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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.
This is our quick guide to just one way to buy DOGE. Compare some other options in the table below.
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:
Set up an account with an exchange that supports Dogecoin in three steps.
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.
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.
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.
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.
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.
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.
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:
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