How To Buy Dogecoin In Canada (Jul 2022)

February 11, 2022
Blog
how to buy dogecoin in canada

There are two main methods to buy Dogecoin (DOGE) in Canada, and both involve using cryptocurrency exchanges. To buy Dogecoin in a crypto exchange, you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency, or you can buy other cryptocurrencies like Bitcoin (BTC) and then trade them for Dogecoin on a different trading platform.

Bitbuy is our #1-rated crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend Bitbuy highly enough.

CLAIM MY $50 BONUS
Trusted by 400,000+ Canadians.

How To Buy Dogecoin In Canada

To buy Dogecoin (DOGE) in Canada, you can use fiat currencies (such as CAD or USD) to purchase an equal amount of the cryptocurrency through the use of a cryptocurrency exchange (such as Netcoins, CoinSmart, or Bitbuy).

On the other hand, you can also use the same cryptocurrency exchange to buy other cryptocurrencies (like Bitcoin (BTC)) and then trade them for Dogecoin on a different crypto exchange.

It’s worth mentioning that you can also mine Dogecoin directly from its blockchain through the use of a high-speed computer, but those setups tend to be very expensive.

3 Crypto Exchanges For Buying Dogecoin (DOGE) In Canada

Here are our top three picks for the best crypto exchanges in Canada for buying Dogecoin:

1. Bitbuy

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

Bitbuy is, without a doubt, the best crypto platform in Canada in 2022.

For starters, Bitbuy has incredibly low trading fees: just 0.1% for trades made using their advanced trading platform. It supports 25+ cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 400,000+ Canadian users. It’s a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it’s a highly safe and secure exchange that offers deep liquidity for all order sizes.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected Canadian crypto exchange that offers altcoin trading, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1%)
  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 99% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.1%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking for extremely low fees and the best overall trading experience.

CLAIM MY $50 BONUS
Trusted by 400,000+ Canadians.

2. CoinSmart

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ending soon.

★★★★★

Rated 4.8/5

CoinSmart is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like Bitbuy, CoinSmart’s trading fees are also low, just 0.2%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they’re a highly secure exchange. They maintain a 95% cold storage policy, and as a publicly-traded company, their financials are audited by a third-party firm at least once per year.

As a new CoinSmart user, you’ll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you’re looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking to trade with low trading fees.

CLAIM MY $50 BONUS
Offer ends soon.

3. VirgoCX

Best For Fringe Coins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

Based in Toronto, VirgoCX is another one of the best Canadian crypto exchanges. Its users appreciate that it offers 50+ cryptocurrencies, one of the widest selections of any exchange on this list. 

VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts, and maintains a 95% cold storage policy to keep your assets safe at all times.

Features

  • Supports 50+ cryptocurrencies
  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • 24/7 support available via live chat and email
  • User-friendly for both beginners and more advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Cash Deposits: Free
  • Cash Withdrawals: Free
  • Crypto Deposits: Free
  • Crypto Withdrawals: Free for all major coins
  • Spreads on trades: Around 1%

Signup Bonus

$30 when you fund your account with $100 or more using this link.

Best For

Investors looking to buy altcoins before everyone else.

CLAIM MY $30 BONUS
Free account, instant verification

What Is Dogecoin?

Dogecoin is a cryptocurrency that was created by Billy Markus and Jackson Palmer way back in 2013. Its logo is based on the famous picture of a Shiba Inu dog (known as Doge), and the cryptocurrency was originally created with anything but serious intent in mind.

The name Dogecoin comes from an internet meme centred on a Shiba Inu dog and text written in Comic Sans. Atsuko Sato, a Japanese kindergarten teacher, originally uploaded the first image of the dog named Kabosu in 2010.

Several doge-related memes were generated off the back of this Tumblr post, although they did not employ the Kabosu image. On 4chan, photos of various dogs in costumes were shared, and blogs based on “doges” emerged on Tumblr. Meanwhile, Shiba Confessions, a blog dedicated to Shiba Inus published different memes of Shiba Inu dogs.

The Shiba Inu and misspelling the word dog as doge became associated in early 2013. A subreddit for doge meme was established, and the phrase spread like wildfire. The photo of Kabosu is still used most widely in these jokes, and her face serves as the basis for Dogecoin.

In 2013, Dogecoin was created by two software developers. Initially, Palmer mocked the number of alternative cryptocurrencies on the market, touting it as a joke on Twitter. However, his tweet prompted him to really produce the currency.

Dogecoin started to gather some serious attention as time went on (especially in 2021), and it’s now supported by famous people such as Elon Musk, Snoop Dogg and Kiss bassist Gene Simmons.

The Dogecoin blockchain and the Bitcoin blockchain work kind of similar, but the use of Scrypt technology by the Dogecoin blockchain tends to consume less mining energy.

Unlike Bitcoin’s 21 million coin limit, Dogecoin does not have a limit on the number of coins generated, since it was intended to discourage hoarding, be cost-effective to run, and distribute coins to miners. Its fixed supply of 100 billion coins was removed over time, and now there is a limitless number of DOGE available to be mined. The current supply of Dogecoin is nearing 130 billion.

Dogecoin is a spin-off of a long line of Bitcoin offshoots. It’s actually a fork of Luckycoin, which is a coin that was forked from Junkcoin and Litecoin, two payments cryptocurrencies that were derived from Bitcoin. From there, it has evolved into something far more significant than the side project Palmer had in mind.

How Does Dogecoin Work?

