How to Buy Shiba Inu Coin in 2023 – Easy Guide

How to Buy Shiba Inu Coin in 2023 – Easy Guide

If you follow crypto happenings, you’ve probably seen the blockchain buzz around Shiba Inu. But what is it, and how do you buy Shiba Inu coin? Like Dogecoin, Shiba Inu (SHIB) is a dog-themed meme coin with an army of loyal investors. But SHIB is different, creating its own blockchain (Shibarium), a metaverse project, and much more.

In past runups, SHIB has seen meteoric gains of up to 1200% in one month. The good news: You don’t have to bet the farm on SHIB. You can dabble in this digital doggie coin with a small investment of $10 or more. In this guide, we’ll discuss what Shiba Inu is, what SHIB does and how its ecosystem works, and some of the best ways to invest in Shiba Inu Coin when you’re ready to make your move.

What’s next for this popular crypto, and is SHIB a good investment for your portfolio? Let’s dig in.

How to Buy Shiba Inu Coin – 5 Simple Steps

For beginning investors, the best place to buy Shiba Inu coin may be eToro. We’ll also cover some other choices, like Coinbase, Kraken, and others, later in the guide. eToro’s platform is easy to use, the crypto trading fees are simple to understand, and you can buy millions of Shiba Inu tokens in one fell swoop using SHIBxM. SHIB trades for a fraction of a penny.

To get started on eToro and invest in Shiba Inu Coin, just follow these simple steps.

Open an account with a crypto platform. eToro makes a good choice for crypto investors who want to keep it simple. Account basics include name, address, email address, and password. You’ll also want to set up two-factor authentication so you get a text message when you (or someone else) tries to log into your account. Safety first. Verify your identity. You’ll need to provide proof of identity, like a driver’s license. The process is typically quick, taking just a few minutes. Verification on eToro’s end is usually fast as well but can take a few days in some cases. Additionally, you’ll need to provide proof of address, which might be on your driver’s license or a utility bill. Decide how much Shiba Inu to buy. eToro’s minimum deposit amount is $10 USD, so you’ll need to invest at least that amount to get started buying Shiba Inu. eToro’s maximum daily deposit is $10,000 USD, so you can invest larger amounts as well. eToro’s crypto trading fees are percentage-based (1%) rather than a flat fee, so you’ll pay the same rate regardless of order size. Deposit funds for trading. Connect a bank account, debit card, or even a PayPal account to make your first deposit. You only need $10 to get started, and eToro does not charge a deposit fee. In some countries, like the UK, you can also use popular wallet apps like Neteller or Skrill. Buy some SHIB. It’s time to make your purchase. Just type SHIB into the search bar to find SHIBxM, which is “Shiba (in millions).” With SHIB trading at a small fraction of a penny, it’s not practical to buy a Shiba Inu as a single unit. On eToro, you’ll buy 1 million SHIB with one SHIBxM. It’s a tidy way to manage your Shiba Inu coin investment as you build your stack. Where to Buy Shiba Inu Coin – Best SHIB Exchanges Reviewed

Shiba Inu’s popularity means you can buy SHIB on a number of different platforms and crypto exchanges. Below, we highlight some of the best places to buy Shiba Inu coins and detail which platforms might make the best choice for your investment goals and priorities.

eToro, for example, excels at making trading simple — while also keeping trading fees in check. By contrast, OKX offers some of the lowest fees you’ll find in crypto-land combined with advanced trading tools but also offers a demo account so you can learn your way around the crypto trading world. Similarly, eToro provides a demo account as well. Trade with virtual funds without putting real funds at risk while you learn.

eToro – Easy-To-Use Crypto Platform With Copy Trading and 80+ Cryptocurrencies

Perhaps best known for its social trading features like copy trading, eToro has carved out a place in the market for traders who value simplicity and the ability to leverage the trading knowledge of others.

Copy trading is a perfect example of eToro’s social trading. With a few clicks, you can follow the trades of successful investors on the platform, buying when they buy and selling when they sell. This approach simplifies trading for newer investors and can eliminate the need for technical analysis before making a trade.

You’ll also get a demo account called a virtual portfolio. All eToro accounts get $100,000 in virtual money to make trades or test out trading strategies. You can use your demo account to (virtually) trade crypto, stocks, or ETFs, all without risking real money.

eToro provides safe storage of your crypto assets using secure logins, SMS (text message) two-factor authentication (2FA), and cold storage, which keeps crypto funds offline.

