Looking for how and where to buy Dogecoin in Canada? This post is for you.
As more and more cryptocurrencies enter the marketplace, the adoption of digital currencies is progressing rapidly.
One cryptocurrency that’s currently making a splash in the cryptocurrency market is Dogecoin. It is a widely used cryptocurrency that was created as a joke.
However, this joke has grown into an incredible investment option for traders that want to diversify their crypto portfolios.
If you are one of them, the capital question is: how do you buy Dogecoin in Canada?
This article explains the various options available on how to buy Dogecoin in Canada.
What is Dogecoin?
Dogecoin is a meme-based cryptocurrency that started as a joke but is now among the popular cryptocurrencies worldwide.
It was created in 2013 by Billy Markus and Jackson Palmer. They wanted to make a cryptocurrency that was genuinely fun and appealing to a broad audience. The cryptocurrency features a Japanese Shiba Inu dog from the Doge meme as its logo.
Like Shiba Inu coin, Dogecoin is a decentralized, peer-to-peer digital currency with over 130 billion supplies globally.
Dogecoin relies on the same principles that other cryptocurrencies do. It makes use of blockchain technology to store and secure transactions.
However, Dogecoin differs from other cryptocurrencies because there’s no limit on its total supply – meaning it can be mined in perpetuity in its current state.
How Does Dogecoin work?
Dogecoin operates similarly to Bitcoin, with the cryptocurrency powering a decentralized blockchain payments network.
You can send Dogecoins from your account or wallet to another user on the network anywhere in the world.
The network comes together to process transactions, with new ‘blocks’ of transactions created and processed every minute on the network.
Each block contains a list of transaction details on the Dogecoin network during the past minute.
The Dogecoin network needs to ensure that both the sender and receiver of payment can be identified to verify transactions.
The Dogecoin network uses a complicated mathematical algorithm, called proof-of-work, requiring computers to solve complex puzzles in exchange for DOGE. These “miners” are rewarded for solving these puzzles with more DOGE.
How to Buy Dogecoin in Canada
By creating an account on a cryptocurrency exchange of your choice, you can buy and sell Dogecoin in Canada.
Here is how to buy Dogecoin in Canada through different cryptocurrency exchanges:
1. Decide How Much You Want to Spend
The cryptocurrency world is so volatile. This means you shouldn’t invest more than what you can afford to lose.
To be on the safer side, create a budget and stick to it to minimize your investment risks.
2. Choose an Exchange
After deciding on the amount you want to spend, it’s time to choose an exchange. If you already have an exchange, move to the next step.
When looking for the best crypto exchange, consider the funding options, trading fees, deposit and withdrawal fees.
As you continue reading, you will learn about some of the best crypto exchanges for buying Dogecoin in Canada.
3. Create and Verify Your Account
Once you’ve chosen an exchange, you’ll need to open and verify an account with it. Simply follow the instructions to move to the next stage.
Before proceeding, ensure you provide accurate details to avoid future problems.
4. Fund Your Account
Once you’ve opened an account, the next step is to fund it. The common way of funding a crypto account is by transferring from your bank account or existing crypto wallet.
Alternatively, you can fund your wallet with another cryptocurrency then convert it to CAD or directly to the other crypto you wish to buy.
Since different crypto exchanges have different funding options, it’s important you choose an exchange with your favorite option.
5. Buy Dogecoin
Once your account is verified, and you have funds in your fiat wallet, it’s time to exchange your CAD for Dogecoin.
Where to Buy Dogecoin in Canada
With so many cryptocurrency exchanges now available, knowing which one is the best option is confusing.
The following is a list of the top cryptocurrency exchanges where you can purchase Dogecoin in Canada:
1. Wealthsimple Crypto
- Available coins: 38
- Bonus: $50
Wealthsimple Crypto is one of the best options for Canadians looking to buy Dogecoin. It is a new crypto exchange that was launched in 2020.
With Wealthsimple Crypto, you can buy Dogecoin, Bitcoin, Ethereum and other cryptocurrencies directly from its stock trading app.
At Wealthsimple Crypto, you can trade without fees except for a 1.5% operational fee. Transactions are completed within minutes with support for instant funding, making the platform a popular choice for those who want instant access to cryptocurrency.
