Are you interested in buying Shiba Inu, but not too sure where to begin? You’re not alone. The SHIB coin is a hugely popular cryptocurrency to buy. But, for beginners, this can be quite intimidating.
You might be looking to join millions of other cryptocurrency enthusiasts that have bought the Doge-themed token, Shiba Inu. In that case, you’d want to know the features that make this token attractive in the digital asset investment market.
The SHIB coin is an ERC-20 token designed to operate on the Ethereum Network. The token was created anonymously in 2020 under the pseudonym ‘Ryoshi.’ Following its launch, attention was drawn to the meme coin by various different headlines and tweets from big personalities in the cryptocurrency space such as Vitalik Buterin and Elon Musk.
If you are looking to make a profit from Shiba Inu, then we have written this guide for you. Here, you’ll get a step-by-step walkthrough of how to buy Shiba Inu, choosing the right broker, and relevant cryptocurrency practices to make a profit.
How To Buy Shiba Inu (SHIB) In 5 Steps
If you’re looking to buy Shiba Inu, this quick walkthrough is all you need to complete the process in a seamless manner.
- Find a cryptocurrency exchange that supports the Shiba Inu token.
- Create an account with your chosen crypto platform.
- Add money to your brokerage account to buy SHIB coins.
- Find SHIB from the list of supported cryptocurrencies on the platform.
- Specify how many Shiba coins you want to buy.
Once you’re certain everything is correct, confirm the purchase, and the exchange will add the SHIB tokens to your wallet.
With these steps, you can purchase as many Shiba Inu tokens as you desire. However, if you’re a beginner, you might need a more explanatory guide on how to go about these steps. Therefore, we have provided a detailed walkthrough below.
Step 1: Select a Regulated Shiba Inu Broker or Exchange
For you to properly understand how to buy Shiba Inu, you need to choose a credible broker for that purpose. There are numerous brokers where you can buy this coin. However, to get the right broker, you must consider certain metrics.
We have discussed these metrics extensively to help your decision-making process.
The very first thing to consider is regulation. This is a factor that indicates the credibility of a Shiba Inu broker. As is with any business that offers financial services, it’s important to ascertain the efficiency of such a platform. Therefore, when a broker is regulated, the platform must comply with a certain set of rules.
So, when looking for the right broker to choose for buying Shiba Inu, you should consider those that are regulated by leading financial bodies such as CySEC, ASIC, and the FCA. eToro falls in this category, as the broker is regulated by the aforementioned bodies.
Consider the following advantages of regulated brokers when learning how to buy Shiba Inu.
- Regulated brokers operate segregated accounts to keep your funds safe. This means that if anything compromises the platform’s funds, your money won’t be affected.
- Regulated brokers are mandated to act within their established scope of operations. Since they cannot go beyond the established scope, there are reduced chances of the Shiba Inu broker engaging in nefarious activities.
- Leading regulators such as the FCA regularly audit the brokers under their jurisdiction. Additionally, regulated brokers are expected to operate a fair trading system, meaning there are no hidden fees and there’s complete transparency.
From the above, it’s clear that when you choose a regulated broker like eToro to buy Shiba Inu, you’re putting your investments in safe hands. In that case, you can have peace of mind while engaging in other services on the broker or even when you’re away from the platform.
To further put this in perspective, it’s only right to discuss unregulated Shiba Inu exchanges, especially because there are many of such in the market at this time. Doing this will allow you to further understand why regulated brokers are a better option.
- Although unregulated exchanges will also allow you to buy Shiba Inu in both crypto-pairs and fiat-pairs, there’s nothing guiding the scope of operations of these platforms. This means that an unregulated exchange might open itself up to nefarious activities that could compromise the interests of the users.
- Furthermore, while with regulated brokers, you stand a better chance of having your money kept safe - the same cannot be said for unlicensed exchanges. This is because most regulated brokers provide you with highly secure in-built wallets that make it seamless and convenient to store your Shiba Inu tokens.
- On the flip side, with unregulated exchanges, you’ll likely need to transfer your Shiba Inu tokens to an external wallet after buying them. This transfer process is one that can compromise the safety of your tokens.
