How to Buy Shiba Inu – Beginners Guide 2024

Wondering how to buy Shiba Inu crypto? The process is simple, but you have to choose the right platform to have the smoothest experience and save money on fees.

Given that Shiba Inu was the third most googled crypto in 2021 during the bull run, it could be even more popular in the current bull run as meme prices surge. With the new projects built by the community, including the Shibarium blockchain and all the decentralized apps built on top of it, Shiba Inu is becoming a serious contender in the shitcoin realm as well. 

In this guide, we cover the best ways to buy Shiba Inu and how to safely store your coins after you buy them.

How to Buy Shiba Inu in 5 Simple Steps 

If you’re eager to buy Shiba Inu before we dive into the details, here’s how to do it with one of the leading trading platforms, MEXC:

  1. Open an account with MEXC. Visit MEXC and open an account by providing your email address, username, and password.
  2. Verify your account. Verify your account by uploading your passport copy/driver’s license.
  3. Deposit funds. You can deposit funds by choosing one of the multiple payment options supported on MEXC. Enter the amount and confirm the transaction.
  4. Buy Shiba Inu. Search for Shiba Inu through the navigation bar, enter the purchase amount, and confirm the transaction. 

Where to Buy Shiba Inu — Best SHIB Exchanges Reviewed

If you’re wondering where to buy Shiba Inu coins, know that you can do so on the best crypto exchanges, like MEXC, OKX, and Binance, among many others.

We compared some of the best crypto exchanges in terms of fees, number of cryptocurrencies offered and unique features to bring you the best options to buy Shiba Inu.

1. MEXC – Overall Best Crypto Exchange Offers 0% Spot Trading Fees

One of the biggest cryptocurrency exchanges in the world, MEXC is used by more than 10 million people worldwide. Along with Shiba Inu, MEXC offers more than 1,000 tradable cryptocurrencies. 

MEXC home

One of the reasons why MEXC is such a popular choice is due to the competitive trading fees. There are 0% fees on spot trading cryptocurrencies, and futures trading fees start from only 0.02% per transaction. 

With a minimum deposit of only $5, investors can start investing in Shiba Inu. Moreover, MEXC offers a range of features for novices and seasoned traders. Beginners can study various educational resources and access the copy trading tool on MEXC to copy the trades of more advanced traders. 

Professionals can apply up to 10x leverage on their trades and access advanced trading and customization tools on the crypto exchange. Investors can also buy and stake Shiba Inu on MEXC Savings – which offers 0.40% APRs for this particular asset.

MEXC staking

MEXC stores more than $500 million worth of investor’s funds in cold storage – protecting it from potential hacks and breaches. 

For further security, MEXC requires investors to complete a two-factor authentication (2FA) protocol while signing in. On MEXC, investors can access flexible staking options and generate high annual yields on various crypto tokens. 

The platform can be accessed through desktop, or through the mobile app via iOS and Android. MEXC also keeps in close contact with its customers through its 24/7 customer help desk. 

While MEXC is not available in the USA, users from this region can start buying $SHIB with other popular options such as Binance and Coinbase.

Pros

  • Trade Shiba Inu and 1,000+ cryptos
  • 0% fees on spot trading 
  • Access copy trading 
  • $5 minimum deposit
  • Stores $500 million worth of funds in cold storage

Cons

  • High debit card fees (2%)


Fee to buy Shiba Inu coin 0% spot trading fees
MEXC top features 0% spot trading fees, flexible staking options, educational resources
Security 2-Factor Authentication (2FA), $500 million funds stored in cold storage
Customer support 24/7 customer support available
Number of supported cryptocurrencies 1,000+
Can you stake SHIB? Yes

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. OKX — A Popular Crypto Exchange That Offers Spot and Derivatives Trading, Staking, Borrowing And NFTs

OKX is a popular crypto exchange that offers over 300 cryptocurrencies to trade, including Shiba Inu, Bitcoin, Ethereum and more. If you’re looking to simply buy crypto and hold it, you can do so on the spot market or via peer-to-peer exchange.

With a lite version of OKX’s mobile app, crypto onboarding is made simple for beginners. On top of that, you can copy successful and popular traders and learn from their trades.

