As the original memecoin, Dogecoin (DOGE) achieved notoriety in 2021 when it gained mainstream attention and reached an all-time-high price of $1.00 in May 2021.
While this has helped make DOGE the #9 crypto by market cap, Dogecoin is still a highly volatile asset capable of major price swings in a single day.
Today DOGE is trading for $0.2053356, which is slightly down from yesterday's trading price of $0.1983784097. Dogecoin's seen an increase of 92% over the past year.
So before you buy Dogecoin, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Dogecoin in Canada.
How to buy Dogecoin in 4 steps
To buy DOGE all you'll need is a smartphone or
computer, an internet connection, photo
identification and a way to pay.
Compare crypto exchanges
The easiest way to buy Dogecoin is from a cryptocurrency exchange. Comparing in the table helps you find a platform with the features you want like low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit CAD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Dogecoin
You can now exchange your funds for Dogecoin. On beginner-friendly exchanges, this is as simple as entering the CAD or DOGE amount you want to purchase and clicking "buy". If you like, you can then withdraw your Dogecoin to a personal wallet.
"Top picks" are those we've evaluated to be best for certain product features or categories – you can read our full methodology here. If we show a "Promoted Pick", it's been chosen from among our commercial partners based on factors that include special features or offers and the commission we receive.
Keep in mind that these are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Where to buy Dogecoin in Canada
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Canadian dollars, like Coinmama or Bitbuy.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
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What is Dogecoin?
Software engineers Billy Markus and Jackson Palmer created Dogecoin (DOGE) as a joke to inject some comedy and entertainment into the cryptocurrency space.
It is a fork of the Bitcoin and Litecoin codebases with some modifications, including its total supply and block time. Similar to BTC and LTC, DOGE is a payment coin that relies on a proof-of-work consensus that requires miners to run hardware to generate new blocks and support on-chain transactions.
Since its inception in 2013, Dogecoin has gained what could be described as a "cult following". It is one of the most recognised and popular cryptocurrencies and has paved the way for dozens of meme coins, including Shiba Inu and Baby Doge.
To create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy Dogecoin with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
What are the best ways to buy Dogecoin?
Once you've set up your account, you'll need to deposit funds to buy Dogecoin with. We've listed out some popular ways to buy DOGE and what you should know about each payment method.
Many exchanges support free and instant bank transfers in Canada.
Some offer other options like bank transfer and wire transfers, but make sure you check if you'll be charged a deposit fee first.
How you transact with a debit card will depend on the platform.
Some exchanges let you transfer funds from your debit card to spend as you like.
Others will only let you use a debit card to make instant purchases, which often involves higher fees.
Lots of exchanges accept credit cards as an instant purchase method. But you should think very carefully before buying Dogecoin with a credit card, because:
Credit card fees are higher than using bank transfers.
Some card issuers may block cryptocurrency transactions.
Your purchasing options will be limited and more expensive.
You may end up losing your initial investment and being charged fees and interest by your credit card provider.
Buying Dogecoin with cash isn't common in Canada, but it can still be done.
There are a few ways to buy DOGE with cash:
Dogecoin ATMs. You can purchase DOGE with cash using a specialised Dogecoin ATM. These can be found in many major cities in Canada. You will still need to hand over some photo ID and pass a Know Your Customer (KYC) check.
Peer-to-peer (P2P). You can use a P2P platform to find someone who will sell you DOGE directly in exchange for cash. Beware that this comes with a high risk of fraud if you attempt to settle the transaction in-person or without an escrow service. Look for an established and reputable platform that provides an escrow service and facilitates your trade online.
You can swap any cryptocurrency you already own for DOGE using the "swap" or "convert" service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.
What is the cheapest way to buy Dogecoin?
Most exchanges let you buy as little as $5 worth of DOGE, if not less. Just type in how much you want to spend in CAD and let the exchange work out the rest.
Some platforms only offer 1 way to buy Dogecoin, while others provide several choices. The 2 most common ways to buy DOGE are on the spot market or with an "instant buy" feature.
Instant buy
If it's your first time buying Dogecoin this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of Dogecoin you want to buy, or Canadian dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on DOGE's market rate in exchange for the convenience.
Spot market
If you see colourful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for DOGE on the open market. It's usually the cheapest way to buy Dogecoin because it lets traders set their own price.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
Market order. This will buy you the amount of Dogecoin you specify at the lowest possible price available. This makes it like an instant buy order, but with much lower fees.
Limit order. This is the most common order type and lets you purchase Dogecoin at the price you specify. Traders use this to time the market and capitalise on price dips or increases.
How to find the best place to buy Dogecoin in Canada
There are dozens of different trading platforms to choose from when buying Dogecoin in Canada, so to help you find your best option, keep these factors in mind:
Where it's registered. Using a locally registered exchange is a good idea. It's more likely to accept Canadian dollars and local payment methods like , which helps avoid foreign exchange fees. Choosing from Canada-based exchanges also means it's likely to be registered with the Financial Transactions and Reports Analysis Centre (FINTRAC) which means it has to comply with local laws in Canada.