On eToro, you’ll buy Shiba Inu coin using an asset they call SHIBxM, or “Shiba (in millions).” Depending on current market prices, your first SHIB investment with eToro’s $10 minimum investment could be a stack north of 1 million SHIB tokens.

eToro Trading Fees

If you trade often, trading fees can make or break your profits. Many crypto trading platforms make trading fees, well, cryptic. You won’t need a scientific calculator to figure out what you’re spending on crypto trading fees with eToro. In typical people-friendly fashion, the platform charges a flat 1% on crypto trades.

Standard trades on eToro buy and sell crypto assets at market prices. You’ll pay the ask price for purchases and the bid price for sell orders. We’ll cover the mechanics of bid and ask prices later in the guide.

eToro Overview eToro Fees to Buy SHIBxM Top Features 1% + spread Copy trading: Copy the trading moves of top traders on the eToro platform. Smart portfolios: Choose a targeted portfolio with assets hand-picked by eToro analysts. Advanced charts: eToro’s TradingView-powered charts let you track and forecast market moves using 100 buying indicators.

Pros

Copy trading Smart portfolios Advanced TradingView charts Easy-to-understand crypto trading fees Low $10 minimum deposit Buy/sell/hold recommendation based on market indicators Trade additional assets, including stocks and ETFs

Cons

Limited selection of (~80) cryptos compared to other exchanges Limited support for transferring crypto to a self-custody crypto wallet $5 withdrawal fee Visit eToro

 

Coinbase – Beginner-Friendly Crypto Exchange With Over 250 Cryptos and Advanced Trading

As the largest publicly traded crypto exchange in the world, Coinbase brings a greater level of financial transparency compared to many competitors. Required filings with the US Securities and Exchange Commission (SEC) make the company an open book rather than a black box.

Coinbase is known for being a safe starting point for new crypto traders and offers a wide range of over 250 cryptocurrencies, including SHIB. Unlike eToro, Coinbase sells SHIB as single units. In effect, you’ll buy SHIB based on the purchase amount in dollars — or whichever currency you use in your part of the world.

Coinbase offers SHIB trading pairs for USD, USDT (a crypto stablecoin pegged to the USD), EUR, and GBP.

One key advantage of using Coinbase or a similar crypto exchange like Kraken (up next) is that you can transfer your Shiba Inu tokens to a self-custody crypto wallet — or you can just leave it on the exchange if it’s a smaller balance. Many traders with significant assets prefer to move some of their assets to a wallet they control. Newer traders might prefer the simplicity of letting Coinbase hold their crypto assets.

Like eToro, Coinbase offers 2FA, but also offers authenticator app support in addition to SMS-based 2FA.

You can get started on Coinbase with a minimum $1.99 SHIB purchase.

Coinbase Trading Fees

Coinbase’s trading fees range from 0.6% for limit orders on the advanced trading platform (called Coinbase Advanced) to as high as about 10% for small orders using the simple trading platform, the trading box found throughout the app.

For a $100 Shiba Inu investment using simple trades, you’ll pay $3.84 in fees (plus a 1% spread), whereas on the advanced platform your cost for a limit order trade is just $0.60. You can save money trading on Coinbase Advanced, but the advanced platform is better suited to experienced traders.

Using market orders on Coinbase Advanced puts trading costs at 0.8%, which brings Coinbase fees closer to eToro’s 1% flat fees. eToro, however, is much easier to use.

Coinbase Overview Coinbase Fees to Buy Shiba Inu Top Features Simple trades: $0.99 up to $2.99 (trades up to $75), variable fees above $75 + spread Coinbase Advanced: 0.6% maker (limit) orders, 0.8% taker (market) orders Advanced trading platform to reduce fees and choose precise pricing for trades Authenticator app support to secure your account Transfer your crypto to self-custody wallets Staking services for cryptos like ETH, SOL, and ADA

Pros

Over 250 cryptocurrencies Crypto-to-crypto trades for supported pairs Fast withdrawals with no withdrawal fee

Cons

High fees for simple trades 2.5% deposit fee for PayPal Advanced trading fees higher than some competitors Visit Coinbase

 

Kraken – Secure Crypto Exchange With 200+ Cryptocurrencies, Low Fees, and Recurring Buys

Founded in 2011, Kraken is one of the oldest crypto exchanges in the business (the first cryptocurrency, Bitcoin, came on the scene in 2009). The US-based exchange was also among the first to offer proof of reserves, which is a blockchain-based way to prove the exchange actually has your crypto. While US-based, Kraken serves traders in nearly 200 countries worldwide.

Similar to Coinbase and Binance (up next in the guide), Kraken offers both a simple trading interface and an advanced platform. In the simple interface shown below, you can buy Shiba Inu coin in just a few clicks. Trading fees in the example below are higher than on eToro, which is at a fixed 1% fee but lower than you’d find on Coinbase’s simple trade, which costs $3.84 + a 1% spread for the same trade.

