How to Buy Shiba Inu in the UK

Shiba Inu, or the ‘Dogecoin killer’ as it has been dubbed by many, is available to buy and trade online. The coin has been in existence since August 2020, and it was developed by a group that remains anonymous to this day. The group is known as ‘Ryoshi’, and the symbol of the coin is that of the Shiba Inu dog breed. This is actually the exact same breed of dog shown on the other popular crypto, Dogecoin. 

Given that Shiba Inu is an ERC-20 token, it operates on the Ethereum blockchain. There is more than one quadrillion in circulation – quite a large number, and anyone can grab a portion of these coins by purchasing on regulated platforms.

On that note, several major exchanges, wallets, and brokerage platforms now support this cryptocurrency. At the time of writing, Shiba Inu has appreciated by more than 90 million percent over the last 12 months – as confirmed by Coinbase. 

That’s quite something, and we will be discussing how you can get involved with Shiba Inu throughout the information below.

 

Where To Buy Shiba Inu?

There are many places to buy Shiba Inu in 2021. The main platforms, as highlighted above, include wallets, exchanges, and our personal recommendation – brokerage sites. For the latter, here is the best platform to choose:

eToro

You’ve probably seen eToro advertised at some point in recent months. These guys are making a real push to allow even the most novice of investors to invest in various products. Naturally, Shiba Inu is one of these products, supported under the banner of cryptocurrencies. The beauty of eToro is that you may sign up within minutes, the platform is commission-free, and you can even mimic the trades of seasoned investors should you like. 

It’s not just Shiba Inu that you can invest in with eToro either. This means that you gain exposure to a whole range of cryptocurrencies once registered.

Pros

Zero-commission trading

Regulated by the FCA

Ability to copy trades from other investors

Slick mobile app for on-the-go Shiba Inu investing

Cons

Fees are charged for inactivity

Small fee charged for withdrawals

Customer support isn’t fantastic

 

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Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

What Is The Difference Between Buying And Trading Shiba Inu?

Although many people will claim to be Shiba Inu investors, this is actually a fairly broad term. After all, there are many forms of investing with Shiba Inu, and this is true with most financial instruments. Primarily, you can either be a buyer or trader when it comes to Shiba Inu. These can often be confused, which is why we’d like to clear things up right now:

 

Buying

Making a set purchase for a fixed price

Usually purchased with the objective of holding the asset

Little to no analysis of charts or technical indicators

As you can see, buying Shiba Inu is much like making a regular transaction, such as purchasing shares. You choose how many coins you wish to buy, view the price, and hit the buy button. Usually, those who plan to buy Shiba Inu won’t be overly concerned with timing the market. This doesn’t mean that no due diligence is necessary, it just means that technical indicators won’t typically be used. You may have seen the term ‘HODL’ (hold on for dear life) in cryptocurrency too – this is what you’ll probably be doing as a buyer of Shiba Inu. 

 

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Trading

Technical indicators will be assessed – trading volume, volatility, chart patterns, etc.

HODL won’t be a primary strategy 

Future actions will likely be placed – stop losses are a prime example

Multiple trades will be executed, rather than just one when buying

Trading is much more specific than simply buying Shiba Inu. This is an activity that professional cryptocurrency investors engage in, and it’s not for the faint of heart. The Shiba Inu coin is extremely volatile, and while huge profits can be made, huge losses can also be suffered. Of course, the aim of trading is to avoid the latter, and consistently make a profit by using strategies and techniques. 

 

How To Buy Shiba Inu Online?

At this point, it should be clear that buying Shiba Inu online is both possible and quite straightforward for most people. With that said, it’s still necessary to sign up with a designated platform to gain exposure to the coin. Here is what you need to do:

1. Choose an appropriate platform – eToro recommended!

2. Proceed to sign up for a new account

3. Sign in and fund your account with a supported banking method

4. Search for the Shiba Inu coin and enter how much you’d like to buy

5. Execute the purchase by hitting the buy button

This entire process can be completed within five minutes. And once you are set up with a funded account, your first Shiba Inu purchase is just a click away. On that note, make sure you head to eToro for a safe, trusted, and professional experience.

67% of retail investor accounts lose money when trading CFDs with this provider

 

How To Trade Shiba Inu?

If the buy and hold life doesn’t fill you with excitement, trading Shiba Inu might be for you instead. But just to reiterate, trading Shiba Inu is certainly a specialized skill, and it shouldn’t be an activity that is undertaken lightly. However, if you’re feeling confident and want to give Shiba Inu trading a try, just follow the steps below:

1. Sign up with our recommended broker

2. Complete the registration process

3. Sign in and process your first deposit for accessible funds

4. Scan the various products – ETFs, standard, CFDs, leverage trading, etc.

5. Choose your preferred option and complete the trade

Trading Shiba Inu is, without question, more versatile than simply buying the coin. And at eToro, you get a truly comprehensive trading experience. So just sign up and start trading at one of the UK’s top broker platforms today.

67% of retail investor accounts lose money when trading CFDs with this provider

 

What Are The Different Ways To Pay For Shiba Inu?