Security. Look at the security features the platform has to offer, like 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered industry standard, but insurance funds are less common and indicative of good security practices.
Fees. Check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include spreads, trading fees and deposit and withdrawal charges.
Transaction limits. Are there any minimum or maximum limits on the amount of Dogecoin you can purchase? Does the exchange restrict the amount of funds you can withdraw from your account in any 1 transaction or 24-hour period?
Other platform features. Look out for other features that suit your investment or trading needs. For instance, many exchanges now let you earn yield on your holdings, while some issue crypto debit cards to help you spend your coins.
Customer support. If you ever have a problem with a transaction, will you be able to quickly and easily get in touch with the customer support team? Are they based in Canada? Check what contact methods are available and find out how quick the team is at responding to enquiries.
Insurance fund. A small number of exchanges now insure user funds. Beware that policies vary greatly between exchanges, so you'll need to research this thoroughly if insurance is important to you.
Reputation. As a young industry, reputation can provide a lot of clues when choosing an exchange. For instance, who are the founders? Have there been any controversies? Are their business practices transparent? If you can't find any of this information, that may be a red flag.
Range of coins. If you're thinking about adding other cryptos to your portfolio in the future, check to see what other coins you can buy through the platform.
Read reviews. Finder's crypto exchange reviews include user feedback, which helps you get a better idea of what the exchange is like to use for other people starting out just like you.
Using FINTRAC-registered exchanges
There are plenty of places to buy Dogecoin, and people in Canada can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered DOGE exchange typically offers more convenience, but may have some downsides depending on your goals.
Pros
Canada-based exchanges must comply with FINTRAC Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy Dogecoin with CAD.
Exchanges in Canada typically support local payment methods, such as .
You may be able to access local customer support.
Subject to local laws.
Cons
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
CAD-to-crypto prices are often slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Canadian dollars.
Some features are simply not available on FINTRAC-registered exchanges. For example, high leverage margin trading, DeFi features and some altcoins.
Recent Dogecoin developments
2 November, 2023: The price of Dogecoin rose by 11% over October, aided by the market-wide rally led by Bitcoin ETF rumours. 03 October: Dogecoin had an uneventful September, finishing the month at US$6.2 cents 1 September, 2023: Robinhood adds support for Dogecoin to its wallet app, as part of wider push to better support cryptocurrencies 4 July, 2023: Dogecoin is trading relatively flat despite an uplift in the rest of the crypto market, with Bitcoin hitting a 12-month high.
Is Dogecoin safe to invest in?
You shouldn't invest in any asset, including DOGE without doing plenty of research first. Before you buy Dogecoin, make sure you understand and weigh up these risks:
Price volatility. Dogecoin's price is largely based on speculation, which means it can rise or fall in a short time. It's not uncommon for DOGE to lose more than 10% of its value in a single day.
Perceived value. DOGE is a unique asset that does not have any tangible value. It derives most of its value from utility and speculation.
Exchange vulnerabilities. Leaving your Dogecoin on a crypto platform exposes you to several counterparty risks, including:
Scams. Scammers frequently try to trick exchange users into handing over their username and password, often by phishing with malicious emails or fake website links. Use 2FA and encrypted emails to help protect your funds.
Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
Fiscal mismanagement. In mid-2022 a number of crypto platforms froze user funds after it was revealed they had engaged in irresponsible funds management.
Insurance. Unlike stocks, only a small handful of exchanges provide insurance on your cash deposits.
Regulatory uncertainty. The regulatory environment for Dogecoin and other cryptos is constantly changing. It's important to understand how international rulings have the potential to impact Dogecoin's future – for better or worse.
Novel technology. Dogecoin was created in 2013 which makes it relatively new as a form of technology and as a currency. DOGE doesn't yet have the same track record or performance history as some other asset classes.
Technical learning curve. Evaluating the tech behind DOGE before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralised finance. You should be prepared to do plenty of research.
No hard cap. DOGE has a block time of 1 minute, meaning that new coins are issued every minute. At this rate, 5 billion DOGE are issued each year, which makes Dogecoin a high-inflation asset. In general, inflation is expected to cause a coin's value to depreciate over time.
Utility. Dogecoin was originally launched as a joke intended to demonstrate that anyone could create a cryptocurrency. While it has found some success as a payments coin since – primarily thanks to Elon Musk – many modern blockchain projects offer much more advanced payment systems that incorporate smart contracts or stable value.
Memecoins. Dogecoin is considered the first ever memecoin and started the trend that led to other cryptos such as Shiba Inu and Floki. Memecoins became extremely popular in 2021 and if they continue to grow, competitors have the potential to take away market share from DOGE. This happened in 2021 when newcomer Shiba Inu (SHIB)'s market cap eclipsed Dogecoin's.
Where could Dogecoin's price be heading?
Dogecoin may see a modest increase in its value in 2022, with Finder's panel of fintech specialists giving an average end of 2022 prediction of $0.08. Going forward, the panel projects DOGE to be worth around $0.19 in 2025 before rising to $0.64 by 2030.
Compare today's price of Dogecoin ($0.14988 USD) against its all-time high (ATH) price of $0.731578 USD on May 08, 2021. The closer the bar is to 100%, the closer DOGE is to reaching its ATH again.
