How to buy Shiba Inu coin

Launched in August 2020, Shiba Inu is one of the pioneers when it comes to dog-themed meme coins. SHIB is an ERC-20 token powered by Ethereum that was created by an anonymous founder known as Ryoshi. This article will dive into simple steps on how to buy the Shiba Inu coin through various methods.

Where can you buy Shiba Inu coin?

Like many other cryptocurrencies, Shiba Inu (SHIB) is available to buy on centralized (CEX) and decentralized (DEX) exchanges. When thinking about how to buy SHIB, consider making an important decision by choosing between a CEX or DEX. Some important factors to reach that decision include liquidity, transaction fees, security, regulatory compliance, deposit methods, payment mode, limits, and reliability.

Major centralized crypto exchanges

Here are some of the top centralized exchanges where you can buy Shiba Inu;

• Binance is one of the popular centralized exchanges in the crypto market and is available in over 180 countries. This exchange has an extensive international user base with over 500 cryptocurrencies listed on the platform.

• OKX is currently ranked as the second-largest crypto exchange by trading volume. With a user-friendly interface for buying and selling cryptocurrencies, OKX also offers many features like staking, lending, mining, and many others for crypto investors.

• Coinbase is considered a global brand when it comes to buying, selling, and storing cryptocurrencies. The exchange is US-based, and publicly traded, which adds to its safety and reliability as a centralized crypto exchange.

Decentralized exchanges

Buying Shiba Inu from decentralized exchanges doesn’t require users to perform security measures such as KYC along with other key differences.

Here are some of the top decentralized platforms where you can buy Shiba Inu;

• Pancakeswap is a decentralized exchange that operates on the BNB Smart Chain. It allows users to trade tokens and also offers staking and farming opportunities.

• Uniswap is currently one of the largest DEX exchanges on the Ethereum network. It offers users a way to swap crypto tokens in a permissionless way without having to enter any personal details or go through any KYC procedures.

Storing Shiba Inu in crypto wallets

After buying your Shiba Inu you can choose to transfer it to your crypto wallet. In the world of crypto, there are hot and cold wallets, with the key difference being that hot wallets are online while cold wallets are in the form of hardware that you can physically store anywhere you want.

Hot wallets to store Shiba Inu

• Metamask is an online crypto wallet that was launched in 2016. Users can swap different crypto assets on a variety of blockchains, including Ethereum, BNB Smart Chain, Polygon, and Fantom, to name a few.

• Trust Wallet was launched in 2017 and it has gained popularity in recent years due to its partnership with Binance. With over 25 million users, Trust Wallet offers a user-friendly interface and supports over 65 blockchains with millions of crypto tokens that users can swap. 

Cold wallets to store Shiba Inu

• Trezor Model-T is a secure hardware wallet with a touch screen and a custom Trezor Suite application. Users can buy SHIB tokens from DEX or CEX and transfer them to their Trezor hardware wallet with ease.

• Ledger is one of the pioneers when it comes to crypto hardware wallets. It offers a variety of products to choose from, all offering a digital screen and the freedom to store cryptocurrencies and NFTs.

Step-by-step guide to buying Shiba Inu coin

So how do you get Shiba Inu coin?  Now, we will discuss the steps of buying this meme coin from centralized and decentralized exchanges.

Buying Shiba Inu from a CEX

Step1: Sign up for a Binance exchange account

You have to register a Binance account and add funds to your account before buying Shiba Inu on this centralized exchange. You can use any of the three options below to complete this first step.

• Register via the Binance App.
• Register directly through the web page and using your email address.
• Register via the web page using your mobile phone number.

Step 2: Add a payment method for depositing funds

The second step is to choose a payment method on Binance. Currently, the Binance platform offers a wide array of deposit options, including bank transfer, P2P, Paypal, Visa, and many others.

Before selecting the payment mode, it is important to make sure that the payment method is supported by your country or place of residence. It is also essential to calculate the fees and total cost of depositing funds in Binance and the time it takes for the funds to arrive from the payment method you prefer to use for depositing funds.

Step 3: Search for Shiba Inu

The next step is to go to the ‘Markets’ section and search for Shiba Inu coin. Binance has a variety of crypto assets and categories, so you can also go to the meme coin section and choose Shiba Inu easily.

Step 4: Enter the amount

Now, enter the amount you want to buy. At the time of writing, Shiba Inu trades at $0.00001694. So you can buy roughly 5903187 Shiba Inu tokens by investing $100 at the current price.

Step 5: Complete the purchase

This stage requires you to complete the payment depending on the method you selected in Step 2. So, if it’s a credit card, you can use the ‘add card’ option and add a billing address to complete the payment. After the payment is successful, the SHIB tokens will show in your Binance spot wallet.

Buying Shiba Inu from a DEX

If you aren’t a fan of sharing personal information on centralized exchanges, and you’re wondering how to purchase Shiba Inu coin? Not to worry, as your best option to buy SHIB is a decentralized exchange. Through a DEX, you can swap SHIB with another token on the Ethereum blockchain. Here’s a step-by-step guide on how to do it:

Step1: Create an account on Metamask

Shiba Inu is an Ethereum-based ERC-20 token, so you need a wallet that supports this blockchain. You can sign up on Metamask, which supports ERC-20, by creating an account. After creating the account, fund it with ETH.

Step 2: Register on a decentralized exchange

The next step includes registering for a decentralized exchange like Uniswap and connecting your Metamask account with it.

Step 3: Go to the swap option page

On the swap page, you can fill in the custom amount of ETH you want to swap and select SHIB as the corresponding token. Enter the equivalent amount of ETH and press ‘Swap’.

Step 4: Confirmation and completion

After you press ‘Swap’, you will get a confirmation prompt on Metamask, which you can confirm and only then your transaction will be completed. If the transaction is successful, you’ll see the SHIB tokens in your Metamask wallet.

Things to consider before buying Shiba Inu coin

It is very important to understand that Shiba Inu is a meme coin, and compared to many other cryptocurrencies, meme coins are very volatile. Furthermore, the price of Shiba Inu coin depends on the current market conditions at all times, and you have to do your research before buying this token. 

Another important thing to keep in mind is that using decentralized exchanges can be tricky. So make sure you have enough gas fees and use reputable DEX platforms like Uniswap to swap SHIB tokens; otherwise, slippage can cause financial losses.

FAQs