How to buy Shiba Inu (SHIB) from Canada

By   |   Verified by Andrew Boyd   |   Updated 15th March 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.
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.
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.
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.
Coinbase

On Coinbase's website

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.
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.
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.
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.

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.