Quick answer: To buy Shiba Inu (SHIB), choose a reputable exchange, create and verify your account, deposit funds, navigate to the SHIB trading pair, place a buy order, and store your SHIB securely.
- Choose a reputable exchange that supports SHIB trading.
- Complete account verification to access full features.
- Double-check wallet addresses and network details.
- Store SHIB in a secure, non-custodial wallet if holding long-term.
- Start with a small test transaction to ensure everything works.
Before you start
- A government-issued ID for account verification.
- A secure internet connection.
- A funded bank account, credit/debit card, or crypto wallet.
- A device with a camera for ID verification (if needed).
- A non-custodial wallet for SHIB storage (optional but recommended).
How to Buy Shiba Inu (SHIB): step by step
1. Choose a cryptocurrency exchange
Select a reputable exchange that supports SHIB trading, such as Binance, Coinbase, or Crypto.com. Consider factors like fees, security, and user experience. Check if the exchange operates in your region and supports your preferred payment method.
2. Create and verify your account
Sign up for an account on your chosen exchange. Provide your email, create a strong password, and complete any required identity verification. This typically involves uploading a government-issued ID and sometimes a selfie. Verification may take minutes to days depending on the platform.
3. Deposit funds
Deposit your preferred currency into your exchange account. Options usually include bank transfers, credit/debit cards, or other cryptocurrencies. Be aware of deposit fees and processing times, which vary by method and exchange.
4. Navigate to the SHIB trading pair
Once your funds are available, go to the exchange’s trading section. Search for the SHIB trading pair, such as SHIB/USDT or SHIB/BTC, depending on what you deposited. Ensure you are on the correct trading pair to avoid mistakes.
5. Place a buy order
Enter the amount of SHIB you want to buy or the amount of your deposited currency you want to spend. Choose between a market order (instant but may have slippage) or a limit order (specify the price). Confirm the order details and execute the trade.
6. Withdraw SHIB to a non-custodial wallet (optional)
For enhanced security, consider withdrawing your SHIB to a non-custodial wallet. Set up a wallet like MetaMask or Trust Wallet, copy the SHIB wallet address, and initiate a withdrawal from the exchange. Double-check the address and network before confirming.
7. Verify your transaction
After withdrawal, check your wallet to ensure the SHIB has arrived. Transactions may take minutes to hours depending on network congestion. Keep your wallet information secure and never share your seed phrase.
Fees and how long it takes
Exchange fees typically range from 0.1% to 1% per trade, depending on the platform and your trading volume. Deposit fees vary by method, with bank transfers often cheaper than card payments. Network fees apply when withdrawing crypto to a wallet, fluctuating with network congestion.
Transaction times depend on the exchange’s processing speed and blockchain network congestion. Deposits and withdrawals can take from a few minutes to several hours. Market orders execute instantly, while limit orders may take time to fill depending on price conditions.
Tips to avoid mistakes
- Start with a small transaction to ensure everything works smoothly before making larger purchases.
- Enable two-factor authentication (2FA) on your exchange account for added security.
- Check the current SHIB price and market conditions before placing your order.
- Consider using limit orders to avoid buying at a higher price than intended during volatility.
- Keep your wallet and exchange account information secure and private.
Stay safe
- Never share your wallet’s private keys or seed phrase with anyone.
- Double-check wallet addresses and network details before confirming transactions.
- Be aware of phishing scams and only use official exchange websites and apps.
- Keep your devices and software updated to protect against vulnerabilities.
- Consider using a hardware wallet for long-term storage of larger amounts of SHIB.
If something goes wrong
Transaction not showing up — Wait for the transaction to be confirmed on the blockchain. Check the transaction hash on a blockchain explorer for status.
Withdrawal address error — Contact the exchange’s support immediately if you sent SHIB to the wrong address. Recovery is unlikely, so always double-check addresses.
Insufficient funds for fees — Ensure you have enough balance to cover both the transaction amount and network fees. Add more funds if necessary.
Account verification delay — Be patient and provide any additional information requested by the exchange. Consider using a different platform if the delay is excessive.
Doing this as part of trading, income, or a disposal? See how it may be taxed in Tax by country and the taxable-events section — information, not advice.