Additionally, Wealthsimple Crypto is registered with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) as a Money Services Business (MSB).
Wealthsimple Crypto is also one of the few Canadian crypto platforms registered with the Ontario Securities Commision (OSC).
Funding options: You can only use a bank deposit from a linked bank account to fund your Wealthsimple Crypto account.
Trading Fees: There are no trading fees, but 1.5% operational fees apply
Sign-up bonus: If you sign-up and trade at least $150, you will earn a bonus of $50.
How to buy Dogecoin on Wealthsimple Crypto
- Create an account if you don’t have any
- Complete your account and identity verification process
- Deposit funds into your Wealthsimple Crypto account using CAD, or you can fund with another crypto for free
- You can now buy your Dogecoin on Wealthsimple Crypto
- Available coins: 15
- Bonus: $40
Bitbuy is one of the top cryptocurrency exchanges in Canada and has been providing Canadians with a secure and straightforward way of buying and selling Dogecoin, and other Cryptocurrencies since 2016.
As one of the first and oldest online cryptocurrency exchanges, Bitbuy has built up their reputation as being a fair, trusted and fun trading place.
It offers a fast registration and verification process and trusted security protocols. Bitbuy charges reasonably low fees of 0.1%-0.2%, which is comparable to other Canadian exchanges.
You can instantly buy Dogecoin on the platform using e-Transfer (Interac) and wire transfers.
Additionally, Bitbuy is regulated by FINTRAC as a Money Service Business and it is one of the few crypto platforms that are regulated by OSC.
Funding options: You can fund your Bitbuy account to buy Dogecoin using e-transfer, wire transfer, and Crypto.
Trading fees: Bitbuy has a trading fee of 0.1%-0.2%.
Other fees: Bitbuy charges a deposit fee of 1.50% for e-transfer, and 0.50% for wire transfer. It also charges a withdrawal fee of 0.50% for e-transfers and 1% for wire transfers.
Sign-up bonus: You will get a sign-up bonus of $40 when you make a deposit of at least $250.
How to buy Dogecoin on Bitbuy
- Sign-up for new account if you are a new user
- Compete your account and identity verification
- Fund your Bitbuy account
- Buy your Doge on Bitbuy
- Available coins: 60+
- Bonus: $25
Newton is another Canadian crypto exchange that offers more than 60 cryptocurrencies, including Dogecoin (DOGE).
Founded in 2018, Newton is a top-rated cryptocurrency exchange in Canada. It is also regulated by FINTRAC (Financial Transactions and Reports Analysis Center of Canada) and has an excellent track record for security.
The exchange supports both fiat and crypto deposits with 0% deposit fees. All transactions are made through Interac e-Transfer, wire transfer, or pre-authorized debits, ensuring fast delivery of funds.
Funding options: You can fund your Newton account using Crypto, Interac e-transfers, wire transfers, and pre-authorized debits.
Trading Fees: Newton doesn’t charge trading fees. However, the exchange includes a tiny spread on quoted crypto prices.
Other Fees: Newton does not charge for the deposit or withdrawal of fiat money. Newton also pays mining expenses of up to $5 when withdrawing cryptocurrency.
Sign-up bonus: If you sign-up using this referral link and make a trade of up to $100, you will earn a bonus of $25. Also, when you refer your friends or family to Newton, you will also get a $25 bonus.
How to buy Dogecoin on Newton
- Create an account with Newton if you don’t have one already
- Complete your account and identity verification
- You can fund your Newton account using Canadian dollars, or you can fund your account using another cryptocurrency for free.
- You can now buy your Dogecoin on Newton
- Available coins: 31
- Bonus: $10
NDAX is a Canadian cryptocurrency exchange that offers various cryptocurrency options.
It was established in 2017 and is regulated as an MSB by FINTRAC, meaning it must adhere to strict KYC/AML rules and regulations.
The NDAX exchange platform also offers enterprise-grade security features such as advanced encryption technology and secure cold storage wallets.
The exchange also offers various digital assets, including Dogecoin, Bitcoin, Ethereum, and Litecoin.