- Finally, unregulated exchanges do not have a Know Your Customer (KYC) process. This means that anyone can set up an account without validating their identity. The implication of this is that an unregulated platform is more susceptible to being used for improper purposes.
With the discussion and comparison in this section, we hope that you’ll understand the importance of credibility when choosing a broker or exchange. As such, always know that the safety of your Shiba Inu tokens is a priority at all times. Crucially, eToro is the safest broker to buy Shiba Inu - as the platform is heavily regulated.
You might wonder why it’s important to consider supported payment methods when reading on how to buy Shiba Inu. The reason is quite straightforward, as you don’t want to go through the process of signing up on a broker only to realize you cannot fund your account.
This is often the case with cryptocurrency exchanges, as they mostly accept payments in the form of cryptocurrencies. This is because they are unregulated and as such cannot support payment methods like debit/credit cards, since you’d need to complete a KYC process.
Interestingly, you can always choose a regulated broker to bypass this hindrance. In 2022, there are many different payment methods you can use, as you’d find on leading regulated brokers like eToro. This includes debit/credit cards, e-wallet options such as Paypal and Apple Pay, and even wire transfers.
However, you should note that when you use a wire transfer, you have to wait a bit longer for your funds to be deposited. But more importantly, irrespective of the payment method you decide to go with, eToro stands out. This is because you can use all of the above-listed payment options when buying Shiba Inu tokens.
Fees and Commissions
Fees and commissions are some of the ways Shiba Inu brokers make a profit. Many brokers have different fee structures, which is what determines how they charge their users.
For instance, a broker may charge a certain fee when you use a specific payment method. For some other brokers, you’ll be charged a commission when you buy and sell Shiba Inu.
Let’s put this in context to understand how these fees can affect your Shiba Inu profits.
- Suppose you place a Shiba Inu order of $600.
- If the broker charges a fixed commission of 1.5% - that means you’d pay $9 on that buy order.
- Let’s assume your Shiba Inu investment is now worth $1,000 and you intend to sell. In doing so, you’d pay $15 ($1,000 x 1.5%).
- Overall, you’d have paid $24 in fees.
You might think that this fee is minimal. After all, a 1.5% commission on $1,000 will only amount to $15. However, you should remember that you won’t always make a profit and when these fees accumulate, they might significantly affect your Shiba Inu investment.
Therefore, it’s always crucial to research and know the fee policy of the broker you’re choosing. Some of the ones to note include the spread, conversion, and withdrawal fees.
However, some brokers charge no fees when you make deposits and withdrawals. All in all, we found that eToro is the best-priced broker to buy Shiba Inu. This is because you can invest on a 0% commission basis. Plus, US clients pay nothing to deposit funds while all other users are charged just 0.5%.
Other Important Factors to Note
So far, we’ve discussed some of the most important things to know when learning how to buy Shiba Inu. However, to be properly prepared, there are some other factors you need to know.
Here are some of the things we think you should consider by choosing a broker to buy Shiba Inu tokens.
- Simple User Interface: A broker that has a friendly design will make it convenient to navigate your way around. It can be frustrating when you’re using a provider and you’re confused about how to move across different steps. The best brokers will offer you clear and precise prompts that make buying Shiba Inu seamless for both beginners and experienced users. Therefore, you might want to consider a broker with an interface that’s carefully thought out.
- Customer Support: The best brokers respond to the needs of users in time. This means that such platforms will offer you 24/7 or 24/5 customer support. That way, suppose your account suddenly develops an issue when you’re looking to buy Shiba Inu at a particular price. In this case, a fast response from customer support is only right. Additionally, consider whether the broker supports different communication channels like live chat, email, and telephone.
- Storage: When you’re choosing a broker to buy Shiba Inu, you have to consider how you’ll store your tokens. It’s crucial to store your Shiba Inu tokens in a secure wallet to ensure you don’t lose them to hacking or any form of compromise. Therefore, it’s preferable that you choose a broker that comes with an in-built wallet such as eToro, as that will make it possible to store your tokens without having to transfer them from one platform to another.
