How To Buy Shiba Inu (SHIB): Steps to Take in 2024

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Ramsha Naushad, Mileva Stankovic

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Available Countries

+236

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+311

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Intro

Are you considering purchasing Shiba Inu in 2024, but you're still feeling uncertain?

Learning how to buy Shiba Inu (SHIB) from the comfort of your own home has never been more convenient.

If you're eager to join the world of digital currency and explore how to acquire Shiba Inu, you've come to the right place.

In this comprehensive guide, we'll walk you through the steps to buy Shiba Inu. Additionally, we'll explore the future potential of this digital currency.

Furthermore, we'll assist you in finding a reliable online platform to get Shiba Inu.

Best Sites

1.

Crypto.com

Exchange Rating 7.8
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Available in United States
7.8

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Year founded: 
2016
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Pros and Cons

Extensive list of supported cryptocurrencies
Transparent and competitive fees
Hardware wallet support for Crypto.com wallet
With their Visa cards, you can spend your crypto and earn rewards
Easy to purchase NFTs on the platform using either fiat or certain cryptos
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Higher fees for those who don't hold and use CRO
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Poor customer service
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Confusing trading fee discounts tiers
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Lack of educational resources
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2.

Coinbase

Exchange Rating 7.7
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7.7
Description: 

Coinbase, a major player since its inception in 2012, is a user-friendly cryptocurrency exchange offering a secure platform for buying, selling, and managing a variety of digital assets.

General Information

Anonymity

Committed to regulatory compliance, Coinbase adheres to strict KYC and AML protocols, necessitating user identity verification and preventing the establishment of anonymous accounts.

Reputation

With a solid reputation, Coinbase is widely recognized for its reliability, ease of use, and regulatory adherence. As a publicly traded company, it holds a position of trust in the cryptocurrency market.

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Disclaimer: The information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.
 

Why Trust Us

CryptoManiaks is your trusted partner for navigating the process of buying Shiba Inu (SHIB). Our dedicated team has meticulously researched and analyzed various methods, ensuring that our insights are current and accurate.

Our commitment extends to practical experience, as our team actively engages with Shiba Inu transactions to offer firsthand insights into the user experience, fees, and security measures.

Trust us to be your reliable source, offering trustworthy information and empowering you to make informed decisions in your journey to acquire Shiba Inu.
 

Key Takeaways

 

  • Buy Shiba Inu using bank transfers, debit/credit cards, or even cash via ATMs or P2P platforms
  • To open a cryptocurrency exchange account for Shiba Inu, provide personal details like legal name, date of birth, address, email, and phone number
  • Prioritize exchange security with 2FA, consider fees, assess cryptocurrency variety, evaluate customer support, check insurance coverage, and research the exchange's reputation
  • Use bank accounts, debit/credit cards, or swap other cryptocurrencies for Shiba Inu. Choose the method that suits your preferences and fees
  • Consider using the spot market for cost-effective Shiba Inu purchases, offering lower fees compared to instant buy options

 

Pros and Cons of Buying Shiba Inu

Consider the following pros and cons of Shib before you invest:
 

Pros and Cons of Investing in Shiba Iny
Pros Cons
Offers the potential for substantial profits due to its low price Involves significant price fluctuations, exposing investors to risks
Attracts a large and enthusiastic community, fostering engagement Lacks clear fundamental value or utility beyond speculative trading
Aligns with the broader trend of growing interest in digital assets Prices are heavily influenced by market sentiment rather than fundamentals
Provides a straightforward entry point for investors on various exchanges Faces challenges in achieving widespread adoption and practical use
Offers opportunities for speculation and short-term gains Exposes investors to potential regulatory uncertainties and risks
Benefits from higher liquidity, allowing for easier buying and selling  

 

How to Buy Shiba Inu (SHIB) in 4 Simple Steps

Wondering how to buy Shiba Inu without doing any research. We’ve covered you by listing four necessary steps.
 

Pick a crypto exchange

To buy Shiba Inu, you'll need to use a crypto exchange. This is a website or app where people come to trade money for cryptocurrencies, or one cryptocurrency for another. 

There are lots of big exchanges to choose from, like big ones such as eToro and Coinbase, as well as smaller ones. Consider depositing methods. Think whether you want to keep your SHIB in the exchange's wallet or a different one.
 

Choose a payment method

The most common and cost-effective way to pay for cryptocurrency is through a bank transfer. Some exchanges also accept debit and credit cards, but they might charge a fee (around 3.99%). It's not usually recommended to use a credit card for this. It can be risky to take on debt for a volatile investment like crypto.
 

Make a purchase

After you've picked an exchange and a payment method, go to the Shiba Inu section on the website or app. Enter the amount you want to invest.
 

Decide on storage

Most exchanges have their own wallets for storing SHIB. But if you prefer, you can use a different wallet

If you go with an exchange, you'll need to use a "hot" wallet (online). Otherwise, you’ll use a "cold" wallet (offline, like a hard drive). 

The cold wallet is safer from hackers. But if you lose your access keys, you might not have anyone to help you get your crypto back. 

The hot wallet is less safe from hackers, but the wallet provider (the exchange) may be able to assist if you lose your access codes. It's about balancing convenience and security.
 
