If you are looking for how to buy Dogecoin in Canada, this guide got you covered.
Because it originates through a joke, many see Dogecoin as an approachable way to join the world of cryptocurrency.
While DOGE is less appealing as an investment because of its ever-growing supply, you can buy and use it as a form of payment.
Thus, purchasing Dogecoin in Canada is now simpler than ever, thanks to the reputable Canadian exchanges and an increase in foreign exchanges in the country.
In this post, I discuss everything you need to know on how to buy Dogecoin in Canada and more.
What is Dogecoin?
It is an open-source and peer-to-peer cryptocurrency that was established in 2013
As with any currency, DOGE enables users to transfer money directly from point A to point B without involving a middleman.
However, while the DOGE first sounded like any other cryptocurrency, it has a special recognition due to the support it receives from a meme community.
Thus, dogecoin is distinct from other cryptocurrencies because it has no limit on the number of coins you can mine.
Also, as with other cryptocurrencies, Dogecoin makes use of blockchain technology to achieve its objective.
Continue reading to learn more about this cryptocurrency and how to buy Dogecoin in Canada.
Who Created Dogecoin?
Dogecoin originates as a joke in 2013 by Jackson Palmer and was later emerges as cryptocurrency by Billy Markus, an IBM software engineer.
Thus, the currency’s name and branding features are derived from the meme called “Doge.” It uses a Shiba Inu dog as a logo.
Today, Dogecoin is among the top cryptocurrencies by market capitalization.
Consequently, so many Canadians are asking: “how to buy Dogecoin in Canada?
What Can You Do With Dogecoin?
It’s important to know what you can do with Dogecoin before buying.
Here are three things you can do with Dogecoin in Canada:
1. Make Purchases
You can use Dogecoin to pay for goods and services in Canada.
Since Dogecoin is a legal tender in Canada, you can use it to make a purchase through online stores, restaurants, retail stores etc.
2. Invest and Trade
Dogecoin can also be used to invest and trade other cryptocurrencies in Canada.
By funding your account, you will have access to different cryptocurrencies available for trading with Canadian dollars.
3. Store Value
Even though the cryptocurrency world is so volatile, Dogecoin can be used as a store of value.
This implies saving your Dogecoin in anticipation of future gains.
However, it’s important to note that cryptocurrencies have no guarantee of future profit.
How Will Dogecoin Fit into Your Portfolio?
Due to their nascent status, volatility, and minimum regulation, cryptocurrencies are regarded as alternative assets which should account for the lowest percentage of your portfolio.The conventional wisdom is that you should invest in cryptocurrencies while contributing to tax-advantaged accounts such as TFSA and RRSP.However, if you’re currently contributing to or maxing out one of these accounts, you may want to consider an additional tax-advantaged brokerage account.But if you already have a diversified portfolio of low-cost ETFs, you may consider adding cryptocurrencies to your portfolio as well.
How Much Dogecoin Can You Afford?
To decide the amount of Dogecoin you can afford, ask yourself whether you will remain financially stable if you lost your whole investment tomorrow.However, even if you will be financially stable after losing your Dogecoin investment, it’s important to consider your long-term financial goals and security. Thus, if losing a Dogecoin means losing your longer-term financial goals and security, it’s not worth investing much.Based on my personal experience, I would advise you to prioritize your debt repayment and building a low-cost diversified portfolio before investing in Dogecoin.
Four Things to Consider Before Buying Dogecoin in Canada
Before you begin buying Dogecoin in Canada, there are a few factors to consider.
The following factors will help you choose the appropriate service and time for your Dogecoin purchase in Canada:
The availability of a cryptocurrency is a critical element in determining its popularity.
Thankfully, Dogecoin is popular on many cryptocurrency exchanges, making it accessible to those considering purchasing.
2. Trading Fees/Limits
Depending on the platform you choose, you may face high or low trading fees on Dogecoin.
Thus, you should confirm all the fees and costs of the service provider before initiating a purchase.
3. Market Position
Naturally, this is a significant consideration when investing in any asset. This also applies to Dogecoin purchases in Canada.
