There are several ways to buy Dogecoin in Canada. However, many find it safest to purchase it through trusted platforms. One of the most prominent exchanges where you can easily buy Dogecoin in Canada is Coinberry. However, there are a few other Canadian brands that offer this service.
A few things to Consider Before Buying Dogecoin in Canada
While you might be excited at the prospect of becoming the next DOGE millionaire, there are a few things you must know if you plan on buying Dogecoin in Canada.
Risk: Here at CanadaBuzz, we clearly state the risk of trading cryptocurrencies with our readers. You could lose all your investments, especially if you’re new to trading.
Many new traders are unskilled and give into a panic whenever the market dips. You should know that, like stocks, DOGE is subject to price movements in the market.
Trading Fees: Trading fees are a part of buying crypto. These fees vary depending on the platform you’re buying from. Be sure to compare the fees of your preferred platforms before making a purchase.
Platform Reviews: The number of platforms claiming to offer the best deals on crypto is very alarming. Some of these platforms are just out to rip users off! Don’t fall victim.
You must do your homework before trading on any platform. Check out the reviews on the platform; not just any reviews, but reviews by actual users.
Coinberry for instance, is very popular in Canada because it is insured, FINTRAC registered & PIPEDA compliant.
Purchasing Doge in Canada requires a few steps. We’ve outlined them below:
Step 1: Sign up on a DOGE-supported Crypto Exchange.
Step 2: Fund Your Exchange Account
For you to buy Dogecoin, you must first fund your crypto wallet or crypto exchange account and then exchange your fiat money to buy Dogecoin.
Step 3: Buy Dogecoin
After you have signed up on an exchange and funded your account, the next step is to place an order for your desired quantity of Dogecoin. At the time of writing this piece, the price of Dogecoin to CAD = DOGE/ CA$0.833579
Most exchanges allow you to buy cryptocurrency with your local fiats by directly charging your credit or debit card.
How to Store Dogecoin Safely
Generally, there are 2 ways to store dogecoin and other cryptos; Software wallets and Hardware wallets. In addition to the native Dogewallet, other software wallets like Armory, Coinomi, and Exodus are popular among small investors and daily traders because they’re trendy, cheap, and easily accessible on every internet-enabled device.
However, if you’re looking to trade high volumes of DOGE, especially if you wish to HODL for a while, we recommend using a Hardware wallet. Hardware wallets like Nano S, Trezor, and Keepkey are designed to hold your dogecoin locked away offline in cold storage.
Hardware wallets are widely regarded as the most reliable way to store your Dogecoin because Software wallets and crypto exchanges are often targets of cyberattacks.