How to Buy Dogecoin in Canada? Easy Step Process
- By Localcoin
- October 4, 2023
Are you looking to buy Dogecoin but unsure of the process? Don’t worry! This guide is here to help. Whether you're a seasoned cryptocurrency enthusiast or a curious newcomer, we'll take you through the steps to acquire Dogecoin seamlessly.
A brief overview of Dogecoin
Dogecoin (DOGE) may have started as a bit of a joke with the widespread popularity of the Japanese Shiba Inu dog meme in 2013, but over the years, it’s proven itself as a coin to be taken seriously.
As this coin rose to fame, so did its market cap, helping it go from an internet meme to a viable currency with millions of investors. According to CoinMarketCap data, Dogecoin is valued at $0.061 in the market as of October 2023.
If you're ready to purchase your first dogecoin, it’s important to understand the different ways you can go about it. So, let’s get you started! This quick guide will cover 6 unique approaches you can use to buy Dogecoin without a hassle.
Browse This Content:
- 6 Methods to Buy Dogecoin in Canada
- Cryptocurrency ATMs
- Crypto Exchange Platforms
- Peer-to-Peer Trading
- Brokerage Platforms
- Crypto Wallets
- Traditional Bank Transfer
- Things You Need to Start Buying Dogecoin
- Frequently Asked Questions (faqs)
6 Methods to Buy Dogecoin in Canada
Here are six popular methods for you to purchase Dogecoin across Canada:
1. Use Cryptocurrency ATMs
Using a cryptocurrency ATM is a secure and efficient method to purchase Dogecoin in Canada. It works by connecting directly to a blockchain network, allowing you to purchase or sell cryptocurrency with cash or a crypto wallet. Transactions occur in real time, minimizing the risk of online security breaches. Once you've located a nearby crypto ATM, the process is straightforward:
Step 1: Verify Your Phone Number
Click the 'button 'Bitcoin,' enter your phone number, and receive verification on your mobile device to complete the process.
Step 2: Find and Scan the QR Code
Locate the QR code associated with your wallet's public address. Use the built-in camera on the ATM to scan.
Step 3: Select Dogecoin
If the ATM offers services for multiple currencies, select Dogecoin as your desired cryptocurrency.
Step 4: Insert the Cash
Insert cash notes equivalent to the amount of Dogecoin you wish to purchase.
Step 5: Receive Dogecoin
Once the purchase is confirmed, Dogecoin will be deposited directly into your wallet.
Important Note: Transactions are typically instant, but the process may sometimes take 10–30 minutes or 1–2 hours.
2. Opt for Crypto Exchange Platforms
One of the most common ways to buy cryptocurrencies like Dogecoin is through exchange platforms. These marketplaces use crypto wallets to facilitate transactions. You can purchase coins using fiat currencies like the Canadian dollar or trading between crypto coins.
The following are the steps you should know in order to make a successful purchase:
Step 1: Choose a Reputable Exchange
Step 2: Create an Account
Sign up on the exchange and complete the verification process. Verification usually involves submitting personal identification documents, ensuring a secure trading environment.
Step 3: Deposit Your Funds
Deposit funds into your exchange account. The minimum and maximum deposit amounts vary between exchanges.
Step 4: Locate Dogecoin
Find Dogecoin in the list of available cryptocurrencies on the exchange platform.
Step 5: Place an Order
Specify the amount of Dogecoin you wish to purchase, including the price and quantity that align with your trading preferences.
Step 6: Confirm Transaction
Upon successful transaction, Dogecoin will be credited to your exchange wallet. The transaction fees associated with Dogecoin can differ across various exchange platforms.
3. Engage in Peer-to-Peer Trading
In contrast to exchange platforms, P2P platforms allow direct trades among users, expanding beyond cryptocurrencies to include various commodities like gift cards.
The security on P2P platforms varies, making P2P trading less advisable, especially for newcomers.
Here are the steps you can follow to engage in P2P trading, enabling direct transactions with individuals:
Step 1: Join a P2P Platform
Step 2: Verify Your Identity
The identity verification process involves submitting personal documents, such as a government-issued ID or passport, and sometimes proof of address.
Step 3: Browse Listings
Explore the platform's listings to discover potential buyers and sellers, considering factors like transaction history and user ratings.
Step 4: Initiate a Trade
Specify terms like the preferred payment method (e.g., bank transfer, cash), the amount of Dogecoin, and any other relevant details.
Step 5: Complete Transaction
Finalize the transaction as agreed upon. Ensure both parties are satisfied with the terms before confirming, leading to the secure transfer of Dogecoin to the buyer's wallet.
4. Explore Online Brokerage Platforms
Online brokerages are digital platforms that facilitate the buying and selling of various financial instruments, including cryptocurrencies like Dogecoin. These have a user-friendly and accessible interface, making it easier for individuals to enter the world of cryptocurrency trading.