Like Coinbase, Kraken supports recurring buys, although the option is only available for debit card-funded trades, which adds to the cost of the trade. Dollar-cost averaging (DCA) with recurring buys optimizes your purchases by buying more when prices dip.

As an alternative, you can set a reminder in your calendar to make a purchase at a fixed interval and avoid debit card fees by using a bank transfer. This strategy lets you use Kraken’s simple trading interface with a 2% fee for a $100 purchase or even use Kraken Pro, which allows you to make the trade for as little as $0.16.

After you make your trade, you can also send your crypto assets to a self-custody wallet that you control.

Kraken Trading Fees

How you choose to pay makes a big difference with Kraken. Deposits via bank transfers are free (US market), but you’ll pay a 3.75% fee for credit or debit card transactions. That said, Kraken is one of the few remaining crypto exchanges where you can buy Shiba Inu Coin with a credit card (but not in the US). Debit cards are widely supported throughout the world.

On the simple trading interface, you’ll pay about 2% in fees for bank transfers or cash buys. However, you’ll pay less on Kraken Pro, the exchange’s advanced trading platform. Limit orders pay 0.16% in fees, whereas market orders pay 0.26% in trading fees, assuming a 30-day trading volume of under $50,000.

Kraken Overview Kraken Fees to Buy Shiba Inu Top Features Simple trades: ~2% for bank transfer or cash balance-based trades. Kraken Pro: 0.16% maker (limit) orders, 0.26% taker (market) orders Advanced trading platform with one-click analytics and reduced fees Recurring buys using simple trades Transfer your crypto to self-custody wallets Leverage and futures trading for qualified accounts

Pros

Over 200 cryptocurrencies available Crypto-to-crypto trades for supported pairs Easy recurring buys setup Staking support for 15+ cryptocurrencies

Cons

High fees for debit and credit card trades PayPal support limited to Europe No credit card support in the US Visit Kraken

 

Binance – Crypto Exchange for Beginners and Advanced Traders With Crypto Staking and Over 350 Cryptos

The Binance exchange boasts the title of largest cryptocurrency exchange in the world by trading volume. However, there are actually two exchanges, Binance.com and Binance.US, the latter of which only serves the US market (and doesn’t support bank deposits).

In this guide, we’ll compare the larger Binance.com (worldwide) exchange against other platforms for investing in Shiba Inu Coin.

 

Although platforms like eToro and Coinbase are known for ease of use, Binance.com matches Coinbase for ease of use while offering lower fees on both simple trades (called instant buy/sell on Binance) and advanced trades. Fees for instant buy/sell, the easiest way to trade on Binance, come in lower than eToro as well, with eToro at 1% and Binance at 0.6%.

However, if you venture outside of Binance’s easy-to-use instant buy/sell trades, the platform can become overwhelming for newer traders. With choices for futures trading, perpetual futures, leveraged trades, options trading, staking, crypto loans, and peer-to-peer trades, Binance is a powerhouse of an exchange. But some of these trading options can bring additional risks as well.

There’s a place for full-featured exchanges, including Binance and OKX (up next). If you have a few trades under your belt, you’ll find more powerful exchanges offer more ways to trade or earn a yield, and more ways to grow as a trader. Expect a learning curve.

If you stick to instant buy/sell, Binance offers a newbie-friendly way to buy SHIB with lower fees than you’ll find at most other exchanges. However, be careful with debit card or credit card transactions, which can add up to 3% to your purchase price.

Binance Overview Binance Fees to Buy Shiba Inu Top Features Instant buy/sell: 0.6% + spread Advanced trade: 0.1% maker (limit) orders, 0.1% taker (market) orders, 25% discount on fees if paid in BNB Low-cost instant buy/sell Margin trading, futures, and trading bots for advanced users Transfer your crypto to or from self-custody wallets

Pros

Over 350 cryptocurrencies available Crypto-to-crypto trades for supported pairs Low fees for instant buy/sell Staking support (varies by market)

Cons

High fees for debit and credit card trades Recurring buys only available for credit/debit transactions (with higher fees) Can be overwhelming for new traders Visit Binance

 

OKX – Low Fee Advanced Trading Platform With Demo Account & Automated Trading

OKX wins the award for the cheapest way to buy Shiba Inu Coin. You’ll pay just a 0.08% maker fee on limit orders or a 0.1% taker fee for market orders.

This high-powered exchange serves traders throughout the world, with the notable exception of the US and Canada, which can both use the OKcoin exchange. SHIB is available on both OKX and OKCoin, although trading fees on OKCoin are a bit higher.

Like Binance, OKX brings advanced features (and low fees) to crypto trading. We were particularly enamored with the trading bots, programmable digital trading assistants that automatically make trades according to preset rules or your own customizations.

