How To Buy Dogecoin In Canada: A Quick Guide

August 23, 2021
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Usually, whenever you see a meme on the Internet, you’ll get a quick laugh out of it and then you’ll brush it off a few seconds after that.

But what if a meme actually turned into something more present in our lives? As present as, say, a type of currency?

Well, you’d get something more or less akin to Dogecoins, a cryptocurrency that spawned as a parody of cryptocurrencies other than Bitcoin, and has since then had a massive rise in popularity.

In this post, I'll go through everything you need to know about buying Dogecoin in Canada, going through what it is, how you can buy and sell the cryptocurrency, how you can store it, and more.

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.

However, the digital asset 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 cryptocurrency has no cap on how many can be in circulation (unlike Bitcoin, which has a cap of around 21 billion coins) — in fact, the current supply of Dogecoins is nearing 130 billion.

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.

How To Buy Dogecoin In Canada

There are two main methods to buy Dogecoin (DOGE) in Canada.

The first method is using 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), Tether (USDT) or USD Coin (USDC) and then trade them for Dogecoin (DOGE) on a different trading platform.

It's worth mentioning that you can also mine Dogecoin directly from its blockchain through the use of a high-speed computer, but that doesn't really count as buying it, does it?

Top 5 Crypto Exchanges To Buy Dogecoin (DOGE) In Canada

Here are some of the best crypto exchanges in Canada that support buying Dogecoin (DOGE):

#5 Coinsquare

Coinsquare is a Canadian cryptocurrency exchange that was founded in 2014 and is currently based in Toronto.

The cryptocurrencies that this exchange supports are as follows:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Bitcoin SV (BSV)
  • Bitcoin Cash (BCH)
  • Dash (DASH)
  • Ripple (XRP)
  • Ethereum Classic (ETC)
  • Stellar (XLM)

As for fiat currency support, the exchange currently supports funding in Canadian dollars (CAD) and U.S. dollars (USD).

Payment methods include Interac e-Transfer and bank wire transfer. Trading fees can range from 0.10% to 0.40%, and withdrawal fees can be considered high, being up to 2%.

If you want to learn more about Coinsquare, you can check my review on the trading platform here.

#4 CoinSmart

CoinSmart is a cryptocurrency exchange founded in 2018 and based in Toronto.

It's a pretty popular crypto exchange in Canada, and it has been designed for beginners and experienced traders alike.

It supports 10 different coins, including the following:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • EOS
  • Stellar (XLM)
  • Litecoin (LTC)
  • Cardano (ADA)

As for fiat currency support, it only features Canadian dollars (CAD) to date.

You have plenty of options as far as payment methods are concerned, including Interac e-Transfer, bank draft, credit card, debit card, and SEPA.

Trading fees can go anywhere between 0.20% and 0.40%, but free deposits are available.

If you're interested in learning more about Coinsmart, you can read my review on the crypto exchange here.

#3 Binance

Binance is the largest crypto exchange in the world, but it's certainly not a perfect trading platform. Unlike other crypto exchanges that can be easy to understand for beginners, Binance can be overwhelming if it's your first time using a fully-fledged trading platform. However, this will be a blessing in disguise for the more experienced crypto traders out there.

Also, keep in mind that Binance is not available in Ontario.

Binance supports more than 200 different coins, including Dogecoin and several of its forks.

Binance's support of fiat currencies is just as vast, supporting U.S Dollars (USD), Euros (EUR), Canadian dollars (CAD), Swiss francs (CHF), Japanese yen (JPY), Australian dollars (AUD), and many others.

As for payment methods, you can use your credit card, debit card, bank transfer, P2P, and third-party payments.

Trading fees depend on your account level, but it starts at 0.10% for the spot market.

#2 Crypto.com

Crypto.com is an international crypto exchange that's based outside of Canada and offers support for 100+ cryptocurrencies, including Dogecoin.

This trading platform also allows you to stake coins, and it even has its has own cryptocurrency known as Crypto.org Coin (or CRO).

As for fiat currency support, it only features Canadian dollar (CAD) and Euro (EUR) support, and payment methods are also pretty limited, as you can only pay through bank transfers.

Trading fees depend on your account level, just like Binance: they start at 0.40%.

#1 NDAX

The National Digital Asset Exchange (NDAX) is a cryptocurrency exchange based in Canada and was founded in 2017. It's one of several Canadian crypto exchanges that offer Dogecoin support.

NDAX supports 16 coins, and some of these include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Stellar (XLM)
  • Ripple (XRP)
  • Cardano (ADA)
  • Tether (USDT)
  • EOS
  • AAVE
  • UNI
  • COMP
  • LINK

It only supports Canadian dollars to date, but it has plenty of payment methods, including Interac e-transfer, wire transfer, bank draft, and crypto deposits. Trading fees are 0.20%.

What Crypto Wallet Should I Use?

There are a few ways to store your Dogecoins 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 Dogecoins might still be subject to hacking and theft, so keep that in mind.

You could also store your Dogecoins 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.

If you'd like to learn more about the best crypto wallets in Canada, you can check my post on it here.

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 Dogecoins, and the popularity that the altcoin is gathering only seems to be going up as time goes on.

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