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Dogecoin is an open-source peer-to-peer digital currency. Dogecoin is a Litecoin fork. Dogecoin was created in 2013 as a joke and/or meme.
It has remained a preferred currency for leaving tips on entertaining and engaging memes and content online.
This is a step-by-step guide on two ways to buy Dogecoin in Canada.
I compare buying DOGE on Newton or Wealthsimple.
Popular Exchanges Where Canadians Buy DOGE
Best way to buy Doge for Canadians.
How to Buy DOGE on Newton
In this example, I will primarily be using Newton app screenshots.
To follow along on the desktop dashboard the icons to; ‘Add Funds’, ‘Withdraw’ and ‘Trade’ are on the right side.
1. Create and Verify Newton Account
You will need to prove your identity with KYC (know your customer) information like a drivers license.
This is required for FINTRAC (the Financial Transactions and Reports Analysis Centre), Canada’s anti-money laundering and counter-terrorist financing (AML/CTF) organization.
Account verification approval can be done quickly or can take a few days.
Get $25 sign up bonus when you deposit $100 or more on Newton
2. Add Funds
Click the green button.
Interac e-Transfers to fund your Newton account are usually the fastest and easiest method for most people to fund their accounts.
Exchange your $ CAD for the DOGE.
4. Withdraw DOGE to Your Wallet
Download a DOGEcoin wallet or a multi-currency wallet like; Trust Wallet, BRD or Exodus.
If you are downloading and setting up a software wallet for the first time – write down your 12 or 24 word seed phrase.
Keep it somewhere safe. Do NOT save it online or ever share it with anyone.
You will need your seed phase to access your crypto funds or recover your wallet.
5. Copy ‘Receive’ DOGE Wallet Address
Open your wallet. I’m using Trust Wallet in this example.
Copy the Dogecoin ‘Receive’ address.
If you send crypto to the wrong address it will be gone forever and there is nothing you can do about it. You are responsible for your crypto.
6. Withdraw Crypto From Newton
Open Newton app and select: Withdraw > Crypto Wallet
Paste the wallet address or scan the QR code to send your Dogecoin to your wallet.
Confirm the first and last 4 digits of wallet addresses to make sure you copied and pasted the wallet address correctly.
Confirm the transaction and you should see your Dogecoin in your wallet almost instantly.
How to Buy Dogecoin on NDAX
NDAX is an easy way to buy DOGEcoin in Canada. Exchange Canadian Dollars $ CAD for DOGE. NDAX is based in Calgary, AB. Get a $10 sign up bonus in NDAX
NDAX has a lower spread fee than Newton but charges a network withdrawal fee on all cryptos.
1. Create and Verify NDAX Account
2. Fund Account
3. Trade $ CAD for DOGE
In the NDAX dashboard > select DOGE/CAD on the dropdown > enter $ amount or click max > Buy
4. Withdraw Doge to Your Wallet
Same steps as shown in the Newton example above to send and receive crypto to your own wallet.
Fee for Dogecoin withdraws on NDAX: 10 DOGE
How to Buy Dogecoin with Bitcoin
Most exchanges in Canada offer CAD to crypto trading pairs.
If you already own Bitcoin and want exchange it for Dogecoin you can:
- Exchange it in your wallet (Exodus, Trust…). The fees for this type of exchange are high, but it is easy.
- Find an exchange the offers BTC to DOGE trading pair.
Some popular exchanges that offer Bitcoin and Dogecoin trading pair:
How to Buy DOGE on Wealthsimple Crypto
1. Download the Wealthsimple Trade App
Available for iPhone and Android.
2. Verify and Fund Account
This could take a few days to fund.
3. Choose: View Accounts > Crypto
4. Click: DOGE
5. Click: Buy
6. Click: Max or Enter $ Amount
To Sell Doge on Wealthsimple
Follow the steps above, but click the arrows icon to sell Dogecoin for $ Canadian dollars.
What Does it Mean: I can’t send my coins to a wallet on Wealthsimple?
DOGEcoin is a peer-to-peer digital currency.
This means that you can hold (custody) your DOGE and send it to other people without the need of a third party.
If you like this article you could send me a tip in DOGEcoin to my wallet address: DEjjUNLYfxxmhE3Hk7Gn3y8uhSgeQ4aBHr
I could then trade that DOGE for other cryptos like BItcoin or exchange it for Canadian dollars and send it to my bank account. Or send it to other people who want the DOGE.
Wealthsimple holds the DOGEcoin in trust for you with a third party (Gemini) to safely custody crypto.
This means you can only hold the DOGE in your Wealthsimple account and only trade (buy/sell) it for Canadian dollars.
You will not be responsible to secure your wallet and seed phrase (12 or 24 words) to secure your crypto.
There are positives and negatives to both options of holding your own DOGE or letting Wealthsimple hold it for you. You will have to figure out what works for you.
I think buying DOGE on a crypto exchange like Newton and sending it to your own wallet is a good way to learn about crypto.
Frequently Asked Questions
Can I buy Dogecoin on Shakepay?
No. Shakepay only buys/sells Bitcoin and Ethereum.
What can I buy with DOGEcoin?
Well, thanks to Mark Cuban you can buy Dallas Mavericks apparel.
Is Elon Musk the CEO of DOGEcoin?
No. That is a joke. Elon likes the memes.
Is DOGEcoin a good investment?
I don’t know.
Will DOGEcoin ever hit $1?
No one knows.
Can I buy Dogecoin through my bank?
You will need to send an Interac e-transfer or wire transfer to Newton or NDAX from your bank.
Conclusion – Where to Buy DOGECOIN in Canada
Newton is the best easiest exchange for beginners to buy Dogecoin in Canada.
Why I recommend Newton:
- Low spread fees (~0.6%) on buying and selling crypto
- Interac e-transfers for fast deposits and withdraws
- Easy to use app and website
- Custody (Send Dogecoin to your wallet)
- Get a $25 Sign Up Bonus
You may also be interested in: How to buy Ethereum in Canada
HowToBuyBitcoin101.com is basic how to crypto guides, reviews and information for beginners to get started with cryptocurrency in Canada. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
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