Shiba Inu sprung to prominence during late 2021, fuelled by the remarkable attention garnered by Dogecoin. Although the coin’s price has dropped since the highs of October 2021, Shiba Inu still has tremendous potential for the weeks and months ahead.
This guide will discuss how to buy Shiba Inu coin in detail, exploring the coin’s features and value potential, before highlighting how you can invest in Shiba Inu today – with low trading fees.
How to Buy Shiba Inu coin – Quick Steps
The four quick steps below will show you how to buy Shiba Inu in a matter of minutes using our recommended broker, eToro:
- Open an account with eToro: Navigate to eToro’s website, click ‘Start Investing’, and enter the details required to create an account. Following this, verify your account by uploading photo ID and proof of address.
- Deposit: Deposit at least $10 into your trading account via credit/debit card, bank transfer, or e-wallet.
- Search for Shiba Inu coin: Type ‘SHIB’ into the search bar and click ‘Trade’ when Shiba Inu appears.
- Buy: Enter your position size in the order box (minimum $10), check everything is correct, and click ‘Open Trade’.
Where to Buy Shiba Inu
Given Shiba Inu’s success over the last six months, many of the world’s best crypto exchanges now offer the coin as a tradable asset. With that in mind, reviewed below are four of the most effective platforms for buying SHIB today:
1. eToro – Overall Best Place to Buy Shiba Inu
Our number one platform in regards to how to buy Shiba Inu coin is eToro. eToro has developed a stellar reputation within the trading scene over the past few years, with strict regulation from entities including the FCA, ASIC, CySEC, FINRA, and FinCEN. The platform itself is best known for its low trading fees and beginner-friendly features, making the trading process extremely easy.
Firstly, eToro’s fee structure is incredibly appealing, as the platform only charges a 1% transaction fee (plus the spread) when opening or closing a position. This means that when you buy Shiba Inu cryptocurrency, there are no other hidden fees to worry about other than what is expressed when you place a trade. Notably, eToro charges no deposit or monthly account fees, making the entire process very cost-effective.
The deposit process itself is streamlined, as eToro allows users to fund their accounts from as little as $10. Deposits are accepted from all major credit/debit cards, along with bank transfers and e-wallets – including PayPal. This ensures it’s easy to create a diversified portfolio, as eToro now offers over 45 different coins to trade.
eToro also boasts numerous exciting features, including the platform’s popular ‘CopyTrader’ feature. This feature allows users to automatically copy the trades placed by other eToro users, streamlining the process of investing in the best altcoins. Finally, eToro even offers a free demo account feature, ideal for newcomers to the financial markets.
Cryptoassets are a highly volatile unregulated investment product.
2. Crypto.com – Popular Crypto Platform with Low Trading Fees
Another top platform that offers Shiba Inu is Crypto.com. Crypto.com is known for having one of the best crypto apps, offering over 250 coins to trade. The platform’s services are split between the web-based exchange and the trading app, ensuring there’s an option for all investors.
The exchange will appeal to experienced traders and utilizes a ‘maker/taker’ model, meaning that you’ll pay a 0.4% fee on either side of the trade. Notably, you can reduce this fee by 10% if you pay these fees in CRO – Crypto.com’s native token. On the other hand, the app allows instant crypto purchases using a credit or debit card, with transaction fees waived during the first 30 days of use.
After this, Crypto.com will charge a 2.99% fee on any crypto purchases made using a card – although users can still deposit FIAT currency for free using various methods. Aside from this, Crypto.com offers a selection of valuable features, with its crypto interest account allowing investors to earn up to 14.5% interest on specific coins.
Cryptoassets are a highly volatile unregulated investment product.
3. Coinbase – Beginner-Friendly Platform to Buy Shiba Inu Coins
Coinbase is another option if you’re wondering where to buy Shiba Inu, as the platform offers a wide array of crypto assets to trade through the browser-based platform or the Coinbase App. Users can invest in a selection of the best meme coins (including SHIB) using a credit or debit card, removing the need to own crypto beforehand.