Buying Dogecoin in Canada can be done quickly and easily with NDAX. It offers several funding options for you to choose from, Interac e-Transfer, wire transfer and more.
Funding options: There are several ways to fund your account on NDAX. You can fund your account free through bank draft, e-transfer, and wire transfer.
Trading Fees: NDAX charges a trading fee of 0.20% to buy and sell crypto on the platform.
Other Fees: Withdrawals in Canadian dollars are subject to a $25 charge. Cryptocurrency withdrawals also incur costs that vary across diff coins. Dogecoin withdrawal on NDAX costs 10 DOGE.
Sign-up bonus: When you sign-up using this NDAX referral link and deposit up to $100, you will earn a sign-up of $10. Also, for any friend you refer to NDAX, you will earn a bonus of $25.
How to buy Dogecoin on NDAX
- Create a new account on NDAX if you don’t have one
- Verify the status of your account and your identification.
- Deposit CAD or another cryptocurrency into your account.
- To access the purchase and sell orders, go to the Trade screen
- Purchase your Dogecoin
- Available coins: 16
- Bonus: $20
CoinSmart is a famous Canadian cryptocurrency exchange founded in 2018 and based in Toronto.
The platform allows users to buy, sell, and trade different cryptocurrencies, including Dogecoin. It has a wide range of payment options, including bank transfers, Interac e-Transfers, and credit/debit cards.
CoinSmart is best known for its user-friendly platform and excellent customer service compared to other cryptocurrency exchanges in Canada.
CoinSmart supports buying crypto directly with Canadian dollars or using another crypto, which means you don’t have to worry about the hassle and fees of converting your crypto to CAD first before buying another one.
Funding options: You can deposit funds into your CoinSmart account using crypto deposits, wire transfer, credit/debit cards, Interac e-Transfer, and bank draft.
Trading Fees: The trading fee on CoinSmart ranges from 0.20% to 0.30%, depending on the type of currency.
Other Fees: A fee of 1.5 percent is charged for Interac e-transfer deposits of less than $2,000. Withdrawals in Canadian dollars are subject to a 1 percent fee and a minimum of $15.
Although cryptocurrency deposits are free, withdrawals are subject to a fixed fee. E.g. Dogecoin withdrawal costs 5 DOGE.
Sign-up bonus: When you sign-up and deposit up to $100, you will earn a sign-up bonus of $20.
How to buy Dogecoin on CoinSmart
- Sign-up a new account if you are a new member
- Verify your account
- Deposit into your account.
- Upon verification, you will be able to begin purchasing and trading your Dogecoin.
- Available coins: 300+
- Bonus: Up to $100
Binance is the biggest cryptocurrency exchange in the world right now. It supports a bunch of coins that other exchanges do not support. It also has its own native token called Binance Coin.
Founded in 2017, Binance is a cryptocurrency exchange based in the Cayman Islands.
You can buy dogecoin or any of the major cryptocurrencies using your credit card quickly or through the peer to peer funding option. Also, you can deposit your crypto holdings to your Binance wallet to convert to other digital coins.
Please keep in mind that Binance is currently not supported in Ontario. So Ontario residents looking to buy dogecoin should consider one of the other Binance alternatives.
Funding options: You can deposit funds into your Binance account using a crypto deposit, credit/debit card, and more.
Trading Fees: Binance’s cryptocurrency trading fees begin at 0.1 percent.
Other Fees: Depositing cryptocurrency into your Binance account is entirely free. However, withdrawals are subject to a flat fee that differ depending on the cryptocurrency.
Sign-up bonus: You can get up to a sign-up bonus of $100 using this referral link.
How to buy Dogecoin on Binance
- Create an account if you don’t already have one
- Verify your account and identification successfully
- Use CAD to fund your account, or fund your account using another cryptocurrency for free
- Buy your Dogecoin on Binance
However, for Canadians, the best and cheapest financing method on Binance is as follows:
- Purchase a stable currency on the NDAX or Newton exchanges
- Take it out of your internal wallet and put it in your external wallet
- Create a Binance account or sign in if you already have one
- Fund your Binance account using stable coins
- You can now exchange the stable coins for Dogecoins
- Available coins: 100+
- Bonus: $25
Crypto.com is one of the largest cryptocurrency exchanges globally, offering Canadians over 100 different coins to buy and sell.
