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How to buy Dogecoin in Canada

A beginner’s guide to buying and selling DOGE in Canada.

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Dogecoin (DOGE) is a decentralized, peer-to-peer cryptocurrency that’s similar to Bitcoin (BTC) and Litecoin (LTC). What started out as a joke has grown into one of the most widely traded cryptocurrencies in the world with a market capitalization of more than $70 billion USD as of May, 2021. Figuring out how to buy Dogecoin in Canada can be a bit tricky, which is why we’ve listed some of the most popular exchanges for you to buy Dogecoin right now — some even let you pay by Interac e-transfer.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
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Quick guide: How to buy DOGE

  1. Get some Bitcoin to exchange for this cryptocurrency.
  2. Register for an account with an exchange like Binance.
  3. Enable 2-factor authentication.
  4. Click on “Funds” and select “Deposits”.
  5. Select “Deposit coin”.
  6. Copy the wallet address or scan the QR code.
  7. Transfer BTC into your account.
  8. Click “Exchange” and select “Basic”.
  9. Search for the pair you want to trade.
  10. Select a Limit, Market or Stop-Limit Order.
  11. Enter the amount you want to buy.
  12. Review transaction details.
  13. Confirm your purchase.
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This is our quick guide to just one way to buy DOGE. Compare some other options in the table below.

How to buy Dogecoin in Canada

Dogecoin is available to buy, sell and trade on many exchanges. To find the best fit for your needs, compare exchanges by deposit methods, fiat currency support and more. When you’re ready to trade or buy Dogecoin, click Go to site on the exchange of your choice:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

267
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
NDAX Cryptocurrency Exchange
Bank transfer (ACH)
CAD

10
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

306
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
CA residents: Binance is not available for Ontario-based users.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

145
cryptocurrencies

Get 0% fees on credit/debit card purchases for 30 days after signup.
Buy 80+ cryptocurrencies, earn up to 8% on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

41
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
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Compare up to 4 providers

A step-by-step guide to buying Dogecoin in Canada

Set up an account with an exchange that supports Dogecoin in three steps.

Step 1. Create an account on an exchange that supports DOGE

Look for an exchange that lists DOGE in one or more currency pairings, and sign up with your email address and a password. Compare exchanges when buying DOGE to find the lowest fees and freshest exchange rates.

  • Note: Many exchanges also require your full name, contact information and proof of ID before allowing you to trade.

Step 2. Deposit funds into your account

If your exchange supports Dogecoin you’ll be able to buy DOGE directly with Canadian dollars (CAD). Some exchanges charger varying fees depending on the amount of DOGE you’re buying, so pay attention to the cost of your transaction.

  • Note: Some payment methods have higher fees, with credit card payments usually being the most expensive.

Step 3. Buy DOGE

Navigate to the markets section on your chosen exchange to find your desired DOGE pairing. Look for the section on buying DOGE, and type in the amount of the paired cryptocurrency you want to spend or the amount of DOGE you want to buy.

  • Note: Carefully review your transaction details — including the amount of DOGE you’re buying and the total cost of the purchase — before completing the transaction.

How to sell DOGE

If you want to sell your DOGE holdings, you can do so by following a similar process to that outlined in Step 3. You’ll obviously need to look for the “Sell DOGE” link, while it’s also worth remembering that you may not be able to directly exchange DOGE for the currency you want to acquire.

Which wallets can I use to hold DOGE?

Unless you’re looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it’s generally much safer to store your DOGE in a secure wallet.

You can check out a list of the best Dogecoin wallets for a place to get started.

How DOGE works

Founded in 2013 by Australian Jackson Palmer and IBM software developer Billy Markus, Dogecoin started life as a joke. In a January 2018 article in the Sydney Morning Herald, Palmer explained that the idea for Dogecoin started from a light-hearted tweet criticizing the rapid rise of “scammy” altcoins at the time. Dogecoin takes its name from the immensely popular (in 2013) viral “doge” memes. Its mascot, which features heavily on the Dogecoin website, is a Shiba Inu.

However, behind all the fun and games of Dogecoin lies a very popular cryptocurrency. Designed to offer fast and affordable online transactions, this open-source digital currency can be used as a form of payment for goods and services, a vehicle to trade for other currencies and a way to “tip” other Internet users who create or share popular content.

Based on the LuckyCoin protocol, a fork of Litecoin, Dogecoin uses the Scrypt encryption algorithm. Dogecoin was instantly popular in the crypto community, and within two months of its launch, it had a market capitalization of $74 million. DOGE’s value has experienced several rises and falls since then, reaching its all time high in January 2018 with a market cap of more than $2 billion and a price of $0.017359.

Find out more about Dogecoin in our complete guide.

Will Dogecoin reach $1?

No one can know for certain whether Dogecoin will reach $1, Dogecoin’s roughly 11,000% increase in price during 2021 has a lot of users on Reddit and similar forums waiting for more. Dogecoin has long been seen as a memecoin, which has helped drive price swings both up and down based on celebrity tweets, oddball events and the rallying of online communities. Given that nearly 150 million Dogecoin is mined each day, for the price to continue to climb and reach $1 we’d need to see many more massive buying events.

Key factors to consider when buying Dogecoin (DOGE) in Canada

Cryptocurrencies are complicated and highly speculative, and many factors can affect their value. Understand the risks associated with cryptocurrencies before making a purchase.

If you’re thinking of buying Dogecoin in Canada, weigh the following factors against your financial goals:

  • Availability. One of the key factors that affects the popularity of a cryptocurrency is its availability. Dogecoin is listed on a wide range of cryptocurrency exchanges, making it relatively accessible in comparison to more obscure coins for anyone thinking of buying.
  • Community support. Dogecoin is something of a legend in cryptocurrency circles and is supported by a vibrant and active community, as shown by its active Reddit page. This support has seen Dogecoin survive since 2013, which is a very long time in the world of digital currency.
  • Joke or not? Dogecoin started life as a joke and a quick visit to the coin’s website is enough to reveal that this currency doesn’t take itself too seriously. This has been a key factor in its survival and success. However, if you’re looking for a coin to buy and hold in the hope of achieving long-term profits, you’ll need to consider whether DOGE fits with your cryptocurrency strategy.
  • Future development. As for what the future may hold for Dogecoin, it’s worth considering what the coin’s co-founder Jackson Palmer said in an interview with CoinDesk in March 2017: “New features aren’t being implemented into Dogecoin because there’s no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down.” Palmer left the Dogecoin team in 2015, but this does raise important questions about the longevity of the currency.
  • Celebrity endorsement. Dogecoin’s rally in 2021 is largely attributed to a single person – Elon Musk. Thanks to Musk’s influence combined with his interest in memes and internet culture, he has single-handedly been able to propel the price of Dogecoin to new highs – primarily through late-night tweets of Doge related memes. If Musk were to suddenly change his tune on Dogecoin, or lose interest, the price may be affected negatively as a result.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

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