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How to buy Shiba Inu coin online
This guide introduces you to the Shiba Inu cryptocurrency. Learn what it is and how it works, then find out what its future prospects for success look like.
Compare where to buy Shiba Inu, and open an account
These platforms are the best place to get Shiba Inu today. You can sign up for one and get started right away, or get help choosing between them from our reviews. Otherwise, keep reading to learn more about Shiba Inu first.
What is Shiba Inu?
It’s a cryptocurrency that can be used as a means of payment, or more commonly as an asset that can be traded between users online. Styling itself as the ‘Dogecoin killer’, Shiba Inu has quickly become one of the most popular cryptocurrencies in the world.
In many ways it represents the third generation of an online inside joke. Shiba Inu is the Japanese breed of dog that is featured in the Dogecoin symbol. While Dogecoin itself was inspired by a dog meme that went viral in 2013.
If you are interested in getting some Shiba tokens, it’s worth keeping all this in mind. It’s only been around since late 2020 and the narrative around it is light-hearted. Some of its effects aren’t, however, as it is responsible for the largest cryptocurrency donation in history, when Ethereum co-founder Vitalik Buterin sent $1bn worth of it to India to fight Covid-19.
How does Shiba Inu work?
Like most cryptocurrencies, it uses a public ledger known as a blockchain to manage the movement of coins. The blockchain plays the role normally reserved for a financial institution or a bank; each time anyone wants to transfer money, it checks they have the funds they say they do, approves the transaction, and keeps a record of it.
Ultimately, Shiba Inu is going to launch its own decentralised exchange platform as well, known as ShibaSwap. This exchange is going to be based on the Ethereum blockchain and use a series of ‘smart contracts’, essentially formulas, to set prices for each coin
How to buy Shiba Inu online – a step-by-step guide
Step 1. Find an exchange
The best place to buy Shiba Inu is on an exchange. The specific features of each exchange vary across platforms, but as a general rule they offer the widest range of coins, best prices, and are particularly good places to find new cryptocurrencies. A couple of the top exchanges around are:
- Binance: Binance is the most popular exchange in the world and offers the widest range of crypto coins. It’s ideal for beginners and advanced users alike, thanks to a combination of advanced features and a ‘lite’ version to help you get started. Sign up with Binance >
- Bittrex: Another popular exchange, Bittrex is the most secure platform around. It contains a wealth of material for crypto newbies and one of the largest collections of coins on the market. Join Bittrex now >
Step 2. Sign up and fund your account
To be able to use an exchange you need to create an account. Be prepared to supply some contact details and a form of photo ID, although it isn’t a difficult process and should only take a few minutes. To fund the account, it’s best to use a bank transfer or a debit card as they come with the lowest deposit fees.
Step 3. Purchase
Find Shiba tokens by searching for its ticker, SHIB, when you’re logged into your exchange account. Choose the pair that matches up to the currency you want to use to pay for it, such as BTC/SHIB if you want to use Bitcoin, choose the amount you want, and execute the trade.
Right now, you can only use another cryptocurrency to get Shiba tokens. That’s fairly normal for new or small coins, it just means that you have to swap your fiat currency (like GBP or USD) for a cryptocurrency first and then use that in a swap for Shiba.
Step 4. (Optional) Get a suitable wallet
A wallet is a safe and secure place to store your coins. Many crypto wallets act like banking apps: they secure your money behind a pin or password and you can manage it through the app. The most secure ones don’t even connect to the internet, but there are a range available depending on how much you value practicality compared to security.
Here are two of the top wallets around:
- CoolWallet: CoolWallet is a combination of a mobile and hardware wallet. It comes in the form of a thin, card-like device, but you access the coins through an app on your phone that connects to it via bluetooth. Get a CoolWallet now >
- Guarda Wallet: Guarda is an all-round wallet that you can access through the web, or via a desktop or mobile app. It also comes with its own integrated exchange so you can trade coins straight from the wallet. Sign up with Guarda Wallet now >
How to trade Shiba Inu – a step-by-step guide
Step 1. Find a broker
The best way to trade cryptocurrency is with a broker that charges low fees. The route to being successful at this form of investing is by making a lot of trades and picking a platform with low fees is critical, otherwise you end up draining a lot of your capital simply by making moves.