And similar to eToro, OKX offers a demo account where you can test your trades or even fire up a few trading bots to be sure they perform as expected before turning them loose with real money.

Like Kraken, OKX offers proof of reserves to confirm the exchange actually has the crypto it says it has.

With full-featured exchanges like Binance and OKX, expect a learning curve. They might not be a perfect fit for first-time traders. But OKX provides a demo account, a virtual-trading sandbox where you can learn the basics without risk in real money.

OKX Overview OKX Fees to Buy Shiba Inu Top Features 0.08% limit order (maker) fees, 0.1% market order (taker) fees Copy trading Demo account Trading bots Advanced trading, including options, futures, and margin trades Transfer your crypto to or from self-custody wallets

Pros

350+ cryptocurrencies available Full-featured demo account to learn or test trades Advanced trading features for experienced traders

Cons

2.49% fees on debit or credit card transactions Can be overwhelming for new traders Visit OKX

 

How we Ranked the Best Places to Buy SHIB

When choosing the best places to buy Shiba Inu Coin, we considered a number of different factors, with safety and ease of use among the top considerations. When you choose where to invest in Shiba Inu Coin for your own portfolio, do some additional research before making a deposit.

Factors to weigh before choosing a platform:

Regulation: An exchange regulated by the Financial Industry Regulatory Authority (FINRA), the US Securities and Exchange Commission (SEC), the Financial Conduct Authority (FCA), or similar regulatory bodies may be a safer place to trade compared to an unregulated exchange. Account safety features: Look for platforms that offer features like two-factor authentication (2FA) to help secure your account. Additionally, consider exchanges that offer cold storage, such as Kraken, Coinbase, or eToro. Cold storage refers to storing crypto in an offline wallet to protect against hacks and exploits. Trading fees: The cost of trading can add up if you trade frequently or in large amounts. Weigh trading fees as part of your decision, but be sure to consider ease of use as well. Complicated platforms may not be worth the cost savings for newer traders. Account or transaction minimums: Most major exchanges offer low minimum trades of $10 or less. However, check the fine print to be sure you have the flexibility to trade the way you want to invest. Transferability: For some cryptocurrencies, you may want to move your crypto off the exchange at some point. eToro, for instance, supports transfers of BTC or ETH off the trading platform to the eToro Money crypto wallet. But if you want to buy DOGE, for example, or even SHIBxM, you can’t move these assets off the platform. That may or may not be a concern for newer traders. The Role of Regulators

No trading platform is 100% safe. The same holds true for banks, brokerages, insurers, and other financial entities we use daily. However, regulatory oversight can help make trading platforms safer and may offer additional protections for traders within a regulatory jurisdiction.

For example, eToro is regulated by FINRA and the SEC in the US, the FCA in the UK, ASIC in Australia, and CySEC in Europe. These agencies keep a watchful eye on exchanges under their jurisdiction, helping to ensure consumer safety.

Coinbase, another popular choice, is regulated by the SEC and holds licenses in most US states. Like eToro, Coinbase is also regulated by the FCA in the UK.

The Basics of Buying Shiba Inu Coin

Opening an account and making your first deposit are the first steps and platforms like eToro make the next step (buying Shiba Inu) easy as well. However, it’s still helpful to understand trading basics so you can trade effectively and reduce the risk of mistakes.

Let’s look at some of the key aspects of trading that can have the largest impact on your trading costs, including trading fees and spreads.

Trading Fees

Exchanges need to make a profit, and often this profit comes from trading fees. When we buy crypto with USD, for example, there’s usually a cost in the form of a trading fee. eToro, for example, uses a flat 1% trading fee for cryptocurrencies. If you buy $100 worth of SHIBxM, you’ll pay $1 for the transaction.

Note: eToro does not show the 1% fee explicitly; it’s in the price. But eToro’s fees are a fixed 1%, so the fees aren’t a mystery.

Keep an eye out for fees on the confirmation page of your order. In many cases, the platform shows the fee for the trade, but it’s possible to miss this important number.

On advanced trading platforms, like Coinbase Advanced, trading fees can be harder to find.

Fees for advanced platforms, like Coinbase Advanced or Kraken Pro, typically come in a bit lower. The tradeoff is that advanced platforms can be more difficult to use.

However, advanced exchanges like Binance, Coinbase, or Kraken also offer simple trades. You’ll find these easy-to-use buy-and-sell boxes throughout the site. Be wary of fees for simple trades, though. Often, simple trades use much higher fees compared to advanced trading platforms or even people-friendly platforms like eToro.

As an example, here’s what the fees look like for a $100 Shiba Inu Trade:

eToro: $1 paid in fees (1%) Coinbase simple trade: $3.84 paid in fees (3.84%)

Both trades also use a spread, which we’ll discuss next.

