Over the previous few years, the investing world has seen a major rise in cryptocurrency gross sales. One of the fashionable cash so far is Dogecoin, which has a complete worth of greater than $21 billion (in 2022). Although Dogecoin started as an web meme, it’s now on the high of the market with currencies like Ethereum, Bitcoin, and XRP.

Trying to spend money on some cryptocurrency however don’t know the place to start out? If that’s the case, Dogecoin could be good for you. Learn this if you wish to learn to purchase Dogecoin in Canada.

What Is Dogecoin?

In 2010, a Japanese college instructor posted a comical image of a Shiba Inu canine on-line, which quickly went viral. Two software program builders then turned the meme right into a digital coin in 2013 as a approach to poke enjoyable on the crypto market, not figuring out it could achieve a following and begin commanding a good worth by 2020, regardless of a sequence of highs and lows.

In the present day, Dogecoin (DOGE) is an open-source peer-to-peer digital forex with no cap on what number of may be circulating available on the market. Whereas they’ve extra limitations and aren’t as broadly used as cryptocurrencies like Ethereum (ETH) or Bitcoin (BTC), there are estimated to be greater than 130 billion Dogecoins in circulation in the mean time.

Just like Bitcoin, Dogecoin makes use of a proof-of-work consensus mechanism to produce new DOGE, verify transactions and validate blockchains for mining functions. In 2014, this led to the time period “merge mining”, which concerned combining DOGE with Litecoin (LTC).

What Made Dogecoin So Fashionable?

Trending: How to Buy Dogecoin in Canada: A Breakdown for New Crypto Users!

A number of issues are mentioned to have contributed to the recognition of Dogecoin, together with:

Social Elements

Many assume Dogecoin’s 2020 rise was attributable to COVID-19, which triggered buying and selling charges to fall. Plus, the joking nature of the coin offered some much-needed enjoyable for traders who had been caught in lockdown. Ethereum and Bitcoin additionally noticed spikes that yr, bringing individuals’s focus again to the cryptocurrency market.

Elon Musk

On the identical time, Elon Musk praised Dogecoin on Twitter, saying he would point out it on Saturday Night time Reside and purchase billions of {dollars} in Bitcoin. Though he later criticized Bitcoin for being environmentally unfriendly, which tanked the market briefly, his earlier praises helped put Dogecoin on the map.

Worry Of Lacking Out

Since Dogecoin has skilled some spikes over the previous few years, many passionate traders don’t need to miss out on what might be a profitable funding alternative within the close to future. That is very true now that Dogecoin’s year-to-date positive aspects have surpassed many bigger currencies.

Dogecoin Overview

Listed below are the tough crypto market statistics for Dogecoin (DOGE) as of January 2022:

Trending: How to buy Dogecoin (DOGE) in 4 steps in Canada

Keep in mind, cryptocurrency costs are at all times altering, so make sure to discover a crypto platform with dependable live-stream forecasting before you purchase or promote any Dogecoin.

How To Purchase Dogecoin In Canada

Though some traders are in a position to mine their very own crypto utilizing a Home windows or Mac pc, there are additionally two simple methods that you could purchase Dogecoin in Canada:

• Buy It By means of A Cryptocurrency Alternate – The best approach to get your palms on some Dogecoin could be to purchase it by a crypto trade firm utilizing fiat forex, which on this case is Canadian {Dollars} (CAD).

• Purchase And Commerce Different Cryptocurrencies – In case you have the funds, you may attempt to buy a extra secure or sought-after forex, comparable to Bitcoin (BTC), Tether (USDT) or USD Coin (USDC) and commerce it for Dogecoin on one other platform.

The place To Purchase Dogecoin In Canada

As talked about, many traders purchase crypto by on-line buying and selling exchanges. Whereas 1000’s of those platforms exist, listed here are among the hottest ones in Canada:

Bitbuy

Bitbuy is a Canadian cryptocurrency platform that each novices and superior merchants can use to commerce crypto. Bitbuy is without doubt one of the hottest in Canada and was the primary platform to change into absolutely regulated as a market and as a restricted vendor. Customers who select Bitbuy will have the ability to make the most of the next options:

• If you happen to’re a newbie, customers can use the Categorical Commerce platform on Bitbuy. It’s designed to make crypto trades easy and simple.
• If you happen to’re an skilled dealer, Bitbuy provides the Professional Commerce platform the place you’ll have entry to totally different analytics comparable to market historical past and market depth charts.
• Buying and selling charges for Categorical Commerce customers are 0.20% and 0.1% for Professional Commerce customers (Takers or Makers).
• Bitbuy shops 95% of person funds in chilly storage to make sure your belongings are saved secure.
• Those that need to automate their trades can use Bitbuy’s API characteristic.
• Customers can fund their accounts by way of e-transfer or financial institution wire switch.
• Bitbuy is without doubt one of the solely platforms that covers customers’ holdings by a complete insurance coverage coverage with BitGo Belief Firm.
• 15 varieties of cryptocurrencies supported, together with:
  • Dogecoin (DOGE)
  • Bitcoin (BTC)
  • Bitcoin Money (BCH)
  • Cardano (ADA)
  • Chainlink (LINK)

