Kraken Cryptocurrency Exchange
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Kraken Cryptocurrency Exchange
As the original memecoin, Dogecoin (DOGE) achieved notoriety in 2021 when it gained mainstream attention and reached an all-time-high price of $0.99494608 in May 2021.
While this has helped make DOGE the #10 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 $0.10730264, which is slightly up from yesterday's trading price of $0.1059056178. Dogecoin's seen a decrease of -25% 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.
To buy DOGE all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Canadian dollars, like Coinmama or Bitfinex.
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.
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.Read our beginner's guide to how Dogecoin works
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.
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.
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.
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.
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.
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:
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.
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:
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 ($0.078899 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.
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.
Learn more in our guide to crypto tax in Canada.
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.
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.
Lots of crypto trading platforms can help you buy Dogecoin with CAD, including Coinmama and Bitfinex. 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.
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.
Read our guide on how to earn free crypto for other potential ways to earn some free DOGE.
If you don't already own crypto, the easiest way to buy DOGE is with Canadian dollars.
To get started, choose a crypto trading platform like Coinmama that allows you to deposit CAD.
Alternatively, you may need to convert your CAD into BTC or USDT first, which you can then trade for DOGE.
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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.
Find out why CoinLedger’s tax reporting is trusted by 300,000 crypto investors.
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