How to Buy Shiba Inu (SHIB) in 2 Minutes | Step-by-Step

While SHIB enjoyed a promising start to the year, it has experienced volatility in recent times. Investors are hoping that Shibarium upgrades in 2024 will revitalize Shiba Inu and make one of the famous jumps in price the ‘meme’ coin has become known for.

In any case, there are plenty of reasons to buy Shiba Inu. For this, you will need the help of a reputable crypto investment platform, such as BYDFi. 

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What is Shiba Inu (SHIB)?

The community adopted the nickname ‘ShibArmy’ and embraced Shiba Inu, an ERC-20 token that brandished the famous meme dog as its mascot and avatar.

Shiba Inu has since grown to become a legitimate ecosystem with a decentralized token exchange ShibaSwap and two additional tokens, LEASH and BONE.

Other significant components of the SHIB ecosystem include The Shiba Incubator for Art, DoggyDAO, and the Shiba Inu Rescue operation through which the ShibArmy donates to causes for dogs worldwide, especially the namesake breed.

Furthermore, the platform has ventured into the gaming industry and non-fungible token (NFT) market. The product of this is the SHIBOSHIS project. It is made of Shiba Inu NFTs, with the ultimate goal of allowing the community to engage in token minting and trading within the Metaverse.

Where to buy Shiba Inu (SHIB)?

Despite its meme-like origins, Shiba Inu has gained significant traction in the cryptocurrency market, as evidenced by its inclusion among the top 20 cryptocurrencies based on market capitalization. This fact makes the token a popular investment asset for major exchanges.

Investors both actively trade SHIB and ‘hodl’ it in hopes of an explosive price uptake. Whichever approach you prefer, the best way to buy Shiba Inu is by using BYDFi, a popular crypto trading platform that offers:

• Over 400 different crypto assets;
• Copy trading;
• Advanced features such as pot, leveraged pairs, and perpetual with up to 150x leverage;
• A significant degree of regulation (such as MSB and FINTRAC registration for the US and Canada);
• User-friendly interface.

In addition, BYDFi adheres to strict security regulations and implements the ‘Know Your Customer’ policy, making it a safe and secure place to trade cryptocurrencies.

Now, let’s dive into the process and explain each step in detail:

How to buy Shiba Inu coin (SHIB) in 2 minutes: step-by-step

Using BYDFi, buying Shiba Inu coin is easy and can be done in as little as two minutes.

Step 1: Create a free account on BYDFi website or app

Go to the BYDFi website and click the [Get Started] button in the top right corner.

You can also use the email sign-up form that you can see in the center of the page. Provide your email address, then click the [Get Started] button.

Now you’ll get two account registration options: the first via an email address and the second via a phone number. 

Email registration:

If you opt for email registration, simply type it in and press [Send] to initiate verification. Upon doing this, BYDFi will send an email message with a six-digit verification code – copy and paste it into the field. 

You should proceed to create a login password and check the circle with the terms and conditions if you agree with them. If you have an invitation code, you can provide it as well. 

Once done, click on the orange [Get Started] button.

Mobile registration:

The process is almost the same for mobile registration, except that you provide BYDFi with a phone number instead of an email. The verification code will be sent by SMS, and the rest of the process is as described above.

You have now successfully created a BYDFi account. Let’s proceed with the process and fund it.

Step 2: Decide on the amount and buy Shiba Inu

After creating and accessing your account, it is time to transfer the funds and buy Shiba Inu.

1. Find and click the [Buy Crypto] button on the top left side of the main navigation bar. 

2. Choose SHIB as the receiving token and select the fiat currency you want to spend on it.

3. Scroll down to find payment channels and go with your preferred option. If you buy Shiba Inu with fiat currency, you have only one option: Coinify. Take note that fiat deposits are provided by third-party service providers and are not processed by BYDFi. 

