How To Buy Dogecoin In Canada (May 2022)

February 11, 2022
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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.

CoinSmart 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 CoinSmart highly enough.

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Offer ends May 19.

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. CoinSmart

Best Overall

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

$50 offer ends May 19.

★★★★★

Rated 4.9/5

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

For starters, CoinSmart’s trading fees are an incredibly low 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), and as a publicly-traded company, their financials are audited by a third-party firm at least once per year. They also maintain a 95% cold storage policy, which ensures your crypto is kept extra safe and secure across all circumstances.

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 for low fees and the best overall trading experience.

CLAIM MY $50 BONUS
Offer ends May 19.

2. Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

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

Like CoinSmart, Bitbuy’s trading fees are just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 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 350,000+ 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% – 0.2%)
  • Easy to use for both beginners and more advanced traders
  • Supports 17 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% to 0.2%
  • 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 to trade with extremely low trading fees.

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Free account, instant verification

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid crypto exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either Bitbuy or CoinSmart instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

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:

#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

★★★★★

Rated 4.9/5

Top Hardware Wallet

Supports: 1,800+ crypto assets
Type: Hardware wallet
Cost: $199 CAD

Rated 4.6/5 on Amazon.

★★★★

Rated 4.3/5

Best For Altcoins

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $75 CAD

Trusted by 1 million+ investors.

★★★★

Rated 4.1/5

  1. ZenGo: ZenGo is a free software wallet that leverages the blockchain to make it significantly more secure than traditional wallets while also being extremely easy to use. Sending and receiving crypto to/from ZenGo is also free, and it takes less than 30 seconds to open your free ZenGo wallet.
  2. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. 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 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.
  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.

CoinSmart 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 CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends May 19.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5