Key Takeaways
- Shiba Inu Coin (SHIB) is a cryptocurrency that was created in August 2020, named after a Japanese dog breed.
- The founder of SHIB locked 50% of the total supply into Uniswap and sent the other half to Ethereum co-founder Vitalik Buterin. In October 2021, SHIB became a top ten coin by market cap.
- SHIB is available for purchase on many cryptocurrency exchanges, but it's important to choose a legitimate site to avoid scams.
- Australians can purchase SHIB through CoinSpot by following four steps: comparing crypto exchanges, creating an account, depositing AUD into the account, and buying SHIB.
What is Shiba Inu Coin (SHIB)?
Shiba Inu coin (SHIB) is a cryptocurrency created in August 2020 that is named after a Japanese dog breed of the same name. Shiba Inu describes their coin as "a decentralized meme token that evolved into a vibrant ecosystem". The founder of Shiba Inu locked 50% of the total supply of 1 quadrillion coins into Uniswap, and sent the other half to Ethereum co-founder Vitalik Buterin for safekeeping.
Since then, Vitalik Buterin has used SHIB to help with the COVID crisis in India, making the largest cryptocurrency donation in history (worth over $1 billion at the time), and then burned 40% of the total supply to a dead wallet. In October 2021 SHIB began a huge bull run, surpassing its rival DOGE and becoming a top ten coin by market cap.
Where can I buy SHIB?
Since SHIB is such a popular coin, it is available at many cryptocurrency exchanges. However, especially if you are new to crypto, you need to make sure that you are buying from a legitimate site and not getting scammed. For Australians, I suggest taking a look at this article on the best crypto exchanges, which are all trustworthy sites, and registered with AUSTRAC to fight money laundering and terrorism financing.
My #1 recommendation for buying Shiba Inu is CoinSpot because it is user-friendly, has free deposits and withdrawals, over 430+ cryptocurrencies, and staking on 21 coins. It is also the most secure and trusted crypto exchange in Australia. If you want to learn more about CoinSpot, you can read an in-depth review here.
How to buy SHIB?
Buying SHIB is easy for Australians. There are only four quick steps before you own Shiba Inu. I will expand on each of the four steps below:
Step 1: Compare crypto exchanges
Step 2: Create an account
Step 3: Deposit AUD into your account
Step 4: Buy SHIB
Step 1 - Compare the best crypto exchanges
The first and most important step is choosing a legitimate and safe cryptocurrency exchange that is right for your personal requirements. You can have a look at my article on the best crypto exchanges, and I have selected my top 3 recommendations below. In this step-by-step guide on how to buy Shiba Inu, I will be using screenshots from my CoinSpot account. If you want to follow along easily, you can also open an account with CoinSpot.
Top 3 Recommendations
CoinSpot
Best Overall
Rating
4.9
Swyftx
Low Fees
Rating
4.6
eToro
Best for Social Trading
Rating
4.4
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
If you are still doing some research on which exchange to choose for buying SHIB, my guide to the best crypto exchanges (here) may be useful to you. If you plan to buy and sell SHIB and other coins using your mobile device, you can read my article on the best crypto apps here.
Step 2 - Create an account
The process is easy to create an account with CoinSpot. Click on the following link: https://coinspot.com.au/ and you will be taken to CoinSpot's home page. Click on the white "Register" button in the top right, then you will see a page like the screenshot below. Simply enter your email address, choose a password, click the box to show you’re not a robot, then Create Account.
Once you have created your CoinSpot account, the next step is verification. Click the "Complete Verification" button and follow the prompts. First you verify your email address, then fill out your personal details and then verify your driver license. After you have completed those steps, it may take some time before your verification is finished. While you are waiting, feel free to browse CoinSpot's account so you can get used to how it works.
Step 3 - Deposit AUD into your account
After your account verification is complete, you can deposit AUD into your CoinSpot account. Under the CoinSpot logo in the top left, you will find the "Deposit Funds" button: click this, and you will be taken to a page like the screenshot below. There are 5 different deposit methods, and you can select which one you prefer. Most users like to use POLi as it is instant, convenient, and free of charge. Choose how much you want to deposit, select the bank you use, and click "Continue to POLi" to make the payment.