Despite what some cryptocurrency novices might think, Shiba Inu doesn’t have to be purchased with regular, fiat currency. In fact, there are various ways to invest in Shiba Inu in 2021, and the more common methods are discussed below:

Bitcoin

Bitcoin is by far the most famous cryptocurrency, and almost all platforms that support cryptocurrency purchases have Bitcoin listed. This provides a unique way to go ahead and buy Shiba Inu. You can actually purchase a set amount of Bitcoin, and then purchase Shiba Inu through pairs trading. Basically, this avoids the need to convert any Bitcoin holdings back into Shiba Inu – as you can do it directly this way.

Ethereum

On the subject of pairs trading, Etherum is another crypto that you can purchase and then convert into Shiba Inu. With Ethereum being the second-largest crypto by market capitalization, there’s a fair chance that Ethereum will hold its value too. So when you purchase Ethereum with the intent of converting into Shiba Inu, you won’t be playing things overly risky – not by cryptocurrency standards! Simply look for the ETH/SHIB pairing on your chosen platform to purchase Shiba Inu this way.

Dogecoin

The third combination to consider is DOGE/SHIB. Interestingly, despite Shiba Inu being a direct rival to Doge, you can still trade them in pairs. Dogecoin doesn’t have the same coin value as Bitcoin or Ethereum either, which makes figuring out the trading values somewhat easier! But keep in mind that Dogecoin is typically more volatile than both Ethereum and Bitcoin, so expect more price fluctuations when trading Shiba Inu in this manner.

Fiat Currency

If you don’t want to delve into the world of pairs trading, which is somewhat difficult at the beginning, purchasing Shiba Inu with fiat currency is the way to go. In the UK, of course, this means you can purchase Shiba Inu with GBP. This is much simpler, easier to understand, and it avoids the need to purchase a different crypto prior to buying Shiba Inu. And on that note, here are some common payment methods you may use to buy Shiba Inu with GBP:

PayPal

PayPal is a very common merchant for online purchases. It is accepted by a vast number of websites/platforms on a global scale. Sure, you need to set up a PayPal account before you can use this option, but it’s worth it. PayPal is incredibly secure, it’s trusted by millions of buyers and sellers worldwide, and your bank information is never shared – always a good thing!

Bank transfer

In the UK, almost everyone has access to online banking. Therefore, making a purchase through an online transfer really is a piece of cake. You can access your account through a desktop or via your smartphone, set up the desired payment, and then transfer funds immediately. This is highly secure too since transactions must be manually completed and authorized.

E-wallets

E-wallets or digital wallets as they are sometimes called have surged in popularity in recent years. E-wallets such as Skrill and Neteller lead the show, but others are also available. Much like PayPal, these are third-party payment providers where you can store funds and pay without sharing sensitive financial details. Transactions are usually instant with these e-wallets too, with quite high maximums!

Credit/Debit cards

Debit and credit cards are critical tools used in modern-day society. We all make purchases through these methods, most of us on a daily basis! So when it comes to buying Shiba Inu with a debit or credit card, you’ll be familiar with using them already. This way does require that you share your card details, but transactions are then instant, and SSL encryption is usually in place at trusted trading platforms – keeping your information protected.

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What To Consider When Buying Shiba Inu?

To state the obvious, buying Shiba Inu is an activity that should be completed with a degree of caution, like all cryptocurrency investments. There are several important factors to consider to ensure that you stay safe and get the best value for money, as highlighted below:

Your own financial circumstances

Given Shiba Inu’s infancy compared to other coins, it is naturally more volatile than others. Therefore, it’s important that whatever money you invest in Shiba Inu isn’t money that you need to cover everyday expenditures. Your investment can indeed go down, but of course, it can also shoot up.

Volatility

Speaking of volatility, you need to be prepared to ride the rollercoaster with Shiba Inu. Currently, the coin’s value has surged by 90+ million percent in 12 months. But on this journey, Shiba Inu has also had months where it has lost 80% of its total value. Being able to stomach such highs and lows is important.

Trading fees

If you plan to trade Shiba Inu, meaning you’ll perform many transactions, fees become critical. Some platforms charge anywhere from 1-3% per trade, especially if you make a purchase through a wallet. Then again, there are other platforms that charge 0% for transactions, with the latter being more preferable, of course.

Deposit fees

In an ideal world, every penny you deposit should be yours to trade Shiba Inu. After all, this is money that you’ve worked hard to earn, so why pay a fee to simply fund your account? Naturally, choosing platforms without deposit fees is beneficial.

Platform reputation

As stressed throughout, many platforms let you buy Shiba Inu these days. But not all are regulated, trustworthy, or secure. We’d avoid using platforms that are brand new to the space, and you should definitely avoid platforms that have encountered serious hacks or breaches in the past.

 

Is It Safe To Buy Shiba Inu Online?

