Learn How to Buy Dogecoin in Canada

How to Buy Dogecoin in Canada
The Comprehensive Starter Guide

Are you ready to get started with Dogecoin?

You cannot help but hear about Dogecoin these days, but you may be wondering how to buy Dogecoin in Canada. To avoid missing out on this popular crypto, you need to know how to buy Dogecoin in Canada.

Here are your 5 second and 5-minute guides to buying and selling Dogecoin in Canada.

How to Buy Dogecoin

The 5 Second Guide

  • Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy
  • Deposit CAD to the exchange directly from your bank account
  • Buy Dogecoin
  • Store Dogecoin on your exchange account or transfer it to a wallet

And that’s it, fast and simple. Now that you know what to do, sign up on Bitbuy to buy Dogecoin.

Not convinced it’s that simple? If you want to know everything there is to know about buying Dogecoin in Canada, and you’re looking for a more in-depth explanation, check out the 5-minute guide to buying Dogecoin online below. We’re going to break down everything you need to know about the popular crypto and how you can buy it in Canada safely and securely.

First Things First:

What is Dogecoin?

Dogecoin (DOGE) is a peer-to-peer cryptocurrency. While the coin sounds like any other altcoin on the surface, it has since become an icon backed by a meme-centric community.

It was created in 2013 as a satire of cryptocurrency culture. It takes its name from the Shiba Inu Doge meme. Founded by Billy Markus and Jackson Palmer, the duo believed that a comedic coin would receive more mainstream attention than a serious project like Bitcoin. Their bet paid off.

Don’t let its satirical roots fool you; Dogecoin’s blockchain is legit. Its underlying technology is derived from Litecoin, using the same script algorithm to facilitate lower hash rates and require less energy than Bitcoin’s SHA-0256 algorithm.

Your Guide to Buying Dogecoin in Canada

The 5 Minute Explainer

#1 Make a Dogecoin Buying Strategy

You want to purchase Dogecoin, but what will you do with it once you own it? When you buy Dogecoin in Canada, three main categories cover what you can do with it.

Buy Dogecoin and Hold

Are you buying Dogecoin as an investment or digital asset?

In 2022, Canadians continue to buy and sell cryptocurrency to purchase items online, transfer value to a friend or a family member, and move money internationally. There are many reasons for owning Dogecoin, from its popularity to being a great way to dip your toes into the world of crypto.

Investors can be split into short-term traders and those who buy and hold. Buy and hold (also known as HODL) means waiting for long or short-term price increases, then cashing out the profits. Dogecoin prices and other digital currencies are going through a period of volatility right now. You assume the same risks you would investing in volatile stock or a fiat currency.

You can hold Dogecoin on a cryptocurrency exchange in Canada or use your software or hardware wallet. One security measure to look for in a crypto exchange is cold storage. At Bitbuy, 99% of the currency held on our platform is kept in cold storage offline, and all user BTC balances are insured. You can also transfer your Dogecoin to a wallet. You can use a software wallet such as desktop or mobile or hardware such as paper or a USB drive containing a unique address on the blockchain. There’s more on Dogecoin wallets further ahead.

Trade Dogecoin for Other Cryptocurrencies

Dogecoin is one of the most well-known and popular cryptocurrencies worldwide, but there are other cryptocurrencies. You can buy other significant cryptocurrencies with Canadian dollars, such as Bitcoin, Ethereum or Litecoin on Bitbuy. Still, many more are out there that cannot be purchased with fiat currency due to their small nature. Instead, you can use Dogecoin to buy these other cryptocurrencies.

Bitbuy is an all-in-one platform, meaning you can trade cryptocurrencies for CAD, CAD for cryptocurrencies and crypto for crypto. They offer advanced trading through Bitbuy Pro and over-the-counter services for high-net-worth individuals and businesses.

Using Dogecoin

Despite its status as a meme coin, Dogecoin has evolved into one of the largest cryptocurrencies in the world. Thanks to this global growth and recognition, it can carry out many functions.

Its primary use is to execute micropayments, such as sending tips to users on Reddit, Twitter, and dogecoin-related communities. After it went viral because of Elon Musk’s intense interest, Dogecoin became a legitimate payment method accepted by many merchants worldwide.

#2 Decide Where to Buy Dogecoin

Do your research before you decide where to buy Dogecoin. Several cryptocurrency exchanges in Canada and worldwide offer different features, payment methods, and transaction fees, plus options like peer-to-peer and Dogecoin ATMs. However, choosing a Canadian Cryptocurrency Exchange will make the process smoother and give you greater flexibility.

