How To Buy Dogecoin in Canada in 2022

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by Enoch Omololu

Updated

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Dogecoin, the meme cryptocurrency that started as a joke, dominated the airwaves in 2021.

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.

What is Dogecoin?

Dogecoin is a cryptocurrency introduced by Billy Markus and Jackson Palmer in 2013. It features a Shiba Inu as its 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 in excess of 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: 14 types including BTC, ETH, USDT, XRP, BCH, EOS, XLM, LTC, UNI, DOT, SHIB, ADA, 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 available.
  • Promotion: Get a $20 bonus when you fund your account with $100.
VISIT COINSMART

2. NDAX

The National Digital Asset Exchange is one of three Canada-based cryptocurrency exchanges that offer Dogecoin.

NDAX was founded in 2017 and is based in Calgary.

  • Coins supported: NDAX supports 24 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: 0.20%.
  • Promotion: Get a $10 bonus when you open an account and fund with $100 or more.
VISIT NDAX

3. Wealthsimple Crypto

Wealthsimple Crypto offers a large selection of coins including Dogecoin. Note that you can’t move your digital assets off of this platform to a personal cold wallet.

  • Coins supported: 34 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 $50 bonus after trading at least $150 worth of crypto.
VISIT WEALTHSIMPLE CRYPTO

4. Newton

Based in Toronto, Newton is a cryptocurrency exchange that offers 26 different coins including Dogecoin.

  • Coins supported: 48 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 (S1W78J promo code applied automatically) after trading at least $100 worth of crypto.
VISIT NEWTON

5. 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%.
  • Promotion: Get a $25 bonus after staking enough Crypto Coin (CRO) for a prepaid crypto card.
VISIT CRYPTO.COM

6. 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 300, 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 when you pay with BNB.
VISIT BINANCE

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:

  1. 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.
  2. 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 FAQs

Where can I buy Dogecoin?

One of the easiest places to buy Dogecoin in Canada is through the NDAX crypto platform.

Will Dogecoin reach $1?

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.

Can Canadians buy Dogecoin?

Canadians are able to 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.

Is Dogecoin a good investment?

I don’t consider DOGE to be an investment asset like stocks or ETFs. Personally, I would only commit my “gambling” money to any digital currency asset.

Related:

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.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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