrencies, it supports off-ramping for Dogecoin.
Pros:
- High Security
- Supports many cryptocurrencies
Cons:
- Not beginner friendly
- Complex user interface
3. Moonpay:
Moonpay is a custodial cryptocurrency exchange that supports a wide range of cryptocurrencies and is available in about 80 different countries.
Pros:
- Available in many countries
- Supports a wide range of cryptocurrencies
- Cash-out directly to a bank account
Cons:
- Relatively higher fees
4. Binance:
Binance is the biggest cryptocurrency exchange in the world. It offers off-ramping, on-ramping, peer-to-peer and other professional crypto trading and DeFi functionalities.
Pros:
- Wide range of supported cryptocurrencies
- Access to very high liquidity
- Multiple withdrawal options
Cons:
- Slow customer support
- Not beginner-friendly
Frequently Asked Questions (FAQs) About Dogecoin Off-ramp Wallets
Are Off-Ramp Wallets safe?
Yes. Reputable off-ramp wallets are safe to use. However, it is important to do your due diligence and research on the specific off-ramp wallet you want to use, to avoid the common mistakes associated with off-ramp wallet use.
Do I have to pay fees to convert my Dogecoin to fiat?
Yes. Typically, on many off-ramp platforms, converting Dogecoin to fiat involves fees related to receiving, sending, and maybe even holding Dogecoin. These fees vary depending on the chosen off-ramp platform.
On Breet, however, there are zero trading fees and no hidden or unnecessary charges.
Are Off-Ramp Wallets legal?
Yes. Off-ramp wallets are perfectly legal in most regions. Cryptocurrency trading is generally legal, and off-ramp wallets are also legal. However, be sure to research the laws around cryptocurrency in your specific region.
Can my Dogecoin Off-Ramp Wallet support other crypto?
Most Dogecoin off-ramp wallets also support other cryptocurrencies, especially the most popular ones, such as Bitcoin, Ethereum, and Litecoin.
Breet supports off-ramping for many other cryptocurrencies in different networks. To get a list of all supported cryptocurrencies, check the particular wallet’s website.
How long does a Dogecoin withdrawal take?
It depends on the platform. On Breet, Dogecoin withdrawals take under 5 minutes from the point of request till payment is automatically made to your bank account.
Conclusion
Dogecoin off-ramp wallets provided a much-needed and convenient route to opt out of the Dogecoin market and get the fiat you need for other investments or even day-to-day transactions.
Taking the time to pick the right one for you is very important, as the one you choose can significantly impact your withdrawal experience.
For users in Nigeria and Ghana, Breet stands out amongst all the other wallets. From an interface that’s really easy to understand and navigate to high rates, fast transactions and round-the-clock customer support, Breet offers the best off-ramp platform for Dogecoin holders.
