How to buy Shiba Inu (SHIB)? Beginner Tutorial

Do you also want to buy Shiba Inu in order to take advantage of the euphoria that surrounds this crypto-currency? Even if you have no experience in making such an investment, you will see that the procedure to follow is extremely simple. We will guide you, step by step, so that you can buy, trade, but also sell Shiba Inu crypto (ticker: SHIB).

Buy Shiba Inu SHIB
© Shibatoken.com

Shiba Inu: what should you know about this cryptocurrency?

What is the purpose of the SHIB cryptocurrency? What is it for ? When was this crypto created? We answer you in the following lines before telling you where and how to buy Shiba Inu.

The Shiba Inu cryptocurrency does not hide it, it wants to be the Dogecoin killer (“Dogecoin Killer” in English). Unlike Dogecoin which is a copy (a fork) of the Litecoin cryptocurrency, the Shiba Inu crypto is based on Ethereum.

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The Shiba Inu token was created in August 2020 by a pseudonym, “Ryoshi”. Since then, this digital asset has been able to surf on the strong growth of Dogecoin, even to the point of becoming a direct competitor. Like Dogecoin, the Shiba Inu crypto took advantage of Elon Musk’s tweets to make itself known to the general public.

But what is the real use of this crypto-currency? We are not going to hide it from you, it is mainly a speculative asset. It is possible to use your Shiba Inu tokens but its uses are still limited.

Shiba Inu is the official currency of the decentralized trading platform “ShibaSwap”. Through it, you will be able to “make available” your SHIB tokens in order to obtain compensation. This will allow you to generate interest while taking advantage of the evolution of the price of the Shiba Inu. You can also use your tokens on ShibaSwap to exchange them for another cryptocurrency.

How many SHIB tokens exist? If you have seen the unit price of the Shiba Inu crypto, you must have suspected that there are quite a number of them. Its unit price is indeed very low, which makes it possible to own hundreds of thousands, millions or even billions of SHIBs.

Basically there should be up to 1 billion tokens. Except that 40% of the tokens were sent and withdrawn from circulation by Vitalik Buterin, the creator of the Ethereum protocol. This explains why there will only be, at most, 589 trillion Shiba Inu tokens left.

ZenGo: the best platform to buy Shiba Inu

It is clearly not easy to find a site or a crypto platform that offers the possibility of buying Shiba Inu. It must be said that this cryptocurrency is still relatively young compared to Dogecoin (DOGE).

We have tested all the options currently available and the one that seems to us to be the best is undoubtedly ZenGo.

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ZenGo is one of the best services for buying cryptocurrency. Although it is not the best (see our comparison of French crypto platforms), ZenGo remains one of the benchmarks in the field.

This platform has a lot of advantages to promote. The main one is the ease of use of its application. Because yes, unlike many other brokers specializing in cryptocurrencies, the ZenGo service can only be used through its mobile application.

We were a little skeptical at first… but we have to admit that the bet paid off. Indeed, the fact of only offering a mobile application allows ZenGo to offer a better experience to its investors, more clarity, and therefore a quick understanding of the ins and outs. Feel free to install and test it on your mobile device to make up your own mind.

Note also that the ZenGo application is available on iOS and Android.

In addition to ease of use, the service offered is extremely comprehensive. You will be able to do more than just buy and sell Shiba Inu. In this regard, note that ZenGo allows you to invest in several dozen other crypto-currencies. Suffice to say that you will have no trouble diversifying.

Discover ZenGo

To come back to the features offered, here is what the ZenGo application allows you to do:

  • Secure storage of your cryptocurrencies
  • Transfer (in or out) of digital assets
  • Possibility of saving your investments to generate interest (5% on Bitcoin for example)
  • Trade and exchange of cryptocurrencies

We would also like to briefly mention ZenGo’s customer support. He is responsive and competent. You can contact him directly through the application thanks to an online chat function. You will usually be able to get answers in just a few minutes.

If you want to find even more information about this excellent platform, consider reading our ZenGo review and test.

Tutorial to buy Shiba Inu

Now you know where to buy Shiba Inus. It’s time for us to explain to you how to use ZenGo in order to achieve this.

Rest assured (if you were worried): thanks to ZenGo, this process will be as simple as possible. Plus, it won’t take you very long. There is simply no faster option than ZenGo for buying or trading cryptocurrencies.

1 – Downloading the application and opening a ZenGo account

Downloading the ZenGo app is the first thing to do.

You can find the official links to download the application by clicking on the following button:

I download ZenGo

If you’re not currently on mobile, don’t panic. ZenGo offers you the possibility to generate a QR Code so that you can scan it on your smartphone or tablet. By scanning the QR Code, the download of the application will start automatically, in the same way as its installation. You won’t have to do anything.