Buy Dogecoin from International or Canadian Cryptocurrency Exchanges

Exchanges offer more convenience and security than your other options. Transaction or trading fees will be higher than peer-to-peer transactions but offer you greater protection. An international exchange might not be as useful to you as a Canadian as few accept Canadian currency, leaving you stuck with high exchange fees. International exchanges won’t let you turn Dogecoin back into Canadian dollars, while some even have small limits on how much Dogecoin Canadians can buy.

Ideally, when you go with a Canadian crypto exchange, you get:

  • An exchange with good relationships with Canada’s banks
  • Convenient Dogecoin to CAD exchanges and vice versa
  • No limits on how many dogecoins you can buy at any one time

A Canadian cryptocurrency exchange is the most convenient way to buy Dogecoin.

Bitbuy offers low transaction fees and the convenience of buying Dogecoin with Canadian dollars. New traders will appreciate our easy-to-use interface, thanks to a new-and-improved UI on our web app for any amount of Dogecoin. It’s designed to make trading CAD for Dogecoin intuitive and straightforward.

A strong support team can also help you with any hitches. The new interface came alongside an expanded range of services and improved customer support. The guiding principle behind the new Bitbuy was to create a safe and secure Dogecoin platform that did not require extensive technical know-how.

Advanced Dogecoin traders get fast and easy Dogecoin purchases and withdrawals. Bitbuy has become one of Canada’s most convenient on and off-ramps for Dogecoin. While the Canadian banking sector has viewed cryptocurrency with skepticism, Canadian crypto exchanges like Bitbuy bridge the gap by making it easy to buy Dogecoin with Interac from a Canadian bank. It’s never been more straightforward to buy Dogecoin in Canada.

Buy Dogecoin via Peer to Peer Transactions

Peer-to-peer transactions could be for you if you don’t want to pay transaction fees, but you take on a lot of risks. You need to connect with other Dogecoin owners looking to sell on various websites or Facebook Marketplace. Social media marketplaces can be full of scam artists, so be careful.

Dogecoin ATMs

Dogecoin ATMs in Canada offer anonymity when you buy Dogecoin, but it comes at a price. Dogecoin ATMs are known for their high fees. You have likely seen a Dogecoin ATM at your local mall or a convenience store near you.

When deciding where to buy Dogecoin, do your research on transaction fees. There are several places where you can take a hit from Dogecoin platforms, including currency deposits and withdrawals, Dogecoin deposits and withdrawals, and buying and selling. With Bitbuy, DOGE withdrawal is free, along with other cryptocurrencies like BTC, ETH, LTC, XLM, EOS and BCH. New lower fees mean it’s more affordable than ever to trade Dogecoin on Bitbuy. Transaction fees at Bitbuy are extremely low. These fees get you access to a convenient and secure platform to buy Dogecoin in Canadian dollars.

A Canadian cryptocurrency exchange that lets you buy Dogecoin with Interac or eTransfer can save you money from high fees charged by international exchanges that won’t accept Canadian debit. On international exchanges, your only option may be funding your purchases with a credit card, which can take a long time to confirm and incur high fees. Buying Dogecoin with Interac is faster and cheaper. International exchanges often also require you to exchange CAD for USD, with more fees. A Canadian cryptocurrency exchange will offer a better deal for Canadian Dogecoin buyers.

#3 Sign up & Get Verified to Buy Dogecoin

Bitbuy makes the process as seamless as possible. You just need to confirm your email address, phone number, a couple of other pieces of info, and Bitbuy can automatically verify your identity. You also can provide a government photo ID to verify your identity. After that, you just log in and go whenever you want for fast Dogecoin transactions.

KYC is an essential Canadian financial regulation. It stands for Know Your Customer and is used to prevent money laundering in various industries, including real estate, securities, casinos, precious metals dealers, and now cryptocurrency. KYC verification is why you need to confirm your identity to a Canadian crypto exchange. Bitbuy makes the process as seamless as possible.

#4 Fund Your Canadian Crypto Exchange Account

Once you’re signed up, you’ll need to fund your account before you can buy Dogecoin. Canadians often struggle with international exchanges and why a Canadian crypto exchange can make a big difference. You need to find out how to buy Dogecoin without paying high fees as a Canadian. A credit card may be your only payment option on an international exchange, but the processing times and fees are unappealing.

Credit card companies don’t make it easy to buy Dogecoin, and they charge high transaction fees. A growing number of companies treat Dogecoin purchases as cash advances, meaning interest rates are higher, and they can charge higher transaction fees. That’s on top of any fees charged by the cryptocurrency exchange.

On Bitbuy, you can fund your account using Interac eTransfer, or Bank Wire. Each method of payment has its own fees and processing times.

Interac eTransfer: Typically, an eTransfer takes 1-4 hours to process with a 1.5% fee. Minimum deposits are $50, and the most you can deposit is $3,000. Interac eTransfer is safe, secure, and the easiest way to fund your account.