Read Also: The 5 Best Ways to Buy Shiba Inu Coin (SHIB)
Step 2: Create a Shiba Inu Investment Plan
In this How to Buy Shiba Inu Guide, it’s crucial that we emphasize the importance of having an investment plan. With an investment plan, many cryptocurrency investors are able to stay on top of their game and grow their portfolios.
Additionally, you can ensure you make decisions based on facts and not emotions or instincts. Consequently, you won’t have to make decisions under pressure.
This is quite important when you consider the volatile nature of cryptocurrencies - since Shiba Inu can move positively or negatively in a matter of seconds. When any of such happens, you must know what to do to maximize the movement.
However, creating a Shiba Inu investment plan requires some care. You must understand the necessary factors to consider. Therefore, we have put together some of the key things you should know when learning how to buy Shiba Inu.
Long or Short-Term
You can buy Shiba Inu to hold for the short or long term. Concerning buying Shiba Inu for the long-term, this would mean you intend to hold the coin for a lengthy period. This strategy is straightforward - since all you need to do is buy the token and hold it until you are ready to sell for a profit.
This is what some people do with their portfolios. As such, there are investors that have been holding on to certain digital tokens for several years.
On the other hand, if you’re working with a short-term plan, that means you’re looking to profit from Shiba Inu’s price movements over the course of hours, days, or weeks.
This is how experienced investors make money, because generating profits in the short-term means you have plenty of trading opportunities on the table.
Therefore, you must consider the trajectory of the token to determine its potential price movements. This will inform how you speculate on the price of Shiba Inu and place your orders.
Notably, however, while you can make profits from predicting the markets correctly, unsuccessful speculation will cause losses.
Target Shiba Inu Price
In learning how to buy Shiba Inu, you must know the meaning of a target price. This is a common strategy in the cryptocurrency market, as it’s a feature that indicates a clear thought process in terms of how much profit you want to make.
When you have a target price, this means you intend to enter or exit the Shiba Inu market at a particular point. That is, once the token attains a particular price, that’s when you place your buy or sell order based on your plan.
Let’s further explain this with an example:
- Suppose you place a Shiba Inu order at a stake of $200.
- If the token’s price was $0.0000074 when you entered the market, you can choose to exit at $0.0000082.
- This means you’re targeting a 10% profit on the position.
- To attain your target price, your $200 must be worth $220.
- Then, you can exit the market.
Clearly, what matters when determining a target price is your goal for buying Shiba Inu and your financial objective.
Therefore, always ensure to do adequate research before speculating on Shiba Inu. For instance, it’s worthy of note that while Shiba Inu is priced at about $0.0000326 at the time of writing, the token sold for about $0.000088 in October 2021.
This means that you can make profits from both long and short-term plans. What’s most important is the quality of your research.
Don't Miss: Shiba Inu Price Predictions
Buy Shiba Inu at Regular Intervals
A common mistake many people make when they enter the cryptocurrency scene is to assume that the industry is a get-rich-quick scheme. This is, in fact, not the case. Making a profit when buying Shiba Inu requires knowing the best strategies to follow.
One such strategy is to invest at regular intervals. Therefore, you might want to incorporate weekly or monthly purchases into your overall Shiba Inu investment plan.
With such a strategy, you can gradually build your portfolio at minimal risk. However, in that case, since you’d be buying Shiba Inu numerous times, it’s best to use a cost-effective broker like eToro to avoid incurring substantial fees.
Step 3: Create a Shiba Inu Account
This How to Buy Shiba Inu Guide has explained what to look out for when choosing the right broker. However, that’s not complete until you know how to open an account after choosing a suitable provider.
The registration process is similar across many providers, so here you go:
- Visit the broker’s website to kickstart your registration.
- For a regulated broker like eToro, you have to complete a KYC process - which will require some personal details. These include basic details like your name, phone number, and home address.
- Additionally, you’ll have to provide a government-issued ID and a bank statement/utility bill. This is how the broker will validate your residency status.
With every broker, you’ll get the list of documents you need to provide. Once you complete the process, you’ll be able to buy Shiba Inu.
