Simple Ways to Purchase Shiba Inu (SHIB)

Shiba Inui is one of the popular meme coins inspired by the lovely breed of dog and it has received attention from both old and new cryptocurrency investors. You must have been looking for an answer to how to buy SHIB in case you want to join the SHIB army – this guide explains it very simply for its readers.

Understanding Shiba Inu

Essentialy, one has to have the basic understanding of SHIBU before starting the purchasing process. Shiba Inu is an ERC-20 token, the latest from an Ethereum token to be launched in the market since August 2020. The native currency supports the entire operation of the Shiba Inu ecosystem, which comprises a decentralized exchange called ShibaSwap and an incubator for NFT art projects. Take into account the price of SHIB; it’s highly volatile, so make sure to do your own research and understand the risky nature of cryptocurrency investments before purchasing.

Choosing a Platform to Buy SHIB

You can buy SHIB on several different platforms. Here’s a breakdown of the two main options:

• CEXs: They are literally the counterpart of traditional stock exchanges that deal only in cryptocurrencies. In other words, they help bridge the gap between a buyer and a seller through a secure platform. Popular CEXs one can buy SHIB from include Coinbase, Binance, Kraken, and Uphold. Most of these platforms are pretty user-friendly, showing an overall streamlined and often somehow supported interface. Still, most CEXs charge a transaction fee with some asking you to verify your identity before buying.
• DEXs (Decentralized Exchanges): The mechanism of operations varies from a CEX. These are peer-to-peer platforms where the customers are trading with each other directly, not through a middleman. Major DEXs supporting SHIB are ShibaSwap, Uniswap, and Sushiswap. DEXs have the advantage of being more anonymous and perhaps having lower fees, but they are more impactful at being more difficult to use and possessing less liquidity, making it a bit harder to effect the buying or selling of large amounts of SHIB in as quickly a time as possible.

Factors When You Are to Choose a Platform

Some of the key things to consider in buying SHIB:

• Security: Pick a platform that is known for its security and has very good safety features to keep your money safe.
• Fees: Compare transaction charges along with any other extra charges for buying SHIBs.
• Payment Methods: Consider how a buyer can pay through the platform. You may pay using a debit card, bank transfer or even cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
• User Interface: Look for a more straightforward user interface on a platform, especially for a new cryptocurrency investor.
• Regulation: In some jurisdictions, regulations could apply to which platforms to buy SHIB you can use.

Steps to Buy SHIB on a Centralized Exchange

The section below will guide you through the process of buying SHIB on a CEX; this example will be using Coinbase. This is going to be roughly the same process for other CEXs:

1. Create an Account: Visit the Coinbase website or download the app; create an account.
2. Verify Your Identity: Submit identification documents required for complying with KYC.
3. Add a Payment Method: Link a bank account, debit card, or any other supported payment method to your Coinbase account.
4. Find SHIB: Search for SHIBA INU (SHIB) on the exchange.
5. Order: Input how much SHIB you would like to purchase and choose the type of order—for example, market order or limit order.
6. Review and Confirm: Check the details of your order, including price and fees.

How to Purchase SHIB in a Decentralized Exchange

Buying SHIB on DEX is appreciably more complicated than on CEX. Here’s how it simplifies the Uniswap example:

1. Create a Crypto Wallet: You will need a wallet that is compatible with SHIB to store it in. Popular options include MetaMask and Trust Wallet.
2. Fund Your Wallet: transfer funds (e.g., ETH) from CEX or another source to your crypto wallet.
3. Connect Wallet to Uniswap: Use the Uniswap site and connect your crypto wallet to the platform.
4. Select SHIB: Choose SHIB as the token you want to buy.
5. Lock In the Amount and Approve Swap: Put in the number of SHIB you want to buy and the amount of ETH to spend. You will need to approve your wallet.

Now you know all about how to acquire SHIB tokens!