Advanced traders get to use the Pro version of the app, which comes with professional charts and indicators. You also get access to derivatives trading, such as options, futures and perpetual swaps. You can also trade on a margin of up to 10x.

okx

OKX follows the maker-taker fee structure where anyone who trades below $5 million in 30-day trading volume pays a 0.08% maker and 0.1% taker fee. 

Additional OKX features include staking where you can earn up to 20% APY depending on the token and how long you stake it for. You can stake Shiba Inu for 5% APY at the moment, which is among the highest APYs you can currently get for Shiba.

Pros

  • Buy Shiba Inu and over 300 other cryptocurrencies
  • Trade crypto on margin, trade futures, options, perpetual swaps and NFTs
  • Copy trading
  • Can borrow funds with a 65% loan-to-value (LTV)
  • Can stake Shiba Inu

Cons

  • Limited customer support options
  • Not available in the US, the UK and Canada


Fee to buy Shiba Inu coin Buy Shiba Inu for a 0.08% maker and 0.1% taker fee
OKX top features Over 300 cryptocurrencies, can trade crypto futures, options, perpetual swaps and crypto on margin, can trade NFTs, advanced charts, lower fees for high-volume traders, APIs to build trading bots, a large number of cryptocurrencies to stake, can borrow against your crypto holdings, copy trading 
Security 2-Factor Authentication (2FA), funds stored in cold storage, email and phone notifications
Customer support Bot chat, email
Number of supported cryptocurrencies 300+
Can you stake SHIB? Yes with 5% APY

3. Binance — One of the Largest Crypto Exchange Globally With Over 150 Million Users Where You Can Trade Over 500 Cryptocurrencies, Futures And Options

Binance is one of the largest crypto exchanges in the world that caters to over 150 million users. That’s because it offers the most extensive suite for crypto enthusiasts, including crypto trading and peer-to-peer exchange, crypto futures and options trading as well as trading on margin.

Beginners get to use a streamlined app for buying and trading crypto. But seasoned traders get to use all the perks Binance has to offer. There’s even an API that you can use to build your own trading bots on top of the advanced charts and indicators.

There are over 500 cryptocurrencies to choose from, including Shiba Inu, Bitcoin and Ethereum.

binance

Because Binance offers a variety of crypto products, the fee structure may seem complex at first, but for spot trading, it uses the maker-taker fee structure. Users who trade less than $1 million in 30 days, get to pay a 0.1% maker fee and taker fee. You can further lower this number if you pay with BNB tokens.

With Binance, you can stake your coins for a select number of days such as 30, 60, 90 and 120. The longer you stake your coins, the higher the APY. You can also stake Shiba Inu, but the appy is very low at 0.01%.

Pros

  • Buy Shiba Inu and over 500 other cryptocurrencies
  • Trade crypto on margin, trade futures, options and NFTs
  • Advanced trading charts with Binance Pro and API for building trading bots
  • 24/7 customer support
  • One of the lowest trading fees

Cons

  • Low Shiba Inu staking APY
  • The web UI may feel overwhelming to beginners

Fee to buy Shiba Inu coin Buy Shiba Inu for a 0.1% maker/taker fee
Binance top features Over 500 cryptocurrencies, can trade crypto futures, options and crypto on margin, can trade NFTs, advanced charts, lower fees for high-volume traders, APIs to build trading bots, a large number of cryptocurrencies to stake 
Security 2-Factor Authentication (2FA), funds stored in cold storage, unusual activity monitoring, sms, email and biometrics sign in via the app
Customer support 24/7 support by email, live chat
Number of supported cryptocurrencies 500+
Can you stake SHIB? Yes with 0.01% APY

4. Coinbase — One of The Largest US Crypto Exchanges With Advanced Trading Platform, Over 290 Cryptocurrencies With Low Fees, And A Crypto Wallet 

Coinbase is one of the largest US crypto exchanges that offers a vast number of cryptocurrencies to trade, NFTs and even ENS (Ethereum Name Service) usernames via its Coinbase Wallet. 

