How to buy Shiba Inu (SHIB)?

Shiba Inu, named after a Japanese breed of dog, is a decentralized cryptocurrency launched in august 2020. It is categorized as a meme coin or a pump-and-dump scheme. Despite high volatility and uncertainty, newcomers and even existing investors look for ways how to buy Shiba Inu (SHIB). The increased interest in SHIB is its high reward probability and diversified portfolio.

Today, SHIB rank amongst the top fifteen cryptocurrencies based on market capitalization. Additionally, attracting new investment each passing day, thus increasing its significance.

SHIB’s growth is community-driven – the SHIB army. The SHIB army only focus on buying and trading cryptos.

This guide will pass you through easy steps to buy one of the excellent crypto assets, Shiba Inu. So, let us know the procedure and get started without further ado.

A step-by-step guide to buying Shiba Inu (SHIB)

Here are a few straightforward steps for buying Shiba Inu.

Step 1: Select a Crypto Exchange

First, you need to have an account with any cryptocurrency exchange. If you can sue a cryptocurrency exchange which offers to buy and sell services of a crypto exchange.

Multiple exchanges in the market offer crypto-trading services, so selecting the one that suits your trading behavior is essential.

When selecting a crypto exchange, you must consider a few vital points. A few of them are enlisted below:

Security: One of the most significant threats to having digital currency is its security. Securing your cryptos from unwanted access is more critical than buying them, as we have seen numerous hacking instances of SHIB and other crypto coins. So, always select an exchange with the highest level of digital security.

Fees: While selecting a trading platform, check their commission fees. Who would prefer to avoid paying minimum payments? However, each crypto exchange has its set of charges which vary from time to time and with the purchase amount.

Coin Base: Although Shiba Ine is very popular, many exchanges still need to deal with it. So, before opening an account, check with the platform whether they sell in SHIB. In addition, you can also check what other coins they trade in; it will help you in future trading.

Step 2: Transferring the Payment

Once you have selected and opened an account with the crypto exchange of your choice, the next step is to make a deposit. You can transfer fiat money from your bank account to the broker account.

You can transfer this money by either one of the below methods:

Direct bank transfer
Through debit card
By credit card
Paypal or Venmo account

Pretty good, ah? Almost all major crypto exchanges accept payments from all of the above methods. Usually, a direct bank transfer is recommended as it is a real-time transfer of funds and does not cost charges.

Contrarily, payments through credit cards have high APR charges since banks treat such payments as advance payments. We recommend using direct deposit through your bank account to avoid paying additional money.

Furthermore, large deposits like $1,000 will take around a couple of days to reflect in your account. So, plan your transfers accordingly.

Step 3: Buy SHIB

After successfully transferring money to your exchange account, you are all set to buy SHIB.

You can easily place an order on your dealer’s website or mobile app. Just log in to your account and start buying procedure. You will quickly locate a Buy button. Add the fiat money you want to spend, enter the SHIB coins you intend to get, and then click the Buy option.

If you cannot find Shiba Inu’s name on the list of cryptocurrencies, search for it by entering SHIB. Upon transfer of funds, you will receive the required amount of Shiba Inu coins in your digital wallet provided by your exchange.

Refresh the page and become part of the SHIB army.

Step 4: Storing Shiba Inu

All still needs to be done, as storing SHIB coins is as essential as buying them. You would not want anyone else getting their dirty hands on your digital wallets. So keeping it secure is vital.

Although most crypto dealers offer free-of-charge digital wallets for their clients, these are only sometimes safe since they are always connected to the internet.

So, what are other options for storing for Shiba Inu? Here are the key ones.

Hardware Wallets: A hardware device that stores private keys. Further, it supports your interaction with the community without exposing your data. Trezor is a famous example of a hardware wallet and is perfect for SHIB.

Software Wallets: Generally known as cold wallets, these are connected to the internet 24/7. Thus are more prone to hacking and scamming, although these cost less.

Offline Storage: These are called cold wallets. These are the most secure wallets. However, these cost higher as compared to other forms of storage options.

Frequently Asked Questions

Should I invest in Shiba Inu (SHIB)?

Invest cautiously, despite Shiba Inu’s popularity on social media. Since the cryptocurrency market is highly volatile, we always recommend seeking professional advice before testing your luck with cryptos.

Where can I buy Shiba Inu (SHIB)?

You can buy Shiba Inu (SHIB) from numerous crypto dealers, a few of them are mentioned below:

Coinbase
Coinsmart
Newton
KuCoin

Can I buy Shiba Inu (SHIB) with a credit card?

Many exchanges support trading SHIB with a credit card. However, banks charge higher APRs as they treat these payments as advance cash.