Spreads

Crypto trading platforms use an order book, which is just what it sounds like. An order book is a list of open buy and sell orders that use a limit trade, a fixed price order. You’ll also see these limit orders referred to as “maker” orders because they make a market for others.

Limit sell orders are priced above limit buy orders, and the difference between these two prices is called a spread.

The highest-priced limit buy order is the bid price. The lowest-priced limit sell order is called the ask price.

The spread is the difference between the bid and the ask price.

To use BTC as an example, if the highest limit buy order is $26,000 and the lowest limit sell order is $26,001, the spread is $1.

Spreads can be much wider on thinly traded assets or on platforms that have fewer users. Wider spreads can affect your trading cost when using market orders. We’ll cover market orders briefly in just a bit.

However, sometimes the spread is just a padded price. Coinbase uses a 1% “spread” on simple trades, for example. This price buffer allows the exchange to hold a stable price for your trade while it completes.

Market Orders vs Limit Orders

On advanced trading platforms like Coinbase or Kraken, you can choose limit orders (you set the price) or market orders that fill from the existing orders in the book. Market orders, also known as “taker” orders, take orders off the book at the bid or the ask. You’ll pay a bit more in fees for taker orders compared to maker orders. You’ll also pay the spread because you’re buying at the ask or selling at the bid price.

Shiba Inu DEX Trading

You can also buy Shiba Inu on a decentralized exchange (DEX), which we’ll cover in more detail shortly. Be aware that decentralized exchanges are unregulated, however. These exchanges run on blockchain computer programs called smart contracts that allow trading without an intermediary.

What is Shiba Inu Coin?

Shiba Inu was founded in 2020 by an anonymous developer (or developers) called Ryoshi. The project adopted a Shiba Inu mascot, furthering the crypto-dog theme and drawing comparisons to DOGE, which uses a similar Shiba Inu mascot. And there is some crossover. Many people who invest in DOGE also invest in SHIB. Both cryptos have also seen meteoric gains, with SHIB gaining as much as 1200% in a single month.

Moving beyond trading dynamics and friendly mascots, Shiba Inu offers its own value proposition and development plans that could drive future growth. Notably, Shiba Inu has its own Layer 2 blockchain and a planned metaverse project in which people can buy virtual assets like land.

The Role of Layer 2 Blockchains

Layer 2 blockchains bring faster and cheaper transactions to users and then pass the transaction on to the main blockchain for security using that blockchain’s validation method. For example, Shibarium, Shiba Inu’s Layer 2 blockchain will be a layer on the Ethereum blockchain, which ultimately holds the records of all the transactions on Shibarium.

There’s also a decentralized application (dApp) called ShibaSwap that allows SHIB holders to earn yields through cryptocurrency swaps, staking, and yield farming. We’ll cover these aspects in the next section when we discuss Shiba Inu uses.

SHIB as an ERC-20 token

Technically, Shiba Inu Coin isn’t a coin at all. SHIB is a token, meaning it’s a crypto that’s used on another cryptocurrency blockchain (Ethereum in this case). Specifically, SHIB is an ERC-20 token. ERC-20 tokens are designed to be fungible, meaning each token is the same as the others (assuming they are the same type of token.) In short, 1 SHIB = 1 SHIB, just like 1 USD = 1 USD and 1 GPB = 1 GPB.

Coins typically represent cryptocurrencies used on their own blockchain.

ETH is a coin used on its own Ethereum blockchain. SHIB is a token used on the Ethereum blockchain (rather than its own blockchain).

For trading purposes, the distinction between coins and tokens doesn’t matter, and much of the crypto world refers to SHIB as Shiba Inu Coin.

Shiba Inu Coin Uses

Unlike DOGE, which primarily acts as a way to transfer value from one person to another, Shiba Inu boasts a growing ecosystem. You can put your tokens to use on ShibaSwap to earn more crypto, buy land in Shiba Inu’s upcoming metaverse, or use your SHIB on the Shibarium Layer 2 blockchain.

Shiba Inu is the primary token in the SHIB crypto ecosystem, but two other dog-themed tokens derive value from SHIB.

LEASH: The LEASH token, with its limited supply, is the most valuable token in the Shiba Inu ecosystem, currently priced at over $285. You can stake (lock your tokens in a contract) LEASH on ShibaSwap to earn xLeash. BONE tokens (up next) are given to xLeash holders. xLeash holders also earn swap fees. BONE: The BONE token is the governance token for Shiba Inu. Members of the community can propose changes to the protocol, and BONE tokens let you vote on the proposals. You can also stake BONE to help validate transactions on the Shibarium blockchain, earning a yield in the process. Lastly, BONE is the token used to pay for gas on the Shibarium blockchain. Gas fees pay for computing power for contracts and transactions on the blockchain.