Once the application is installed, you will obviously need to create an account. The only thing ZenGo asks you for at this level is an email address. You will also need to enter the code that will be sent to you by email in order to confirm everything.

Do you need to verify your identity? It is not necessary as long as you invest less than 250€ per month on Shiba Inu or other supported cryptos.

On the other hand, you will have to secure your application by configuring facial recognition and setting up an automatic backup of your wallet. Without it, ZenGo will not let you invest in the Shiba Inu cryptocurrency.

2 – Buying a Shiba Inu

That’s it, your account is created and you have made the necessary configurations? Place to buy Shiba Inu.

From the home interface of the ZenGo app, look at the main menu and tap on “Actions”. This will take you to the list of all the things you can do.

Click on the “Buy” option in order to have access to the list of crypto-currencies that the broker offers for purchase. Scroll through this list until you find the line corresponding to the Shiba Inu and click on it.

ZenGo will then redirect you to MoonPay (without leaving the application). MoonPay is ZenGo’s partner that manages all the payment/purchase aspect of crypto-currencies. As you can see by looking at the screenshot below, you will only have to enter the amount you want to invest in the Shiba Inu crypto.

Once this amount has been entered, MoonPay will communicate to you the negotiated price for each SHIB token as well as the quantity of tokens you will receive. Finally press “Continue” to proceed with the payment.

Buy Shiba Inu SHIB ZenGo
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The payment will go very quickly. As for a simple online purchase, you will have to choose the method that suits you (credit card, bank transfer, Apple Pay) then provide the necessary information.

Buy Shiba Inu on ZenGo

Shortly after validating the set, you will receive your Shiba Inu tokens in your ZenGo wallet (the application). We warned you, the process couldn’t be simpler. Be aware that it can also be reproduced to purchase the crypto specific to The Sandbox project, Bitcoin, Ether, etc.

How to buy Shiba Inu on Binance?

Although our recommendation is to use ZenGo in order to buy SHIB tokens, we offer an alternative. We have indeed noticed that many are looking to invest in this cryptocurrency through the Binance crypto exchange platform. Find out how to proceed below.

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Unsurprisingly, you will first need to create an account on the platform. As soon as your account is created, you absolutely have to worry about validating your identity (KYC – Know Your Customer procedure). This is a mandatory passage to be able to fully use Binance’s services.

To verify your identity, some information about yourself as well as proof of address and a copy of your identity document will suffice.

After that you will of course have to deposit funds into your Binance account. With this in mind, Binance supports several methods that will necessarily satisfy you.

Once your funds have arrived in your account, you will be able to go to the trading interfaces. To do this, hover your mouse over the “Trader” menu and then click on “Markets”.

Binance will thus bring you to all the trading pairs it offers.

Trading Shiba Inu SHIB Binance
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From this interface (screenshot available below), you will find absolutely all the crypto-currencies supported by Binance as well as the trading pairs.

Trading pairs designate the currencies that you will be able to use to buy the crypto of your choice. If you have funds in euros in your Binance account, you will have to opt for the SHIB/EUR trading pair. Thus your euros will be able to be exchanged for Shiba Inu tokens.

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Pair trading Shiba Inu Binance
© Journal du Geek

Click on “Trader” to the right of the line corresponding to the trading pair of your choice. You will then be taken to the interface for buying and trading Shiba Inu crypto.

You will be able to consult the evolution of the course of this crypto-currency in real time but also to see all the purchase and sale orders.

It is possible to place different purchase “orders”: Limit, Market, and Stop-Limit. As its name suggests, the “Market” option means that you are going to buy Shiba Inus at the market price. This is the simplest option but not necessarily the one we recommend using.

Indeed, this crypto-currency being very volatile, it seems more judicious to us to place a limit order (Option: Limit). You will therefore not be exposed to the volatility of the asset (unlike buying at market price which can end up with a purchase price higher by 1%, 2%, or even more compared to what you envisaged) ).

To place a limit buy order, simply enter the unit price that you do not wish to exceed, then the desired quantity (in SHIB tokens or in euros, the choice is yours).

After all that you will only have to click on “Buy SHIB” to place your buy order.

Trader token SHIB Binance
© Binance

If you later want to sell your SHIB tokens, you can do that just as easily. All you have to do is fill in the information in the corresponding column.

As soon as the buy (or sell) order is placed, Binance will send you a confirmation notification. This is not the case ? In this case, still from the trading interface, check the status of your pending order. You will be able to see if it has a chance of passing or if it must be canceled to place a new order.