If you want to get started and buy Shiba Inu online, there are many ways to do so in a truly secure manner. The first port of call is to buy Shiba Inu through trusted and reputable platforms, of course, with eToro being our number one recommendation. But beyond the initial choice of where to buy Shiba Inu, there are several other precautions you can take:

Create a unique username and password for your online account

Establish security questions when signing up

Verify your address and ID as soon as possible once registered

Set up 2FA (Google Authenticator) for added security layers

Consider cold storage if you have large Shiba Inu holdings

You could implement all of these tips if you really want to, and that would certainly help with both buying and holding Shiba Inu securely. However, the tips you choose to follow through on is ultimately up to you.

 

How To Store Shiba Inu?

Storing Shiba Inu is mainly done through virtual wallets. Now, these wallets can be either online or offline, which is where things get a little technical. But either way, you’ll have unique ‘keys’ that only you will know, and these keys are essentially the digital addresses for your wallet. With that cleared, let’s quickly distinguish between the two wallets:

Offline wallets

These are often referred to as ‘cold storage’ wallets. And the name comes from the fact that these wallets let you store your Shiba Inu offline. These are basically ledgers in the form of USB sticks, and you can transfer your Shiba Inu from an online account into this ledger to take them offline. Doing so prevents hackers from grabbing your Shiba Inu, as they physically cannot do so without the unique keys for your USB device.

Online wallets

Holding Shiba Inu in online wallets is definitely the more simple of the two methods. Once again, you’ll get private keys with these wallets, and your private keys should be kept secure. Some people prefer to write down the keys, therefore preventing the information from being intercepted on any device. You can easily access your Shiba Inu wallet via software, desktop sites, or through native apps – as seen with Coinbase.

 

How To Sell Shiba Inu?

You can sell your Shiba Inu whenever you like. Doing so is effectively just as easy as acquiring the coin in the first place. In fact, your options for selling are even more flexible than purchasing, as detailed here:

P2Ps

Those with Shiba Inu holdings can easily buy and sell them between friends, or strangers for that matter! This is known as peer-to-peer transactions, and you could even use Shiba Inu to pay for products or services in this manner. 

ATMs

Thanks to a recent partnership with Coin Cloud, Shiba Inu can now be sold at ATMs. With that said, this is only available in the USA, although it could be coming to the UK in the near future. At the time of writing, there are already 4,000+ ATMs with this function in the USA.

Brokerage accounts

This is one of the best and most secure ways of selling your Shiba Inu. Platforms like eToro are your best option, and the benefits include the fee-free commission structure, transaction security, and instant processing speeds for sales.

Online wallets

If you store Shiba Inu in an online wallet, this usually means you’ve purchased your coins through that platform too. With that being the case, you can then sell your Shiba Inu back to the platform, although this usually incorporates a small fee.

Exchanges

Exchanges are the go-to platforms for those with an interest in trading Shiba Inu. Exchanges are usually friendly concerning fees and available banking options. However, they can be a little complicated for newbies.

 

Is It Worth Buying Shiba Inu Right Now?

It’s hard to argue against a Shiba Inu investment right now given the coin’s surge in value. 90+ million percent price increases are a little tough to ignore. But with Shiba Inu still having such a low value, it comes with the territory that this is far more volatile than established coins. Sure, you can pick up millions of coins for a few hundred pounds, but major highs and crushing lows are quite likely. But then again, that’s no different from any other cryptocurrency – it just might be more severe than others!

All in all, we believe Shiba Inu could follow in the footsteps of its older brother, Dogecoin, but this is by no means guaranteed. Therefore, should you choose to invest in Shiba Inu, just be sure that you’ve got the stomach for the rollercoaster ride! 

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Final Thoughts

To be perfectly honest, Shiba Inu is still a speculative investment in 2021. It has only been in existence a little over 12 months, which means that the coin and the underlying project is very much in their infancy. However, when witnessing such promising price increases, it’s better to have a piece of the pie than none of it. Shiba Inu has previously entered the top 10 in cryptocurrencies by market cap too, which is another strong buying signal.

To conclude, we can definitely expect a bumpy ride in the Shiba Inu space. But it’s one that will be full of excitement, twists and turns, and hopefully – continued profits for those that take the plunge and invest.

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FAQs

Can I buy Shiba Inu in any country?

Unfortunately not. Shiba Inu can only be bought and sold in countries that have legalized cryptocurrencies. 

 

Is there a limit to how many Shiba Inus I can buy?

No, and with the low value of the Shiba Inu coin, you could pick up millions of coins for a relatively small amount.

 

Can I buy Shiba Inu without ID?

No. Once you open up an online trading account you’ll need to verify the details provided to start buying Shiba Inu.

 

Can I buy Shiba Inu instantly?

Sure. After registering your online account and funding it, you can buy Shiba Inu coins almost immediately. 

 

What is Shiba Inu?

Shiba Inu is what’s known as a ‘meme coin’, although technically speaking, it is a decentralized cryptocurrency

 

How does Shiba Inu work?

Powered by Ethereum, Shiba Inu is an ERC-20 token. Without getting overly technical, this means that Shiba Inu can create and execute smart contracts for decentralized financial services and products. 

 


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