Are you ready to dive into the exciting world of cryptocurrency and learn how to buy Dogecoin in Canada? Whether you’re a seasoned investor or a curious beginner, one cryptocurrency you can’t ignore is Dogecoin.
Last year, Dogecoin became the talk of the town, gaining a staggering 14,000% in value before losing some momentum. It started as a joke, but some early buyers actually made a pretty penny from it!
Now, if you’re a Canadian wondering how to buy Dogecoin in Canada, you’ve come to the right place. This guide is all about buying Dogecoin in Canada and making your way into the crypto world. We’ll cover everything from reputable Canadian exchanges to the increasing presence of foreign exchanges in the country.
So, grab a cup of coffee, get comfortable, and embark on this thrilling adventure with me. Get ready to learn how to buy Dogecoin in Canada and discover the exciting possibilities that await you in the world of cryptocurrency!
How to Buy Dogecoin in Canada
Before you jump in headfirst, it’s crucial to understand the process of trading Dogecoin in Canada. Lucky for you, I’ve broken it down into four simple steps that will guide you along the way.
Step 1: Create an Account
To begin trading Dogecoin, the first step is to sign up with a reputable Dogecoin service provider. You’ll be required to provide some personal information during the registration process. Don’t worry. This is a standard procedure known as Know Your Customer (KYC) compliance, which ensures the legality and security of your transactions.
Step 2: Get Verified
Once you’ve submitted your personal details, the service provider will verify your account. This typically involves answering questions about your identity, such as your name and address. The good news is that most verification processes are instant, so you won’t have to wait long to get started.
Step 3: Fund Your Account
Now that your account is verified, it’s time to fund it. There are a couple of ways you can do this. If you already own Bitcoin or other cryptocurrencies, you can transfer them to your Dogecoin account. Alternatively, you can fund your account using traditional methods, such as linking it to your bank account.
Step 4: Start Trading
With your account funded and ready to go, it’s time to dive into the exciting world of Dogecoin trading. You can choose your trading strategy and execute trades at your desired time and rates. You can immediately act or set a limit order at the current market price – the choice is yours.
Where to Buy Dogecoin in Canada
Looking to buy Dogecoin in Canada but not sure where to start? Don’t worry; I’ve got you covered. Here are some of the top crypto exchanges in Canada, giving you a better idea of your options and what each platform offers.
1. NDAX
If security is your top priority, NDAX is an excellent choice. This leading Canadian cryptocurrency exchange, established in 2017, sets high-security standards in the FinTech sector. It utilises Ledger Vault’s multi-signature technology, ensuring the safety of your digital assets.
2. Binance
Known as the world’s largest cryptocurrency exchange, Binance offers many trading options. While it may be more challenging for beginners, it’s available to residents across Canada, except for Ontario. What sets Binance apart is its ability to facilitate transactions between market participants, potentially leading to cost savings regarding trading fees.
RELATED: Is Binance Legal in Canada or Is it Still Banned in Ontario?
3. Kraken
With its reputation as a well-established brand in the cryptocurrency industry, Kraken is a popular choice among traders. It offers a diverse selection of trading assets, including Dogecoin. While its trading costs are average compared to other exchanges, Kraken provides a reliable platform for your cryptocurrency transactions.
4. Coinsquare
As a Toronto-based exchange founded in 2014, Coinsquare boasts advanced security measures, making it one of the few platforms that have remained unhacked. You can trade confidently, knowing that your funds are secure, regardless of your chosen currency.
5. Newton
Newton is worth considering if you’re looking for a no-fee trading platform. Based in Toronto, it offers high liquidity and third-party custody of your digital assets. When using Newton to trade Dogecoin, expect low trading costs and competitive cryptocurrency prices.
You can read my Newton Review for more information.
6. CoinSmart
Considered one of Canada’s most popular cryptocurrency exchanges, CoinSmart caters to both beginner and seasoned traders. As a registered platform with FINTRAC, it complies with all relevant regulations in Canada.
CoinSmart is also supported by Luminus Financial, a Canadian-registered bank, ensuring your funds remain within the country’s jurisdiction.
You can read my CoinSmart Review for more information.
7. Coinberry
Coinberry stands out for its appeal to Canadian government municipalities. Regulated by FINTRAC and compliant with PIPEDA, this Toronto-based exchange offers a secure and cost-effective platform. Coinberry provides various options for buying Dogecoin in Canada, including wire transfers, credit cards, and Interac e-Transfers.