And, like DOGE, SHIB is accepted as payment at several leading merchants, including NewEgg, GameStop, and AMC. You can use SHIB to buy electronics, games, or even tickets to the newest blockbuster movies.

Lending platforms like Binance and CoinRabbit also let you use your SHIB as collateral for crypto loans.

Nearly all of these uses require you to move your SHIB to a self-custody crypto wallet. However, if you just want exposure to SHIB’s price action, you can buy SHIB on a platform like eToro to keep trading simple. Even if you don’t plan to put your SHIB to work in DeFI, the ecosystem itself helps build value in the SHIB token for investors.

Is Shiba Inu Coin a Good Investment?

Although the ecosystem is growing, SHIB is still a speculative investment. The token’s volatility makes it popular amongst traders, while true believers see it as a long-term investment. Early investors in SHIB have been rewarded with returns of up to 14 million percent. Since then, the token’s value has fallen along with much of the broader crypto market. Consider the possibilities when choosing Shiba Inu as a long-term play or a shorter-term trade. Or – perhaps both.

Trading for Profit

Not everyone wants to go neck deep into a crypto project. Trading lets you capture profits from the market’s ups and downs without making a long-term commitment. A platform like eToro offers an easy way to trade the market using SHIBxM, which gives you 1 million SHIB for by buying 1 SHIBxM.

Investing for Long-Term Gains

If you see a bright future for Shiba Inu, you can make a longer-term investment using eToro or even a centralized exchange like Kraken. The latter may be better suited to larger investments because you can move your SHIB off the platform as your balance grows.

DeFi Yields

In addition to possible price appreciation, you can use SHIB in DeFi applications to earn a yield. For example, you can provide liquidity on Uniswap or ShibaSwap and earn swap fees, currently at 0.2% of each swap. Because traders are dipping into liquidity pools all day (and night), that seemingly small number adds up quickly with each new swap.

Future Blockchain Uses

As the Shibarium Layer 2 network gains momentum, we’ll likely see more ways to put SHIB to work in the ecosystem. Initially, you can stake BONE to help validate transactions on the network. In return, you can earn a yield. With only 12 validators online thus far, future yields are difficult to predict, but community members have already staked over 26 million BONE tokens, more than 10% of the total supply.

SHIB still has a massive supply of nearly 600 trillion tokens, but the project expects the supply to be deflationary going forward. This combined with a strong community of 1.3 million SHIB holders could bode well for future prices.

What is the Cheapest Way to Buy Shiba Inu Coin?

If you’re able to buy SHIB from Binance, OKX, or Kraken, these sources offer the most cost-effective way to make your purchase.

The cheapest way to buy Shiba Inu Coin may depend on where you live, however. For example, if you live outside the US, you may be able to buy SHIB on Binance or OKX, where fees are quite low. Binance Advanced Trades are just 0.1% whether you use a market order or a limit order. OKX comes in at just 0.08% for limit orders and 0.1% for market orders.

In the US, however, Kraken brings low-cost trades for SHIB. On Kraken Pro, you can buy SHIB with 0.16% trading fees for maker (limit) orders or 0.26% taker (market) orders.

Here are the primary ways you can buy Shiba Inu Coin, ranging from brokers to wallet apps.

Four Ways to Buy SHIB Brokers: Many brokers like eToro, Robinhood, and Webull offer SHIB. In eToro’s case, you can buy SHIB in millions (SHIBxM). While not the cheapest way to buy Shiba Inu Coin with its 1% crypto trading fee, eToro appeals to buyers who value simplicity and a secure platform. Centralized exchanges: A centralized exchange (CEX) lets you buy crypto with fiat money such as USD, Euro, or GPB. You can also trade one cryptocurrency for another if the exchange has a trading pair for what you want to trade. CEXs are often the cheapest way to buy crypto, assuming you use the advanced trading platform. Decentralized crypto exchanges: A decentralized exchange (DEX) allows you to trade crypto for crypto without using an intermediary (like a centralized exchange or a broker). Traders like yourself supply cryptocurrencies to liquidity pools, a place where you can trade the crypto you have for the crypto you want to buy. DEXs can be less expensive than brokers or simple trades on exchanges, but trading on DEXs can be much more complex.DEX examples include Uniswap and ShibaSwap. Crypto wallet apps: If you have a crypto wallet like Zengo, Trust Wallet, or Atomic Wallet, you may be able to buy SHIB through your wallet app. However, it’s likely you’ll encounter some additional steps because most wallets don’t support direct purchases of SHIB. Instead, you may have to purchase ETH through the wallet app’s crypto provider and then exchange your ETH for SHIB on the wallet app. Purchasing crypto through wallet apps can bring much higher fees. Moonpay, a popular provider for wallet crypto purchases, charges a 4.5% fee for card-funded purchases. The wallet app itself may add a fee as well. Notably, Atomic Wallet makes buying SHIB easy, although buying fees can reach 5% or more. How to Choose a Purchase Method to Buy SHIB

Each method detailed above has its advantages and disadvantages, depending on your needs or perhaps your location. For beginners, the best way to buy SHIB may be eToro, which combines affordable trading fees with an easy-to-use platform.