Where Coinbase shines is its tools for seasoned traders and investors. That’s because Coinbase Pro offers advanced charts, over 250 cryptocurrencies, a maker-taker fee model, and access to APIs where you can build your own trading bots and take full advantage of the platform.

Coinbase

The maker-taker fee model for pricing favors traders who do large volumes. The way this works is you place a limit order, meaning the order is not executed until the price is reached. This comes with a cheaper fee because you are a market maker. If you execute your order based on the current market price, you pay the taker fee because you are taking that order from the market.

Being a market taker, you’ll pay between 0.05% and 0.6% fees based on volume, while the market maker fee ranges from 0.00% to 0.40%. So if you buy Shiba Inu with a market order, you will pay the taker fee, which is higher. But if you buy Shiba with a limit order, you would pay less in fees, since you are market-making.

With Coinbase, you can stake 68 cryptocurrencies with an annual percentage yield (APY) of up to 10% depending on the crypto. Unfortunately, you can’t stake Shiba Inu at Coinbase yet. 

Pros

  • Buy Shiba Inu and over 290 other cryptocurrencies
  • Crypto wallet for cryptocurrencies and NFTs
  • Advanced trading charts and API for building trading bots
  • FDIC insurance protection of up to $250,000 per customer
  • Low trading fees

Cons

  • Fee structure may seem complex
  • High staking fee commissions

Fee to buy Shiba Inu coin Buy Shiba Inu with varying fees based on the amount and the type of order you place;

Buying anywhere between $0 and $10K will cost either 0.4% or 0.6% depending on whether it’s a market or limit order

Coinbase top features Over 290 cryptocurrencies, can trade NFTs, advanced charts, lower fees for high-volume traders, APIs to build trading bots, up to $250,000 in FDIC insurance per customer, publicly traded company in the US
Security 2-Factor Authentication (2FA), multi-approval withdrawals, Coinbase monitors third-party data breaches and darknet markets to secure your login credentials, security notification and security prompts
Customer support Phone, email, live chat
Number of supported cryptocurrencies 290+
Can you stake SHIB? No

5. Kraken — A Leading Crypto Exchange for Beginners And Seasoned Traders Where You Can Trade Crypto on Margin, NFTs And Futures 

Kraken is one of the most popular crypto exchanges globally with over 190 supported countries. You get to trade over 230 cryptocurrencies as well as crypto futures. Should you want to increase your potential reward, you can trade on margin with up to 5x leverage. This also makes it riskier, though.

Beginners can quickly learn how to trade with a vast library of resources through a user-friendly app available for Android and iOS devices. Seasoned traders would probably get the most out of it via Kraken Pro. This second platform comes with advanced charts and APIs for building trading bots.

Kraken

Kraken uses the maker-taker fee model where traders who do large 30-day trading volumes benefit from paying the lowest fees. Depending on the amount you trade each month, you can pay anywhere from 0.00% to 0.16% for market making and between 0.04% and 0.26% for market taking.

This means that if you want to buy Shiba Inu by setting limit orders at a certain price and it gets filled, you pay the lower, market maker fee because you are “making the market”. If you trade with market orders, meaning you take the order from the market makers, you pay the taker fee.

Kraken lets you stake your coins to earn an APY of up to 24%, but you can only stake 12 coins and Shiba Inu isn’t one of them. 

Pros

  • Buy Shiba Inu and over 230 other cryptocurrencies
  • Trade crypto on margin, NFTs and over 100 crypto futures contracts
  • Advanced trading charts with Kraken Pro and API for building trading bots
  • Excellent 24/7 customer support
  • One of the lowest trading fees

Cons

  • Low selection of cryptocurrencies to stake
  • 2% NFT transaction fee


Fee to buy Shiba Inu coin Buy Shiba Inu with varying fees based on the amount and the type of order you place;

Buying anywhere between $0 and $50K will cost either 0.16% or 0.26% depending on whether it’s a market or limit order

Kraken top features Over 230 cryptocurrencies, can trade crypto futures and crypto on margin, can trade NFTs, advanced charts, lower fees for high-volume traders, APIs to build trading bots, OTC desk for high-volume traders 
Security 2-Factor Authentication (2FA), bug bounty program, email confirmations for withdrawals, real-time monitoring for suspicious activity
Customer support 24/7 support by email, live chat, phone
Number of supported cryptocurrencies 230+
Can you stake SHIB? No

How We Ranked the Best Places to Buy Shiba Inu

To help you answer the question of where to buy Shiba Inu crypto, we compared multiple exchanges in terms of fees, regulation, and other features.