4. After you click on [Buy Now], the platform will follow you through Coinify’s login process. If you don’t have a Coinify account, you will need to create it. Once you log in, type in the amount of currency you want to spend (the minimum amount is $70 or £52).

Payment options available:

• Credit or debit card purchase: It takes around 30 minutes to process. You can use this method for sums ranging from $70 to $1010 (or £60 to £850), with a 1.95% handling fee (minimum $4.99 or £4.49).

• Bank transfer: It takes 1 to 3 business days to go through. This method can be used for amounts that go from $190 to $53890 (or £160 to £42890), with a 0.5% handling fee (minimum $4.99 or £4.49).

• VIP Concierge Service: This method is Coinify’s limited service and thus won’t be covered by this guide. In short, it is for Coinify’s VIP customers and deals only in transactions involving hefty amounts of cash only.

5. Decide on the amount of fiat currency you want to buy Shiba Inu with. Transfer times will be different depending on the payment method you opt for. As for BYDFi’s part, the transaction is complete within 2-10 minutes.

Step 3: Review the fees and confirm your order

The BYDFi platform will display the fees, costs, and number of Shiba Inu tokens you will get after you confirm the order and make the transaction. 

BYDFi’s fees are straightforward and competitive – crypto spot trading fees range between 0.1% to 0.3% of the transaction, depending on the cryptocurrency you buy. They also do not charge deposit fees, only a flat withdrawal fee to cover the transaction costs. The respective crypto markets and fiat transfer services calculate the rates mentioned in each payment method.

Step 4: Set up storage

With your BYDFi account comes an online hot crypto wallet that is used to store your tokens. 

Optionally, you can keep your crypto portfolio in a ‘cold storage’ wallet. Cold wallets require physical access for transactions, ensuring an extra layer of security. 

Once you’ve secured a payment method with BYDFi, trade orders get processed within 2-10 minutes.

Shiba Inu price today

As of June 2023, Shiba Inu has been steadily declining. However, investors in the meme coin hope that with infrastructure upgrades and ecosystem improvements, the price has a chance of going up. 

The token remains volatile, however, so you should closely monitor the price trend.

Pros and cons of buying Shiba Inu

Pros

• Enthusiastic community: Despite the recent negative trends, the Shiba Inu community remains passionate and keeps the cryptocurrency afloat;
• Humble origins, great ambitions: SHIB has witnessed the evolution from a meme to one of the most tenacious altcoins on the market;
• Passive income: All three Shiba Inu tokens (SHIB, BONE, and LEASH) offer stakeholders a chance to earn an income passively;
• Ethereum-based: Shiba Inu is based on one of the leading smart contract platforms with active development;
• Widespread availability: SHIB is traded on most exchange platforms.

Cons

• Volatile: Cryptocurrencies are a volatile financial instrument and must be handled with attention;
• ERC-20 compliance: While the support of an advanced proprietary blockchain has its perks, being based on Ethereum means that Shiba Inu inherits its drawbacks and lacks development independence.

Mistakes to avoid when investing in cryptocurrencies

It is crucial to remain aware of common investing mistakes when buying SHIB. Investors often fail to:

• Do research: Piles of factors influence the crypto market, and extensive research is required to remain afloat and profit;
• Consider their budget: All token prices are volatile; Investing only what you can afford to lose;
• Watch for fraud: Frauds and scammers can be found in the crypto market. Stick with licensed platforms only;
• Take security measures: Securing your profits is almost as important as earning them. Consider using a crypto wallet;
• Think long-term: Impulsive decisions can disrupt your long-term goals. Keep on track with your investing objectives.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy Shiba Inu instantly:

All-in-One Crypto Exchange - Get Your First Coins in 2 Minutes

• Multiple Licenses - Reliable and Regulated

• Service Diversification - One-Stop Trading Platform

• Copy Trading - Get Copied, Get Paid

• Easy Deposit & Withdrawal - From Fiat to Crypto, Fast and Easy

500,000+ Users

Get Started