For example, if Dogecoin is more volatile than investing in equities, you should be concerned about the current market price before making a purchase.
4. Service Reputation
You should bear in mind that not every Dogecoin service provider is trustworthy in Canada.
Thus, you need to consider only reputable service providers toward reducing the risk of trading Dogecoin.
As you continue reading, you will learn about some of the reputable Dogecoin service providers in Canada.
How to Trade Dogecoin in Canada
It’s important first to understand the processes of trading Dogecoin before buying it.
Here are the four steps of trading Dogecoin in Canada:
1. Create an Account
You first need to create an account with a Dogecoin service provider in order to trade the currency.
As a result, you will need to provide some personal information about yourself.
This is for the Dogecoin service provider to meet the legal requirements of Know Your Customer (KYC).
2. Get Verified
Upon providing your personal details, the service provider is also required to verify your account.
Thus, the service provider will ask you some questions in the process of verifying your accounts, such as your name and address.
However, in most cases, the account verification is done instantly.
3. Fund Your Account
After verifying your account, you can now fund it in order to start trading.
Thus, if you have Bitcoin or other cryptocurrencies, you can use them to fund your Dogecoin account.
Also, you can fund your newly =account through your bank account.
4. Start Trading
Finally, you can start trading Dogecoin immediately after funding your account.
Depending on your trading strategy, you can start trading Dogecoin at the time and rates you want.
Furthermore, you can choose to set a limit order at the current market price. The choice is yours.
How to Buy Dogecoin in Canada?
We’re now at the central part of this guide: “how to buy Dogecoin in Canada.”
Here are the major ways of buying Dogecoin in Canada:
1. Online Exchange
You can purchase Dogecoin and other cryptocurrencies without stress by using any digital currency exchange.
Exchanges aim to enable the purchase and selling of virtual currencies at best possible rate.
2. Bitcoin ATM
Bitcoin ATMs are becoming more prevalent throughout Canada. These devices make it simple for consumers to purchase digital currencies in person.
Upon buying Bitcoin, you can use an exchange to trade it for Dogecoin. This technique may attract hefty transaction costs, though.
3. Gift Cards or Vouchers
You can find vouchers available at several retail outlets across Canada.
These vouchers are exchangeable for Dogecoin and other cryptocurrencies on digital currency exchanges.
Regardless of the high fees, some find this method a convenient means of purchasing Dogecoin in Canada.
Where to Buy Dogecoin in Canada?
Now that you know how to buy Dogecoin in Canada, it’s time to understand how to get it.
Here are the top Dogecoin service providers in Canada:
NDAX is a leading Canadian cryptocurrency exchange that was created in 2017.
What I like about NDAX is its unique security standard compared to other exchanges in Canada.
NDAX’s security requirements are among the best in the Canadian FinTech sector.
Furthermore, it manages most digital assets using Ledger Vault’s multi-signature technology, one of the world’s leading security and infrastructure providers for cryptocurrencies.
Binance is the world’s biggest cryptocurrency exchange. Unlike NDAX, which provides an easy interface for novices, you may find it challenging to use Binance as a beginner.
With the exception of Ontario, Binance is available for all Canadian residents.
Thus, you may notice several distinctions when it comes to using Binance to buy Dogecoin in Canada compared to other exchanges.
The major distinction is that while buying through Binance, you may also purchase from other market participants via the exchange.
Consequently, this may result in significant savings as regards trading costs and fees.
This is a well-known brand in the industry when it comes to cryptocurrency exchanges.
Kraken has become one of the most well-known brands in the industry, providing a diverse range of trading assets such as Dogecoin.
However, compared to other exchanges, Kraken’s trading costs are within average.
Also, unlike other platforms that use DOGE, the code of Dogecoin on the Kraken platform is XDG.
Coinsquare is a Toronto-based digital currency exchange established in 2014.
Like the above exchanges, Coinsquare also has advanced security standards, making it one of the few online trading platforms that have remained unhacked.
Thus, you can be sure that your funds will be secure regardless of the currency in which you choose to trade.