Coinbase’s fee structure can be pretty complex at first glance, as each trade will accrue a ‘Coinbase Fee’ plus the spread. The spread usually hovers around 0.5%, although the Coinbase Fee can vary wildly depending on trade volume and payment method. However, users who opt to use Coinbase Pro, Coinbase’s exchange platform, will pay a taker fee of 0.6% and a maker fee of 0.4%.
In terms of security, Coinbase stores the vast majority of customers’ holdings in cold storage, protecting them from cyberattacks. Furthermore, all USD cash balances on Coinbase are covered up to $250,000 through FDIC insurance. Finally, Coinbase also has numerous compelling features, including a beginner-friendly crypto staking service for supported coins.
Cryptoassets are a highly volatile unregulated investment product.
4. Binance – Huge Cryptocurrency Exchange with Vast Asset Selection
The final place we’d recommend if you’re researching where to buy Shiba Inu crypto is Binance. Most people will have heard of Binance, as it is currently the world’s largest cryptocurrency exchange, according to CoinMarketCap. Binance is best known for its colossal asset selection, allowing investors to trade altcoins (including SHIB), crypto-to-crypto pairs, and a selection of the best DeFi coins.
Binance operates at the lower end of the spectrum in terms of fees as investors only need to pay a 0.1% fee when they open or close a trade. Interestingly, investors can reduce these trading fees by 25% if they are paid in Binance Coin (BNB) – Binance’s native token. The platform also allows investors to instantly purchase cryptos using a credit or debit card, although this can attract a fee of up to 5% per trade.
Binance also supports free FIAT deposits via ACH, although the funding can take a few days to arrive. Aside from its low fees, Binance is also popular with experienced traders due to the extensive tools and features on the Binance exchange platform. These include advanced price charts, technical indicators, and order book data.
Cryptoassets are a highly volatile unregulated investment product.
What is Shiba Inu coin?
Before we dive into how to buy Shiba Inu coin, let’s take a detailed look at what the coin is and its various use cases. Investors who opted to buy Dogecoin in 2021 will likely have heard of Shiba Inu, as the coin was launched in August 2020 in an attempt to capitalize on the mass appeal that Dogecoin generated. The coin’s founder, Ryoshi, remains anonymous to this day and has opted never to own any SHIB tokens.
According to Shiba Inu’s whitepaper (titled the ‘Woofpaper), the coin is entirely decentralized and aims to be the ‘Dogecoin killer’. However, what sets Shiba Inu apart from Dogecoin is that the former is hosted on the Ethereum blockchain. Ultimately, this allows Shiba Inu to leverage the power of smart contracts – giving Shiba Inu many more use cases than DOGE.
However, up until now, SHIB has mainly been used as a payment method, similar to many other cryptocurrencies. According to cryptwerk.com, Shiba Inu coin is now accepted by over 640 merchants worldwide in industries such as tourism, gambling, gaming, and more. Although this isn’t anywhere near Bitcoin’s dominance, it does highlight the niche that SHIB has carved out.
Is Shiba Inu coin a Good Investment?
Given the incredible price rise that Shiba Inu saw in 2021 (and its subsequent downfall), you may be wondering whether SHIB remains a good investment opportunity. Considering that, detailed below are five reasons why you may still wish to invest in Shiba Inu this year:
Huge Community Backing
The first thing you’ll notice when researching how to buy Shiba Inu crypto is the excellent community backing that this coin benefits from. This backing is clearly evidenced by the Shiba Inu subreddit, dubbed the SHIBArmy, containing nearly 500,000 members. In addition, Shiba Inu is still discussed regularly on Twitter and crypto forums, which isn’t the case for many other altcoins.
Smart Contract Capabilities
Investors who buy Ethereum regularly will understand the smart contract capabilities that the network has. Since Shiba Inu is hosted on the Ethereum blockchain, the coin can leverage these capabilities to bolster its use cases. Ultimately, this helps to ‘futureproof’ the currency, which is challenging to do for cryptocurrencies without smart contract integration.