Fees to Buy Shiba Inu

Paying fees is one of the most important factors you should consider when choosing the best crypto exchange or trading platform. That’s because fees will affect your overall return on investment, especially if you frequently trade cryptocurrencies.

There are three types of fees you should compare between platforms:

  • Deposit fees
  • Trading fees
  • Withdrawal fees

Here’s how that would work when we compare Coinbase and MEXC:

  • MEXC has no deposit fees, charges a 0% spot trading fee, and a small withdrawal fee.
  • Coinbase has no deposit and withdrawal fees for an ACH transfer, but since not everyone can use this feature, we’ll take the $10 deposit fee and $25 withdrawal fee for wire transfers, which is globally available. Buying Shiba would cost you 0.6% if you bought in with a market order.

Regulation

The crypto space is globally unregulated. This doesn’t mean it’s not safe to buy Shiba Inu or any other cryptocurrency. In fact, you can easily buy your crypto from most exchanges and trading platforms and then withdraw your coins and tokens into your own crypto wallet, such as MetaMask.

Some crypto trading platforms, though, own licenses to operate in select countries or jurisdictions or are regulated for some assets on their platform. For example, Coinbase owns licenses for nearly every US state as well as in Germany, the UK, Australia, and Ireland. Coinbase also has FDIC insurance of up to $250,000 per individual client, which is rare in the crypto space.

Other Crypto Exchange Features

If you simply want to buy Shiba Inu and hold it, that’s fine. But if you want to do other things with your holdings or trade other crypto assets, you can do so with some of the best crypto exchanges.

For example, exchanges like Binance and OKX let you stake your Shiba Inu, meaning you can lock them up for a certain period of time and earn more Shiba Inu coins as a reward. However, by doing so, you are at risk of losing your crypto if the exchange goes under.

shiba stake

Other features include borrowing stablecoins by using your crypto as collateral. This is a feature offered by OKX. Coinbase used to offer lending and borrowing in the past but has halted it for now.

Investors who want to have their crypto portfolio managed by other traders can do so with the copy trading features of OKX.

The Basics of Buying Shiba Inu 

Buying Shiba Inu is similar to purchasing other cryptocurrencies. You need to choose a reputable crypto exchange or a trading platform, such as MEXC, Coinbase or OKX, that lists SHIB and then deposit money in your account.

Typically, you will need to go through a know-your-customer (KYC) process to be able to withdraw your tokens.

Once your account is funded, you have to find the cryptocurrency pair with SHIB. If it’s not available to directly buy with USD, you would have to grab a stablecoin like USDT to exchange it for SHIB.

When you have the amount of Shiba Inu you want, you may consider staking it to earn even more, or you can withdraw it to your personal wallet and hold it there until the time comes to sell it.

Keep in mind that prices can fluctuate significantly in short periods due to market sentiment, news, and social media trends. Make sure to do your own due diligence and research before diving into any cryptocurrency investment.

What is Shiba Inu?

Shiba Inu (SHIB) is a meme crypto coin created in August 2020 by an anonymous individual or group known as Ryoshi. The coin was inspired by the Shiba Inu dog breed from Japan. It was also probably inspired by the success of Dogecoin, which is another Shiba Inu-inspired meme coin. 

This is the second most popular meme coin, behind Dogecoin, with a market cap of $19 billion. That’s a larger market cap than coins like Monero, Avalanche, Arbitrum, and NEAR and places it firmly in the top ten cryptocurrencies.

list of top ten cryptos on coinmarketcap

SHIB is built on the Ethereum blockchain, meaning you need an ERC-20 compatible crypto wallet, like MetaMask, to hold your SHIB tokens. 

