Shiba Inu (SHIB) is one of the latest “memecoins” out there that has evolved into its own ecosystem and has been a source of tremendous returns for a lot of early investors.
The price of the SHIB token has seen tremendous growth over the past few months, and as such, has been the main point of appeal for a lot of users.
This guide will go over everything you need to know about buying Shiba Inu and explain what SHIB is all about.
Best Brokers to Buy Shiba Inu in 2021
There are many ways to buy Shiba Inu, and as such, we have created a list of the best brokers so you can get up and running in no time.
What Is the Difference Between Buying and Trading Shiba Inu?
When you buy Shiba Inu (SHIB) tokens, you generally have a longer time frame in mind for your investment. On the other hand, when you trade SHIB, you generally intend to sell at a higher price, in a shorter period of time. Put simply, you seek to profit from the volatility of the asset. You can even speculate on the price of SHIB going up or down. Margin and Leverage are another way through which you can trade SHIB although this usually comes with a higher risk level.
How to Buy Shiba Inu Online?
There are multiple ways through which you can buy Shiba Inu (SHIB) online, and today we are going to take you through a step-by-step guide.
You do not need any prior knowledge in buying cryptocurrencies; all you have to do is just follow these three simple steps.
- Find an Exchange
The first step is to find a cryptocurrency exchange that supports the Shiba Inu (SHIB) token. There are many choices out there for you, and each of them will have their own specific features, level of support, and fees that you need to analyze so you can make an educated decision.
- Sign Up and Fund Your Account
Once you have successfully selected a cryptocurrency exchange, the next step is to sign up and fund your account. This process is straightforward, as all you have to do is enter your name, email, password, and payment details. Keep in mind that some exchanges may require you to complete a know-your-customer (KYC) verification process, so this might require you to enter additional information as well.
- Make a Purchase
Once you have funded your account, seek out the SHIB market in the search bar. Enter the amount of Shiba Inu (SHIB) tokens you would like to purchase and click on “Buy.” The rate at which you will buy SHIB will typically be calculated in real-time, based on the current price of SHIB at the time of your purchase.
How to Trade Shiba Inu?
Keep in mind that you are not just limited to straight-up purchasing Shiba Inu, as there are a multitude of advantages that you end up getting if you decide to just trade it instead. Here’s how you can get started.
- Find a Broker
There are plenty of brokerage options out there when it comes to cryptocurrency trading. However, keep in mind that Shiba Inu, or SHIB, is still a niche type of token, so the chances are slim that many of these brokerages will support it. Ensure that you find a broker that has full support for the SHIB token.
- Deposit Money
Once you have found the cryptocurrency brokerage that you will be using to fulfill your trading goals, the next thing you need to do is deposit money into the brokerage. This is an extremely streamlined process that should take you a few minutes to complete most of the time.
- Decide How to Trade (CFDs, Spread Betting)
Once you have selected a brokerage and have deposited funds into the brokerage, the next step you need to take is to decide how you want to trade. You have CFD trading and cryptocurrency spread betting, so ensure that you learn about each type of trading before deciding which way you want to go and how much you want to trade. Once you have decided what is right for you, you can begin the process with your selected cryptocurrency brokerage.
What Are the Different Ways to Pay For Shiba Inu?
There are many ways through which you can pay for Shiba Inu (SHIB) tokens. The options you have will depend on the cryptocurrency brokerage or exchange. With that in mind, let’s dive into each method and show you exactly what’s in store for you.
- Credit Card
You can easily purchase SHIB at just about any exchange or brokerage that supports it by simply connecting your credit card. This is the best way through which you can make a deposit using fiat currencies.
- Debit Card
You are not just limited to one type of card, and you can always use a debit card as well.
- Cash
You can deposit cash at a cryptocurrency ATM and have it sent to your cryptocurrency wallet that way, after which you can connect the cryptocurrency wallet to the exchange or brokerage and just convert your pre-bought crypto into SHIB.
- PayPal
Many exchanges out there will support PayPal as a deposit method when it comes to depositing fiat currencies, so you can always just use your PayPal account as well.
- Cryptocurrency Wallet
Suppose you already have some cryptocurrency tokens such as Bitcoin on your wallet. In that case, you can easily convert them or trade them for SHIB tokens at just about any exchange or brokerage that supports the token.
What to Consider When Buying Shiba Inu?
When buying Shiba Inu (SHIB), there are some considerations to make. Always make sure that you go over each of these aspects before making your purchase.
- Deposit Fees
Each exchange or brokerage will have its own deposit fee, and this is something you need to pay careful attention to. Most of the time, fiat deposits are the most expensive ones and have the highest fees, so always double-check them.