Experienced traders may prefer an advanced exchange like Binance, OKX, or Kraken, all of which offer low trading fees and a way to transfer your tokens off the exchange. Advanced traders might choose a decentralized exchange that lets them trade one crypto for another and execute the swap directly from their crypto wallet.

Cheapest: Centralized exchanges like Binance, OKX, and Kraken offer low fees. Easiest: Brokers like eToro make buying eToro a breeze. You’ll pay a bit more in fees but less than you’ll pay using Coinbase simple trades. Most private: Decentralized exchanges like Uniswap, SushiSwap, and ShibaSwap let you swap cryptos without an intermediary. This method can be more complicated and requires that you have a self-custody wallet (and some crypto to swap). Costliest: Many crypto wallet apps let you buy crypto from within the app, but fees can be much higher than you’ll find with other methods. However, in many cases, you can buy Shiba Inu Coin with a credit card. Expect a few extra steps to convert the crypto you buy (ETH) to SHIB. Centralized Exchanges vs. Decentralized Exchanges

Crypto exchanges come in two main types: centralized and decentralized. Both allow crypto-to-crypto exchanges but there are some distinct differences in how these two types of exchanges work.

Centralized exchanges act as an intermediary, a go-between that provides a marketplace for traders. CEXs provide a convenient on-ramp for crypto purchases, meaning it’s an easy way to buy crypto with USD or GBP or whichever currency you use in your part of the world. One possible downside is that the exchange can pause or halt withdrawals (or go out of business), trapping your crypto on the platform. You’ll also have to provide proof of identity, much like with a bank or brokerage account. Decentralized exchanges run on computer programs called smart contracts. Traders provide tokens to a liquidity pool, and other traders can swap Token A for Token B within the pool. It’s all managed by code rather than people, and the transaction happens right from your crypto wallet. DEXs come with a learning curve, however. You’ll need to manage your wallet securely and keep an eye on trading costs. Typically, DEXs do not require proof of identity. Is Investing in Shiba Inu Coin Safe & Legal?

If you’re cautious in how you manage your crypto assets, investing in Shiba Inu can be relatively safe. However, taking safety steps like moving your crypto off exchanges to a self-custody wallet or choosing regulated platforms like eToro can’t protect you against market volatility.

Shiba Inu has had some incredible run-ups of up to 1,200% in a single month. But investors who bought in October 2021 saw the value of SHIB fall by up to 90% during the bear market in 2023 and 2023.

In short, there’s always price risk, and increased volatility of low-market-cap cryptos like SHIB can lead to both outsized gains and noteworthy losses. Weigh the percentage of your portfolio that SHIB (or any crypto) represents and trade within your means.

Investing in SHIB is legal in most parts of the world. However, certain cryptocurrencies like XRP have come under fire by regulatory agencies like the SEC which led to delisting (and later relisting) of XRP on exchanges like Coinbase. Similar risks exist for Shiba Inu and many other cryptocurrencies, which could affect your ability to trade out of your position as well as your investment’s value.

Which is the Best Shiba Inu Coin Wallet?

Because SHIB is an ERC-20 token, you’ll need a crypto wallet compatible with ERC-20 tokens if you want to self-custody your tokens.

MetaMask supports ERC-20 tokens and can connect to popular decentralized applications like Uniswap or ShibaSwap.

Coinbase Wallet offers another option and makes it easy to connect to leading dApps. Crypto wallets that support WalletConnect, including Trust Wallet, can also make good choices if you want to put your crypto to work in decentralized finance (DeFi) or make swaps on DEXs.

Alternatively, you could leave your SHIB tokens on the exchange if you bought through Kraken, for example, or a trading platform like eToro. For convenience, many traders keep a small amount of crypto on the exchange they use for trading while moving the bulk of their holding to a self-custody wallet.

How to Buy Shiba Inu Coin – Detailed Tutorial

eToro makes a solid choice for beginners who want to buy SHIB or for traders who want an easy way to trade the market. Follow these simple steps to get started.

Step 1: Open an account with eToro.

Visit eToro.com and click on “Start investing.” Next, you’ll choose a username and password and then enter your details, like your name and address.

