How to buy Shiba Inu (SHIB) from Canada

By   |   Verified by Andrew Boyd   |   Updated 29th August 2022

  • Shiba Inu is a meme coin that seeks to be an alternative to Dogecoin.
  • Issued as an Ethereum token, SHIB has 1 quadrillion tokens outstanding, with 50% of those locked in a swap.
  • SHIB can be bought using fiat money or traded against another cryptocurrency.

Ready to buy Shiba Inu? Use our easy step-by-step guide to setting up an exchange account and buying SHIB in Canada.

Where to buy Shiba Inu

Coinberry

On Coinberry's website

Highlights

  • Register in just 60 seconds and start investing with as little as $50.
  • No CAD deposit and withdrawal fees.
  • Coinberry is insured, FINTRAC registered & PIPEDA compliant and is the only digital asset platform trusted by Canadian Government municipalities.

Pros

  • Easy sign-up process and instant verification.
  • No fees to deposit or withdraw fiat.
  • There is a $200 million crypto asset insurance.
  • Easy to use mobile app.

Cons

  • Limited choice of altcoins.
  • High trading spreads.
NDAX

On NDAX's website

Highlights

  • Get $10 when you sign up and deposit at least $100 in your account.
  • Has the lowest fees in Canada.
  • Set up recurring buys for assets like Bitcoin, Ethereum, and 18 other coins so you can invest in cryptocurrency on your own schedule.
  • NDAX holds a majority of user funds in an offline, multi-signature wallet.

Pros

  • Competitive trading fees at 0.2% for both selling and buying cryptocurrencies.
  • Get 24/7 customer support.
  • Earn by referring a friend.

Cons

  • Other exchanges have a larger choice of digital assets to trade.
  • Only available to Canadian residents
CoinSmart

On CoinSmart's website

Highlights

  • Get $20 in BTC with your first deposit.
  • Trade the major coins and popular altcoins including Dogecoin, Cardano, Solana, Polkadot, and Polygon.
  • Fund your account with Interac e-Transfer, wire transfers, credit / debit cards, or crypto with access to trade funds the same day.

Pros

  • Low trading fees.
  • Deposits are cleared within the day.
  • Supports CAD, EUR, and USD.
  • Get 24/7 customer support.

Cons

  • Limited coins.
  • Fee applies to credit card and debit card deposits.
Crypto.com

On Crypto.com's website

Crypto.com

Highlights

  • Earn up to 8.5% p.a. on your crypto, and up to 14% p.a. for stablecoins.
  • Spend with the Crypto.com Visa Card and get up to 8% back.
  • Shop with Crypto.com Pay and receive up to 10% back, paid in CRO.

Pros

  • Get access to additional features including lending, borrowing, debit cards, and more.
  • Start trading with just $1.
  • Interest-earning deposits are available.
  • There is a $2,000 referral bonus.

Cons

  • Lack of educational resources.
Coinbase

On Coinbase's website

Finty may be compensated when you click on the link.

Highlights

  • Buy and sell popular digital currencies, keep track of them in the one place.
  • Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
  • Crypto stored on Coinbase servers is covered by its insurance policy.

Pros

  • Get access to a wide variety of altcoins.
  • Start trading with as little as $2.
  • Offers Coinbase card which allows you to spend crypto anywhere.

Cons

  • Fees are higher compared to other exchanges.
Gemini Exchange

On Gemini's website

Gemini Exchange

Highlights

  • Gemini Exchange makes it simple to research the crypto market, buy bitcoin and other cryptos, and build a portfolio for the future of money.
  • Set recurring buys and dynamic price alerts.
  • All crypto held online in Gemini's exchange wallet is insured and it uses the best-in-industry cold storage coverage with leading insurance providers.

Pros

  • Suitable for both beginner and advanced traders.
  • Supports multiple fiats and cryptocurrencies.
  • You can earn interest on your cryptocurrency balances.
  • Its mobile apps are highly rated.

Cons

  • The fee structure can be expensive for both small trades and higher volume trades.
KuCoin

On KuCoin's website

Highlights

  • Safe and rapid Bitcoin purchase.
  • Multiple order types for all kinds of risk appetite.
  • Sign up and get a welcome gift.

Pros

  • Supports 600+ different coins.
  • Has low maker and taker fees, starting at 0.10%.
  • Opportunity to earn interest in your cryptocurrencies.

Cons

  • A limited choice of payment options is available.
Uphold Crypto

On Uphold's website

Uphold Crypto

Highlights

  • Invest in 110+ coins including the majors, altcoins, and stablecoins with 0% commission.
  • Ability to trade crypto against other assets like foreign currency and commodities.
  • Stake a range of coins with competitive yields.

Pros

  • Open an account in less than a minute.
  • Low deposit requirement and commission-free trading.
  • Option to trade fiat currencies and precious metals.

Cons

  • High spreads on low-liquidity assets.

Step 1: Find an exchange that sells Shiba Inu

Shiba Inu is among the most well-known altcoins. It is listed on many of the best cryptocurrency exchanges. If you're comparing exchanges, take time to check their security features and what fees are charged, e.g. the spread or trade fee, withdrawing funds, etc.

Step 2: Sign-up and get verified

After deciding where to buy Shiba Inu, you'll have to sign up for an account and verify your identity. You'll need to provide your complete name, date of birth, street address, and country of residence. A copy of your driver's licence, passport, or another government-issued ID document may be required as further proof of identity.

Step 3: Fund your account

You can transfer fiat money (CAD) from a your bank account, credit or debit card. Some exchanges also accept funds from Interac e-Transfer, PayPal, etc. The time it takes for funds to clear will vary depending on your choice.

An alternative way to fund your account is to transfer crypto you already own to your account at the exchange. It's important to check that your exchange supports the crypto before initiating the transfer.

Some exchanges may require an initial deposit while others do not. You can check this requirement on Finty.

Step 4: Set an investment budget

Shiba Inu is highly volatile and speculative. Do not use money to buy Shiba Inu unless you are comfortable with the possibility of losing it.

Step 5: Purchase Shiba Inu

Most exchanges provide an instant buy option, which is the equivalent of a market buy where you get the next available price. Limit and stop orders are available on many exchanges so you can buy defend your position and automatically place an order under specific conditions. You may also be able to set up a recurring order to buy more Shiba Inu on a regular basis and take advantage of dollar cost averaging over time.

Where to store your Shiba Inu

After you have purchased SHIB tokens, you can transfer them from your exchange wallet to a third-party hot or cold wallet.

If you want easy and fast access to your SHIB tokens, a hot wallet is a better option. However, hot wallets are more vulnerable to theft and loss from hacking and other online attacks. Cold wallets, on the other hand, are more secure as they keep your tokens offline.