- Trading Fees
There are also trading fees in most exchanges and brokerages, as this is their business model. This is showcased in the form of a maker fee, as well as a taker fee. There will also be tiers based on your trading volume that can help to reduce trading fees.
- Volatility
Cryptocurrencies can be quite volatile in the sense that their value can swing quickly and tremendously. If you buy SHIB at a specific price today, it could be astronomically higher or lower in value tomorrow.
- Regulations
Most regulated exchanges or brokerages have to adhere to specific rules, and these will depend from country to country. Ensure that you read their requirements and be prepared to complete a KYC and AML verification process.
- Long term holding (HODL)
This is a type of investment where you purchase SHIB and expect the price to increase over time, in a time frame between six, twelve or more months. These are the types of investments that will last years for some investors.
- Short Term holding
This is a type of investment where you hold on to SHIB tokens for less than a year, typically within the span of weeks, where you sell off SHIB for quick returns.
Is It Safe to Buy Shiba Inu Online?
Buying Shiba Inu (SHIB) can be safe, especially if you are using a cryptocurrency brokerage or exchange that has security measurements in place and is fully regulated.
You need to look out for features such as SSL encryption as well as two-factor authentication (2FA). However, for the best level of security, it is recommended to keep the cryptocurrency tokens in a cryptocurrency wallet that only you control. Cold wallets are best if you are implementing the long-term holding (HODL) strategy, while hot wallets are better for short-term holding or regular trading.
How To Store Shiba Inu?
Shiba Inu (SHIB) is an Ethereum-based token or an ERC-20 standard token. This means that you will need to find a cryptocurrency wallet that supports the Ethereum token standard.
There are on-exchange wallets, which you typically get the moment you create an account with a cryptocurrency exchange or brokerage; however, for the best level of security, make sure to prepare your own personal wallet.
How to Sell Shiba Inu?
There are multiple ways through which you can sell Shiba Inu (SHIB) tokens online.
- Cryptocurrency Brokerage
You can use a cryptocurrency brokerage, where you can directly sell SHIB tokens to the brokerage. This process is fairly simple, and all you have to do is just click on the “Sell” icon within the brokerage.
- Cryptocurrency Exchange
You can also just list your SHIB tokens up for sale at a cryptocurrency exchange as well.
- Peer-to-Peer (P2P) Trading
You can also find services online that will facilitate Peer-to-Peer (P2P) trading and select the Sell option. Open a trade, and once a buyer is ready, you can confirm the exchange.
Is it Worth Buying Shiba Inu Right Now?
A whale recently purchased 6 trillion SHIB Tokens, and the token itself has been receiving a lot of social media attention from people, such as Tesla Inc.’s CEO Elon Musk. The token has seen tremendous growth in value, so it might be a worthwhile purchase. Keep in mind that, just as with any cryptocurrency out there, SHIB can be a volatile currency, and the value can shift tremendously in either direction.
Final thoughts
Shiba Inu (SHIB) began life as a “memecoin”; however, it evolved and created its own ecosystem over time. You have ShibaSwap, which is built through SHIB, LEASH, and BONE tokens, and you have ways through which you can earn crypto passively within that platform. That said, the token has also showcased tremendous returns for early investors. If you want to try something different and buy or invest in a new cryptocurrency, SHIB might be just what you are looking for.
FAQs
Can I buy Shiba Inu in any country?
Shiba Inu (SHIB) can be purchased from any country in the world where cryptocurrency exchanges are available. However, the legality of the purchase will depend on the rules and laws of the country itself.
Is there a limit to how many Shiba Inu I can buy?
There is no technical limit to the amount of SHIB tokens you can purchase, and the only limit will be your financial limit.
Can I buy Shiba Inu without an ID?
There are numerous ways through which you can purchase Shiba Inu (SHIB) without an ID, and this is in the form of decentralized exchanges (DEXs) or using cryptocurrency ATMs.
Can I Buy Shiba Inu Instantly?
There are many exchanges and brokerages out there that will let you buy SHIB tokens instantly.
What Is Shiba Inu?
The Shiba Inu token (SHIB) is a cryptocurrency token that allows investors to hold millions, billions, or trillions of SHIB tokens in their cryptocurrency wallet.
How does Shiba Inu work?
Shiba Inus (SHIB) is an ERC-20 token built on the Ethereum network. It is mainly used as a currency that can be transferred from one cryptocurrency wallet to another, but it is connected to its own ecosystem that includes the LEASH token, BONE token, and ShibaSwap. Each of the tokens in the Shiba Inu ecosystem can either be buried or dug, where burying is essentially the process of staking the tokens, while digging is the process through which users can farm more tokens out of their pre-existing tokens.