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CoinSmart

Trending: How to Buy Dogecoin in Canada with ShakePay and Binance [Tutorial]

Since its launch in 2018, the Toronto-based firm often known as CoinSmart has shortly change into probably the most fashionable cryptocurrency platforms within the nation. Actually, numerous funding specialists have deemed them the most effective within the enterprise attributable to options like:

• Free deposits and really low buying and selling charges of 0.20%
• 24/7 buyer assist (cellphone, reside chat or e mail)
• Canadian (CAD), U.S. {Dollars} (USD) and Euro (EUR) are supported
• The power to commerce altcoins straight (which different providers don’t supply)
• $20 bonus for signing up and funding your account with at the least $100
• Quite a lot of fee choices accessible:
  • Interac e-Switch
  • Debit or Credit score Card
  • Financial institution Draft
  • Single Euro Funds Space (SEPA)

• 14 varieties of cryptocurrencies supported, together with:
  • Dogecoin (DOGE)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Stellar Lumens (XLM)

CoinSquare

CoinSquare was created in 2014, making it one of many oldest cryptocurrency exchanges in Canada. Utilizing blockchain expertise, their 100% proprietary system has been stress and DDoS (distributed denial-of-service) examined. Listed below are a few of their different options:

• 95% of cash are saved in chilly storage, making them safer
• Funds accepted by Interac e-Switch or financial institution wire (in USD or CAD)
• Diverse Charges:
  • Trades = 0.1% – 0.4%
  • Withdrawals = 2.0%
  • Fast Trades = 0.20% for Bitcoin, 0.40% for different cash
  • Bit Markets = 0.1% for liquidity trades, 0.2% for trades with no liquidity

• 10 totally different cash supported, together with:
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Sprint (DASH)
  • Bitcoin SV (BSV)
  • Ethereum Traditional (ETC)

NDAX

Based in 2017, the Nationwide Digital Asset Alternate (NDAX) is one other Canadian cryptocurrency platform that permits you to purchase Dogecoin. Although they solely settle for CAD, in the meanwhile, there are a number of different issues that make NDAX fashionable, comparable to:

• Person-friendly software course of
• A big selection of crypto buying and selling instruments for novices and specialists
• $10 bonus for opening an account with $100 or extra deposited
• Buying and selling charges of 0.20%
• 4 fee strategies accepted:
  • Interac e-Switch
  • Financial institution Draft
  • Wire Switch
  • Crypto Deposits

• 23 different cryptocurrencies supported (for now), like:
  • Avve (AVVE)
  • Polygon (MATIC)
  • Terra (LUNA)
  • Polkadot (DOT)
  • Hedera (HBAR)

Wealthsimple Crypto

Wealthsimple Crypto (a department of Wealthsimple.com) was launched in 2019 and is Canada’s first regulated cryptocurrency platform. Though funds can solely be made in CAD and by digital funds switch (ETF), they provide a couple of stable advantages, like:

• Buying and selling charges of 1.5% – 2.0%
• Free deposits and withdrawals
• $200 million in chilly storage insurance coverage by the Gemini Belief Firm
• Coincover safety, sturdy knowledge encryption and two-factor authentication
• $50 sign-up bonus following your first crypto commerce of $150 or extra
• Greater than 30 crypto cash and tokens supported, together with:
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • Maker (MKR)
  • Fantom (FTM)
  • Kyber Community (KNC)

Crypto.com

Crypto.com is a worldwide crypto trade that’s having a significant impression on the Canadian market not too long ago. They supply top-notch safety, their very own forex (Crypto.org Coin or CRO), in addition to these key options, lots of that are distinctive to their firm:

• Free crypto deposits and low buying and selling charges beginning at 0.40%
• Financial institution transfers accepted in CAD and EUR
• Customers can commerce choices and future contracts (a.ok.a crypto derivatives)
• Customers can stake their cash and earn day by day curiosity too
• Trades allow as much as 10x leverage
• Newly listed cash could also be as a lot as 50% off for restricted intervals
• Correct crypto forecasting (costs are up to date a dozen occasions per second)
• $25 bonus for staking sufficient CRO to qualify for a pay as you go crypto card
• $10 bonus for staking at the least $1,000 of CRO
• Over 100 cryptocurrencies supported, together with:
  • Dogecoin (DOGE)
  • Solana (SOL)
  • Avalanche (AVAX)
  • Cosmos (ATOM)
  • The Sandbox (SAND)

How Can You Promote Dogecoin?

When you’ve purchased, mined or traded different currencies for Dogecoin, promoting it’s comparatively simple (relying on the crypto trade you employ). All it’s a must to do is:

1. Log into your crypto platform account and choose the “promote” possibility
2. Decide the kind of coin and the fiat forex you need to trade it for
3. Confirm the sale and ship the funds to the account or pockets of your alternative