Step 2. Deposit money
To use a broker you have to create an account and fund it with a fiat currency. Lots of platforms charge for deposits (and withdrawals), so it’s a good idea to check the fee structure before signing up. The cheapest ways to make a deposit are via a bank transfer or debit card, while an alternative method like PayPal or a credit card might be more expensive.
Step 3. Decide how you’d like to trade
The most popular way to trade is by using contracts for difference. These are essentially notes that represent the price of an asset (a coin, in this case) and you buy or sell them depending on whether you expect the price to go up or down. Use a combination of the latest news and your own research to make that decision.
Step 4. Start trading
Beginner’s can start trading with a demo account to avoid putting your money at risk when you’re new to the market. All brokers offer this feature and you can find it in the account settings, then use it to get to grips with how everything works.
In terms of the trading itself, you have to decide on whether you think Shiba is going to rise or fall in value. That influences the choice between a long (buy) and short (sell) position.
As you gain more experience, you might want to add more advanced methods to the pot. One of the most popular is leverage, a means of trading where you borrow money from the broker to make bigger trades. Like any borrowing, this can be risky, and especially so if the market moves against you, so it’s wise to be cautious and leave it to the experts.
To help you choose whether Shiba is for you, we’ve pulled together all the pros and cons into the table below. After that there are some more questions to help you time your entry into the market and decide how long to hold on for.
- It’s a cheap coin that has gained a lot of attention and similar projects have grown in value quickly
- The community is fun and it’s easy to hold lots of coins
- It helped to fund big charitable donations
Finally, here are three more questions to help you decide whether to invest in Shiba tokens.
1. Is it a good time to buy Shiba Inu?
That depends on what you want to do with the coins and how long you plan to hold them for. If you want to get some in the hope it goes up in price in the future, then it might be best to do so sooner rather than later.
Alternatively, for short term traders then the decision rests on your analysis of the current price. You can combine that with the latest news and your own research to work out the best time to buy.
2. What problem does Shiba Inu solve, and what are the coin’s investment prospects?
Unlike many coins, it wasn’t set up to solve a particular problem. Its main function is as a light-hearted alternative to Dogecoin and it has helped fight COVID-19 in India as the means for a big charitable donation.
With that in mind, its prospects aren’t grounded in any great technological breakthrough. Rather, whether it can gain enough widespread attention to catapult it towards the level of fame achieved by coins like Doge (or its ‘son’, Baby Doge). If you invest, it’s best to do so with a small amount of money, as more like a bet on the chance it could hit it big.
It’s possible the coin increases many times in value, like those competitors have done, but there are many more examples of coins that haven’t worked out. It’s also a volatile coin where you need to stay plugged in at all times so that you can react to any news that might affect its value. Use the links below to help you.
Top 3 meme cryptos to buy in July: the next Dogecoin?
Shiba Inu coin: should I buy SHIB or DOGE?
Coinbase Pro lists Shiba Inu (SHIB) and Chiliz (CHZ) causing prices to skyrocket
3. Do you want to hold Shiba Inu for the long term?
There are times when you want to hold coins for the long time and others when the best thing to do is to get in and out quickly. Most often, the decision rests on what type of investor you are. Here are some final considerations for each strategy.
Considerations for a long term investment strategy
If you expect the Shiba Inu price to increase over time, then you should find an exchange to get some coins straight away. Then consider getting a wallet to store your new coins.
Considerations for a short term trading strategy
For short term traders, the fundamentals of a coin’s performance are less important. You should focus on choosing a broker with low trading fees and using technical analysis to identify the right time to buy.
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