- 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.
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Where to buy Shiba Inu
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.