Wire Transfer: Wire transfer is the best way to make large deposits. The fee is small at only 0.50%, though processing takes one business day. There’s a $20,000 minimum deposit on wire transfers and no maximum. If you’re a significant investor or buying Dogecoin as a business solution to pay contractors or suppliers, wire transfer may be the way to go.

Once your account has been funded, use the interface to buy Dogecoin and other cryptocurrencies. Bitbuy has multiple interfaces to buy, sell, and withdraw cryptocurrencies. You can do it all on a desktop or mobile. You can use Bitbuy Express, Bitbuy Pro or the Bitbuy mobile app, which are all clean, modern interfaces designed to make it as easy as possible to buy Dogecoin.

When it comes to selling Dogecoin, processing times can be a little bit longer, ranging from 24 hours to 5 days, depending on how you transfer the funds. You can choose to use an Interac eTransfer or wire transfer. Without a Canadian crypto exchange that allows you to transfer money to and from your bank account, selling Dogecoin and withdrawing the cash can be challenging.

#5 Sending Dogecoin Off a Canadian Cryptocurrency Exchange

Once you buy Dogecoin, you need to store it somewhere. Most exchanges allow you to store Dogecoin directly on their platform. Bitbuy protects customers’ coins in two ways. First, you need 2-Factor Authentication (2FA) to log into your customer account and when you take action with the account. Text-based authentication is both secure and convenient. Google authenticator is also available for added security.

Second, we store 99% of customers’ coins in cold wallets. While 1% of coins are kept online available for transactions, 99% of coins can be kept offline. This discourages cyber-criminals from targeting Bitbuy and keeps coins out of their reach. Bitbuy also works with top crypto wallet providers for additional security and is covered by a comprehensive insurance policy provided by BitGo.

Storing coins on the exchange is convenient if you’re regularly trading or using them to make payments, though many Dogecoin buyers use their own wallets for added security. You can use two types of Dogecoin wallets: hot and cold.

Hot Wallets

A hot wallet or software wallet stays connected to the internet in some way. There are three main categories of hot wallets: online, mobile, and desktop.

Online wallets run on the cloud. You can access them from any device with an internet connection. If you like the convenience of accessing Dogecoin from any device and regularly making payments with Dogecoin, a cloud wallet keeps your funds easily accessible. An online wallet may require additional layers of security as they are the most vulnerable. There are also some security concerns with online wallets, as some have a history of scamming customers.

Mobile wallets are phone apps and make it possible to pay with Dogecoin at stores like you would use any mobile payment app. Safer than cloud wallets, the chief security risk associated with a mobile wallet is losing your device. You could also lose your assets if your phone physically breaks down.

Desktop wallets are downloaded and installed on your PC or laptop and accessible from there. It’s a quick, straightforward way to store and access Dogecoin, but it’s as vulnerable as your PC is to viruses and hacking. Physical damage to your computer can also prevent you from accessing your funds. Before you buy Dogecoin, look into security measures you can take to protect your funds on online, mobile, and desktop wallets.

Cold Wallets

Keeping cryptocurrency in cold storage is the safest way to protect your coins from hackers. The risks involved in cold wallets are physical. If they’re lost or stolen, there’s nothing you can do to recover your funds. They can also be lost in a fire or flood or even physically break down. Cold wallets physically store your public and private keys. The two main types are hardware wallets and paper wallets, but you can use anything. Some Dogecoin owners even print the encryption keys on objects like gold coins or physical Dogecoins.

Hardware Wallets store your private key on a device that can be kept offline or connected to the internet, such as a USB drive. This provides the best balance between security and convenience. The more time your coins spend online, the more vulnerable they are. Do some research to make sure your hardware wallet is compatible with the web interface you use to buy Dogecoin. Hardware wallets can be a bit more expensive.

Paper Wallets are one of the securest ways to store Dogecoins offline. Write down or print off the public and private keys. Often paper wallets use QR codes for the security keys. You can send money through the public Dogecoin address and withdraw it with your private key. Paper wallets should be kept somewhere safe or in a safety deposit box at the bank. Paper will physically degrade and easily be lost in a fire.

Before buying Dogecoin, research internet-based hot wallets and hardware cold wallets for safer Dogecoin storage. Remember that you should triple-check the public address any time you send Dogecoin to another exchange, a friend, or a business. You can’t reverse blockchain transactions. Once you send the coins to that address, they’re gone.

Sign up and get started now that you know how to buy Dogecoin in Canada. You can use our currency converter to find out how much Bitcoin, Ethereum, Dogecoin, and Litecoin are worth in Canadian dollars at any time. Unlike investments like gold coins, Dogecoin and other cryptocurrencies can be bought in fractions. Input the amount of money you want to spend, and our interface will show you how many dogecoins you get in return after fees have been applied. The pre-purchase transaction pricing calculator prepares you in advance. Always know exactly how much you’re spending and what you’re getting in return.

