How To Buy Shiba Inu Coin in 2024 & Best Exchanges

Do you want to know how to buy Shiba Inu, a famous meme coin?

Discover a reputable cryptocurrency exchange that offers Shiba Inu. Open an account and register, then verify your identity to pass Know Your Customer (KYC) and explore all the exchange’s features. 

Still, remain mindful of the potential risks associated with buying cryptocurrencies through these platforms.

Check out the steps below:
 

• Step 1 - Open an account on a reliable cryptocurrency exchange
• Step 2 - Verify your identity via KYC 
• Step 3 - Select your preferred payment option
• Step 4 - Start the Shiba Inu trade or use the Instant Buy tool
• Step 5 - Confirm your purchase amount

Key Takeaways

• Shiba Inu, a famous meme coin, launched in 2020
• The best way to invest is with a reliable crypto exchange
• Other ways include crypto ATMs and decentralized exchanges

Introduction to Shiba Inu - What is SHIB?

Shiba Inu, better known by its ticker symbol SHIB, was launched in August 2020 by an anonymous entity called Ryoshi. 

Shiba Inu is an ERC-20 token that runs on the Ethereum blockchain. 

Ryoshi created this coin to experiment with the outcomes of community-driven cryptocurrency projects. 

As a result, SHIB attained global traction and surfaced as a popular payment method, whether directly or via third-party intermediaries. 

Besides, Shiba Inu earned the moniker "meme coin," often referenced as an inside joke. 

Its surge in popularity caused people to call it a "Dogecoin killer" and consider it an alternative to its meme token counterpart, DOGE.

A document termed the "woof paper," available on the ShibaToken.com website, outlines the essential concepts of the Shiba Inu ecosystem. 

This name is perhaps a lighthearted reference to the conventional "white paper." 

According to the document, Ryoshi chose to build Shiba on Ethereum because of its features and security, which guaranteed the project's decentralization.

Within the Ethereum blockchain system, Shiba Inu performs several services and uses smart contracts to facilitate transactions. 

ShibaSwap, a decentralized exchange within the Shiba Inu ecosystem, allows token swaps, liquidity provision, and reward staking. 

The ecosystem has also included Shibarium, a Layer-2 solution that increases efficiency and scalability. 

So far, the Shiba Inu project has surpassed 3 million investors globally. Shiba’s official X account also has millions of followers ready to explore the latest news.

SHIB is supported on over 100 crypto exchanges and investment platforms globally. Here’s how to buy it today. 
 
 

How To Buy Shiba Inu Coin - Step-by-Step Guide

Let’s dive deeper into the process and go through each step in detail.
 

1. Open an Account on a Reliable Cryptocurrency Exchange

Create an account on one of the best crypto exchanges with a strong reputation, strict security protocols, and an easy-to-use interface. 

Exchanges that have been on the market for several years have established their reputation among investors, so look for some of the oldest crypto exchanges out there.

Strict security, like Secure Sockets Layer (the padlock next to the web address), enforced two-factor authentication (2FA), and legal compliance are a must-have.

Additionally, your selected exchange should be easy to use with a simple interface you can manage around.

Remember, it is essential to select a platform that meets your needs. Therefore, you have to do some research and compare exchanges. 

Read our Kraken, Coinbase, and Binance reviews to explore features among different platforms.

Join different social media groups that focus on cryptocurrency investing. Find those groups on Telegram, Facebook, or Instagram, and well-known crypto communities on Reddit. 

You can also start your search by taking a look at our recommended list of sites.

Once you’ve chosen your preferred crypto platform, sign up by following the exchange’s guidelines since each of them has a unique protocol for creating an account.
 

2. Verify Your Identity via KYC

Up next is finalizing the Know Your Customer (KYC) procedure, an important process mandated by the Anti-Money Laundering (AML) policies implemented worldwide. 

AML regulations order exchanges to perform KYC so governments and financial institutions can easily investigate potential criminal activity related to crypto transfers.

Every user of a crypto exchange needs to pass the same process, which guarantees a safe crypto exchange.

Provide a government-issued ID (such as a passport or a driver’s license), proof of address (such as utility bills or bank records), and a selfie or a video verification to validate your identity.

The exchange will check your documents and compare them to the information you provided when making an account. 

It might take from several minutes to a few days, but you can rest assured that you are secure from fraudulent activities.

Plus, passing the Know Your Customer procedure lifts all deposit and withdrawal limitations and gives you access to all the features.
 

3. Select Your Preferred Payment Option

After confirming your identity through the KYC process, you can now select your preferred payment method to purchase a Shiba Inu coin.

Cryptocurrency exchanges offer a wide range of payment options, such as: 
 

• Bank wire transfers
• Credit cards
• Debit cards
• PayPal
• Apple Pay
• Google Pay

These guarantee accessibility and ease of use throughout the transaction process. 

To fund your account, choose a payment method that you’re most comfortable with. 

Take note of fees, processing periods, and security measures related to each method that the crypto platform offers.

Keep in mind that exchanges have different procedures for connecting a payment method. In some cases, you might have to submit documentation again, to prove your identity to a payment processor.
 

4. Start the Shiba Inu Trade

You’ve come to the vital stage where you exchange your fiat money for SHIB! 

First, you need to find the trading section or the “Instant Buy” feature on the platform of your choice. 

The trading section will have trading pairs like SHIB/BTC, SHIB/ETH, and a trading chart where you can track prices and orders. 

Here, you can set your orders (market, stop, limit) and get SHIB at a desired price.

Most exchanges and wallets also offer an instant buy option. This feature lets you buy SHIB at its current market price and you don’t have to wait for an order to fill.  

All you have to do is select SHIB from the list of available digital assets and use a connected payment method to pay.

This process is usually instant.

Before proceeding to the next step, thoroughly examine the current market state, especially the price of Shiba Inu and any of its trading pairs. 

Consider setting up price alerts or monitoring real-time market information to make well-informed decisions and maximize your strategy.
 

5. Verify Your Purchase Amount

After starting a trade for Shiba Inu and choosing the amount you would like to purchase, follow further steps. 

Check your info and numbers to ensure accuracy. 

When it comes to crypto, any inconsistency could affect the result of your transaction. 

For example, accidentally sending Shiba Inu to a Bitcoin address will result in lost SHIB tokens. This is why it's crucial to pay attention to every number you enter.

Before finalizing your transaction, review the exchange’s terms and conditions and any applicable rules or disclaimers. 

You may see a minimum or maximum amount you can purchase.

If you agree with how your order looks, you can follow the steps to finalize the purchase.

Then, the crypto platform will do its thing and trade your money for SHIB, be it a trading order or an instant buy.

After the transaction is complete, you may access and manage the tokens in your exchange wallet. This will enable you to either hold onto them and wait for the price increase, trade, or withdraw. 
 
 

Best Exchanges for Shiba Inu - Recommended Sites

Explore these top cryptocurrency exchanges for Shiba Inu purchases and consider each one's benefits, drawbacks, and reputation to make the best choice.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.