Looking to buy Dogecoin in Canada? Since reaching an all-time-high of $0.7376 in May 2021, the price of Dogecoin (DOGE) has settled to a much more affordable $0.1209. Is now the right time to buy DOGE before it surges again?
Which vendor you choose to buy Dogecoin makes a difference. Investors generally want to buy with low fuss and low fees. So which is the best platform to buy DOGE in Canada? With reviews of three top Canadian crypto exchanges, we aim to find out.
How to Buy Dogecoin Canada – Quick Guide
Thinking about buying cryptocurrency in Canada in 2022? Here’s how to buy Dogecoin with low fees in less than five minutes:
- ✅Step 1: Open an account with Canada-based platform Bitbuy – Provide some contact details and some valid ID to get started.
- 💳 Step 2: Deposit – You can deposit funds via Interac e-Transfer (minimum deposit: $50) or a bank wire.
- 🔎 Step 3: Search for Dogecoin – Go to the Express Trade part of the BitBuy site and select Dogecoin.
- 🛒 Step 4: Buy – Invest in Dogecoin by entering how many Canadian Dollars you want to spend and executing your trade.
Where to Buy Dogecoin in Canada
To buy Dogecoin in Canada, you will need to find a suitable crypto exchange that fits your level of experience. The best Canadian crypto exchanges offer low fees, good security and a decent reputation. We look into three below. We recommend Bitbuy as the number one destination for Canadian crypto newcomers.
1. Bitbuy – Best Place to Buy DOGE in Canada
What makes Bitbuy stand out for Canadian investors is that it is based in Toronto, Canada. 400,000 Canadians use Bitbuy. As a beginner, it can be reassuring to begin your crypto journey close to home. What’s more, Bitbuy is regulated by the Ontario Securities Commission as well as registered with FINTRAC ( The Financial Transactions and Reports Analysis Centre of Canada) as a money service business.
So when it comes to home-grown regulation, you can’t get much better than Bitbuy. Regulation is a particularly important issue for Canadian investors. That’s because Canadian authorities and banks have been suspicious of crypto in general in the past; it’s always best to stay firmly on the right side of current regulation, and with Bitbuy you can have no doubt. (Always remember that buying any crypto, including Dogecoin, is legal in Canada — as is using a crypto exchange).
When it comes to making deposits in Canadian dollars (CAD), Bitbuy offers a breath of fresh air. With a minimum deposit threshold of just $50, you can use Canada’s own Interac e-Transfer to deposit funds in your Bitbuy account. Your deposit will take 1-4hrs to process and a 1.5% fee will be levied. Or you can benefit from a lower deposit fee of just 0.5% by using a bank wire — provided you deposit at least $20,000.
Once your funds are clear, you can invest in Dogecoin. Head to the Express Trade page on the site. Here you can choose from 15+ crypto, including market leaders Bitcoin (BTC) and Ethereum (ETH), DeFi coins like Sushi (SUSHI) and Uniswap (UNI), as well as interoperability innovators Polkadot (DOT) and Polygon (MATIC). Best of all, with its Express Trade service, Buybit charges a flat commission of just 0.2% on all crypto trades. If you have over $50,000 to invest, you can use Buybit’s Over-The-Counter service and benefit from tighter spreads on crypto prices.
For security, Bitbuy offers four reassuring shields against hacks and fraud:
- Secure Socket Layer technology on the website.
- Two-factor authentication every time you log in.
- 95% of client crypto is held in ‘cold’ wallets – ie. offline, away from hackers.
- Daily encrypted backups for swift disaster recovery.
- Financial insurance provided by Bitgo.
Although Bitbuy does not offer a standalone crypto wallet, you can send crypto out of your Bitbuy account. Bitbuy completes its offering with a free smartphone app so you can buy Dogecoin in Canada on the move. The Bitbuy app has received a rating of 4.6/5 on the App Store.
Pros
- Buy Dogecoin in Canada with a Canadian exchange
- First crypto exchange to be regulated in Canada
- Low commission (0.2%) on crypto transactions
- Good blog resources
- Easy fiat deposit with Canada’s Interac e-Transfer
Cons
- No crypto finance options like crypto loans or crypto savings account
- Limited choice of just 15+ crypto to choose from
Cryptoassets are a highly volatile unregulated investment product.