Recently, Shiba Inu has moved away from the meme coin status and started to expand its ecosystem by adding additional tokens like LEASH and BONE. The latter is the governance token that will give voting rights to its holders within the Doggy DAO, while the LEASH is a token to give benefits and exclusive perks to the ecosystem supporters.

Shiba Inu Uses 

Shiba Inu has grown from a meme coin to a full Ethereum-based ecosystem. It continues to evolve, and its adoption and utility are expected to grow in the coming years. However, these are the current use cases of Shiba Inu:

Utility Token Within the Ecosystem

SHIB is primarily utilized as a utility token for various activities and services, including peer-to-peer digital payments. Additionally, SHIB can be used as a payment method with businesses that accept it, like Newegg.

In the upcoming metaverse within the Shiba Inu ecosystem, SHIB will be used as a payment method when adding pictures on your land plots, renaming your land plots, leasing HUBs, and more. Each time you use SHIB within the metaverse to pay for any of these actions, those SHIB tokens will be burned.

shib tokens

The ecosystem’s other tokens are the LEASH, which gives exclusive perks to holders, and BONE, which is the governance token that gives BONE holders voting rights over the Shiba Inu DAO. BONE is also the token used to pay for gas transactions and to reward the SHIB, LEASH, and BONE token stakers.

Shibarium Ecosystem

The Shiba Inu community has built the Shibarium, which is an Ethereum Layer 2 blockchain network, aiming to turn Shiba Inu into a complete crypto ecosystem with lower transaction fees and faster transaction throughput.

Adding the Shibarium has paved the way for building a decentralized exchange, a metaverse, and a Web3 game. Some of the completed projects include:

  • ShibaSwap is Shiba Inu’s decentralized exchange where you can buy the ecosystem tokens or swap any other ERC-20 token.
  • Shiboshis NFT collection of 10,000 Shiba Inu pixelated dogs is live on Ethereum and you can buy them on OpenSea.
  • DIG function is ShibaSwap’s liquidity pool where users can yield farm or create their own liquidity pools.
  • BURY staking mechanics lets you stake your Shiba Inu ecosystem tokens (SHIB, LEASH and BONE) to earn yield in the form of BONE tokens.

shibaswap

Is Shiba Inu a Good Investment?

While Shiba Inu has grown in popularity within the meme token space and it showed its potential for growth, it’s still a speculative investment. For comparison, Bitcoin is considered a store of value and Ethereum is considered the best blockchain for decentralized finance. Shiba has just started to build on top of Ethereum and has a lot to prove going forward.

Speculative Nature of Crypto

Most cryptocurrencies are considered to be highly speculative as they aren’t company stocks that produce value. This means token prices are often driven by market sentiment, news, and macroeconomic factors. This is what makes Shiba Inu a high-risk/high-reward investment, though.

shiba inu price chart

Currently, SHIB trades at $0.00003511, a 59% discount from its peak price of 0.00008845. However, the price of SHIBA has jumped almost 300% in the past month and continues to rise. Keep in mind, there’s no guarantee that SHIB will ever return to its peak prices, but the current meme coin surge has some predicting another 300% surge

Competitive Edge

Shiba Inu is widely considered to be a meme coin, which to some extent it is, but it recently proved it can be more than that. With a growing ecosystem with a full-fledged layer 2 blockchain, Shiba Inu can be one of the leading meme coins in the current bull market.

That’s because, on the Shibarium blockchain, you can swap tokens, yield farm with liquidity pools, stake your SHIB to earn BONE, play games, and build your land plots in the Shiba metaverse.

No other meme token can boast that. If the meme token community and the Shiba Inu supporters can rally behind this ecosystem, Shiba Inu could be a good investment for the next bull run.

shib metaverse

Consider Your Investment Time Frame

When considering whether to invest in Shiba Inu, you have to have a time frame in mind. If you plan to hold SHIB tokens for the short term, know that the price is likely to be influenced by market news as well as Elon Musk tweets, which are known to move crypto markets.

Another huge factor in the short term is interest rates, which directly affect crypto prices. High interest rates make borrowing money to invest in riskier assets expensive. It also makes bonds a better alternative for large investors. The first interest rate cut is forecasted by Goldman Sachs analysts to happen in Q2 of 2024. This could mean now is a great time to invest in Shiba.

