Over the last few years, the investing world has seen a significant rise in cryptocurrency sales. One of the most popular coins to date is Dogecoin, which has a total value of more than $21 billion (in 2022). Even though Dogecoin began as an internet meme, it’s now at the top of the market with currencies like Ethereum, Bitcoin, and XRP.
Looking to invest in some cryptocurrency but don’t know where to start? If so, Dogecoin might be perfect for you. Read this if you want to learn how to buy Dogecoin in Canada.
What Is Dogecoin?
In 2010, a Japanese school teacher posted a comical picture of a Shiba Inu dog online, which soon went viral. Two software developers then turned the meme into a digital coin in 2013 as a way to poke fun at the crypto market, not knowing it would gain a following and start commanding a respectable value by 2020, despite a series of highs and lows.
Today, Dogecoin (DOGE) is an open-source peer-to-peer digital currency with no cap on how many can be circulating on the market. While they have more limitations and aren’t as widely used as cryptocurrencies like Ethereum (ETH) or Bitcoin (BTC), there are estimated to be more than 130 billion Dogecoins in circulation at the moment.
Similar to Bitcoin, Dogecoin uses a proof-of-work consensus mechanism to supply new DOGE, confirm transactions and validate blockchains for mining purposes. In 2014, this led to the term “merge mining”, which involved combining DOGE with Litecoin (LTC).
What Made Dogecoin So Popular?
Several things are said to have contributed to the popularity of Dogecoin, including:
Social Factors
Many think Dogecoin’s 2020 rise was due to COVID-19, which caused trading rates to fall. Plus, the joking nature of the coin provided some much-needed fun for investors who were stuck in lockdown. Ethereum and Bitcoin also saw spikes that year, bringing people’s focus back to the cryptocurrency market.
Elon Musk
At the same time, Elon Musk praised Dogecoin on Twitter, saying he would mention it on Saturday Night Live and buy billions of dollars in Bitcoin. Although he later criticized Bitcoin for being environmentally unfriendly, which tanked the market briefly, his earlier praises helped put Dogecoin on the map.
Fear Of Missing Out
Since Dogecoin has experienced some spikes over the last few years, many passionate investors don’t want to miss out on what could be a lucrative investment opportunity in the near future. This is especially true now that Dogecoin’s year-to-date gains have surpassed many larger currencies.
Dogecoin Overview
Here are the rough crypto market statistics for Dogecoin (DOGE) as of January 2022:
| Coin Price | $0.203080 CAD |
| Market Cap | $26.98 Billion CAD |
| 24-Hour Volume | $2.04 Billion CAD |
| Total Supply | 165.86 Billion Coins |
Remember, cryptocurrency prices are always changing, so be sure to find a crypto platform with reliable live-stream forecasting before you buy or sell any Dogecoin.
How To Buy Dogecoin In Canada
Although some investors are able to mine their own crypto using a Windows or Mac computer, there are also two easy ways that you can buy Dogecoin in Canada:
- Purchase It Through A Cryptocurrency Exchange – The simplest way to get your hands on some Dogecoin would be to buy it through a crypto exchange company using fiat currency, which in this case is Canadian Dollars (CAD).
- Buy And Trade Other Cryptocurrencies – If you have the funds, you can try to purchase a more stable or sought-after currency, such as Bitcoin (BTC), Tether (USDT) or USD Coin (USDC) and trade it for Dogecoin on another platform.
Additional Reading
Where To Buy Dogecoin In Canada
As mentioned, many investors acquire crypto through online trading exchanges. While thousands of these platforms exist, here are some of the most popular ones in Canada:
CoinSmart
Since its launch in 2018, the Toronto-based company known as CoinSmart has quickly become one of the most popular cryptocurrency platforms in the country. It offers a simple interface that makes trading crypto safe and easy. Users can trade different coins without having to covert them to the same type (which many other services don’t offer). They also offer numerous features for advanced users such as real-time charting, limit orders, and stop loss.
- Accounts are free to create, but there is a trading fee of 0.20% – 0.30% and a withdrawal fee of 1%.
- 24/7 customer support (phone, live chat or email)
- Get a $15 bonus when you refer a friend and they make a deposit (your friend gets $15 too)
- A variety of funding options are available including interac e-transfer, debit or credit card, and bank wire. The fees and funding limits vary by the funding option you choose.
- 16 types of cryptocurrencies supported, including:
- Dogecoin (DOGE)
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
Bitbuy
Bitbuy is a Canadian cryptocurrency platform that both beginners and advanced traders can use to trade crypto. Bitbuy is one of the most popular in Canada and was the first platform to become fully regulated as a marketplace and as a restricted dealer. Users who choose Bitbuy will be able to take advantage of the following features:
- If you’re a beginner, users can use the Express Trade platform on Bitbuy. It’s designed to make crypto trades simple and easy.
