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- Open an Exchange Account
Uphold, Voyager, eToro and Coinbase offer customers access to Shiba Inu. SHIB is also available through Ethereum-based decentralized exchanges (DEXs) like Uniswap and Sushi.
If you’re a US resident you’ll need to provide identity verification in-line with the SEC’s Know Your Customer (KYC) guidelines. This means you’ll want to have your social security number, drivers license and potentially even proof of income handy. The SEC has been cracking down lately, and some exchanges are getting a step ahead by requiring additional steps.
- Use Uniswap or a Centralized Exchange.
There are 2 main ways to buy Shiba: centralized exchanges and decentralized exchanges. If you are using a centralized exchange like eToro, you can skip to the next step.
Decentralized exchanges (DEXs) are great for coins like Shiba, since they support almost every Ethereum-based asset. The leading decentralized exchange is Uniswap, and it’s powered by Ethereum’s blockchain. Uniswap has over $2 billion locked into their protocols, and thousands of investors use the platform to trade their Ethereum based tokens. Once you’re on Uniswap, you’ll pick your base currency (ETH or whatever you have handy in your wallet) and you’ll enter SHIBs contract address into the other field.
SHIB ERC-20 contract address: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
To do use a DEX, you’ll need a software wallet like MetaMask or Coinbase Wallet. These crypto wallets are free to use, and they let you truly own your cryptocurrency, unlike certain centralized exchanges.
- Buy a Crypto Wallet (Optional).
Before you get yourself some Shiba Inu tokens, you should consider where you’ll be storing your precious asset. Unless you’re actively trading your crypto, it’s not recommended to store your tokens on an exchange. Cryptocurrency exchanges are large targets for hackers, and several platforms have been hacked in the past.
Software wallets are free to download, and they give you much better protection than crypto exchanges. Also, you’ll need a software wallet to interact with Uniswap, and the best options are Coinbase Wallet and MetaMask.
If you want to store your cryptocurrency assets in the most secure way possible, then you should opt for a hardware wallet. Hardware wallets are physical devices that store your cryptocurrency offline, making it impossible for your funds to be hacked.
- Make your purchase.
If you are using eToro, you’ll have to connect your bank account after verifying your identity. Once this is done, find the SHIB order book and place your order. There are a few types of orders you can place depending on how much patience you have. The fastest type of order is a market order – this will execute immediately at the current price. If you can afford to wait a little bit, you may opt to place a limit order. A limit order lets you set the price you’re willing to pay per token, then it will execute if and when that price is reached. Spreading out market orders at multiple price levels typically prevents a trader from going all in at the beginning of a dip. Market orders allow you to execute trades with precision, if you know what you’re doing.
Uniswap doesn’t use order books like other exchanges. Instead, Uniswap uses liquidity pools to calculate the price of crypto assets. Once your wallet is connected to Uniswap’s website, you can swap your Ethereum tokens for Shiba Inu tokens. If you’re in it for the long run, you may want to consider simply holding onto your Ether tokens.