Additional Use Cases
Following on from the smart contract information presented above, Shiba Inu has also developed other use cases aside from being used solely as a digital currency. One of the most compelling use cases is ShibaSwap, the decentralized exchange (DEX) focusing on dog-related meme coins. This allows users to provide liquidity and generate BONE, the token used to govern the DAO.
Massive Upside Potential
It goes without saying that Shiba Inu still has tremendous upside potential, given the coin’s relatively small market cap. As noted by CoinGecko, Shiba Inu’s market cap is only $13.4bn, with a current price of only $0.00002458. Due to these factors, relatively minor price increases will result in huge returns for investors, which was evidenced in October 2021.
Integration into the Metaverse
Finally, following the path set by many new NFT projects, Shiba Inu’s creators have decided to delve into the metaverse. The creators announced the concept of the ‘ShibVerse’, which would be Shiba Inu’s version of a virtual world. Although details on this project are still scarce, there are rumours it could include virtual land and in-world items structured as NFTs.
Shiba Inu coin Price
The next section of this guide on how to buy Shiba Inu coin will focus on the coin’s price and value prospects for the weeks and months ahead. As you can see from the price chart below, the SHIB price rallied to an all-time high of $0.000088 in October 2021. This rally represented an increase of over 1190% in just under a month.
Cryptoassets are a highly volatile unregulated investment product.
However, this high was short-lived, and the price fell dramatically in the following months. Right now, the Shiba Inu price is hovering around the $0.000024 level, which is a 72% decrease from all-time highs. However, the coin’s price is still significantly higher than it was for most of 2021.
Shiba Inu coin Price Prediction
Given Shiba Inu’s recent fall from grace, what can we expect from the coin in the future? Many market commentators believe that Shiba Inu can still be considered one of the most undervalued cryptos due to its tremendous community backing and numerous use cases. The upcoming dive into the metaverse and NFT space could provide the impetus needed for an upwards push.
From a technical perspective, SHIB has rejected the support level at $0.000020 three times since the start of 2022. The third rejection occurred just a few days ago and resulted in a 17% rise in price. If Shiba Inu can break past the minor resistance level noted around $0.000027, we could see a push back to the highs of February 2022 in the short term – equating to a return of 66% from today’s price.
Ways of Buying Shiba Inu coin
The next step in the process of how to buy Shiba Inu coin is deciding how to facilitate your investment. Discussed below are two of the most popular methods you can use to purchase SHIB in the market today:
Buy Shiba Inu coin with PayPal
Investors who prefer to buy Bitcoin with PayPal may also wish to use this payments provider to facilitate their Shiba Inu investment. At present, PayPal doesn’t allow users to purchase SHIB directly through their platform, as their asset selection is quite limited.
However, eToro users can make instant deposits into their trading balance using PayPal and then use these funds to buy Shiba Inu coin. Crypto.com also allows users to make FIAT deposits using PayPal; however, unlike eToro (which is free), Crypto.com will charge a 2.1% transaction fee when taking this approach.
Buy Shiba Inu coin with Credit Card or Debit Card
One of the easiest ways to purchase Shiba Inu instantly is by using a credit or debit card. All of the platforms that we reviewed earlier in this guide on how to buy Shiba Inu coin will allow clients to make payments using major card providers. Usually, this will take one of two forms – either making a FIAT deposit or directly purchasing the crypto using a card.
The former option is offered by eToro and removes all of the fees associated with making instant card purchases. Furthermore, since eToro allows deposits from only $10, this process is ideal for beginner investors. On the other hand, the other three platforms we discussed earlier enable users to purchase SHIB directly using a credit or debit card – although this tends to be accompanied by a high transaction fee.
