How to Buy Shiba Inu (SHIB) in Australia – Forbes Advisor Australia

Shiba Inu (SHIB) is a memecoin – a distinction it shares with Dogecoin (DOGE), which also has a Japanese dog breed as its mascot.

A memecoin is an “altcoin” – a different cryptocurrency than bitcoin – based on an internet meme. This, in turn, is a kind of online inside joke in the form of an ever-changing and shared image.

SHIB is one of the top 15 cryptocurrencies based on market cap, making it a potentially attractive option, especially for those looking to diversify their crypto holdings.

While a SHIB is currently worth around $0.000015, that’s down about 65% from its peak in October of last year, when Tesla owner (and former Twitter bidder) Elon Musk tweeted about the memecoin.

SHIB is a great example of cryptocurrency volatility, which often fluctuates large amounts in a short period of time.

If you’re considering investing in crypto, be prepared to lose everything you’ve invested, that’s the Australian government-backed Moneysmart’s warning.

But if you are aware of the risks and still want to buy Shiba Inu, here are the steps to take.

How to buy Shiba Inu Coin (SHIB) in four steps

1. Choose a crypto exchange

You need a crypto exchange to buy Shiba Inu. An exchange is a place, either a website or an app, where buyers and sellers meet to exchange fiat currencies for cryptocurrencies, or one cryptocurrency for another.

There are hundreds of exchanges to choose from, some of which are based in Australia. These include big names like eToro Australia as well as smaller exchanges like Swyftx and CoinSpot Australia.

Some things to consider are:

  • Payment Methods: Check if the exchange accepts your preferred payment method and what the fees are. For example, many exchanges don’t accept PayPal, and many charge 3.99% on debit or credit card payments.
  • Integrated wallet: Check if the exchange offers an integrated wallet to keep your SHIB safe. If you’d rather keep it in a third-party wallet, check if withdrawals are allowed and if there are any fees.
  • Currencies traded: Check that the exchange you are signing up to actually allows you to trade SHIB.

2. Choose a payment method

Bank transfers are the most common and cheapest payment method for cryptocurrencies.

Many exchanges accept debit and credit cards, but for a fee of around 0.5-1.5% – and any money spent on fees is money that could have been invested.

There are two good reasons not to pay for cryptocurrencies with a credit card. First, it’s generally a bad idea to take on debt to pay for an investment as volatile as crypto. Second, your card issuer treats the payment as a cash advance rather than a regular purchase, and charges a higher interest rate from the time of the transaction.

Very few exchanges accept PayPal, and those that do charge fees.

3. Place an order

Once you’ve decided on an exchange and payment method, navigate to the Shiba Inu page on the website or app and enter the amount you wish to invest.

4. Choose a storage method

Many exchanges have built-in wallets to store your SHIB in, but you may prefer to store it in a third-party wallet.

Assuming your exchange allows wire transfers (which may incur a fee), you have a choice of a “hot” wallet or a “cold” wallet.

A cold wallet is a physical storage device such as a hard drive or flash drive that is not connected to the internet. A hot wallet is a virtual wallet held online.

The former is more secure against hackers, but only accessible to you. If you lost your own access keys, no one else would have access to help you retrieve your crypto. The latter is less secure against hackers because it’s online, but the wallet provider may be able to offer help if you lose your access codes and can’t get to your wallet.

Choosing between the two is a matter of balancing accessibility and security.

This article is not an endorsement of any particular cryptocurrency, broker, or exchange, nor is it a recommendation of cryptocurrency as an asset class.

frequently asked Questions

Can you buy Shiba Inu coins in Australia?

Yes, you can buy Shiba Inu (SHIB) in Australia through participating cryptocurrency exchanges.

How much does a Shiba Inu coin cost in Australia?

Is the Shiba Inu coin still worth buying?

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