Check prices regularly before buying Dogecoin, especially if you’re using cryptocurrency as an investment. Dogecoin prices have been volatile, as have other cryptocurrencies. Prepare yourself to see prices go down and rise suddenly. You can take advantage of volatility to buy low and sell high.

Share this guide and take part in our referral program and help grow a reliable Canadian cryptocurrency exchange. Create an account and receive a unique referral code. Send it to as many people as you like. For every person who signs up and makes a qualifying deposit with your referral code, you get $20 deposited in your account to buy Dogecoin and other cryptocurrencies.

You want to buy Dogecoin in Canada, and Bitbuy makes it easy. Sign up, fund your account, buy Dogecoin, and store your funds securely.

More About Dogecoin

The Beginnings of Dogecoin

If you don’t know the original doge meme from 2013, the humorous side of Dogecoin will not make sense. It is an image of a Shiba Inu dog surrounded by simple thoughts, all scribed in comic sans. This meme inspired one of the world’s foremost cryptocurrencies.

The roots of DOGE are in a random tweet from Jackson Palmer said that Dogecoin was the next big thing. This tweet came before he created DOGE. It was met with positivity, with followers encouraging Palmer to make it a reality.

At the same time, Billy Markus was trying to program his own digital currency but was not seeing the success he wanted. He stumbled across the dogecoin.com domain and tweeted Palmer saying that he wanted to make the tech for Dogecoin. The two did not know each other, but they connected over their shared belief in Dogecoin.

Just over a week after Palmer’s half-hearted joke tweet, Dogecoin was real. It launched in December of 2013.

How does Dogecoin work?

Dogecoin (DOGE) is a peer-to-peer cryptocurrency. Like other digital currencies, DOGE allows users to send money from point A to point B without a go-between.

Like Bitcoin, Dogecoin uses the Proof of Work (PoW) consensus algorithm. PoW means the network relies on miners to validate Dogecoin transactions and secure the network from parties trying to manipulate the blockchain.

Dogecoin isn’t overly innovative from a technological perspective. The coin is rather basic in functionality and does not offer features such as staking or smart contracts, which are now standard on the Ethereum platform.

How many Dogecoins are there in circulation?

Dogecoin does differ from bitcoin in various ways, with supply being a primary difference. The supply of DOGE is uncapped, so individuals or pool miners can mine an unlimited amount. Its block time is one minute, and the average transaction fee is about 49 cents.

As of March 02, 2022, Dogecoin has a market cap of over $17 billion, with a circulating supply of over 132 billion. Not bad for a once-obscure internet joke!

What makes the Dogecoin community different?

The community focuses on using the coin to do good in the world. In January of 2014, the Dogecoin community rallied together to raise $30,00 to send the Jamaican bobsled team to the Winter Olympics in Sochi.

The community continued to get behind other causes, including a campaign for clean water in Kenya and training assistance dogs for children with autism. It’s why the community’s rally cry uses an acronym of DOGE: “Do Only Good Everyday.”

What’s Elon Musk’s Involvement with Dogecoin?

Chances are you may have heard about Dogecoin from Elon Musk. He has gone as far as calling himself Dogefather on Saturday Night Live. As one of the world’s richest men and iconic social media users, Musk has a history of influencing the masses with his social media platforms.

In late 2020, Musk started tweeting about the coin. The three words he tweeted pumped up Dogecoin’s price. He continued to tweet about DOGE, each time helping raise its value significantly. In February of 2021, a Musk tweet sent the price up by 31%.

Safely Storing your Dogecoin

Buying the coin is only the beginning. Users must keep assets safe in a digital wallet to invest for the long haul. The Jaxx wallet is one of the most highly recommended ways to store Dogecoin and is available to both Apple and Android users at no cost. However, wallets can take a few forms, including software, hardware or even a piece of paper.

Storing any cryptocurrency, Dogecoin included, will require users to understand their goals as an investor and successfully identify a wallet that will support their currency of choice. For those planning to hold the coin for a long time, hardware or paper wallets are the safest choices since they keep users’ coins offline. Currently, the Ledger Nano S and Ledger Nano X both support DOGE.

Should I Add Dogecoin to my Portfolio?

Cryptocurrencies are highly volatile, making them risky investments. Dogecoin is uniquely volatile because it has an unlimited supply. While Bitcoin is deflationary and will only ever have a limited supply, Dogecoin has no limit to how many coins can be produced and can be impacted by inflation.

As with any investment, it is essential to remember that cryptocurrency markets remain highly volatile. It is challenging to predict a coin’s value even a few hours from now and even more difficult further into the future. It is essential to remain well-informed and research before making any purchase.

Bitbuy makes it easy to buy Dogecoin in Canada. Get started today!