 

What You Must Provide to Open a Cryptocurrency Exchange Account?

To open an account on a cryptocurrency exchange, there are specific requirements you'll need to meet. Let's see which ones.

Most cryptocurrency exchanges, particularly centralized ones, will ask you to provide personal information before granting access to all of their features. This information is crucial for completing the Know Your Customer (KYC) process.

The following personal details will be required:
 

  • Legal name (as stated on your official documents)
  • Date of birth
  • Address (including street, city, and ZIP code)
  • Email address
  • Phone number

It's extremely important to double-check that all your information is accurately entered. Any discrepancies in your application could lead to a delay in the approval of your account. Once your account is approved or verified, you can immediately begin trading.
 
 

Considerations When Opening a Cryptocurrency Exchange Account

If you’re looking for the best crypto exchange to buy Shiba Inu, you should keep in mind the following:
 

Security

Prioritize security to safeguard your funds. Opt for an exchange offering two-factor authentication (2FA) as an additional layer of protection against potential hackers. Additionally, select an exchange with a strong reputation and a proven track record in cybersecurity.
 

Fees

High fees on an exchange can lead to substantial costs, especially for active traders or investors. Look for an exchange with reasonable deposit, withdrawal, and trading fees to ensure cost-effectiveness.
 

Cryptocurrency variety and quality

While it's beneficial to choose an exchange with a wide range of supported cryptocurrencies, ensure that the listed cryptos are thoroughly vetted. Quality matters just as much as quantity.
 

Customer support

It's crucial to know if you'll have easy access to customer support in case of any transaction issues. Check if they have a presence in the US and explore the available contact methods. Additionally, assess their responsiveness in addressing inquiries.
 

Insurance coverage

Some exchanges offer insurance for user funds, but the terms and conditions can vary significantly. If insurance is important to you, thoroughly research the policies provided by different exchanges.
 

Reputation

In the relatively young cryptocurrency industry, an exchange's reputation can provide valuable insights. Look into details like the founders' background, any past controversies, and the overall transparency of their business practices. If this information is hard to come by, it may raise a red flag.
 

Wallet security and reliability

The security features of a wallet are crucial for long-term crypto investment success. Opt for an exchange that provides a secure wallet with robust, multi-layer security measures and a proven track record in maintaining a secure environment.
 

Storage and custody preferences

Decide whether you prefer a custodial or non-custodial wallet. Custodial wallets offer easier accessibility but are more vulnerable to hacks. 

Non-custodial wallets give you full control, but you bear complete responsibility. For enhanced fund safety, consider a decentralized exchange, granting you exclusive access to your crypto and reducing the risk of fund misappropriation, as seen in the 2022 FTX collapse.
 
 

What are the Most Effective Methods for Purchasing Shiba Inu?

After setting up your account, the next step is to deposit funds for buying Shiba Inu. We've outlined popular payment methods along with important details for each:
 

Buy Shiba Inu with a bank account

Many exchanges support free and instant bank transfers. Some also offer options like wire transfers, but check if there are any associated deposit fees.
 

Buy Shiba Inu with a debit card

The process for using a debit card depends on the platform. Some exchanges allow you to transfer funds from your debit card for flexible spending. Others limit debit card use to instant purchases, which may involve higher fees.
 

Buy Shiba Inu with a credit card

While many exchanges accept credit cards for instant purchases, consider the following caution:
 

  • Credit card fees are higher compared to bank transfers
  • Some card issuers may block cryptocurrency transactions
  • Purchasing options may be more limited and costly
  • There's a risk of potential loss of initial investment and additional fees from the credit card provider

 

Buy Shiba Inu with cash

Purchasing Shiba Inu with cash is less common in the US, but it's still possible.

Options for buying SHIB with cash include:
 

  • Shiba Inu ATMs: These specialized ATMs allow you to buy SHIB with cash. They can be found in major US cities, but be prepared to provide a photo ID and undergo a Know Your Customer (KYC) check.
  • Peer-to-peer (P2P): Use a P2P platform to find someone willing to sell SHIB in exchange for cash. Exercise caution, as in-person or non-escrow transactions carry a higher risk of fraud. Look for reputable platforms with established escrow services to facilitate secure online trades.

 

Buy Shiba Inu with another crypto

Some platforms offer a "swap" or "convert" service, allowing you to exchange any existing cryptocurrency for SHIB. This enables instant conversion between different types of cryptocurrencies, even if there's no direct trading pair on the spot market.
 
 

What's the Cheapest Way to Purchase Shiba Inu?

Most exchanges allow you to buy as little as $5 worth of SHIB, if not even less. Simply input the amount you want to spend in USD and let the exchange handle the rest.

Some platforms offer only one method to buy Shiba Inu, while others provide multiple options. The two most popular ways to buy SHIB are through the spot market or via an "instant buy" feature.
 

Instant buy

If it's your first time purchasing Shiba Inu, this will be the quickest method – but it's also the least cost-effective. Look for the instant buy section typically labeled "Buy now" on your chosen platform. It should have a user-friendly interface where you can enter the amount of Shiba Inu you want to buy or the US dollars you want to spend.

