How to sell Dogecoin in 4 steps in Canada
Learn how to sell Dogecoin (DOGE) by following a step-by-step guide. Compare crypto exchanges, withdrawal methods and more. Get started selling DOGE today.
How to sell Dogecoin
The best way to sell Dogecoin is via a cryptocurrency exchange. If your Dogecoin is already on an exchange, then skip to step 4. Otherwise, your DOGE will need to be deposited on the exchange to sell on the market.
There are many factors to consider when selling DOGE. Before registering on an exchange, be sure to check that DOGE is listed on the platform and that your desired fiat currency is supported for withdrawing to a bank account. Compare exchanges to find the lowest deposit fees, withdrawal fees and trading fees to maximise the fiat received.
Step 1: Choose where to sell Dogecoin
Choosing where to sell Dogecoin depends on a few factors. Crypto exchanges offer different fees for depositing assets, but it should be free to deposit DOGE apart from the network fee. You should take into account trading fees for selling DOGE when choosing where to sell as well. Reasonable trading fees should range from 0-0.5% per trade. The final factor to consider when selling Dogecoin is the withdrawal fee for cashing out to a bank account. Some exchanges charge a flat rate while others charge a percentage. Look for an exchange that either has no withdrawal fees, charges a low flat rate or pays for a portion of the fees.
Step 2: Create an account
Once you've chosen a crypto exchange to sell your Dogecoin, you will need to create an account. Look for the sign-up or register button on the homepage then do the following:
- Enter an email address or phone number.
- Create a password.
- Verify the email or phone number provided by entering the verification code sent to it.
- Agree to terms and conditions.
- Click "sign up" or "register".
You'll then have to go through the KYC process to verify your identity. Finder has outlined the basic steps, but click here for Finder's guide to KYC.
- Enter personal information
- You'll need to provide your name, country of residence and an ID. This step may require you to upload a scan of your chosen ID or simply enter your ID number.
- Upload documents
- A clear photo or scan of your ID with no glare or obstructed view is necessary. You will also need to upload a copy of a utility bill or bank statement that matches the address and name on the ID provided.
- Upload a selfie
- This involves taking a photo of yourself with a full view of your face. You must be holding a piece of paper that has your name written on it and the current date. Some sites will provide a unique code that you need to write on a piece of paper.
- Activate 2FA
- This is an optional step but it is recommended. Some exchanges require it regardless. Activating 2-factor authentication adds an extra layer of security to your account.
Step 3: Deposit Dogecoin
The next step is to deposit DOGE on an exchange in order to sell it. To do this, follow these steps:
- Navigate to the wallets or balances page of the exchange.
- Locate "Dogecoin".
- Click "Deposit".
- Copy the address the exchange provides for your DOGE deposit.
- Paste the address into your external Dogecoin wallet.
- Double-check the address.
- Depending on your comfort level, you can also send a small test amount first. This will cost you an extra transaction fee but will give you peace of mind.
- Send the transaction.
- You will have to choose the network fee (a higher fee results in faster processing).
- Once the transaction is broadcasted, you can exit your wallet.
- Wait for the deposit to be confirmed by the exchange.
- This can take a few minutes up to an hour depending on the exchange and network congestion.
- Once the deposit is confirmed, you can sell your DOGE.
Step 4: Sell Dogecoin
Now that your Dogecoin is in the exchange account, you can sell it. There are a couple of different ways to sell DOGE through an exchange: a market order or a limit order. It is important to remember that you can sell Dogecoin for fiat or for other crypto coins and tokens.
In order to access the market and limit orders on a crypto exchange, you will need to navigate to either "spot trading", "trade" or "markets". Though there may be more trading options than market and limit orders, they are the most common types. When selling Dogecoin through spot trading, you can sell it for fiat-pegged stablecoins or other digital assets.
- Market orders
- Dogecoin is sold immediately for market price. It has higher fees than using a limit order but is lower than an instant sell. You should choose a market order if you want to sell as fast as possible at the current market price.