2. Crypto.com – Popular Place to Buy Dogecoin in Canada and Earn Interest
Like Bitbuy, Crypto.com is a crypto exchange. Based in Singapore, Crypto.com is a much bigger operation than Bitbuy. Compared to Bitbuy’s 400,000 users, Crypto.com has 10 million users, does roughly £2bn of crypto business every day and is ranked as the tenth-biggest crypto exchange in the world.
Size isn’t everything! Complete beginners to the crypto world who want to buy Dogecoin in Canada may do better sticking with the simplicity of Bitbuy. But if you fancy exploring your crypto options a little further, Crypto.com offers some convenient factors for Canadians as well as powerful financing tools.
You can deposit Canadian Dollars with Crypto.com direct from your bank. Minimum: $20 CAD per transaction. Maximum: $25,000 CAD per transaction. You can then use these fiat funds to buy Dogecoin or one of Crypto.com’s 250 other crypto coins, including other meme coins (like Shiba Inu), Metaverse coins, DeFi coins and all the major blockchain crypto like Solana (SOL), and Cardano (ADA).
If you don’t want to wait for bank transfers to go through, you can buy Dogecoin in Canada with Crypto.com by using your credit/debit card. Expect fees in the region of 2.99% per transaction.
Crypto.com really comes into its own when it comes to crypto finance:
- Crypto Staking
Lend out your Dogecoin for a fixed period and receive up to 5% APY (Annual Percentage Yield). You will need to buy a small amount of in-house crypto CRO to get started. - Crypto.com Credit Card
Crypto credit cards are offered by some of the top exchanges, and can be very convenient. If you stake CRO for 180 days, you can apply for a Crypto.com prepaid credit card. You can top this up with CAD or crypto. Using your Crypto.com card, you can withdraw funds at an ATM as well as make purchases in the real-world. And you can get up to 8% back when you make purchases. - Crypto Loans
You can get a loan of up to 50% of your existing crypto stash at an interest rate of 8% p.a.
How about crypto security? Like Bitbuy, Crypto.com holds client crypto in cold storage (with big-name security partner Ledger). The exchange also boasts a $750m general insurance fund.
Crypto.com’s smartphone app has received a rating of 4.3/5 on the App Store and 3.7/5 on Google Play. Unlike Bitbuy, Crypto.com offers a free crypto wallet.
Pros
- Buy Dogecoin in Canada instantly with credit card
- Trade 250+ crypto
- Free crypto wallet
- Powerful crypto financing options
- 100% of client crypto held in cold storage
Cons
- Need to buy in-house crypto CRO to get the best out of services
- Not specifically regulated in Canada
Cryptoassets are a highly volatile unregulated investment product.
3. Binance – Trusted Crypto Exchange to Invest in Dogecoin with Low Fees
Binance is the world’s biggest crypto exchange. It carries out over $10bn in crypto transactions every day. With this level of volume, Binance has a well-deserved reputation in two areas: great range of crypto (600+) and great fees (0.1% if buying crypto with crypto). Binance also boasts an extensive suite of crypto financing options, including crypto staking, liquidity pools, savings accounts and a credit card. Also offered is a range of crypto futures options as well as margin trading — but here beginners need not apply!
The sheer range of options on Binance can be overwhelming for crypto newbies. Here’s a top tip to keep things simple: choose the ‘Classic’ view on desktop Binance, and ‘Binance Lite’ on the smartphone app.
If you want to buy Dogecoin in Canada, you have one easy option with Binance: simply use your credit card to instant buy. What you cannot do from Canada with Binance is to deposit fiat currency in your account. But you can get round this by buying crypto with another exchange, transferring this crypto into your Binance account and using it to buy Dogecoin and other crypto on the massive Binance open marketplace.
Alternatively, you might want to check out Binance’s P2p (peer-to-peer) trading. Here you can use a variety of payment methods (including PayPal) to take advantage of deals offered by third-parties. P2P trading with Binance does offer some risk if you get the procedures wrong, so beginners should stick with instant credit card buy.
Although the size of Binance has made it a target for potential hackers in the past, Binance security now bristles with defences against fraud/hacking. As with Bitbuy, you will need to use 2FA (2-factor-authentication) every time you log in. Like Crypto.com, Binance also hosts a general insurance fund to compensate any investors in the unlikely event of a hack.