Current price: $0.14988
All-time high: $0.731578
20%
79%
How is Dogecoin taxed?
Dogecoin is considered a digital asset by the Canada Revenue Agency (CRA) and is taxed like an investment. This means you'll be taxed when you dispose of Dogecoin (i.e. sell, gift, exchange or trade it).
For individuals, profits or losses are reported as capital gains or losses. For businesses, Dogecoin earnings are reported as income or capital gains, depending on how a business classifies cryptocurrency.
Once you own some DOGE, you have 2 options – keep it on an exchange, or move it to a personal wallet. Each comes with its own set of pros and cons.
Keeping your Dogecoin on an exchange
Pros
Convenience. Keeping your Dogecoin on an exchange is convenient because you can buy and sell at any time.
Security. Holding Dogecoin on an exchange does come with significant counterparty risks, but reputable platforms also invest heavily in security so you don't have to worry about the pitfalls of self-custody.
Insurance. A small handful of exchanges now operate insurance schemes. These can range from insuring user deposits held in cold storage to reimbursing customers if a hack occurs.
Earn yield. Many exchanges now let you earn yield on your Dogecoin. This is achieved by lending your DOGE so carries its own set of risks. Do your research before deciding if it's the right option for you.
Cons
Phishing. Exchange users are frequently targeted by scammers trying to steal login information through malicious emails and fake website links.
Hacking. Exchanges are major targets for hackers. While security practices have improved substantially, hacks still occur from time to time.
Account freezing. Exchanges have been known to occasionally freeze user accounts, whether due to security concerns, technical issues or market turbulence. This could see you temporarily lose access to your crypto.
Moving your Dogecoin to a non-custodial wallet
Pros
Self-custody. A mantra repeated by crypto investors is "Not your keys, not your coins." This comes from the idea that the only way to guarantee ownership of your Dogecoin is to own the private key — which isn't the case when you hold on an exchange.
Security. Dogecoin and cryptocurrency wallets vary greatly in their features and security. For the most secure experience, consider purchasing a hardware wallet, which is usually a small USB device that keeps your private keys offline at all times for an extra layer of security.
Utility. If you plan to use your Dogecoin for transactions, daily spending or decentralised finance (DeFi), then storing it in a wallet rather than an exchange will be more convenient.
Digital payments. Dogecoin is a payment coin and has gained significant traction as such, with major companies including Twitch and Tesla accepting payment in DOGE. On-chain Dogecoin transactions can be processed with a non-custodial wallet. Web3 wallets also give you the ability to trade and swap DOGE on DeFi exchanges.
Cons
Learning curve. It's no secret that learning how to use a crypto wallet takes some time and effort. Spend some time learning how Dogecoin wallets work before transferring any of your funds.
Personal responsibility. Owning your own money can be liberating, but it also means the responsibility is all yours. If you lose your private key, the only way to regain access to your wallet is through the seed phrase. Make sure to store both of these privately and securely.
Inheritance. A challenge presented by crypto wallets is how to pass access on in the event of death or disability. Several companies are experimenting with ways to solve this problem, like the Trezor Model T wallet's Shamir backup feature.
Web3 risks. Web3 "hot wallets" are connected to the internet at all times and their use with web applications makes them more susceptible to hacks and scams. Consider only transferring the amount you need and keeping the remainder of your DOGE in cold storage with a hardware wallet.
Bottom line
If you want to buy Dogecoin, start by comparing a range of crypto brokers and exchanges available in Canada. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Use an exchange registered with FINTRAC for added peace of mind.
Remember that owning and using Dogecoin is not without its risks. Carefully consider investing in DOGE as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some DOGE, think about what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.
FAQs
Is Dogecoin a good investment?
Unfortunately, there's no easy way of knowing for certain whether any asset is a good investment. A good place to start your research is by considering DOGE's utility.
Dogecoin founder Billy Markus has openly stated that he created the crypto in about 3 hours. He cloned Bitcoin's open-source code and added some minor tweaks to the block time.
"It was a find-and-replace job. Ctrl+F Bitcoin, replace with Dogecoin."
Although DOGE is now its own distinct, multi-billion-dollar crypto, it offers no unique utility in the digital currency and payments space. Before investing in Dogecoin, make sure you explore DOGE price prediction data and closely evaluate the risks.
Can I buy Dogecoin for fiat?
Lots of crypto trading platforms can help you buy Dogecoin with CAD, including Coinmama and Bitbuy. Once you've created and verified your account, you'll be able to purchase some DOGE.
Compare more trading platforms that let you buy DOGE with fiat currency in our table.
Can I get Dogecoin for free?
There are a handful of ways to earn small amounts of free DOGE, including playing online games, using a crypto faucet or paying for goods with a crypto rewards credit card.
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Disclaimer: Cryptocurrencies, including Dogecoin, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of DOGE is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Dogecoin or any other cryptocurrency discussed.
James Edwards is the global cryptocurrency editor at Finder. He coordinates a distributed team of journalists to help further Finder's mission of helping people make better financial decisions.
He has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in boiling down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad.
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