- Limit orders
- Dogecoin is sold only if it reaches a price set by you. This has lower fees than a market order and is much lower than an instant sale. You should choose a limit order if you want to sell Dogecoin at a specific price.
- Maker/taker fees
- These are the fees charged when using a spot trade.
- Maker fees are charged to those who add liquidity to the exchange (place an order not already on the books).
- Taker fees are charged to those that take liquidity off the exchange (place an order that already exists and is filled immediately).
- Taker fees are charged for market orders because the sale is immediate.
- Taker fees can be charged for a limit order if the price set is the same as the market price.
- If you place a limit order for a price that is not the current market price, then it is considered a maker order and has lower fees.
- Some exchanges charge the same for both maker and taker trades.
If using a market order, simply choose how much DOGE to sell and then confirm the order. If using a limit order, choose how much DOGE to sell and for what price. Then wait for the order to be filled. You can cancel your order at any time if it's unfilled.
Withdrawing local currency
When trying to sell Dogecoin through a platform that permits fiat currency withdrawals, check to see what withdrawal methods are supported. Options may include the following:
- Bank transfer
- Credit/debit card
When choosing an exchange and withdrawal method, make sure to consider the following:
- Fees. Many (but not all) platforms impose a withdrawal fee, and the fee charged usually varies depending on the withdrawal method selected.
- Some exchanges allow users to sell Dogecoin directly for fiat at market price and deposit the funds directly into the account of choice.
- Limits. Are there any minimum or maximum limits on how much you can transfer? How do they differ between withdrawal methods? Can you increase these limits by providing additional verification or ID?
- Processing times. How long will it take for CAD to arrive in your wallet or bank account? For example, while cash withdrawals are instant, bank transfers can take several days to arrive.
- Any other restrictions. For example, some exchanges will require you to withdraw funds using the same payment method with which you made your deposit.
Factors to consider when selling
The best way to sell Dogecoin is subjective and varies based on an investor's circumstances. What works well for one person might not be a good fit for the next. Instead, it's about working out which option is the right choice for the individual. You can do this by asking yourself a few important questions:
- Do you want to sell Dogecoin for fiat or another cryptocurrency?
- How quickly do you want to sell your Dogecoin?
- Are you willing to accept a price well below the market rate or do you want to negotiate the best price possible?
- If selling for fiat, how do you want to receive payment?
These questions should help you decide how you want to sell your Dogecoin, and you can then figure out which platform has all the features you need. When comparing different cryptocurrency exchanges, make sure you consider the following:
- Price. How does the exchange rate compare to those offered by other platforms?
- Fees. Compare any trading fees that apply and whether there's a fee for withdrawing funds into your bank account or cryptocurrency wallet.
- Trading and withdrawal limits. Is there any limit on the amount of Dogecoin you can sell or on how much fiat currency you can withdraw from your account?
- Security features. Are there any security measures in place to help protect your funds and your private data, for example, 2-factor authentication or a reputation system for buyers and sellers?
- Customer support. If something goes wrong with your transaction, how can you contact customer support? During what hours is support available?
- Reputation and reviews. Seek out online reviews and check crypto forum posts from other users to find out whether they recommend a particular exchange or trading platform.
- There are several other important factors, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites. For a full breakdown of the features to look out for, check out Finder's cryptocurrency exchange guide and discover tips on how to choose the right platform.
Where DOGE can be spent directly
Dogecoin has been popular enough to be accepted by some retailers. Below are some notable companies that accept DOGE as payment.
- Tesla (merchandise only)
- Dallas Mavericks
There are many more retailers that accept DOGE as payment, but the ones noted above are the most reputable.
Frequently asked questions
When should I sell my Dogecoin?
It is difficult to time when to sell Dogecoin, but check out Finder's Dogecoin analysis page to see experts' opinions on the current price of DOGE.
Where can I sell Dogecoin for cash?
You can sell Dogecoin for cash using a cryptocurrency exchange or broker.
What is the best way to sell Dogecoin?
The best way to sell Dogecoin is through a cryptocurrency exchange. Check out Finder's list here.
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