How to buy Shiba Inu coin

As someone who’s been navigating the cryptocurrency world for quite some time now, let me walk you through the process of buying Shiba Inu tokens, my dear friend!

Debuting in August 2020, Shiba Inu stands among the trailblazers within the realm of meme coins themed around canines. SHIB is a digital token that operates on the Ethereum network and was brought into existence by an enigmatic figure named Ryoshi. This write-up will guide you through easy-to-follow steps for purchasing Shiba Inu coins using multiple methods.

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Where can you buy Shiba Inu coin?

Just like numerous other digital currencies, Shiba Inu (SHIB) can be purchased on both centralized (CEX) and decentralized (DEX) trading platforms. When contemplating the best way to acquire SHIB, it’s crucial to make a well-informed choice between using a CEX or DEX. Factors to consider when making this decision encompass factors such as liquidity, transaction costs, security, regulatory compliance, deposit options, payment methods, limits, and dependability.

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

When purchasing Shiba Inu coins on decentralized platforms, users typically aren’t obliged to take part in security procedures like Know Your Customer (KYC) and there are other notable distinctions as well.

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

BNB

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

Once you’ve purchased a Shiba Inu, you have the option to move it into your chosen cryptocurrency wallet. In the realm of cryptocurrencies, there are two main types: hot and cold wallets. The primary distinction between them is that hot wallets operate online, while cold wallets take the form of hardware devices, which you can store anywhere at your convenience because they’re not connected to the internet.

Hot wallets to store Shiba Inu

BNB

Polygon

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

SHIB

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

Let’s walk through the process of acquiring Shiba Inu coins. We’ll explore both centralized and decentralized platforms where you can buy this popular meme token.

Buying Shiba Inu from a CEX

Step1: Sign up for a Binance exchange account

To get started with purchasing Shiba Inu on this centralized exchange like Binance, you need to set up an account and deposit funds first. Here are three methods you can utilize to accomplish this initial step:

Step 2: Add a payment method for depositing funds

In the next phase, you’ll pick a way to pay through Binance. At the moment, Binance provides various deposit methods such as bank transfer, P2P, PayPal, Visa, among several others.

Prior to choosing a payment method on Binance, ensure that your country or location supports this option. Additionally, determine the associated fees and total cost when depositing funds into Binance, as well as how long it will take for the funds to transfer from your preferred payment method.

Step 3: Search for Shiba Inu

Moving forward, navigate to the ‘Market’ segment and locate the Shiba Inu token by carrying out a search. Since Binance offers a wide range of cryptocurrencies and classifications, you may also opt to head directly to the ‘Meme Coin’ section for an effortless selection of Shiba Inu.

Step 4: Enter the amount

As a researcher, here’s how I might rephrase that:

Step 5: Complete the purchase

At this point, you need to finalize your payment according to the choice made in Step 2. If you opted for credit card, simply select the ‘add card’ option and provide a billing address to proceed with the transaction. Upon successful completion of the payment, SHIB tokens will appear in your Binance spot wallet.

Buying Shiba Inu from a DEX

If you prefer keeping your personal data private and are seeking a method to acquire Shiba Inu coin, consider using a decentralized exchange as your ideal choice. With a DEX, you can trade SHIB for another token based on the Ethereum blockchain. Here’s a simple step-by-step guide to help you through the process:

Step1: Create an account on Metamask

To interact with Shiba Inu, an Ethereum-based ERC-20 token, you’ll need a wallet that is compatible with the Ethereum blockchain. A convenient option is Metamask, a wallet service that does support ERC-20 tokens. To get started, simply create an account on Metamask. Once your account is set up, ensure it has some Ether (ETH) for transactions.

Step 2: Register on a decentralized exchange

As a crypto enthusiast, I’ll proceed by signing up for a decentralized trading platform such as Uniswap. From there, I’ll link my Metamask wallet to the exchange, enabling seamless transactions within the decentralized finance ecosystem.

Step 3: Go to the swap option page

On the exchange page, you can specify an individual quantity of Ethereum (ETH) for swapping and opt for Shiba Inu (SHIB) as the resulting token. Input the matching ETH value and hit ‘Exchange’.

Step 4: Confirmation and completion

Once you click ‘Swap’, a confirmation prompt will appear on Metamask. After you’ve confirmed this, your transaction will be processed. If the transaction goes through, you’ll find your 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.

Remember, dealing with decentralized exchanges might require extra caution. Make certain you have sufficient gas fees at hand and opt for trustworthy platforms such as Uniswap when swapping SHIB tokens to avoid potential losses due to slippage.

FAQs

Can I buy Shiba Inu coin with credit card

Yes, you can buy Shiba Inu coin with a credit card through a centralized crypto exchange.

Can I buy Shiba Inu coin with debit card

Absolutely! You have the option to purchase Shiba Inu coins using a debit card, such as Visa or MasterCard, via a standard cryptocurrency exchange platform.

Where to store Shiba Inu coin

You can store Shiba Inu coin in a centralized exchange like Binance, or a hot wallet like Metamask.

When is the right time to sell my Shiba Inu coins

As a crypto investor, I would caution against making substantial investments in Shiba Inu based solely on the current market trends and speculation. It’s crucial to thoroughly research any potential investment before taking the plunge, understanding that buying and selling crypto always involves personal risk.

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2024-10-02 17:02