There has been a significant rise in Dogecoin’s value. Its market capitalization peaked in May at $90 billion. With a market worth $10 billion, it’s the tenth most valuable cryptocurrency right now.
Can You Buy Dogecoin on Wealthsimple?
Dogecoin is one of fourteen new cryptocurrencies added to Wealthsimple Crypto’s portfolio. Wealthsimple Crypto is used to allow you to buy Bitcoin and Ethereum.
The cold storage of Wealthsimple’s partner custodian Gemini is home to all bitcoin assets and tokens. Cryptocurrency investing may be dangerous, so you should do your homework before going into it.
There is currently a great deal of interest in Dogecoin and other tokens since the crypto market is at a low point compared to recent highs.
Dogecoin is one of the many coins available at Wealthsimple Crypto.
34 types of coins are supported, including BTC, DOGE, ETH, LTC, MATIC, COMP, UNI, AAVE, DOT, MKR, BCH, CRV, YFI, KNC, BAT, and many others.
Electronic fund transfer is the preferred mode of payment on Wealthsimple. Deposits and withdrawals are free; trading fees range from 1.5% to 2%.
How Can You Spend Dogecoin?
The Dallas Mavericks and Air Baltic are two businesses that take Dogecoin as payment. Some services, such as Twitch, allow users to tip content providers using DOGE.
There aren’t many places where you can spend Dogecoin other than online. Even though it bills itself as a fun and friendly online currency, many crypto-curious investors utilize it to test the waters of cryptocurrency investing, even if they are aware of its high degree of fluctuation.
Can Canadian Residents Purchase Dogecoin?
Dogecoin and other digital currencies may be purchased and sold by Canadians. There are two ways to acquire Dogecoin: directly with fiat currency such as Canadian dollars or another cryptocurrency such as Bitcoin or USDT.
Dogecoin Storage Tips
You may retain your Dogecoins in a variety of ways, including:
Leaving it on the exchange where you bought it. 95% of the coins held by several crypto sites are in cold storage. Leaving your crypto on an exchange, on the other hand, puts it at risk of theft, hacking, etc.
Use a private crypto wallet to keep your Dogecoins safe. Your funds and private keys both stay safe in a crypto wallet. A cold wallet is more secure than a hot online wallet.
Tax on Dogecoin in Canada
In general, the CRA considers cryptocurrencies to be a kind of currency. When it comes to cryptocurrency-related revenue, it’s often considered business income or capital gain, depending on the situation.
Whenever you use Dogecoin, be sure you have a transaction record. We’ll automatically prepare a few of the necessary tax paperwork for customers who use Wealthsimple Crypto to purchase or sell cryptocurrency.
Will Dogecoin Be Worth $1?
As of January 1, 2021, Dogecoin was trading at $0.004681, rising to a peak of $0.7376 on May 8, 2021. Since it’s impossible to predict whether or not it will ever hit $1, you should act with great caution while trading it.