The Binance smartphone app has received 4.3/5 from 570k reviews on Google Play and 4.7/5 from 96k reviews on the App Store. Some users complain that the automated verification process can be a pain, but this unfortunately is a standard complaint across the crypto sector. Know Your Customer (KYC) protocols are relatively new, and the tech is catching up.
As part of your Binance account, you get a non-custodial wallet. ‘Non-custodial’ means Binance controls the private keys, which means you cannot get locked out. You can send and receive crypto using this wallet. Or you can opt for one of Binance’s two standalone wallets: the Binance Trust Wallet or the Binance Smart Chain Wallet.
Pros
- Low trading fees (0.1% commission)
- Buy DOGE instantly with Canadian credit/debit card
- 600+ cryptos on offer
- Binance ‘SAFU’ insurance fund
- Free crypto wallets
- 24/7 phone support
Cons
- Not available in Ontario
- Unregulated by Canadian authorities
- Cannot deposit CAD direct from bank
Cryptoassets are a highly volatile unregulated investment product.
Should I Buy Dogecoin?
Do you need to know anything about Dogecoin to invest successfully? Strictly speaking, the answer to this question is ‘no’. You could buy Dogecoin in Canada right now and benefit if the price goes up. But DOGE isn’t the only crypto out there: there are 19,000 other crypto! How do you choose? Get informed. Here’s what makes Dogecoin different:
- What makes Dogecoin stand out from other meme coins is that it has its own blockchain. Back in 2013, DOGE was created out a fork of Luckycoin, which was itself a fork of Litecoin. Most meme coins are ERC-20 tokens based on the Ethereum blockchain.
- When it comes to how the blockchain actually operates, Dogecoin uses a variant of the Proof-of-Work (PoW) system called ‘merged mining’ This means it uses far less electricity than standard PoW protocols: 0.12kWh per transaction, compared to Bitcoin’s 708kWh per transaction. Proof-of-Work protocols are now dated because of energy concerns. Ethereum, for example, is currently undergoing a major transformation to the Proof-of-Stake (PoS) protocol, which uses far less power.
- Dogecoin performs transactions quicker than Bitcoin or Ethereum but slower than the Ripple, Monero and XRM blockchains.
- There is no supply cap on DOGE as there is with many other crypto like Bitcoin. This means that potentially the value of DOGE will fall as more DOGE is mined. Founder Jackson Palmer has said that this uncapped format, which was based on the philanthropic decision to make DOGE available to everybody, was a mistake.
- 2,000 real-world businesses accept DOGE as payment.
Benefits of Buying Dogecoin
Core Community of DOGE Supporters
Ever since its launch in 2013 as a joke, DOGE has been supported by a loyal following. The Dogecoin Reddit page is legendary for the fervour of its supporters and the genuine sense of humour and community. In 2014, the Dogecoin community raised $50k to back the Jamaican bobsled team at the Winter Olympics in Sochi, Russia. Water wells in Kenya were funded in the same year to the tune of $30k.
High Public Profile Could Offer Long-Term Price Support
Last year in 2021, Dogecoin was the most-Googled crypto in 23 US states. By comparison, market leaders Bitcoin and Ethereum were the most-Googled in only 8 US states apiece. Dogecoin currently has 3.1m followers on Twitter.
Judging by its decline in price since 2021, it would certainly be fair to judge that support for Dogecoin has lost some intensity. But over $500m of DOGE is currently traded every day. Dogecoin’s market capitalisation stands at $15bn. This charismatic crypto has strong international awareness. Compared to unknown meme tokens that never get off the ground, this makes Dogecoin worth looking at as a long-term speculative investment.
The Musk Price Factor
A key reason behind the 2021 rise of DOGE was the support of the world’s richest man, Tesla boss Elon Musk. Promoting DOGE to his 50m+ Twitter followers, Musk called himself the ‘Dogefather’ and said in May 2021 that his space exploration company, SpaceX, would send a payload of $40k DOGE to the moon as a part of a real-world mission. Until December, 2021, exchange Binance and Tesla ran a free competition offering a Tesla Model 3 and $50k of DOGE as prizes.
In 2022, Musk appears to have turned his attention elsewhere. But if he backs DOGE again, expect to see the price soar. In December, 2020, Musk tweeted ‘One word: Doge’ and the price rose 20% immediately. It could happen again.