Newton is a Toronto-based exchange offering a no-fee cryptocurrency trading platform. So you don’t have to worry about trading fees when trading on this platform.
Also, you should expect to get high liquidity and third-party custody of your digital assets on an institutional-grade basis.
Furthermore, you should expect a low trading cost with low cryptocurrency prices when choosing Newton as your Dogecoin trading platform.
This is one of Canada’s most widely used cryptocurrency exchanges.
Based in Toronto, CoinSmart was established in 2018 to accommodate both beginner and seasoned traders.
As a registered platform with FINTRAC, CoinSmart complies with all applicable regulations in Canada.
Furthermore, CoinSmart is supported by Luminus Financial, a Canadian-registered bank. Hence, your money remains in Canada and is governed by Canadian law.
Moreover, with CoinSmart, you can buy and sell Dogecoin and other cryptocurrencies such as Bitcoin, Litecoin, Cardano, etc.
This is one of the only digital currency trading platforms that appeal to the Canadian government municipalities.
Based in Toronto, Coinberry is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and complies with the Personal Information Protection and Electronic Documents Act (PIPEDA).
Furthermore, Coinberry is a popular exchange among Canadians looking for a secure and cost-effective cryptocurrency platform with no deposit or withdrawal fees.
What I like about Coinberry is its range of options for buying Dogecoin in Canada. You can use a wire transfer, credit card, or even Interac e-Transfer to buy it.
Overall, Coinberry offers a low-cost trading platform that is convenient, secure and well-trusted service.
How to Store Dogecoin
Knowing how to buy Dogecoin in Canada is one thing; securing your investment is another thing.
Besides, safeguarding digital assets is a critical component of the investing process.
Upon purchasing Dogecoin, you need a wallet to store critical holdings information.
You may store your Dogecoin on an exchange, software, or hardware wallet based on your requirements, budget and preferences.
Thus, you may be provided with a web-based wallet when you purchase a Dogecoin on an online exchange.
However, you may choose to move your money to another digital currency wallet or to keep them in a web-based wallet.
Verdict on How to Buy Dogecoin in Canada
Hopefully, you can now answer the question, ‘how to buy Dogecoin in Canada?’
Even though Dogecoin is not well-known as industry giants such as Bitcoin, it is easy to trade by beginners and experienced traders in Canada.
However, before buying Dogecoin, you should understand the trading fees, current market position and find a reputable service provider.
Fortunately, I have already identified some reputable currency exchanges where you can buy Dogecoin in Canada.
But you should bear in mind that cryptocurrencies such as Dogecoin can be highly volatile more than equities and other securities.
Thus, you need high-risk tolerance to withstand the fluctuations of the cryptocurrency industry.
FAQs on How to Buy Dogecoin in Canada
Will Dogecoin Ever Reach $1?
Despite the recent upward shot, there’s no guarantee that Dogecoin will ever reach $1.
Remember, the cryptocurrency industry is highly volatile, and past performance doesn’t guarantee future performance.
Thus, all we can do is cross our arms and watch how Dogecoin performs in the nearest future.
Where Can I Buy Dogecoin in Canada?
If you’re looking for how to buy Dogecoin, you must have realized that there are many ways to buy this cryptocurrency.
So you can buy Dogecoin in Canada through online Exchange, Bitcoin ATM, gift cards or vouchers.
Above are some of the trusted exchanges to buy Dogecoin in Canada.
What is the Best Way to Buy Dogecoin in Canada?
The best way to buy Dogecoin is through a secure and low-cost platform. If you’re looking for a safe and lost-cost platform to buy Dogecoin in Canada, NDAX is the best.
Is Dogecoin Legal in Canada?
Yes, as with other cryptocurrencies, Dogecoin is considered a legal tender in Canada.
Thus, you can hold, mind and trade it in Canada without any legal implication.
What is Dogecoin Price Cad?
As of July 19, 202, 1 Dogecoin equals 0.23 Canadian Dollars. However, this can change at any time due to market fluctuations.
If you have more questions on how to buy Dogecoin in Canada, let me know in the comment section.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.