How to Buy Shiba Inu Coin
By Lesia Dubenko 1820 9 Sept 2022
Buy Shiba Inu: A step-by-step guide to buying SHIB
Buying a new coin is always exciting, especially if it is a meme coin like Shiba Inu (SHIB), which uses a cute dog as its emblem.
Whether you’re new to the game or simply interested in new buying options, this article will guide you through the process.
Step 1 Make sure you assess the risks in advance
Meme coins are prone to serious market fluctuations. Because their value is usually low, it often leads to high losses. Accordingly, it is paramount that you only invest an amount that you are comfortable with potentially losing.
Under no circumstances should you spend all your savings. It is simply a bad idea.
Step 2 Check your credit card
Most of the time you will need a credit card to purchase coins, so make sure that yours has enough funds on the account and top it up in advance.
Step 3 Choose the platform where you want to buy the coin
There are many platforms online that allow you to purchase crypto, however, not all of them feature meme coins, including Shiba Inu. This is the case, for example, with PayPal where you can only buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Most large exchanges like Coinbase, WhiteBit, Kraken, and others allow users to do so in the blink of an eye so choose the one that works for you and do it via browser or app.
Step 4 Be ready for your Know Your Customer check
If you choose to buy Shiba Inu via an exchange, make sure that you have some sort of ID on your hands as most reputable exchanges require a KYC for verifying and enabling your account.
Don’t worry, the process is fast, so you won’t have to wait for long.
You will also need to provide the exchange with your bank details before purchasing crypto or stablecoins so make sure that you have those details at hand.
Step 5 Start trading
Most of the time, exchanges offer simple and intuitive interfaces. In order to buy Shiba Inu, just hit the search button and type the SHIB inquiry. You will see different pairs that a specific exchange offers to its users.
For example, the WhiteBit exchange offers its customers to buy Shiba Inu with USD, euros, the Ukrainian hryvnia, and the USDT stablecoin. Choose the preferred pair and type in the amount you want to buy.
Depending on what type of order you wish to make, your choices include limit, market, stop-limit, stop-market, conditional-limit, and conditional-market. The differences between these options go beyond the scope of this article, however, it is worth keeping in mind that the market option is the fastest way to purchase coins unless you are pursuing other goals.
Step 6 Don’t check the market too often
All good investors know that once you’ve bought into something, there is no use checking the market every five minutes. It will fluctuate, and you will not always be in the black, which is why you need to invest only the amount that you are truly comfortable with so that you focus on other things in the meantime.
In trading, the key to success is to be patient and nonchalant.