How To Buy Shiba Inu (SHIB) In Australia

Last Updated December 22nd 2024

19 Min Read

A Beginner’s Guide to Buying and Trading Shiba Inu Coin in Australia

If you’re based in Australia and wish to buy Shiba – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many SHIB tokens you want to buy.

Shiba Inu is a meme cryptocurrency created in 2020 by a person or group named Ryoshi, and has gained huge popularity since its inception. Ironically, Shiba Inu belongs to the group of cryptocurrencies that were created as a joke and don’t intend to introduce any digital improvement into the field. Many of such cryptocurrencies usually catch public attention and increase in value as we have seen in the case of Dogecoin. Obviously, Shiba Inu is among them as its prices soared in October almost ten times, which made it the 13th largest digital currency in the world in terms of market cap.

Presently, Shiba Inu is one of the most trendy meme coins, with a strong community of Shiba holders boosting the cryptocurrency on social media and in crypto forums. But does this all mean that Shiba Inu is still a good investment? Should you invest in it right now, and how to buy Shiba Inu coins in Australia? In this guide, we will answer all the questions you may have about the Shiba Inu cryptocurrency.

What’s In This Guide?

By going over this guide, you are certain to acquire the right information to help you buy, sell or store your Shiba Inu tokens or cryptocurrencies safely and securely once you buy them.

The guide is deeply informative and is tailored to ensure that even the freshest of investors will effectively navigate the crypto market. Nonetheless, it is imperative to note that consulting with your financial advisor will go a long way in ensuring that you are well prepared for the market.

Besides pointing out the stakes characteristic of the crypto market, your financial advisor will also inform you that the crypto space is risky, with many investors losing their investments daily.

How To Buy Shiba Inu In Australia – Quick Guide

To help you buy Shiba Inu coins as quickly as possible, we broke the process down into a few easy steps:

Step 1: Open an account with eToro – Head to eToro’s website and click join now to open a new account.
Step 2: Verification – By uploading essential documents that show proof of identity and home address, you will get your account verified in a short time.
Step 3: Deposit – Fund your new eToro account with a minimum of $10.
Step 4: Search for Shiba Inu on eToro – Search for SHIB or Shiba Inu in the eToro crypto market.
Step 5: Buy SHIB – Enter the amount of the worth of Shiba Inu you want to purchase in United States Dollars (USD), then click Open Trade.

That’s it! By following these easy steps, you can invest in Shiba Inu in Australia in less than 5 minutes.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

What Is Shiba Inu Coin?

Shiba Inu is an Ethereum-based cryptocurrency that was created as a meme coin pretty much similar to Dogecoin. They have several features in common: both share the same dog breed - Japanese Shiba Inu - for their logo and are used for the same purposes. That is why there is intense competition between these two cryptocurrencies. In fact, Shiba Inu supporters declared it as a Dogecoin killer, meaning that they believe it will eventually surpass Dogecoin's value.

As mentioned already, Shiba Inu is based on the ERC-20 token, so it does not have its own blockchain and uses a blockchain already developed by the Ethereum group. Shiba creators believe that Ethereum’s blockchain is strong and secure enough to build the Shiba ecosystem on it and that it helps the project to stay decentralized. Along with the launch of cryptocurrency, the founders also launched a white paper which they named a “Woof paper” that explains the Shiba ecosystem.

There are three different tokens within the Shiba ecosystem - SHIB, LEASH, and BONE. SHIB is the primary token of the project. It started with a maximum supply of 1 quadrillion, half of which was gifted to Ethereum founder Vitalik Buterin. However, Vitalik did not want to hold SHIB, so he made some donations with a part of the tokens, while the remaining coins Vitalik burnt, or in other words, removed the coins from circulation.

LEASH is the second and the scarcest token within the Shiba Inu ecosystem. It has a maximum supply of 107,646 tokens. It is also known as the Doge killer. And finally, BONE is the third coin and has a total supply of 250 million tokens. It’s a governance token, so the holders get the right to vote in the upcoming events when holding this token.

Where To Buy Shiba Inu Coin In Australia - Best Brokers and Exchanges

Being such a popular crypto coin, it is not surprising that there can be several methods of buying Shiba Inu in Australia that include CFD brokerage platforms and cryptocurrency exchanges. That said, purchasing it on brokerage platforms is the simplest and most secure way of all.

All you need to find a good cryptocurrency exchange that lists Shiba coins and operates in Australia. Still, before you start, you need to carefully examine all the drawbacks and advantages of that platform and consider its pricing system and safety features. To ease your search, we have already chosen and introduced below four of the best platforms that allow users to buy Shiba Inu in Australia.

eToro: Founded in 2007, eToro is universally known as one of the most trustworthy platforms to trade not only stocks but also a cryptocurrency, indices, commodity, forex, etc. eToro is not a professionalized platform for crypto trading, but it supports a wide range of coins in the form of CFDs, including Shiba Inu, which you can find under the ticker symbol SHIBxM. The good thing is that you can trade anything on the platform with zero commissions. eToro only charges buy and sell differences when you trade outright.

