Canadians' Guide To Dogecoin: How To Invest

Dogecoin, the cryptocurrency that began as a joke, has become a highly volatile asset, capable of major price swings in a single day. Launched in 2013, Dogecoin has no cap on how many may be mined, and its price is largely based on speculation. This makes it susceptible to significant value fluctuations in a short time.

In Canada, there are several ways to invest in Dogecoin, including through cryptocurrency exchanges such as Bitbuy, VirgoCX, and Newton. These platforms allow users to buy, sell, and hold Dogecoin and other cryptocurrencies. When choosing an exchange, it is important to consider factors such as security, fees, transaction limits, and customer support.

Additionally, it is crucial to understand the risks associated with investing in Dogecoin, including price volatility, regulatory uncertainty, and the lack of a hard cap on the number of coins that can be mined.

Using ShakePay and Binance

ShakePay is a platform that allows Canadians to buy and sell Bitcoin. You can set up an account instantly and own your first Bitcoin within minutes. You can also buy and sell Bitcoin and Ethereum commission-free at market-leading prices.

To buy Dogecoin in Canada with ShakePay and Binance, follow these steps:

• Sign up for ShakePay.
• Verify your ShakePay account and deposit an Interac e-transfer to buy Bitcoin or Ethereum.
• Sign up for a Binance account and verify your identity.
• Send the funds in your ShakePay account to Binance.
• Convert your BTC or ETH into BUSD (Binance USD).
• Finally, convert your BUSD into Dogecoin.

Using Newton

Newton is a Canada-based cryptocurrency trading platform that allows you to buy, sell and hold 70+ cryptocurrencies, including Dogecoin. Newton offers a simple, low-cost way to buy and sell crypto in Canada, with transparent prices and low trading fees.

To get started, you will need to sign up for an account and get verified. This process usually takes less than 5 minutes. You can then connect your bank account or use Interac e-Transfers to add or withdraw funds.

Newton uses machine learning to detect and prevent account takeover attempts and is committed to being a leader in compliance, security, and technical protocols.

The Newton app is available for Android and iOS, and you can also use it on your web browser.

Using Bitbuy

Bitbuy is a Canadian cryptocurrency exchange that allows users to buy and sell Dogecoin. Here is a step-by-step guide on how to invest in Dogecoin in Canada using Bitbuy:

• Sign Up and Get Verified: To get started, you will need to sign up for a Bitbuy account. As part of the sign-up process, you will need to provide basic information such as your email address, phone number, and verify your identity. This process is known as Know-Your-Customer (KYC) verification, which is a standard requirement for financial institutions in Canada.
• Deposit Funds: Once your account is verified, you can add funds to your Bitbuy account. You can do this by depositing Canadian dollars (CAD) directly from your bank account via Interac e-Transfer or bank wire. This step will provide the funds you need to purchase Dogecoin.
• Buy Dogecoin: With funds in your account, you are now ready to buy Dogecoin. On the Bitbuy platform, you can specify the amount of Dogecoin you want to purchase. Bitbuy offers competitive fees and a user-friendly interface, making it easy for new and experienced traders to navigate the process.
• Store Your Dogecoin: After purchasing Dogecoin, you need to decide where to store it. You can choose to keep your Dogecoin on the Bitbuy exchange itself or transfer it to a crypto wallet. Bitbuy offers a built-in wallet feature within each user's account, providing a secure option for storing your Dogecoin. Alternatively, you can explore third-party hot wallets (software-based) or cold wallets (hardware-based) for added security.
• Trade or Sell Dogecoin: If you intend to trade Dogecoin for other cryptocurrencies or sell it for Canadian dollars, Bitbuy facilitates these actions. Bitbuy allows you to exchange Dogecoin for CAD and withdraw the funds back into your bank account. Additionally, if you wish to trade Dogecoin for other cryptocurrencies, Bitbuy offers an all-in-one platform that supports crypto-to-crypto trading.

By following these steps, you can easily invest in Dogecoin in Canada using the Bitbuy platform. Remember to always do your own research, understand the risks involved, and make informed investment decisions.

Using Coinberry

Coinberry is a Canadian digital asset trading platform that provides an easy and safe way to buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Stellar in Canada. It is the number one platform to pursue trading alt coins and token assets in Canada. Coinberry is also the safest and fastest way for Canadians to get into cryptocurrency using a bank account.

Coinberry has been around since 2017 and has several highly-trusted partnerships that have given it a solid reputation for cryptocurrency. It is registered with FINTRAC as a Money Services Business (Financial Transactions and Reports Analysis Centre of Canada), which is an extra layer of trust. It is also the only insured, OSC & FINTRAC registered, and PIPEDA-compliant crypto-trading platform trusted by Canadian municipalities.

You can get started with Coinberry by signing up on their website or by downloading their app from Google Play or the App Store. After signing up, you will need to verify your account. Over 90% of members get verified immediately and can start trading right away. You can start with as little as $50 CAD. You can buy Dogecoin right away by funding your account with an e-transfer or wire.

Coinberry ensures the best value environment possible for buying or trading Dogecoin and other supported assets. There are no deposit or withdrawal fees, and a 0.5% trading fee, making it one of the cheapest services where you can buy Dogecoin in Canada using your debit, credit card, wire, or Interac transfer. However, as a market maker, they will apply a spread to the asset.

Using a Dogecoin ATM

• Get a Dogecoin wallet: Before you head to the ATM, make sure you have a Dogecoin wallet that supports Doge. You can download one on your smartphone or use a printed QR code.
• Find a Dogecoin ATM near you: There are nearly 3000 crypto ATMs in Canada, so you should be able to find one close to you.
• Scan your Dogecoin wallet QR code: Once you're at the ATM, select Dogecoin from the list of cryptocurrencies, and then scan your Dogecoin wallet address QR code. The machine will use its built-in camera to scan the code and know where to send your Dogecoin.
• Insert your cash: After scanning the QR code, insert the desired amount of cash into the ATM.
• Review and confirm your purchase: Check the amount on the screen and confirm your purchase. There will be a service fee, which varies based on the Dogecoin market.
• Receive your Dogecoin: Your Dogecoin will be sent to the address you provided. Transactions are usually instantaneous but can sometimes take up to 30 minutes or even an hour in rare cases.

Note that identification may be required for larger transactions. Also, crypto ATM terminals tend to charge higher fees for fiat-to-crypto conversions compared to online exchanges.

Frequently asked questions