Continued Technological Development
In August, 2021 the Dogecoin Foundation was re-established. This is a governing body tasked with keeping Dogecoin on its community-orientated vision, as well as guiding technological innovation. The Dogecoin Foundation features some big names including Elon Musk representative Jared Birchall and Ethereum founder Vitalik Buterin, who is keen to explore how Dogecoin can switch to the more eco-friendly Proof-of-Stake authentication model. If it does switch, expect to see a rise in DOGE value as well as far more DOGE staking opportunities.
Follow the Big Players
Despite its popularity among retail investors (ie. everyday people), Dogecoin has the backing of big players. Crypto analysts CoinMarketCap report that 66% of DOGE is owned by ‘whales’ who are individuals or companies that own more than 1% of the circulating supply. In the last 7 days, $1.37bn of DOGE trade was conducted with transactions valued at over $100k.
Just because investors are big-time does not mean they will always get investing right. But it pays to be aware what the big players are doing; and they are doing the DOGE!
Ways of Buying Dogecoin
Buying Dogecoin with PayPal
Nowadays PayPal offers its own in-house crypto service. With it you can buy and sell major crypto like Bitcoin (BTC) and Ethereum (ETC), but you cannot move it out. As a result, exchanges tend to be ambivalent when it comes to PayPal. US users, for example, can top up their Crypto.com credit card with PayPal, but not their fiat account. Neither Bitbuy nor Binance currently accept PayPal as a means of fiat deposit.
Buy Dogecoin with Credit Card or Debit Card
Exchanges Crypto.com and Binance allow you to buy Dogecoin with credit card or debit card. Canadian exchange Bitbuy does not support credit card purchases, but it does allow you to transfer CAD direct from your bank account using Interac e-Transfer.
What is the Best Way to Buy Dogecoin?
As an established altcoin, you can buy Dogecoin in Canada with a variety of online vendors. The three main types of crypto vendor are brokers, centralised exchanges and decentralised exchanges.
Brokers
Brokers are crypto vendors that sell you crypto direct. Unlike exchanges, they do not create a marketplace for crypto trade. Brokers tend to be better regulated than exchanges but offer a smaller range of crypto.
Centralised Exchanges
All three crypto exchanges we have reviewed above — Bitbuy, Crypto.com and Binance — are centralised exchanges. This means that they offer a marketplace for crypto trading that is managed by a single entity. Centralised exchanges are good places to find Dogecoin trading opportunities at low commissions.
Decentralised Exchanges (DEXs)
Decentralised Exchanges are crypto marketplaces which generally offer an extensive range of the less well-known crypto, as well as big-name meme coins like Dogecoin and Shiba Inu. We recommend that crypto newbies stick with regulated centralised exchanges like Bitbuy before diving into the DEX world.
Dogecoin Price
DOGE is currently priced at around $0.12 USD. As you can see from the price chart below, DOGE peaked in May 2021, sparking hopes that it would reach the magic $1 USD mark. Since this time the price has fallen away. Since December 2021, the price has not budged from between $0.20 and $0.10.
Dogecoin’s current lack of price volatility is in sharp contrast to the dramas of 2021. In January, 2021 the price of DOGE rose 800% in one 24hr period. In April, 2021, $70bn of DOGE was traded in 24hrs following Elon Musk’s tweet of famous artist Miro’s depiction of a dog barking at the moon.
Seven years before that, in January 2014, DOGE was the most-traded crypto in the world.
Dogecoin Price Prediction
DOGE generated returns of over 1,000% in 2021. In value, it never quite reached the magic threshold of $1. But Dogecoin die-hards insist that one day it will.
A panel of 42 experts made price predictions for DOGE in 2021 for price comparison website Finder. The average prediction was that DOGE would reach $1.21 by 2025, but this figure was heavily influenced by one very bullish analyst. 80% of the panel agreed that Dogecoin was a bubble and the price of DOGE would collapse.
Well, the price of DOGE has fallen significantly from its all-time high of $0.74 in May 2021. But, for the last four months, it seems to have found some sort of stability between the $0.20 and $0.10 mark.
It is always worth remembering with Dogecoin that, unlike many meme coins, it is actually used in the real-world as payment (2,000 business globally). Originally, too, Dogecoin was used to tip other users on the internet, and its heritage as a tipping crypto (like Ethereum Classic) might stand it in good stead in the future. Currently the Reddit DOGE community is trying to get DOGE recognised as tipping currency on Twitter.