- If you’re an experienced trader, Bitbuy offers the Pro Trade platform where you’ll have access to different analytics such as market history and market depth charts.
- Trading fees for Express Trade users are 0.20% and 0.1% for Pro Trade users (Takers or Makers).
- Bitbuy stores 95% of user funds in cold storage to ensure your assets are kept safe.
- Those who want to automate their trades can use Bitbuy’s API feature.
- Users can fund their accounts via e-transfer or bank wire transfer.
- Bitbuy is one of the only platforms that covers users’ holdings through a comprehensive insurance policy with BitGo Trust Company.
- 15 types of cryptocurrencies supported, including:
- Dogecoin (DOGE)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Chainlink (LINK)
CoinSquare
CoinSquare was created in 2014, making it one of the oldest cryptocurrency exchanges in Canada. Using blockchain technology, their 100% proprietary system has been stress and DDoS (distributed denial-of-service) tested. Here are some of their other features:
- 95% of coins are kept in cold storage, making them more secure
- Payments accepted by Interac e-Transfer or bank wire (in USD or CAD)
- Varied Fees:
- Trades = 0.1% – 0.4%
- Withdrawals = 2.0%
- Quick Trades = 0.20% for Bitcoin, 0.40% for other coins
- Bit Markets = 0.1% for liquidity trades, 0.2% for trades with no liquidity
- 10 different coins supported, including:
- Dogecoin (DOGE)
- Litecoin (LTC)
- Dash (DASH)
- Bitcoin SV (BSV)
- Ethereum Classic (ETC)
NDAX
Founded in 2017, the National Digital Asset Exchange (NDAX) is another Canadian cryptocurrency platform that allows you to buy Dogecoin. Though they only accept CAD, for the time being, there are several other things that make NDAX popular, such as:
- User-friendly application process
- A wide selection of crypto trading tools for beginners and experts
- $10 bonus for opening an account with $100 or more deposited
- Trading fees of 0.20%
- Four payment methods accepted:
- Interac e-Transfer
- Bank Draft
- Wire Transfer
- Crypto Deposits
- 23 other cryptocurrencies supported (for now), like:
- Avve (AVVE)
- Polygon (MATIC)
- Terra (LUNA)
- Polkadot (DOT)
- Hedera (HBAR)
Wealthsimple Crypto
Wealthsimple Crypto (a branch of Wealthsimple.com) was launched in 2019 and is Canada’s first regulated cryptocurrency platform. Although payments can only be made in CAD and by electronic funds transfer (ETF), they offer a few solid benefits, like:
- Trading fees of 1.5% – 2.0%
- Free deposits and withdrawals
- $200 million in cold storage insurance through the Gemini Trust Company
- Coincover protection, strong data encryption and two-factor authentication
- $50 sign-up bonus following your first crypto trade of $150 or more
- More than 30 crypto coins and tokens supported, including:
- Dogecoin (DOGE)
- Cardano (ADA)
- Maker (MKR)
- Fantom (FTM)
- Kyber Network (KNC)
Crypto.com
Crypto.com is a global crypto exchange that’s having a major impact on the Canadian market recently. They provide top-notch security, their own currency (Crypto.org Coin or CRO), as well as these key features, many of which are unique to their company:
- Free crypto deposits and low trading fees starting at 0.40%
- Bank transfers accepted in CAD and EUR
- Users can trade options and future contracts (a.k.a crypto derivatives)
- Users can stake their coins and earn daily interest too
- Trades permit up to 10x leverage
- Newly listed coins may be as much as 50% off for limited periods
- Accurate crypto forecasting (prices are updated a dozen times per second)
- $25 bonus for staking enough CRO to qualify for a prepaid crypto card
- $10 bonus for staking at least $1,000 of CRO
- Over 100 cryptocurrencies supported, including:
- Dogecoin (DOGE)
- Solana (SOL)
- Avalanche (AVAX)
- Cosmos (ATOM)
- The Sandbox (SAND)
How Can You Sell Dogecoin?
Once you’ve bought, mined or traded other currencies for Dogecoin, selling it is relatively easy (depending on the crypto exchange you use). All you have to do is:
- Log into your crypto platform account and select the “sell” option
- Pick the type of coin and the fiat currency you want to exchange it for
- Verify the sale and send the funds to the account or wallet of your choice
Dogecoin FAQs
Can I buy Dogecoin in Canada?
Where can I buy Dogecoin?
Where can I store my Dogecoin?
- Exchange Wallet – The easiest way to secure your Dogecoins is to leave them in your crypto account, as this usually means 95% of them will be kept in “cold” storage, which is safer than using software (hot storage). However, hacking and theft are possible with most online accounts if you don’t have good digital security.
- External Wallet – Alternatively, you could keep your Dogecoins in a personal crypto wallet, which is another kind of cold storage that secures your digital assets and private keys. Many external wallets are actually safer than crypto exchange accounts.