What is the Cheapest Way to Buy Shiba Inu?

If you’re wondering “how to buy Shiba Inu” in the cheapest possible way, you have to consider how many steps you are willing to take. Typically, the fastest way to buy SHIB is often the most expensive one.

For example, you can buy SHIB directly via credit card from centralized exchanges like Binance and Kraken. This comes with the highest fees of up to 3% or more, meaning for a $100 worth of SHIB purchase, you would pay $3 or more in fees.

How to Buy Shiba Inu Coin With Credit Card

Learning how to buy SHIB is a straightforward process that goes like this:

  1. Open an account with an exchange that accepts direct credit card purchases, such as Binance.
  2. Select deposit and choose a credit or a debit card.
  3. Select SHIB from the list of tokens.
  4. Enter the amount you wish to spend with a minimum of $15.
  5. Buy SHIB with the tap of a button. You may be prompted to enter an SMS code for confirmation.

shiba binance

But the question is “Where can I buy Shiba Inu coin cheapest?” First, find a cryptocurrency exchange where you can deposit fiat currency like USD or EUR without fees, such as MEXC deposits or Coinbase ACH deposits.

This means your $100 deposit will be ready to purchase SHIB right away. Next to consider are fees for buying the coins. Typically, maker-taker fee models are cheaper in the long run. For example, Binance has one of the lowest maker-taker fees of 0.1%, meaning you can buy directly from the spot market or set up a limit order and you will pay the same fees.

Other exchanges like Kraken or Coinbase have slightly cheaper maker fees, meaning you set your SHIB buy order with a limit price and wait for it to be executed.

Another alternative is to buy a stablecoin, such as USDC or USDT and move it to your crypto wallet, such as MetaMask. You can then swap your stablecoins for SHIB tokens within MetaMask.

MetaMask pulls the quotes from multiple Ethereum decentralized exchanges, but if you prefer you can swap directly on such exchanges, such as Uniswap. All you have to do is connect your Ethereum wallet, set the currency you want to swap for SHIB and select Swap.

uniswap

However, to get to a decentralized exchange, you have to go through a centralized exchange first.

Here’s how the best crypto exchanges compare in terms of fees.

Platform Regulation Minimum Deposit Fees Number of Coins
MEXC Licensed in US, Estonia, Switzerland, and Canada $5 0% spot trading fees, 0.02% taker fees for futures trading 1,000+
OKX Regulated in the Bahamas No limits Market taker fee of 0.1%, market maker fee of 0.08% 300+
Binance Licensed in most US states, Europe, Middle East, Australia, Indonesia, New Zealand, Japan, Thailand, Mexico, South Africa $10 Maker-taker fee of 0.1% for up to $1 million in transactions within a 30-day period, fee lower for larger volumes than that 500+
Coinbase Licensed in most US states, Europe, UK and Canada $2 to $50 depending on payment method Market taker fee of 0.05% to 0.6% based on volume; market maker fee of 0.00% to 0.40% 290+
Kraken Licensed in most US states, Canada, Europe, UK, Australia and the Middle East  $4 to $150 depending on deposit method and country Market taker fee of 0.04% to 0.26% based on volume; market maker fee of 0.00% to 0.16% 230+

Is Investing in Shiba Inu Safe & Legal?

To address the issue of safety and legality of Shiba Inu, it’s essential to dissect the regulatory landscape surrounding cryptocurrencies and the inherent risks associated with Shiba Inu.

Regulatory Landscape

Cryptocurrencies, including Shiba Inu, aren’t regulated yet. In many countries, buying, selling, and holding cryptocurrencies is legal, provided investors pay their taxes and adhere to anti-money laundering regulations.

However, some countries have imposed partial or complete bans on cryptocurrency trading and investing because of concerns over financial stability, illicit activities, and the lack of centralized control.

On the other hand, in countries such as El Salvador, Bitcoin is legal tender, meaning you can buy pretty much anything anywhere in the country with Bitcoin.

Before investing in Shiba Inu, you should familiarize yourself with the regulations of your own country to make sure you’re compliant with local laws.