Binance: Best exchange to buy Shiba Inu in Australia for asset diversity

Coinbase: Best exchange to buy Shiba Inu (SHIBA) for beginners

OKEx: Best broker to buy SHIBA in Australia for low-cost

How To Buy Shiba Inu With A Credit Card?

To buy Shiba Inu with a credit card, you need to find a cryptocurrency exchange that supports payments through bank cards. Bank cards are quite a widespread method of buying cryptocurrencies, so there are several crypto brokers that support this payment option. Still, it’s worth noting that some platforms charge additional fees when you use credit cards, so you need to examine what fees are applied for this method. For example, Binance charges quite a high fee of 1%-5% when buying cryptos with a credit card.

So, if you want to buy Shiba Inu with a credit card, we recommend using eToro as the platform does have any additional deposit or withdrawal fees for the bank cards. Neither does it charge a conversion fee if you make transactions in USD. The broker charges a withdrawal fee of $5, which is applied to all the payment methods. To buy Shiba Inu with a credit card on eToro's platform, you simply need to select the bank card option and fill in the required card details to link it to your account.

How You Can Instantly Buy Shiba Inu Coin In Australia

Now, when you have learned a lot about Shiba Inu coins and know where to buy them, we will introduce you to a step-by-step process of how to buy Shiba Inu in Australia.

A step-by-step guide to Buying Shiba Inu in Australia

There are two primary means for buying the Shiba Inu tokens, and investors should use the following guidelines for successful purchase:

Buying Shiba Inu with other cryptocurrencies

The first option that enables you to buy the Shiba Inu tokens is through the use of other cryptocurrencies like Bitcoin or Ethereum, among others. To do this, buy the other cryptocurrencies, which you will, after exchanging for the Shiba Inu. However, you need to do proper research of the account you open because the option is not provided for by every exchange account.

For instance, when you want to buy Shiba Inu using Ethereum, select the pair that aligns with your intended trade, in this case, ETC/ SHIB.

Buying Shiba Inu using fiat currencies

Another approach to buying the Shiba Inu tokens involves using fiat currency, thus the AUD.

Follow the following steps when you are ready to buy the Shiba Inu tokens:

Step 1: Register with an exchange

To buy the Shiba Inu tokens, the first thing you need to do is register to open an exchange account. There are many cryptocurrency exchange companies across the entire Australian country, hence the need to research well for the one that supports both Shiba Inu and AUD. During the registration process, there are certain personal details that you will be required to provide, among them being your name, phone number, email address, and a proof of address document, possibly your utility bill.

Compliance measures also require that you verify your information in adherence to the KYC rules, which is why a government-issued document such as your national identity card will be useful. During the account registration process, make sure you set a very strong password alongside a multi-factor authentication. Doing so ensures that the account is secure against unauthorized access.

Step 2: Fund your account

After you have registered the account, the next step is finding it to start buying the Shiba Inu tokens. Funding can be done through a direct bank transfer, e-wallet or linking your credit or debit card with the exchange account.

Step 3: Buy Shiba Inu

You are finally ready to buy your Shiba Inu coins at the third step because you have the account and the requisite funds. There are two options that you can use to buy the Shiba Inu. First, using AUD, or secondly, using another cryptocurrency. For the latter, select the pairs matching against Shiba Inu. These pairs will be listed as ETH/SHIB, BTC/SHIB, and others. To buy with AUD, you can select the pair written AUD/SHIB.

Having selected the pairs, you wish to exchange with, confirm the transaction and check your email to notify that the transaction is under processing.

Check Out: Could Shiba Inu be a Millionaire-Maker?

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Best Digital Wallet For Shiba Inu Coin

You may be wondering where to keep your Shiba Inu coins if you want to withdraw them from your brokerage account. Here are some options.

First, we should mention that some crypto exchanges and brokers also provide separate crypto wallets that support buying, selling, and transferring a wide selection of cryptocurrencies. Among the most famous such wallets are the Trust wallet designed by Binance and the Money wallet designed by eToro. Both wallets are safe and simple to use for transactions and are essentially built-in apps when you open an account and start trading.

Still, if you want to store your coins offline, you can choose a cold storage wallet. The latter is a physical device that you purchase from stores and use to keep the private keys that give you access to the part of the blockchain where your coins are. The best hardware wallets that support Shiba Inu include Ledger Nano X, Ledger Nano S, Metamask wallets, etc.

How To Sell Shiba Inu

Now you have already bought the Shiba Inu tokens and have decided that you want to sell them. Follow the following steps to sell the coins just as you bought the tokens.

To sell, sign into the exchange account and go to the sell section of the exchange. Next, please specify the amount of Shiba Inu tokens you wish to sell and receive its relative amount afterwards directly in your account.

Certain exchange accounts do not support a direct exchange of Shiba Inu for AUD. On this account, you have to trade the Shiba Inu tokens for those of another coin and later trade these for AUD.

What’s The Best Platform In Australia To Trade Shiba Inu Coin?

Cryptocurrencies are highly volatile, which makes them a good asset for short-term trading as well. Shiba Inu is among the most speculative trading assets out there in the crypto market that can bring you high short-term rewards if you buy and sell it at the right moment. But your success also depends on which trading platform you select. After all, buying an asset for the long term and finding a platform for day trading are two different things.