Launched in 2016, you can use this platform to buy and sell many cryptocurrencies, including Dogecoin, Ethereum (ETH), Bitcoin and more.
Like Binance, this crypto exchange is also based outside Canada, allowing users to enjoy lower fees than most Canadian options.
Crypto.com also offers its credit card, known as Crypto.com Visa Card. This Visa card allows users to earn up to 8% cash back on qualifying purchases.
Funding options: You can fund your crypto.com account in Canada using Paypal, Credit card, Interac e-transfer, and Transferwise.
Trading Fees: Trading fees at Crypto.com begin at 0.40%.
Bonus: Stake sufficient Crypto Coin (CRO) to get a prepaid crypto card and earn a bonus of $25.
How to buy Dogecoin on Crypto.com
- Create an account with Crypto.com if you don’t already have one
- Complete your account and identity verification process
- Deposit funds into your account using CAD, or you can use another crypto for free to fund your account
- Buy your Dogecoin on Crypto.com
Available coins: 29
Finally on this list of the best places to buy Dogecoin in Canada, we have Coinberry.
Coinberry is a Canadian cryptocurrency trading platform with a good reputation. Buying and selling coins is free through Interac e-transfer and wire transfers. It does not charge trading fees.
The company was founded in 2017 and is based in Toronto. Coinberry allows you to buy and sell Dogecoin and other digital currencies instantly.
Coinberry is a secured platform to store your virtual currency which is regulated by FINTRAC.
Furthermore, its user interface is very straightforward. This makes it an excellent choice for Canadian citizens looking for an easy way to buy cryptocurrency at good rates.
Funding options: e-transfer, wire transfer, and Crypto
Trading fees: Coinberry doesn’t charge trading fees.
Sign-up bonus: You will get a sign-up bonus of $10, if you sign-up and trade at least $50.
How to buy Dogecoin on Coinberry
- Create a new Coinberry account if you don’t already have one
- Verify your account and identity successfully
- Add funds into your new Coinberry account free
- Buy your Dogecoin on Coinberry
How to Store Dogecoin
Knowing how to store cryptocurrency and which type of wallet is best for you is vital. You can store your Dogecoin in different ways.
You may choose to leave it on the exchange and really on the security and safety measures in place at the crypto platform. But a less risky approach is to transfer it to your own crypto wallet.
There are several options when it comes to crypto wallets, each with different features to suit your needs.
In general, there are two main types of wallets to store your Dogecoin: hot wallet and cold wallet.
Hot wallets are connected to the internet and are convenient for daily use. But they’re also more vulnerable to hacking than cold wallets, which are not connected to the internet.
On the other hand, cold wallets are not connected to the internet, making them ideal for storing large amounts of Dogecoin for long periods without being hacked.
Therefore, if you’re storing digital currency for an extended period, consider a cold wallet (a hardware device that stores your private key information offline).
FAQS on How to Buy Dogecoin in Canada
Dogecoin is already down 77% from its May peak, and history suggests it has a ways to go before it has any chance of finding a bottom. Despite Dogecoin’s popularity and significant gains, investors should consider it one of the worst cryptocurrencies to buy for 2022 and beyond. Its unlimited supply is another strong argument against any further massive price gains.
Yes, Dogecoin is one of the many cryptocurrencies supported on the Wealthsimple Crypto app, but not the Wealthsimple Trade app.
Yes, you can hold dogecoin for the long-term if you believe in its bull case. However, it has limited utility in its current design. As always, only invest with smaller amounts you can afford to lose.
When it comes to selling Dogecoin, no matter how it was obtained, holders can do it on any crypto exchange that supports the coin.
Final Thoughts on How to Buy Dogecoin in Canada
With Dogecoin making some significant gains, investing in this digital currency is a wise move.
However, the process may seem complicated if you don’t know the steps to follow. But as you can see, it is not hard to buy Dogecoin in Canada.
Hopefully, this guide has given you a good overview of how to start and where to buy Dogecoin in Canada. If you’re ready to start buying Dogecoin or any other crypto, any of the crypto platforms above are a great place to start.