Best Shiba Inu Wallet
Another critical thing to consider when researching how to buy Shiba Inu coin is where you will hold the coin post-purchase. Since SHIB could be one of the best long term crypto investments, it’s vital to set up a crypto wallet that can store your holdings safely for an extended period.
These crypto wallets are specifically designed for handling digital assets and come in various types. ‘Hot wallets’ are the most accessible, although there is always the potential for hacking since they are connected to the internet. On the other hand, ‘cold wallets’ are not as widely used since they are physical hardware wallets, although they are deemed much safer since they keep users’ crypto holdings offline.
There are numerous wallet providers now, each offering a slightly different set of features and benefits. However, we recommend using eToro Money, one of the best crypto wallets for beginners and experienced investors. This wallet is available to all eToro users and can be downloaded for free on iOS or Android.
Although eToro itself is regulated by several top-tier entities, the app also boasts regulation by the GFSC, providing a solid level of investor protection. In terms of security, the app features an unlosable private key, multi-signature facilities, DDoS protection, and numerous standardization protocols.
The eToro Money also supports many popular cryptocurrencies, making it easy to diversify your assets. Finally, users can even exchange one coin for another directly within the wallet’s interface – removing the need to hop back and forth between platforms.
How to Buy Shiba Inu Coins – Tutorial
Before rounding off this guide on how to buy Shiba Inu coin, it’s essential to discuss the trading process. Much like when you invest in Bitcoin, buying SHIB involves creating an account with a respected platform and making your purchase via your laptop or smartphone.
With that in mind, the five quick steps below will walk you through the investment process with eToro – all whilst paying minimal trading fees.
Step 1 – Create an eToro Account
First thing’s first – head over to eToro’s homepage and click ‘Start Investing’, Enter a valid email address and choose a username and a password for your account. You can even complete this process using your smartphone via the eToro app if you’d like.
Cryptoassets are a highly volatile unregulated investment product.
Step 2 – Verify Account
Click ‘Complete Profile’ on your account dashboard and enter the personal details required for eToro’s KYC checks. You’ll then be asked to upload proof of ID (e.g. passport) and proof of address (e.g. bank statement), which eToro will verify.
Step 3 – Make a Deposit
Once verification is complete, click ‘Deposit’ on your dashboard and choose which payment method you’d like to use. eToro accepts the following methods for US-based clients:
- Credit card
- Debit card
- Bank transfer
- PayPal
- Skrill
- Neteller
Step 4 – Search for Shiba Inu
Next, click the search bar and type ‘Shiba Inu’ or ‘SHIB’. When the coin appears, noted as ‘Shiba (in millions), click ‘Trade’.
Step 5 – Buy Shiba Inu coin
An order box will now appear, similar to the one below. In this box, enter your desired position size (minimum $10), check everything is correct, and click ‘Open Trade’.
Cryptoassets are a highly volatile unregulated investment product.
How to Sell Shiba Inu Coin
Now that you know how to buy SHIB, you may be wondering how to sell your coins once the time arrives. Luckily, the selling process with eToro is just as simple as the buying process and can be completed in a few clicks.
Whilst on your account dashboard, click ‘Portfolio’ to see all of your open positions. Click on Shiba Inu and click the red ‘X’ next to the position. A box will then appear asking you to confirm your choice – click ‘Close Trade’ to sell your SHIB holdings instantly.
Since the crypto market is open 24/7, you can close your Shiba Inu trade at any time. The trade balance will automatically be placed into your trading account, where you can withdraw it or use it for other investments.
How to Buy Shiba Inu – Conclusion
In summary, this guide has taken an in-depth look at how to buy Shiba Inu coin, exploring the coin’s features and use cases before providing a detailed walkthrough of the investment process.
If you’re wondering where to buy Shiba Inu coin today, we recommend partnering with eToro. eToro has recently streamlined its fee structure, which has ensured a low-fee environment for crypto traders. What’s more, since eToro’s minimum investment amount is only $10, the platform is ideal for beginner investors.
Cryptoassets are a highly volatile unregulated investment product.