Shiba Inu is an Ethereum based meme coin that is currently listed in many cryptocurrency exchanges. Like many other altcoins, there are specific steps on how to buy Shiba Inu.
Steps on How to Buy Shiba Inu
Shiba Inu’s massive popularity in 2021 has made it simple to buy it on many of the world’s top exchanges. With exchanges like Crypto.com, Binance, OKEx, Huobi, Gate.io, and Coinbase, you can buy Shiba Inu. The process involved in buying Shiba Inu on any of these exchanges is quite similar. Here is a simple step on how to buy Shiba Inu:
1. Open an account with an exchange
Creating an account with the exchange of your choice is the first thing to do before you can buy Shiba Inu. When creating an account, you will be asked to provide some personal details which may include email, phone number, name, and bank details.
After your account has been created, you will be required to verify your ID. Before you begin with the verification process, ensure you have your ID documents with you. In most cases, you will be asked to provide your driver’s license or passport.
To get started, create an account on Binance
2. Fund your account
Your account will be activated once you are through with the verification of your ID. Thereafter, you can proceed to fund your account with fiat currencies such as USD, CAD, EUR, AUD, or any other currency that the exchange accepts.
You can also fund your account through different methods that may include bank transfer, wire transfer, PayPal, or through a crypto wallet. Then, you can purchase the SHIB token once your account is funded.
In which ever country you are, just proceed to Binance P2P and buy USDT then pay in your own currency.
With the usdt , you can buy Shiba.
3. Buy Shiba Inu
The process of buying Shiba Inu in most cases is the same as buying any other digital currency listed on crypto exchanges. It is either you are given an exchange interface for trading currency or an “instant-buy” option. With the exchange interface, you get more control over orders. And the fees you are charged are less than the instant buy option.
The instant buy option on the other hand is much easier for newbies to understand. It allows you to simply input the amount of fiat currency you want to spend towards buying Shiba Inu. Based on the current market rate, the crypto exchange will then calculate the equivalent amount in Shiba Inu. There you have it; you have successfully bought the SHIB token.
4. Keeping Shiba Inu safe in your wallet
Once you have purchased the SHIB token, you may want to transfer it to a wallet of your choice. SHIB is an ERC20 token that can be stored in any wallet that is capable of storing ETH. Such wallets may include Trezor (hardware wallet) or MetaMask (browser wallet). Pls note that the Ethereum fee is very high for any transaction which can cost you up to $30 or more for transferring Shiba.
Additionally, you may be offered proprietary wallets by some crypto exchanges. You can choose to use the wallet if you like. However, you can purchase a hardware wallet or create an individual software wallet for yourself. You can transfer your Shiba Inu to any of these wallets and keep the private keys in a safe place for the highest level of protection.
The process of buying SHIB is similar to buying other digital currency listed in cryptocurrency exchanges. While buying Shiba Inu, ensure that you double-check every detail. This will prevent you from making costly mistakes.