Step 4: Make a Deposit into Your Account
Adding funds to your account is a straightforward step, especially since there are numerous ways to go about that. You simply need to choose the option that works for you and decide how much to deposit.
Debit/credit cards and e-wallets are the fastest options. However, if you want to deposit using a wire transfer, there are brokers that support this option too. The only downside is that you have to wait a bit longer when using this method.
Once you’ve decided on a payment type, you have to consider the minimum required amount you need to deposit on the broker. Each broker has its own requirement concerning this feature.
For instance, with eToro, you need to deposit a minimum of $200 ($50 for US clients) before you can place a Shiba Inu buy order.
Step 5: Place a Shiba Inu Order
After funding your account, your next task is to buy Shiba Inu. Here, you’ll need to place an order to instruct your broker on what to do. As an experienced person in the cryptocurrency space, you might understand how these orders work.
However, if you’re new to this, we’ve provided a detailed explanation of the different orders you can use.
In simpler terms, this is how you purchase Shiba Inu. If you’re looking to make a profit from Shiba Inu’s price increase, you’ll place a buy order to enter the market. This is also what people mean when they say they want to go long.
It simply means they are speculating on the price increase of the token.
You can use a sell order if you want to short-sell Shiba Inu, should your broker supports this feature. Here, you start by selling the token based on the speculation that the price will soon drop. Then, when the price does drop, you use a buy order to repurchase the tokens, making a profit from that market movement.
Limit or Market Order
In this How to buy Shiba Inu Guide, you’d have realized the constant emphasis on cryptocurrency as a volatile industry. This is because a token’s price can take a sudden turn at any point in time. Therefore, there are two orders you should know of when dealing in this cryptocurrency space.
They are the limit and market orders.
- Market orders are used by many people looking to buy Shiba Inu.
- This is because the order allows you to enter the market instantly.
- A good time to use a market order is when you want to maximize an opportunity without delay.
Therefore, using a market order means you’re instructing your broker to buy Shiba Inu at its current price. Therefore, suppose Shiba Inu has a price of $0.0000074 and you use a market order, your broker will execute your purchase at the current quoted value.
Because these orders are swift, they are the best option for you to buy Shiba Inu if you’re a beginner.
On the other hand, when you use limit orders to buy Shiba Inu, you’re essentially deciding when you enter the market. This means that you’ll give the broker a target price at which it should execute your buy order.
- Let’s assume Shiba Inu has a price of $0.0000074, but you intend to enter the market at $0.0000080.
- Once Shiba Inu attains that price, the broker will execute your buy order.
- However, if the token never reaches that price, your buy order will remain pending until you cancel it.
Essentially, when you compare the two ways you can enter a Shiba Inu position, you’d realize that a market order is the simpler option since you don’t have to set a price.
Decide on Your Stake
Your stake refers to the amount you intend to put behind Shiba Inu. Therefore, you must decide on an amount that works for you based on an investment plan.
We’ve stated earlier in this How to buy Shiba Inu Guide that you might want to consider regular purchases. Here, you’ll be buying Shiba Inu in small amounts but at regular intervals, which might be weekly or monthly.
Furthermore, you can choose to buy your tokens at once and hold them until you can make a significant profit. However, since you can never be sure with cryptocurrency, it is very risky to buy Shiba Inu with all your capital at once.
Here, all you need to do is to verify the information you’ve put in so far. This includes ensuring you’ve chosen the right order and imputed the desired stake.
Once you confirm all this, you can finalize the process. Then, you’d have placed your Shiba Inu order successfully.
Step 6: Storing Your Shiba Inu
Storing Shiba Inu is just as important as buying the token. Therefore, this How to buy Shiba Inu Guide would not be complete if we don’t adequately discuss the storage of your digital assets.
When you buy Shiba Inu, you’ll be faced with the need to get the right cryptocurrency wallet. There are numerous wallets in the cryptocurrency market from which you can choose.
But you won’t have to worry about this if you use a regulated broker like eToro - which allows you to store your Shiba Inu tokens within the platform itself.
