Dogecoin, the meme cryptocurrency that started as a joke, dominated the airwaves last year.
Egged on by a committed online community and celebrities like Elon Musk, the coin gained over 14,000% before losing steam!
While the use case for Dogecoin remains unclear, a few folks who bought it early have made money.
Interested in buying Dogecoin in Canada? We cover the options available below and how to get a $50 bonus from CoinSmart.
What is Dogecoin?
Dogecoin is a cryptocurrency introduced by Billy Markus and Jackson Palmer in 2013. It features a Shiba Inu logo and was initially created as a joke.
The open-source, peer-to-peer digit currency has no cap on how many can be in circulation, and as of this writing, the supply of DOGE is more than 130 billion.
While the Dogecoin blockchain uses a proof-of-work consensus similar to Bitcoin, its use of Scrypt technology consumes less mining energy.
Some have likened the meteoric rise in the price of Dogecoin last year to a “pump and dump” scheme.
Compared to Ethereum and Bitcoin, the use case for Dogecoin is limited.
Related: Where To Buy Bitcoin in Canada.
How To Buy Dogecoin in Canada
There are two main ways to purchase Dogecoin in Canada.
The first option involves using fiat to purchase the altcoin directly from a cryptocurrency exchange that supports it, such as CoinSmart, NDAX, Wealthsimple Crypto, or Binance.
A second option is to buy a popular digital currency like Bitcoin or a stablecoin like USDT (Tether) or USDC (USD Coin) and then trade them for Dogecoin on a different platform.
Alternatively, if you are tech-savvy, you can mine Dogecoin directly using your Windows or Mac computer.
Where To Buy Dogecoin In Canada
1. CoinSmart
CoinSmart is one of the most popular cryptocurrency trading platforms in Canada.
Founded in 2018 and based in Toronto, Coinsmart is designed for both beginners and experienced traders.
- Coins supported: Several types, including BTC, ETH, USDT, XRP, BCH, EOS, XLM, LTC, UNI, DOT, SHIB, ADA, SOL, AVAX, MATIC, and others.
- Fiat supported: Canadian and U.S. dollars.
- Payment methods: Interac e-Transfer, bank draft, credit card, debit card, and SEPA.
- Trading fee: 0.20%. Free deposits are available.
- Promotion: Get a $50 bonus when you fund your account with $200.
CoinSmart Crypto Exchange (now Bitbuy)
Top crypto exchange in Canada (now Bitbuy)
Great for new & advanced traders
Competitive trading fees
Get a $50 bonus when you deposit $250
2. Wealthsimple Crypto
Wealthsimple Crypto offers a large selection of coins, including Dogecoin.
- Coins supported: 50+ types, including DOGE, BTC, ETH, LTC, COMP, MATIC, UNI, DOT, AAVE, MKR, CRV, BCH, YFI, KNC, BAT, and many others.
- Fiat supported: Canadian dollars.
- Payment methods: Electronic fund transfer.
- Trading fee: 1.5-2%; free deposits and withdrawals.
- Promotion: Get a $25 cash bonus after depositing at least $200 in your new account.
3. Newton
Based in Toronto, Newton is a cryptocurrency exchange that offers several coins, including Dogecoin.
- Coins supported: Several types, including DOGE, USDC, USDT, XRP, BTC, QCAD, XLM, BCH, LTC, ETH, ADA, CRV, AXS, SUSHI, AAVE, DOT, XMR, and many others.
- Fiat supported: Canadian dollars.
- Payment methods: e-Transfer, EFT, and wire transfer.
- Trading fee: Price spread ranges between 0.50%-0.70%.
- Promotion: Get a $25 bonus after trading at least $100 worth of crypto.
4. VirgoCX
VirgoCX is one of many Canada-based cryptocurrency exchanges that offer Dogecoin.
- Coins supported: VirgoCX supports 60+ coins, including DOGE, ETH, BTC, ADA, XRP, LTC, XLM, DOT, USDT, EOS, AAVE, UNI, COMP, LINK, etc.
- Fiat supported: Canadian dollars.
- Payment methods: Interac e-transfer, wire transfer, bank draft, and crypto deposits.
- Trading fee: 0.50% to 2.50%.
- Promotion: Get a $20 bonus when you deposit $100 or more.
5. Binance
Binance is the largest crypto exchange in the world. Unlike NDAX, which offers a simplified platform for beginners, Binance can be a bit overwhelming if it is your first time on a full-fledged trading platform.
Note that Binance is not available to Ontario residents.
- Coins supported: More than 350, including several Dogecoin pairs.
- Fiat supported: USD, EUR, CAD, CHF, JPY, AUD, and more.
- Payment methods: Credit card, Debit card, bank transfer, P2P, and third-party payments.
- Trading fee: Varies with your account level; starts at 0.10% for the spot market.
- Promotion: Get a 25% discount on commissions.
Binance
Trade hundreds of popular coins
Best for advanced crypto trading tools
Up to 0.10% trading fee
Get a 20% lifetime trading fee discount
6. Crypto.com
Similar to Binance, Crypto.com is based outside of Canada and offers more than 100 cryptocurrencies.
This platform also allows staking and has its own native coin, Crypto.org Coin or CRO.
- Coins supported: 100+, including a DOGE/BTC pair.
- Fiat supported: CAD and EUR.
- Payment methods: Bank transfer.
- Trading fee: Varies depending on account level; starts at 0.40%.
7. Coinsquare
Coinsquare is a Canadian digital currency exchange founded in 2014 and based in Toronto.
- Coins supported: BTC, ETH, LTC, DOGE, BSV, BCH, DASH, XRP, ETC, and XLM.
- Fiat supported: CAD and USD.
- Payment methods: Interac e-Transfer and bank wire.
- Trading fee: 0.10% to 0.40%; high withdrawal fees (up to 2%).
Learn more about this platform in my Coinsquare review.
How To Store Dogecoin
If you are ‘HODLing’ Dogecoin, there are a few ways to keep it:
- Leave it on the exchange where you purchased it. Many crypto platforms advertise that they keep 95% of the coins they hold in cold storage. That said, leaving your crypto on an exchange leaves it subject to hacking, theft, etc.
- Store it in a personal crypto wallet. A crypto wallet secures your private keys and your assets. While not 100% guaranteed, a cold wallet is safer than a hot online wallet.
Top crypto wallets in Canada include Ledger Nano X and Ledger Nano S.
- You can also use the official Dogecoin wallet, including MultiDoge (light wallet) or Dogecoin Core (full wallet).
Dogecoin Canada FAQs
One of the easiest places to buy Dogecoin in Canada is through the NDAX crypto platform.
Dogecoin has seen a significant rise in 2021 from $0.004681 on January 1, 2021, to a high of $0.7376 on May 8, 2021. No one knows whether it will ever reach $1; however, it is a highly speculative asset, and you should proceed with extreme caution.
Canadians can buy and sell digital currencies, including Dogecoin. You can either buy Dogecoin directly using fiat (e.g. Canadian dollars), or you can purchase it using another crypto such as BTC or a stablecoin like USDT.
Related:
- How To Buy CRO Coin in Canada
- How To Buy Polkadot in Canada
- How To Buy Polygon in Canada
- How To Get Free Bitcoin
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.