The following are the steps to begin your cryptocurrency trading journey using the brokerage method:
Step 1: Choose a Brokerage
Step 2: Create an Account
Sign up on the platform's website or app by providing basic information. This includes full name, email address, and password.
Step 3: Deposit the Amount
Deposit the amount into your brokerage account using any options, such as bank transfers or credit/debit cards.
Step 4: Look for Dogecoin in the list of assets
Navigate to the platform's trading interface and search for Dogecoin among the list of available assets.
Step 5: Place Your Order
Specify the cash amount and place the order. This involves setting the quantity of Dogecoin you want and may include additional parameters like choosing between a market or limit order.
Step 6: Confirm Transaction
Confirm the transaction and the platform will execute the order. After confirmation, Dogecoin will be successfully added to your account, marking the completion.
5. Use Crypto Wallets
Crypto wallets are important in the process of buying and managing digital currencies. These wallets use advanced cryptographic techniques to safeguard your private keys and provide access to your funds.
Here are the steps you need to follow to buy dogecoins with absolute ease:
Step 1: Choose a Crypto Wallet
Select a wallet like Ledger Nano S or Trezor, ensuring they are compatible with Dogecoin.
Step 2: Create or Log in
Either create a new wallet if you're new to cryptocurrency or log in to an existing one if you're a returning user.
Step 4: Choose Dogecoin
Within the in-app buying section, select Dogecoin as your desired cryptocurrency. Proceed to specify the amount of Dogecoin you wish to purchase.
Step 5: Confirm Purchase
Confirm your Dogecoin purchase. Review your transaction details, ensuring accuracy in the specified amount and terms.
Step 6: Receive Dogecoin
Upon confirmation, Dogecoin will be added to your wallet. The transaction is complete, and you can now view your acquired Dogecoin within the wallet's interface.
6. Utilize Traditional Bank Transfer
Generally, traditional banks don't directly facilitate cryptocurrency purchases, but you can use their bank accounts to transfer funds to currency exchanges, where you can then buy digital assets.
Here are the steps you need to follow:
Step 1: Choose a Platform
Step 3: Link Bank Account
Link your bank account such as Scotiabank, to the chosen platform.
Step 4: Deposit Funds
Deposit the cash into your account using the bank transfer option.
Step 5: Find Dogecoin in List
Navigate to the Dogecoin trading section within the platform. This is where you'll access the list of available assets and locate Dogecoin among them.
Step 6: Place an Order
Specify the amount of Dogecoin you intend to purchase and proceed.
Step 7: Confirm Transaction
Review the details and confirm the transaction. Once confirmed, Dogecoin will be credited to your account, marking the successful completion of the purchase.
5 Things You Need to Start Buying Dogecoin in Canada
Here’s a breakdown of what you’ll need to make a purchase:
1. Choose a Compatible Crypto Wallet
Crypto wallets are a necessary part of any cryptocurrency transaction. You’ll need to set up your wallet of choice and get familiar with how it works before you get to the point of purchase. It’s also important to make sure your wallet is compatible with Dogecoin.
2. A Method of Payment
You will need one of the following methods of payment handy:
- Debit or credit card
- Canadian or American bill(s)
- PayPal account
- Wire transfer
- Gift cards (for peer-to-peer transactions)
- E-transfer information
3. Personal Identification
Many exchange platforms, brokers, trading apps and cryptocurrency ATMs require identity verification. This may also depend on the amount of Dogecoin you are buying.
4. Directions to A Local Crypto ATM
If you’re using a crypto ATM to purchase Dogecoin, find an ATM that’s easy for you to get to, whether you’re coming from home, work or running errands in the neighborhood. You can find the Localcoin ATM nearest to your location.
5. An Account on an Exchange, Trading or Peer-to-Peer Platform
If you’re using an online platform to purchase Dogecoin, set up an account with a secure internet connection.
Frequently Asked Questions (faqs)
Where to buy Dogecoin in Canada?
Purchasing Dogecoin is hassle-free with multiple options available. You can use Cryptocurrency ATMs in cities like Toronto, Guelph, Sault Ste. Marie, Kingston, and Edmonton. Similarly, you can also use online exchanges, peer-to-peer trading, brokerages, and crypto wallets such as Coinsquare and Bitbuy or traditional bank transfers to make smooth transactions.
As we conclude our guide on how to buy Dogecoin in Canada, you're now equipped with the knowledge and steps to purchase this altcoin. Whether you opt for a cryptocurrency ATM, crypto exchange platform, peer-to-peer trading, brokerage platforms, crypto wallets, or even a traditional bank transfer, each method offers a unique set of steps to guide you through the process.
As Dogecoin continues to gain popularity and value, these methods ensure that acquiring this digital asset is a seamless and accessible experience for both seasoned investors and newcomers.
As one of North America’s largest Crypto ATM networks with more than 900+ terminals across Canada, we make buying and selling cryptocurrencies like Bitcoin, Ethereum and Litecoin for crypto enthusiasts in their communities.
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