This is a better option because even if you get a reliable external storage option, the process of moving your tokens from an exchange to a wallet can lead to different complications. A common issue with this process is that your Shiba Inu tokens might get compromised.
Step 7: Selling Your Shiba Inu Tokens
When you’re buying Shiba Inu, your eventual goal is to make profits from an increased token value. As such, you’ll want to understand how you can sell Shiba Inu. You can take advantage of the sharp market movements to do this.
Alternatively, you can choose to hold the tokens for a long period. With a regulated broker like eToro, you can conveniently sell your Shiba Inu tokens in return for fiat money. You can then withdraw the funds to the payment method by which you bought the tokens.
Other Ways To Buy Shiba Inu (SHIB) 2022
As you can imagine, a huge financial market like that of cryptocurrency will have different ways for you to buy and sell digital tokens. Therefore, we have discussed some other ways for you to buy Shiba Inu.
Buy Shiba Inu with a Debit Card
Using a debit card is perhaps the quickest method to buy Shiba Inu. All you have to do is to determine the number of Shiba Inu tokens you’re buying and enter the details of your debit card to complete the purchase.
In the same manner, when you’re ready to cash out your money, the broker will transfer it back to your debit card.
Buy Shiba Inu with a Credit Card
You can also use a credit card for buying Shiba Inu. This works in a similar manner to using a debit card and is supported by numerous brokers such as eToro. The only downside, however, is that you might incur a cash advance fee of 3-5% when using a credit card to invest in crypto.
Therefore, you might want to check with your credit card provider to see if such a fee is charged.
Buy Shiba Inu Using Paypal
Paypal is one of the most popular e-wallets through which you can buy Shiba Inu. This option is used by many people looking to buy cryptocurrency tokens.
All you need to do here is to choose Paypal as your payment method and input the amount of Shiba Inu you’re looking to buy. Paypal is supported by top-rated broker eToro.
Shiba Inu ATM
Many people are not familiar with this method for buying cryptocurrency tokens. Interestingly, there are thousands of cryptocurrency ATM locations across this world. With these ATMs, instead of a card, you have to put in cash to buy your tokens.
Following a successful purchase, you can then transfer the tokens to a private wallet. Notably, however, you might not find Shiba Inu as a listed token that you can buy through an ATM - as it is still a new project.
With that said, this might be a good thing - since our research shows that these ATMs tend to have high service fees.
How To Buy Shiba Inu (SHIB) - The Verdict
In summary, we’ve covered all the important elements of buying Shiba Inu. We’ve discussed how to choose a broker, the orders with which you can enter the market, and anything else relevant to a successful purchase of Shiba Inu tokens.
Essentially, in this How to Buy Shiba Inu Guide, you have all you need to get started with making profits from this exciting crypto asset. To complete the purchase right now - choose a broker like eToro for a cost-effective and secure way to buy Shiba Inu in under 10 minutes!
eToro – Best Exchange To Buy Shiba Inu
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Is it easy to buy Shiba Inu?
Buying Shiba Inu is easy and straightforward because there are different brokers for you to use. However, choosing a regulated broker offers you several advantages such as security and cost-effectiveness.
Which is the safest method to buy Shiba Inu?
Although there are numerous ways to buy Shiba Inu, you must prioritize safety. Therefore, you should consider a broker that’s regulated and licensed by leading bodies such as the FCA. eToro is a great option in this regard.
Can I invest in Shiba Inu for only $100?
Yes, this is possible. Many brokers will allow you to buy Shiba Inu for $100 or even less. However, it’s important to consider the broker’s minimum deposit, as you cannot buy Shiba Inu if you haven’t met that requirement.
Is it risky to buy Shiba Inu?
When it comes to money and financial issues, the risk is constant. Therefore, buying Shiba Inu comes with its risk. However, you can hedge these risks by adopting some effective strategies like regular purchases at small amounts, doing research, and staying updated with the markets.
What is the highest value that Shiba Inu has ever reached?
Shiba Inu’s price in the market fluctuates across the day. However, the token reached an all-time high of $0.00008845 on 28 October 2021.