How to Store Your Dogecoin in Canada
Once you’ve successfully bought Dogecoin in Canada, it’s essential to understand how to store your investment securely. After all, protecting your digital assets is a crucial part of the investing process.
When it comes to storing Dogecoin, you have a few options: exchange wallets, software wallets, and hardware wallets. Let’s explore each to help you make an informed decision based on your requirements, budget, and preferences.
- Exchange Wallets: When you purchase Dogecoin on an online exchange, you’ll typically be provided with a web-based wallet to store your holdings. While this option offers convenience, it’s important to note that exchange wallets have certain risks. Since you don’t have direct control over your private keys, your funds are stored on the exchange’s servers, making them vulnerable to hacking or theft. Consider this option if you’re actively trading and require quick access to your funds.
- Software Wallets: If you’re seeking more control over your Dogecoin holdings, a software wallet might be the right choice for you. Software wallets are applications that you can download and install on your computer or mobile device. They provide a higher security level than exchange wallets, as you have control over your private keys. Popular software wallets for Dogecoin include Dogecoin Core, MultiDoge, and Exodus. Just remember to keep your device and software up to date and back up your wallet regularly to safeguard your funds.
- Hardware Wallets: For the utmost level of security, consider using a hardware wallet to store your Dogecoin. These physical devices, such as Ledger or Trezor wallets, store your private keys offline, making them highly resistant to hacking attempts. Hardware wallets offer an extra layer of protection against malware or phishing attacks that could compromise your funds. Although they come with a price tag, they are widely regarded as the most secure option for long-term storage of cryptocurrencies.
RELATED: ZenGo Wallet Review (2024): Most Secured Crypto Wallet
What is Dogecoin?
Dogecoin is an open-source and peer-to-peer cryptocurrency that has gained recognition for its support from a meme community. Unlike other cryptocurrencies, Dogecoin has no limit on the number of coins that can be mined. It utilizes blockchain technology, similar to other cryptocurrencies.
Before buying Dogecoin in Canada, it’s important to understand its uses. Dogecoin can be used to purchase goods and services, invest and trade other cryptocurrencies, or even store value. However, it’s crucial to note that cryptocurrencies come with volatility and risks. They should be considered alternative assets and account for a small portion of your portfolio.
If you’re already contributing to tax-advantaged accounts like TFSA and RRSP, you may consider an additional tax-advantaged brokerage account for investing in cryptocurrencies. Assess your financial stability and long-term goals before deciding how much to invest in Dogecoin. It’s advisable to prioritize debt repayment and building a diversified portfolio before delving into cryptocurrency investments.
Final Thoughts on How to Buy Dogecoin in Canada
So there you have it, a comprehensive guide on how to buy Dogecoin in Canada! We’ve explored the steps involved in trading Dogecoin, identified the top service providers in the country, and discussed the importance of securely storing your investment. Now, it’s time for you to take action and dive into the world of Dogecoin.
Whether you’re looking to join the meme-inspired cryptocurrency movement, diversify your investment portfolio, or explore the potential of digital assets, buying Dogecoin in Canada is a great opportunity. Remember to choose a reputable service provider that aligns with your needs and consider the security measures for storing your precious coins.
Don’t wait any longer! Start your Dogecoin journey today and experience this cryptocurrency’s excitement and potential. Take the first step by creating an account with one of the trusted Canadian exchanges we mentioned earlier. Embrace the opportunities, stay informed about market trends, and always invest responsibly.
FAQs on How to Buy Dogecoin in Canada
Will Dogecoin Ever Reach $1?
Despite the recent upward shot, there’s no guarantee that Dogecoin will ever reach $1. Remember, the cryptocurrency industry is highly volatile, and past performance doesn’t guarantee future performance. Thus, all we can do is cross our arms and watch how Dogecoin performs in the nearest future.
Where Can I Buy Dogecoin in Canada?
If you’re looking for how to buy Dogecoin, you must have realized that there are many ways to buy this cryptocurrency. So you can buy Dogecoin in Canada through online exchanges, Bitcoin ATMs, gift cards or vouchers.
What is the Best Way to Buy Dogecoin in Canada?
The best way to buy Dogecoin is through a secure and low-cost platform. If you’re looking for a safe and lost-cost platform to buy Dogecoin in Canada, NDAX is the best.
Is Dogecoin Legal in Canada?
Yes. As with other cryptocurrencies, Dogecoin is considered a legal tender in Canada. Thus, you can hold, mind and trade it in Canada without any legal implications.