Safety Concerns and Market Volatility

Similar to all cryptocurrencies, Shiba Inu is affected by market volatility. There can be significant fluctuations within short time frames due to market sentiment, news, or crypto market dynamics.

This volatility can provide substantial gains, but it also carries the risk of significant losses as well. Because of that, you should never invest more than you are willing to lose.

Additional risks come in the form of scams and fraud, which are rampant in the crypto industry. Luckily, crypto crime was down 65% last year. Despite that, you still exercise caution when dealing with NFT giveaways and offers that seem too good to be true.

How to Protect Your Shiba Inu Coins

The best way to protect your crypto assets is to get a hardware wallet like Ledger or Trezor. 

Which is the Best Shiba Inu Wallet?

The only self-custodial wallet that can store your Shiba Inu coins is an Ethereum-based wallet like MetaMask or similar alternatives. This means you have to install a browser extension and create a new crypto wallet. Make sure to write down your seed phrase on a piece of paper and store it somewhere safe because if you lose it, you won’t be able to recover your in-wallet assets.

However, if you frequently plan to stake your SHIB or trade them with leverage, then storing your tokens inside a centralized exchange like Binance or Kraken could be the best way. Note: if the exchange collapses, you will lose all the coins you have on the platform. Coinbase is the only crypto exchange that has FDIC insurance of up to $250,000 per person, meaning if Coinbase goes bankrupt, you can get your funds up to $250,000 back.

Hardware wallets like Ledger and Trezor are some of the best crypto wallets for storing your coins safely. That’s because they keep your seed phrase encrypted in an offline USB device, which you can unlock with a PIN number. What’s more, every transaction has to be approved by physically pressing the buttons on the device, meaning scammers won’t be able to steal your funds unless you approve the transaction.

Avoid Phishing Attempts

Hardware wallets can only do so much if you don’t protect your funds. This means never visiting unknown links and connecting your wallet there. If you visit a fake link, connect your wallet, and approve the transaction — for example, to “earn” a free NFT mint or get token airdrops — your funds will be gone in an instant.

For that, use a burner wallet. These are one-use wallets you can create within MetaMask or other crypto wallets where you put like $1 inside and use it to connect to websites. If the website is legit, you can connect with your real wallet or move the necessary funds inside the burner wallet. If it’s a fake website, the scammers can only steal $1.

How to Buy Shiba Inu – Detailed Tutorial

If you ask yourself how to buy SHIB, know that it’s a simple process. Here’s how that would look if you chose MEXC.

Step 1. Open a MEXC Account

Visit MEXC’s website and sign in by either connecting your MetaMask wallet or logging in by connecting your Google account. Enter your email address and phone number to continue. 

MEXC register

Step 2. Verify Your Account

Verify your identity by uploading a few documents. You will be required to upload a passport copy and driver’s license on MEXC. The verification can take up to 24 hours.

MEXC verification

Step 3. Fund Your Account

Now that you have completed your profile proceed to deposit funds. MEXC supports multiple payment options including SEPA transfers, credit cards, SWIFT, and third-party payment services such as Banxa. 

Select your payment method, enter the deposit amount, and confirm the transaction.

Step 4. Buy Shiba Inu

On the navigation bar, type ‘SHIB/USD’ to access the spot trading market and hit ‘Enter.’ Now, you can start filling in the purchase details in the order box. Enter the purchase amount, and select the buy option to confirm the transaction.

Conclusion

Shiba Inu is a meme coin that has slowly grown into an Ethereum layer 2 blockchain with its own token swap application, as well as dApps for staking, liquidity farming, and more. It’s important to do your own research, understand the risks involved, and have a clear investment strategy before diving in.

Once you’re ready to buy SHIB, choose a reputable trading platform, such as MEXC, and buy the amount you want.

76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

References

FAQs

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Kliment Dukovski
Editor

Kliment Dukovski is a cryptocurrency and investments writer. He's written over 1,000 articles to help readers understand complex crypto and investment subjects, as well as to find the best cryptocurrency products to meet their needs. His expert commentary has been featured in Fox Business, MSN Money and MediaFeed.