Step 2: Verify your identity.

To comply with regulations, eToro has to verify your address and identity, much like the process to open a bank account. In the US, for example, you can send a copy of your US passport, driver’s license, or state ID to verify your identity.

Step 3: Select an investment amount.

Consider how much you want to invest. eToro allows you to deposit as little as $10 to get started. Currently, one SHIBxM trades for less than $10.

Step 4: Connect a payment method.

Add a funding method for your deposit. Depending on your location, eToro supports PayPal, Neteller, and Skrill. Bank transfers and debit cards are also supported for deposits.

There’s no deposit fee, but you may encounter a conversion fee if you’re not depositing USD.

Step 5: Make your SHIBxM purchase.

Next, type “SHIB” into the search bar and choose SHIBxM. This is “Shiba (in millions),” which makes it easy to buy SHIB when the cost is a fraction of a penny per token.

The price highlighted in the background is the market price. You’ll pay the price in the trade box, which includes eToro’s 1% buy/sell fee and the spread.

That’s it. Now, you own SHIBxM. If you want, you can choose the position you just opened in your portfolio to set a stop loss or take profit amount. These automated orders can help limit a loss or automatically lock in profits when the value of your position reaches a level you define.

Conclusion

Shiba Inu brings together a growing ecosystem with a passionate community, which could mean a bright future for investors. The upcoming launch of the metaverse project and the continued development of the Shibarium Layer 2 blockchain offer two more reasons for optimism. However, all crypto investments come with a degree of risk. Always invest within your budget.

If you’re considering investing in SHIB, eToro provides an easy-to-understand platform to get started. Trading fees are straightforward at 1%, and you can buy SHIB a million tokens at a time so you’re not looking at crazy numbers in your portfolio. eToro focuses on making trades easy for investors with features like copy trading, which lets you follow the trading moves of successful investors on the platform.

Visit eToro

 

References https://www.okx.com/proof-of-reserves https://www.cnbc.com/2019/08/14/how-dollar-cost-averaging-works.html https://www.coindesk.com/tech/2023/04/11/shiba-inus-metaverse-will-partially-open-by-2023-end-developers-say/ https://ethereum.org/en/developers/docs/standards/tokens/erc-20/ https://www.binance.com/en/feed/post/951382 https://shibarium.shib.io/ https://docs.shibatoken.com/shiba-inu/our-ecosystem/shib https://support.moonpay.com/hc/en-gb/articles/360011930117-What-fees-do-you-charge- https://support.atomicwallet.io/article/62-what-is-the-fee-to-buy-cryptocurrencies https://finance.yahoo.com/news/ripple-effect-coinbase-kraken-among-211810960.html https://www.kraken.com/proof-of-reserves https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce https://finance.yahoo.com/news/shiba-inu-shibarium-layer-2-093550583.html https://brokercheck.finra.org/firm/summary/298361 https://www.etoro.com/en-us/customer-service/help/1281240422/is-etoro-regulated/ https://www.etoro.com/customer-service/regulation-license/ FAQs How do I buy Shiba Inu Coin?

To buy Shiba Inu, you can start an account with eToro where you can buy SHIB with as little as $10. SHIB trades for a fraction of a penny, so eToro bundles SHIB by the million to make your holding compact and easy to understand. Look for SHIBxM in the search bar on eToro.

Where can I buy Shiba Inu Coin?

You can buy Shiba Inu on eToro, Coinbase, Kraken, Binance, and OKX. eToro offers the easiest way to buy for beginners, whereas platforms like Binance and OKX offer advanced trading tools and lower fees for advanced trades.

What is the best place to buy Shiba Inu Coin?

If you’re a beginner, consider buying SHIB on eToro. The platform uses a flat 1% fee for buying or selling crypto and features a user-friendly interface on both the web app and mobile application. If you think you may want to put your SHIB to work on decentralized applications like ShibaSwap or Uniswap, you might want to use an exchange like Kraken instead that lets you move your SHIB tokens to a self-custody wallet.

Can you buy Shiba Inu Coin with PayPal?

Yes. Both eToro and Coinbase support PayPal deposits to purchase crypto, and both offer SHIB. On eToro, you can make a PayPal deposit with no deposit fee. Coinbase charges a 2.5% deposit fee for PayPal. You can’t buy Shiba Inu directly through PayPal, however, which offers Bitcoin and Ethereum along with two other cryptocurrencies.

How much will one Shiba Inu Coin be worth in 2030?

Estimates and trends suggest the value of SHIB could be between $0.000033 per token and $0.0001 per token by 2030. The supply of SHIB is expected to become deflationary, which can be good for long-term pricing if demand stays strong.