This option is usually available for credit or debit card purchases, but you might also be able to use instant buy if you've pre-funded your account with a bank transfer. Keep in mind, you may pay a slightly higher price for SHIB due to the added convenience.
 

Spot market

If you encounter vibrant charts displaying a range of prices, you're likely in the spot market. The spot market is where buyers and sellers gather to place bids for SHIB on the open market. It's generally the most economical way to purchase Shiba Inu because it allows traders to set their own prices. 

You can locate the spot market under a "Trade" or "Spot" heading in the site or app menu of your chosen platform. There are various order types available in the spot market:
 

  • Market Order: This instantly buys the amount of Shiba Inu you specify at the lowest available price. It's similar to an instant buy order but with much lower fees.
  • Limit Order: This is the most common order type, letting you purchase Shiba Inu at the price you specify. Traders use this to time the market and take advantage of price fluctuations.
 

What is Shiba Inu?

 
Shiba Inu (SHIB) is a cryptocurrency that gained significant attention in the digital asset market. It takes its name from the Shiba Inu breed of dog, a popular Japanese breed known for its loyalty and spirited personality. 

Released in August 2020, SHIB is an Ethereum-based token. It’s known for its distinctive marketing approach and the community-driven nature of its development.

One of the unique aspects of Shiba Inu is its focus on decentralization and community involvement. The project was launched as an experiment in decentralized community building. There’s no formal development team behind it. 

Instead, the community actively participates in the project's development. Holders make decisions about its future through proposals and voting. This democratic approach sets Shiba Inu apart from many other cryptocurrencies.

SHIB's ecosystem also includes other tokens like LEASH and BONE. Each has its own distinct use cases within the ShibaSwap decentralized exchange platform.  

LEASH, for example, is designed to mimic the price movements of Dogecoin (DOGE). 

BONE is the governance token. It allows holders to participate in decision-making processes for the platform.

It's important to note that investing in cryptocurrencies, including Shiba Inu, carries risks. The crypto market is known for its volatility, and prices can fluctuate dramatically in a short period. 

Additionally, due diligence and research are crucial before investing in any cryptocurrency. Understanding the project's goals, the technology behind it, and its community support can help potential investors make informed decisions about participating in the Shiba Inu ecosystem.

 

Over To You

In conclusion, purchasing Shiba Inu involves selecting a reputable exchange. Then, depositing funds through various methods, and choosing between different buying options such as instant purchase or the spot market. 

It's essential to consider factors like security, fees, and supported payment methods. Additionally, understanding how to store and manage your Shiba Inu tokens is crucial for a successful investment experience. Always conduct thorough research. Exercise caution to make informed decisions in the world of cryptocurrency.
 

Frequently Asked Questions

How does Shiba Inu operate?

Shiba Inu operates on the Ethereum blockchain, ensuring that once a transaction is initiated, it becomes a permanent record on the blockchain, resistant to any alterations. This information is linked to other transactions in a block, collectively forming the blockchain. Transactions are ultimately confirmed through a consensus process.
 

How can I utilize Shiba Inu?

Shiba Inu serves various purposes. Traders and investors can engage in profit-making through price speculation. Holders have the option to use it as a method of payment for real-world goods at participating retail establishments or to purchase Shiboshi NFTs within the Shiba ecosystem. Advanced users can also employ their existing Shiba Inu tokens in liquidity pools to earn rewards.
 

How do I get earnings with Shiba Inu?

The primary method to earn with Shiba Inu is by staking your coins. Many exchanges offer this service, enabling you to receive a set percentage of returns over a specific period. To stake your Shiba Inu, you'll need to hold some in your wallet. Another way to earn is by "burning" your tokens on the Shibaswap portal. When you burn your Shiba Inu, you receive a reward in another token within the Shiba ecosystem.
 

What are the risks associated with buying Shiba Inu?

When it comes to buying Shiba Inu, there are a few potential risks that one should consider. Firstly, as with any investment in the cryptocurrency market, there is always the risk of price volatility. The value of Shiba Inu can fluctuate significantly within short periods, which may result in potential losses if not carefully monitored. Additionally, since Shiba Inu is a relatively new and lesser-known cryptocurrency, there is a risk of limited liquidity and market manipulation.

Where can I buy Shiba Inu with fast transaction times?

When it comes to buying Shiba Inu with fast transaction times, one of the best options is to use a reputable cryptocurrency exchange platform. Binance, for instance, offers a seamless and efficient trading experience with quick transaction processing. By signing up for an account on Binance, users can easily deposit their desired amount of funds and trade them for Shiba Inu tokens in just a matter of minutes. 

Who regulates the buying of Shiba Inu coin?

The buying of cryptocurrencies is not controlled by one authority. Instead, exchanges must follow certain laws and regulations based on their location and users. In a way, you could say that the laws of your country regulate the purchases of cryptocurrencies, including Shiba Inu.

 

Written by

Mileva Stankovic

When Mileva invested in Bitcoin at the end of 2017, she never believed she’d end up becoming so focused on crypto. Today, she's investing in various coins and playing Texas Hold 'em with passion. 

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