How to Buy Dogecoin in Canada – Beginner’s Guide
Dogecoin has risen to prominence over the past 12 months, having surged more than 1000% in mid-2021. This huge price move attracted millions of investors and helped Dogecoin become a popular coin in the crypto market.
If you want to learn more about how to buy Dogecoin, read on for our full article on how to buy Dogecoin in Canada. We’ll explain how to buy Dogecoin, where to buy Dogecoin in Canada, and other useful tips and information.
How to Buy Dogecoin in Canada – Four Quick Steps
Let’s take a quick 4-step look at how you can buy Dogecoin today
1. Open a Bitbuy account – Visit the official website and follow the on-screen instructions.
2. Funds Deposit – To buy Dogecoin, you must first fund your Bitbuy account with the selected currency.
3. Search Dogecoin – Go to the search bar and type Dogecoin.
4. Buy Dogecoin – Complete an order form to add Dogecoin to your wallet.
Where to buy Dogecoin
We have now briefly looked at the four key steps to buying Dogecoin. We are going to take a closer look at some of the best places to trade crypto. We’ll cover Bitbuy, Crypto.com, and Binance, and cover the pros and cons of each.
Bitbuy is a Canadian crypto exchange and was founded in 2016. It is a great brokerage option for beginners as it requires very little experience and trades can be completed quickly and easily using the Express Trade feature. Moreover, it is available on iOS and Android, and the app is very easy to use.
Bitbuy supports 15 of the most popular cryptocurrencies, including Dogecoin. This is an excellent point to consider if investors are looking to build diversified portfolios. While the app and website are simple to use, Bitbuy offers more advanced charting through its built-in Trading View feature. This is ideal for more technical analysis of coins and price movements.
Bitbuy is also well-regulated, offering comprehensive crypto-insurance through its partnership with BitGo Trust. It is a highly secure custodian, specially designed and qualified for the storage of crypto assets. All cryptos held in the Bitbuy wallet are covered by the BitGo insurance policy, which means investors can trade with peace of mind.
In terms of fees, Bitbuy charges a 0.2% commission on either side of express trades. When withdrawing CAD from your Bitbuy account, you will be charged a 1.5% fee. The same fees also apply when depositing funds into your account. However, the crypto is free to deposit.
Buy Dogecoin in Canada on Bitbuy.
Founded in 2016, Crypto.com has grown to host over 10 million users. It sports a whopping 250 coins for users to choose from, which is a great point to consider. The homepage is easy to navigate, making it a great choice for newbie investors. However, the charts offered are very simple and not suitable for more technical analysis.
Crypto.com is very secure, using various security measures to protect your crypto. For example, all accounts are equipped with multi-factor authentication (MFA). In addition to this, it also works with banks to provide up to $250,000 of insurance through the FDIC program in the United States.
In terms of fees, Crypto.com is in the middle of brokers. New users will pay around 0.4% per month if they trade volumes below £25,000. However, these fee rates decrease when users make more trades, which is great if you are an avid crypto day trader making dozens of daily trades.
Buy Dogecoin in Canada at Crypto.com.
Our third and final best broker to buy Dogecoin is Binance. It is the largest crypto exchange in the world, giving users access to over 500 crypto pairs. It’s easy to create a Binance account by visiting the online website or smartphone app. On top of that, Binance offers a minimum deposit of just $10, which is a great point to consider.
Binance is also a highly secure exchange, offering some of the latest security mechanisms. For example, each time you log into your Binance account, you must pass an identity verification process. Binance also offers a plethora of educational resources that may be ideal for newbie investors. In addition to this, more advanced trading views can also be selected.
As for fees, Binance charges a 0.5% commission on each side of a trade. If you want to deposit funds using a credit card, users will have to pay a hefty fee of 4.5%.
Buy Dogecoin in Canada on Binance.
Ways to buy Dogecoin
To purchase Dogecoin, users will first need to deposit funds into their crypto account. The most popular exchanges offer users the ability to deposit funds through a variety of payment methods. These will include debit/credit cards, bank transfers and e-wallets such as PayPal.
Buy Dogecoin with PayPal
To buy Dogecoin with Paypal, you need to create an account with a broker and also have a funded PayPal account. When it asks you for payment options, select PayPal and your funds will come from your PayPal account.
Buy Dogecoin with credit card or debit card
To buy Dogecoin with a credit or debit card, simply select this option at the deposit stage. Users should be aware that credit card deposit fees are sometimes significantly higher than those for debit cards and e-wallets.
Is Dogecoin a good investment?
Dogecoin started out as a “coin” with little to no real value. However, after it started to gain popularity, big names such as billionaire business tycoon and Tesla CEO Elon Musk started to board the hype train. As such, there is a very strong community supporting the coin.
In Q1 2022, Elon Musk tweeted that Tesla would accept DOGE as a form of crypto payment for its goods.
A point to note about Dogecoin is that there is an infinite supply. Currently, around 10,000 DOGE are mined every day, with a current supply of 132.7 billion DOGE. Using basic supply and demand economics, this does not bode well for the future price of DOGE.
Although the point above may seem negative, DOGE is still the 9th most popular coin on Coinbase, with a buy rating of 65%. Additionally, in the past 24 hours, trading volume has increased by 21%, underscoring investor interest.
The current price of Dogecoin is £0.09 GBP / $0.12 USD / $0.15 CAD, up 2% on the week and almost 40,000% since its inception in 2014.
Dogecoin Price Prediction
With an unlimited supply, it seems hard to see how DOGE prices will rise in the future. However, that hasn’t stopped the coin from making wild moves over the past few years. The future price will likely depend on two factors: how coin mining trends change over the next few years, and the growth and development of the broader crypto industry.
If mining continues to grow at such a high rate, the supply of DOGE may reach a point where the coin begins to lose value. Obviously, this would hurt the trajectory of DOGE’s future. At present, the crypto market is in a bearish position, and hence DOGE is far from its all-time high of £0.53. As the market recovers, more interest will flow back into DOGE, and so the price could rise accordingly.
Dogecoin has proven to be a very profitable investment over the past few years, making huge strides in the crypto market and reaching a huge market capitalization. The future of DOGE price will depend on how meme coins compare to higher utility coins, and also how the crypto space evolves more broadly.
Want to buy DOGE? We recommend doing this through our selected exchange Bitbuy. It is highly secure, offers crypto-insurance, and is available on iOS and Android. Moreover, it has low fees and is ideal for beginners. If you want to create a Bitbuy account, just go to the website to get started.
Buy Dogecoin in Canada on Bitbuy.
The above content is not editorial, and BCCL hereby disclaims all warranties, express or implied, with respect thereto, and does not necessarily warrant, guarantee or endorse any content. Crypto/NFTs are unregulated, are very risky, and there may be no regulatory recourse for any losses resulting from such transactions. Readers should exercise caution/due diligence and comply with all applicable laws, including but not limited to tax laws. The above content does not constitute investment advice or promote, suggest or present Crypto/NFT to solve financial difficulties/achieve financial security/act as an alternative to employment/income opportunity.
Disclaimer: Content Produced by CryptoPR