If Tesla boss Elon Musk starts tweeting about DOGE again, you can be sure the price will rise. If DOGE moves to Proof-of-Stake protocols, a price increase is likely too. If Bitcoin leads a crypto surge, it is likely that DOGE will follow. We would not predict with any confidence that DOGE will reach the $1 mark by the end of 2022. But there is certainly some life in the old dog yet!
How to Buy Dogecoin Safely?
Here’s a simple checklist on how to buy Dogecoin stock safely:
Use a Regulated Crypto Vendor
Canadian exchange Bitbuy, for example, is regulated by the Ontario Securities Commission as well as registered with Canadian Federal regulators FINTRAC.
Use a Crypto Vendor with Good Security
Look for exchanges, like BitBuy and Crypto.com, that keep client crypto in cold storage. Ensure the exchange is insured (Bitbuy, Crypto.com and Binance are all insured).
Avoid Crypto Trades From Your Crypto Wallet
As you grow in crypto experience, you can get on to crypto wallet purchases. Theoretically nothing can go wrong if you follow the instructions. But, if you get the public addresses of smart contracts wrong, you can end up firing funds onto the web with no way of getting them back. Stick with simple purchasing, as offered by BitBuy with fiat funds and Crypto.com as well as Binance with instant credit card buys.
How to Buy Dogecoin in Canada – Tutorial
Buying Dogecoin involves roughly the same process whichever exchange you use. In the guide below, we use Toronto-based Bitbuy as the example.
Step 1: Open an Account
Visit the BitBuy website. Click on the ‘Get Started’ button. Next, select the ‘Personal Account’ button and enter your email address and Canadian mobile number. You also need to create a username and password.
Step 2: Verification
As a regulated exchange, Bitbuy is obliged to check your personal details as well as assess your knowledge of the risks of crypto investment. This process can seem a little intimidating. But 400,000 fellow Canadian clients of Bitbuy have managed it well enough, so our advice is to be patient and soldier on through.
Bitbuy offers 3 levels of verification:
- Automatic verification
By simply entering a few personal details, your identity will be checked by a third-party verification process. If all goes well, you will be verified instantly. - Express Verification
If the automatic verification process throws up any queries, you will need to scan your driver’s license/ID card as well as take a selfie for approval. - Manual Verification
If you run into problems with Express Verification, you will need to upload scans of your ID for approval.
Step 3: Deposit Funds
Once verified, you can deposit CAD using Interac e-Transfer (minimum: $50 CAD) or wire transfer (minimum: $20,000 CAD).
Step 4: Buy DOGE
Find the Express Trade page on Buybit under the ‘Products’ menu option at the top of the interface. Select Dogecoin. Enter the amount of CAD you want to spend. Press the ‘Buy Dogecoin’ button at the bottom of the dialogue box. (The image below shows Bitcoin, but the process is identical with DOGE):
Cryptoassets are a highly volatile unregulated investment product.
How to Sell Dogecoin
Do not worry about getting stuck with Dogecoin when it comes time to sell. Beginners note: you do not need a crypto wallet to offload your DOGE. Buybit will buy your Dogecoin from you whenever you want (at 0.2% commission on the transaction); Crypto.com and Binance will also buy back your DOGE if buy with them. You simply select Dogecoin in your portfolio and select the selling option.
Conclusion
Dogecoin may have come off the boil since 2021, but it retains a loyal following and a high public profile. As the original meme coin, it has stood the test of time. A small investment in Dogecoin will deal with any fears you have of missing out on a dramatic price increase. But be sure to balance your DOGE investment with other crypto, and further ensure that your total crypto investment is no more than 1-5% of your total assets.
Deciding how to buy Dogecoin in Canada boils down to where to buy Dogecoin in Canada. We have reviewed three top crypto exchanges. For Canadian crypto newbies, we recommend Bitbuy.
Although the selection of crypto is small compared to larger exchanges and there are no crypto financing options, Bitbuy has four powerful attractions for investors looking to buy Dogecoin in Canada. First and foremost, Bitbuy is a Canadian operation, based in Toronto. Secondly, it is regulated by the Ontario Securities Commission. Thirdly, Bitbuy only charges 0.2% commission on crypto trades. Fourthly, you can deposit CAD easily using bank transfer or Interac e-Transfer.
Cryptoassets are a highly volatile unregulated investment product.