First, the most important factor to consider here is the speed and simplicity of the platform, as long as you are going to open positions frequently if you intend to do short-term trading. Another crucial factor is trading fees. You need to select a platform with competitive prices not to end up spending your money on those fees.

In this regard, eToro can offer you a productive trading experience. eToro offers a quick and easy registration process, which involves providing your personal data and verifying your identity and address. After this, you can just connect your favourite payment option to your account and start trading without having to pay any trading fees. The broker also provides you with a social trading account that allows you to interact with other traders. Plus, you can also automate your trading by copying the portfolios of your favourite traders through such tools as CopyTrade and CopyPortfolio.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How to Buy Shiba Inu on eToro

trade Shiba Inu on eToro

Binance is another excellent selection that allows you to use its comprehensive crypto trading tools after going through the verification process. It offers sophisticated charts and graphs to analyze the market and trade effectively. The crypto exchange is also available through a well-designed mobile app available for both iOS and Android users.

Bear in mind, however, that if you are not planning to actively trade Shiba Inu coin and you are looking for an easy-to-use trading application, then Binance is not necessarily the ideal option for you.

Still, it offers a fairly easy way to buy Shiba Inu coins with a credit or debit card without having to verify your identity (with a limit of up to $300).

How to buy Shiba Inu on Binance

trade Shiba Inu on Binance

How You Can Start Trading Shiba Inu Coin In Australia

As we already mentioned, buying Shiba Inu coin for a long-term period of time and using it for short-term trading purposes are two different methods of investment. So, if you are keen on trading Shiba Inu coin and speculating on its price movements, here is how you can start doing it after selecting a cryptocurrency exchange.

Step 1: Register for an Account and Verify It

To start with, open an account on your favorite trading platform and fill in the required details. The process also involves account verification, which may differ depending on the platform. Generally, this process is crucial if you want to trade in massive amounts.

Step 2: Deposit Money in Your Account

The next step is to charge your account, for which you need to select a payment option, then fill in the necessary information about your payment method and add the sum you are going to trade. This process may take up to 7 business days, depending on the payment method and the platform where you trade.

Take note, however, that Shiba Inu is trading at extremely low decimals, which means you can start with a fairly low initial investment.

Step 3: Develop a Trading Strategy and Learn What Affect Shiba Inu Coin Prices

Before you start trading, there is still one step left, which is developing a trading strategy and knowing what are the factors that impact the price of the Shiba coin. For example, it’s advisable to visit crypto-related forums, news sites and compare Shiba Inu coin with the daily price change of Bitcoin, Dogecoin, and other leading cryptocurrencies.

Step 4: Start Trading Shiba Inu

If you have done everything to this point successfully, you can finally start trading the Shiba Inu coin. Here, you don’t need to transfer your coins to a crypto wallet, as short-term trading requires you to open and close positions frequently.

Should You Buy Shiba Inu Coins Right Now?

Before you decide on investing in Shiba Inu, you need to know that this cryptocurrency involves high risks. Shiba Inu is just a parody of another cryptocurrency, and its prices soared due to the promotions on social media. So, it may lose its value when the media loses its interest in this coin. Still, the same was said about other coins like Dogecoin, Solana, and even Bitcoin. Additionally, Shiba Inu is an affordable asset, and if you buy it in small amounts, you will lose little money even if the prices decrease. Hence, if you have some money that you are ready to lose, it would be a smart decision to try investing in this cryptocurrency.

In terms of price predictions, most algorithms predict that the Shiba coin is about to have a massive increase in the following years. For example, Digital Coin Price predicts that Shiba is going to rise to 0.00015 from its current price.

Shiba Inu prediction chart

Read More: Shiba Inu Price Predictions

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Key Things To Consider If You’re Thinking About Buying Shiba Inu In Australia

Some things you should consider before buying Shiba Inu in Australia include:

Availability

Availability of the token is the very first thing you have to consider, which is why you ought to prioritize a token that is available in plenty. Cryptocurrencies with a high market supply and high circulation within the market will certainly be easily sold and bought.

Usability

Tokens that have high usability can be used over a wide range of transactions. Such tokens are the best investment.

Volatility

You also need to check the volatility of the token. Every cryptocurrency is very volatile because its prices will keep changing. You need to invest in Shiba Inu if you are aware of the high risk involved.

Conclusion

In short, Shiba Inu is a meme cryptocurrency that was created as a parody of another meme crypto, Dogecoin. But the crypto coin attracts investors’ attention and has increased in value ten times recently although it has experienced a minor correction in the past two weeks. Nonetheless, Shiba Inu is a highly speculative crypto asset, so you need to be very careful with SHIB investments and always consider the risks of losing money.

Meanwhile, Shiba Inu can be a profitable short-term investment and bring you high rewards if you guess the right moments of buying and selling it. If you can afford some money to invest in Shiba, you can experiment with this coin. To buy Shiba Inu in Australia, select your favourite trading platform and follow our guide that shows the whole process step by step.