The Shiba Inu (SHIB) cryptocurrency has been presented as a competing rival to Dogecoin (DOGE) and stands out within the market due to zero financial claims within the coin by its creators. This represents a lack of personal investment, which also means a lack of personal profit from the success of the client. This means that Shiba Inu’s success in the crypto market represents its own benefits and advantages, unaffected by profiteering or twisted facts.
The goal of Shiba Inu is to use the ERC-20 tokens it represents on the Ethereum platform to craft a truly independent, decentralized, and altruistic currency with zero central authority and proper, equal access to each and every user.
How to Buy Shiba Inu (SHIB) in Canada and Other Countries?
When looking for crypto to buy Canada Shiba Inu is one of the top choices and can be found across several top-rated exchanges for crypto on the market. Prices are usually quite affordable and can allow for a decent, worthwhile investment.
6 Tips to Buy Shiba Inu (SHIB) from Crypto Exchanges
Like all cryptocurrencies, Shiba Inu (SHIB) is usually found and purchased on specialized marketplaces called cryptocurrency exchanges, as they allow you to sell and trade coins similar to the stock market. Here are the following steps to follow when looking to purchase Shiba Inu.
1. Compare the platforms available
Most cryptocurrency exchanges offer little difference in the services they have available. That being said, most will readily outline the scope of their services, the number and variety of coins being offered, and their costs and fees (though this last one might take a little digging).
You’ll need to compare different aspects such as their level of customer service, ease of use, accessibility, and more to decide on the best platform to use for your crypto trading needs.
2. Select the exchange and create an account
Usually, you’ll need an email address to create and utilize an account on Shiba Inu, and will also usually require photo identification and your phone number for proof of identity. Ensure you have access to these when opening your account.
3. Verify your identity
As mentioned in the earlier step, many platforms will ask you to verify your identity using your details before you can start buying coins on their platform. This process, known as Known Your Customer (KYC), is utilized to ensure that you’re accountable for your activities on the platform.
You will likely need to provide proof of your finances as well, such as your utility bill, bank statement, or pay stubs to confirm your address and other details. This is an important step if you wish to convert your coins back to a currency of your choice within your own bank account.
With developing technology, the use of two-factor authentication (2FA) is also recommended to ensure your transactions are protected and to prevent losses if your account is hacked.
4. Deposit funds
After account creation, there are several avenues to consider through which you’ll transfer your own money into your exchange to start trading. Depending on the regulations in your country and the accepted forms of payment by the exchange, you can select from the following options.
● Credit or debit card: You can link your credit card for easy, quick access to funds, though keep in mind that it usually comes with additional charges for convenience. Some exchanges will allow for instant or recurring payments to be processed as well.
● Bank account: You’ll directly transfer your funds from your bank to the exchange. While these exchanges won’t usually cost you, some exchanges might charge their own premium.
● Cryptocurrency: If you aren’t a first-time investor and have some cryptocurrency lying around, such as Bitcoin, you can use it to purchase Shiba Inu tokens as well. However, like any exchange, the rates for exchange will vary depending on what has been set.
5. Buy Coin such as Shiba Inu
You’re now set to purchase crypto-like Shiba Inu without any issues. Some crypto exchanges will offer a feature to instantly purchase coins based on your available amounts. You can select your price and immediately purchase a coin if it dips or increases to that level.
While this does automate the process, it’s often best to manually oversee and make your transactions for the most benefits. Evaluating the market and what the conditions are like is a good idea, since it can help you decide if now is an ideal time to buy, sell, or wait.
6. Storing your SHIB
You can keep your SHIB on the exchange you purchased it on or move it to a personal wallet.
How Can Investors Store Shiba Inu (SHIB) Crypto Coin?
There are several ways available when it comes to storing cryptocurrency tokens such as Shiba Inu.
One of the simplest methods to maintain your tokens in your account is with the cryptocurrency exchange. Most of these accounts will preserve around 95% of your balance without any issues, but it’s not always a good idea to leave your coins in a live trading environment like the exchange. The real issue comes down to security, as the possibility of getting hacked or having your credentials compromised is always a potential issue, especially if you haven’t set up 2FA yet.
Alternatively, you can consider utilizing a personal cryptocurrency wallet for your digital assets. It’s usually much safer and less complicated to keep your coins in a wallet that’s off the exchange market. Even though there’s little to be offered in terms of safety or benefit, there’s still less risk involved than leaving it in a hot environment like the exchange.
Do your research to find the best cryptocurrency wallet for your needs. There are several different features that might appeal to you on an individual basis.
Shiba Inu tokens are a great method of investment within the crypto market and it’s highly recommended that you take the plunge and start investing after doing the appropriate amount of research and preparation. With a little luck and business savvy, you can buy Shiba Inu to make significant profits in no time.