Dogecoin operates similarly to Bitcoin in that it is a peer-to-peer money transfer system utilizing a proof-of-work consensus mechanism to issue new Dogecoin and verify transactions.

The Dogecoin network breaks transactions into blocks, which are then neatly separated. Blocks on the Dogecoin network keep track of all transactions between different accounts over a given time period—in this instance, one minute.

The system connects these units together as part of a ledger and uses this ledger to keep track of user balances.

The proof-of-work mechanism is how the blockchain’s individual blocks are validated. To do so, computers must use a large amount of computing power and electricity to solve complex mathematical problems. They’re seeking to discover a number that, when combined with the end of a block, validates it. Miners receive freshly-minted Dogecoin as a reward.

In 2014, the term “merged mining” was coined to describe the process by which Dogecoin and Litecoin were combined. Anybody may now mine Dogecoin simultaneously with Litecoin mining without affecting network operational efficiency.

Can You Buy Dogecoin As A Canadian?

Absolutely! If you’re wondering how to buy Dogecoin in Canada, all you need to use is a cryptocurrency exchange that either allows you to exchange fiat currency for Dogecoin or other cryptocurrencies for Dogecoin.

For this purpose, I recommend using any of the following exchanges: CoinSmartBitbuy, or Crypto.com. These are currently our three top-rated exchanges in Canada, and each of them allows you to buy Dogecoin using Canadian dollars with relatively low fees.

What Crypto Wallet Should I Use To Store My Dogecoin?

There are a few ways to store your Dogecoin once you’ve acquired them.

One way is to simply leave it on the exchange where you purchased it. This could be safer than storing it in a software (or hot) wallet because crypto platforms tend to keep 95% of the coins they hold in cold storage. However, although unlikely, your Dogecoin might still be subject to hacking and theft, so keep that in mind.

You could also store your Dogecoin in a personal crypto wallet that secures your private keys and digital assets. It’s not guaranteed safety, but a cold wallet is safer than leaving your funds in the exchange you originally purchased your altcoins in.

As someone who’s tried out more than a dozen different wallets over the years, here are my top 3 picks for the best crypto wallet for Canadians:

Most Popular

Supports: 5,500+ crypto assets
Type: Hardware wallet
Cost: $$

Canada’s most popular wallet.

★★★★

Rated 4.3/5

Budget Pick

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $$

The cheapest hardware wallet.

★★★★

Rated 4.1/5

Best For Altcoins

Supports: 5,500+ crypto assets
Type: Hardware wallet
Cost: $$$

An upgraded Nano S.

★★★★

Rated 3.8/5

  1. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. It supports 5,500+ cryptocurrencies and allows users to hold up to 3 different digital assets on the device at any given time.
  2. Trezor Model One: The Trezor Model One is a hardware wallet and password manager that supports 1,000+ cryptocurrencies. Its Trusted Display ensures extremely secure transactions, and its compact design makes it easy to keep your crypto safe.
  3. Ledger Nano X: The Ledger Nano X is a more expensive, more capable version of the Ledger Nano S. It supports 5,500+ cryptocurrencies and allows users to hold 100+ digital assets on the device at any given time.
  1. Ledger Nano X: The Ledger Nano X is the best cold storage crypto wallet on the market today. It’s a hardware wallet that uses a certified secure chip to protect your private keys and it supports more than 1,800 crypto assets.
  2. Ledger Nano S: Similar to the Nano X, the Ledger Nano S is a hardware wallet with extremely positive reviews from its users. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model T: The Trezor Model T is a hardware wallet and password manager designed and created by the SatoshiLabs team. It supports 1,000+ cryptocurrencies including Bitcoin, EthereumLitecoinDogecoin, Bitcoin CashZcash (ZEC), and many others.

Is Dogecoin A Good Investment?

It’s hard to have a concrete answer to this question because cryptocurrencies are still new to the world of investing, but it’s worth mentioning that cryptocurrencies are volatile and they can have wild fluctuations in their prices as well. If you plan to buy Dogecoin, be prepared for the roller coaster that comes with it.

If you’re not sure about whether or not you can handle these conditions, trading and investing in crypto might not be for you.

Where can I buy Dogecoin?

We recommend buying Dogecoin from CoinSmart, Bitbuy, or Crypto.com. These are our three top-rated Canadian cryptocurrency exchanges, and all of them have low trading fees when buying and selling Dogecoin.

Will Dogecoin Ever Reach $1?

On January 1, 2021, Dogecoin was trading at $0.004681, with a high of $0.7376 on May 8, 2021. It’s unclear whether it will ever reach $1, but it’s a highly speculative investment; you should take care.

How To Sell Dogecoin In Canada

To sell your Dogecoin, first enter the amount of DOGE you wish to sell on your favourite exchange, followed by the cryptocurrency trading pair or fiat currency that you’ll be selling your Doge for.

Of course, if you want to exchange your DOGE that’s sitting on an external wallet, you must first move your coins to the exchange’s wallet before proceeding.

In Summary

Dogecoin, the cryptocurrency that originally started as a good laugh between two software engineer friends, is now a legitimate investment prospect that you can acquire.

There are plenty of ways you can buy and sell Dogecoin, but be aware that investing in cryptocurrencies is a risky business and you should only invest what you can afford to lose. Nevertheless, things are looking up for Dogecoin, and the popularity that the altcoin is gathering only seems to be going up as time goes on.

Bitbuy is our #1-rated crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend Bitbuy highly enough.

CLAIM MY $50 BONUS
Trusted by 400,000+ Canadians.

The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5