Step 4 - Buy SHIB
When your money has arrived in your CoinSpot account, it's time to buy some SHIB. Click on "Buy/Sell" in the menu along the top, search SHIB, then click the buy SHIB button.
You will be taken to the purchase screen, where the price of one coin is displayed in the middle of the screen. Select how much AUD you want to spend on SHIB, then click the blue "Buy" button.
You will see a pop-up which shows you a summary of the purchase. It tells you how many coins you will receive, the price for each coin, the fee charged, and the total amount you will pay. In my example, I have input $500 worth of SHIB. When you are happy with the details, click "Confirm Buy" to complete the transaction. Congratulations, you now own some SHIB!
Frequently Asked Questions:
Where do I store my SHIB after buying?
If you are using an exchange from the list of best crypto platforms, then any SHIB you have bought will be immediately stored in your SHIB wallet address online, in your exchange account. It is not a good idea to leave your SHIB or any cryptocurrencies on an exchange if you are planning to hold onto it for a while, because it isn't as safe as storing it in your personal wallet. To safely store your SHIB, you can transfer it to your personal wallet, which can be an app or a physical hardware wallet. If you are new to crypto and you want to learn more about wallets, click here to read about the best crypto wallets in Australia. Make sure you are using a wallet that can hold SHIB, because some wallets are limited to only holding Bitcoin, for example. If you send your SHIB to a wallet that is not supported, it will be lost forever and you cannot recover it. Note that there are network fees for transferring the SHIB from your exchange to your personal wallet, but it is it worth it for the added security.
Is buying SHIB legal in Australia?
Yes, it is 100% legal to buy, sell and trade Shiba Inu coin in Australia.
Can I use this method for all cryptocurrencies or only Shiba Inu?
If the cryptocurrency you are looking at buying is supported on the crypto exchange you use, then you can follow the same method as above, to purchase it. CoinSpot has over 430+ different coins so you will most likely be able to use this walkthrough guide to buy the crypto you are after. If you want to buy Bitcoin, I have a specific guide on how to buy Bitcoin, which you can find here.
How to buy SHIB with PayPal?
If you want to use PayPal to buy SHIB in Australia, the choices are limited. The good news is, eToro Australia supports PayPal deposits. If you want to read more about eToro Australia, you can have a look at my review here.
How to buy SHIB with credit card?
You can use a credit card to buy SHIB using Swyftx - one of the few Australian crypto exchanges that support credit card deposits. It is easy to buy Shiba Inu with your credit card, by following the steps above to open a Swyftx account. When you get to Step 3 of how to buy SHIB, select the credit card option and follow the instructions.
How to buy Shiba Inu with debit card?
Swyftx is one of the few Aussie crypto exchanges that accepts debit card purchases. It is simple to buy SHIB with your debit card. Open a Swyftx account to get started.
How do I buy Bitcoin?
Buying Bitcoin is easy, it is a similar process to buying SHIB. For a straightforward guide, click here.
How to buy SHIB with USDT?
To buy Shiba Inu using USDT, you need to transfer your USDT to a cryptocurrency exchange that allows coin swaps (my suggestion is the trustworthy Swyftx exchange for Australians). Send your USDT to the USDT wallet address found in your Swyftx account. Once your USDT has arrived in your Swyftx account, click Trade in the menu on the left, then Swap. Type in USDT in the search field and select USD Tether under Assets. Choose Shiba Inu as the coin you want to buy (circled in green below), then type in the amount of USDT you want to use (circled in blue below). To finish your purchase of SHIB using USDT, click the blue Swap button.
Is buying SHIB in Australia safe?
Yes, if you are buying Shiba Inu using one of the top Australian crypto exchanges, then it is safe to buy, sell and trade SHIB. The best cryptocurrency exchanges (such as CoinSpot) have multi-layered security, and are registered with AUSTRAC so you can trust they are legitimate and secure. Have a look at my quick comparison table below which shows you key information about the best crypto exchanges.
Comparison Table of the Best Crypto Exchanges in Australia
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