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| How to Buy Shiba Inu Coin (photo: www.analyticinsight.net) |
To purchase SHIB on a centralized exchange, you first need to sign up for an account or sign in if you already have one. If you haven't already completed the KYC process to buy cryptocurrencies, you will need to do so. This process usually takes a few minutes and can be found by hovering over the account icon in the top right corner of the Binance home page and clicking on "Identification."
Once you have completed the KYC process, navigate to the page for buying cryptocurrencies such as USDT, USDC, or DOGE. If a direct fiat currency pair is available, you can skip this step. You can buy cryptocurrency using various payment options such as credit/debit card, bank transfer, or other options provided by the exchange.
To make a purchase, you need to input the amount you want to spend either in fiat currency or cryptocurrency. Then, select your preferred payment method and check any disclaimer buttons or boxes before hitting confirm. The payment process will then be completed, and the purchased amount should become accessible in your wallet within a few minutes, depending on the payment method and exchange guidelines.
If you funded your account with fiat currency, such as U.S. dollars (USD), it may take one to five business days before the funds are credited. After that, you will still need to exchange your balance for SHIB. To do this, go to the "Markets" section of your exchange, find the SHIB/USD (or SHIB-other currency pair), and select the "Trade" option. On Binance, clicking this button will take you to the exchange interface, where you will be guided through the process of placing a trade via the order book system.
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Where to buy shiba inu coin on decentralized exchanges
There are two primary decentralized exchanges where you can purchase shiba inu coins. The first is the ShibaSwap platform, which is the native decentralized exchange of shiba inu coin. The second is Uniswap, a popular Ethereum-based automated crypto exchange.
If you want to buy shiba inu coin on the ShibaSwap platform, you will need to connect your Ethereum-based wallet by clicking on the "Connect wallet" option in the top right corner (indicated by a red arrow). There are three wallet options available (indicated by white arrows).
How to buy shiba inu coin on ShibaSwap
To purchase shiba inu coin on the ShibaSwap platform, you need to connect your Ethereum-based wallet by clicking on the "Connect wallet" option in the top right corner (indicated by a red arrow). There are three wallet options available: Metamask, Wallet Connect, and Coinbase Wallet (indicated by white arrows).
Once you have connected your wallet, you can navigate to the "Trade" section of the platform and search for the SHIB token. Next, select the token pair you want to trade with SHIB and input the amount you wish to buy. Finally, click on the "Swap" button, confirm the transaction details, and sign the transaction using your wallet.
After the transaction is confirmed on the Ethereum blockchain, the purchased amount of shiba inu coin should be accessible in your wallet.
As Metamask is the most widely used wallet, we will use it as an example. If you have not already done so, you will need to download Metamask by visiting the official website and clicking on the "download now" button. The version you download will depend on your operating system or browser.
Once you have downloaded Metamask, you will need to create a password and fund your wallet with ether, the native cryptocurrency of the Ethereum blockchain. To purchase ether, you can click on the "buy" button within the Metamask wallet. This will direct you to a page with various options for purchasing ether using your credit or debit card.
After funding your Metamask wallet with ether, you can swap it for shiba inu coin (SHIB) on ShibaSwap. To begin, return to the ShibaSwap website and locate the “Swap” tile on the lower left-hand side of the homepage. Click on it to access the decentralized swap feature of the platform. In the top box, select “ETH” and then search for “shiba inu coin” and select it for the second box. Next, decide on the number of SHIB tokens you want to receive in exchange for your ether, and check the fees. Finally, click the “swap” button to complete the transaction.
The SHIB tokens will now appear in your Metamask wallet.
How to buy shiba inu coin on Uniswap
Buying SHIB token on Uniswap is similar to purchasing it via ShibaSwap. First, you need to visit the official Uniswap website and click the “launch app” button in the top right-hand corner. Then, you will have to connect your wallet in the same way as mentioned earlier.
Uniswap supports a wider range of Ethereum-based wallets than ShibaSwap. In addition to the three wallets mentioned above for ShibaSwap, you can also connect Fortmatic wallet and Portis wallet.
After connecting your wallet, you’ll need to search for the SHIB token option in the second box, just as before. In some cases, you may need to import the token if it is not already on the list. However, it is important to ensure that you import the correct token and not a fake one. Here is the correct contract address for shiba inu coin, as provided by Coinmarketcap:
0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
After ensuring that you have imported the accurate shiba inu coin, you can select the amount of ether you wish to exchange for SHIB and finalize the transaction. The newly purchased tokens will be visible in your Metamask wallet in a matter of minutes.
How to buy shiba inu coin on mobile devices
To buy shiba inu coin (SHIB) on mobile devices, you will need to create an account on a mobile trading app or visit the mobile-optimized version of a trading platform and complete any necessary KYC procedures. Additionally, you will need to follow these steps:
1. Download the mobile app of the exchange you want to use. Alternatively, you can visit the mobile-optimized version of a trading platform.
2. Set a password and write down the seed/recovery phrase on paper. It is essential to avoid making a digital copy. In case of loss or theft of your mobile phone, you'll need the seed/recovery phrase to transfer your account onto a new device.
Here is a list of some of the popular mobile trading apps that support shiba inu coin trading:
- Crypto.com
- Coinbase
- Binance
- eToroX
- OKEx
- Huobi Global
- MEXC Global
- KuCoin
Acquiring SHIB in New York can be challenging as the state is known for its stringent crypto regulations, and local residents are often limited from investing in digital assets or new ventures. Additionally, crypto companies operating in New York must obtain a particular license, and only a few have been granted over the years. Nevertheless, New York residents can legally buy SHIB through certain channels. For instance, Coinbase recently enabled New York residents to purchase shiba inu coin on its licensed platform.
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source: https://www.coindesk.com
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