How to buy Shiba Inu Coin (SHIB) in Australia in 2021

How to buy Shiba Inu Coin (SHIB) in Australia in 2021

Daniel Chan

November 4, 2021

Cryptocurrency

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 quadrillioni coins into Uniswap, and burned 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 Swyftx because it has a user-friendly interface, and a Live Chat support team, perfect for beginners getting into the crypto market. Swyftx even has a unique Demo mode that you cannot find on other Aussie exchanges, where you can practise buying, selling and trading crypto using free virtual money. As a bonus, if you sign up here you will receive $20 Bitcoin FREE to start you on your journey! If you want to learn more about Swyftx, 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 test of 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 Swyftx account. If you want to follow along easily, you can also  open an account with Swyftx and claim $20 FREE Bitcoin.

Top 3 Recommendations

#1

Swyftx

   Best Overall  

Rating

4.9

#2

CoinSpot

Most Trusted

Rating

4.6

#3

eToro

   Best for Social Trading

Rating

4.4

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

It is quick and simple to open an account with Swyftx. Click here: https://trade.swyftx.com.au/register/ and fill out the your personal details to create your account.

After you have created your Swyftx account, you will be taken to the dashboard of your account. Now you need to verify your account, which is a short process, only taking a few minutes. In the dark menu on the left, click on Profile, and then Verification (highlighted in blue in the screenshot below). Click on each of the boxes and follow the instructions to verify your mobile, email address and identity. After you have done this, if you signed up with this link, you should see FREE $20 BTC automatically in your account.

Step 3 - Deposit AUD into your account

Now that you have verified your account, it's time to deposit money into your account so you can buy some SHIB. The easiest way is to click Quick Deposit in the menu, then click Deposit AUD (circled in blue in my screenshot).

You will now see a page with various Deposit Methods and you can choose any of the methods you like. A popular choice for Australians is Bank Transfer - Osko (the first option) because it is instant, so you can buy your SHIB straight away before the price shoots up. If you like paying with debit or credit cards, then Swyftx is great since it is one of the few Australian exchanges that support card payments. It is free to deposit using any method on Swyftx which means you have more money to spend on Shiba Inu coins. 

To deposit via Bank Transfer (Osko), click on the Bank Transfer tab - the first option in the list. The tab opens up to display Swyftx's bank account details (circled in blue below). Open another browser tab, and sign in to your online banking account. Make a bank transfer the same way you would if you were sending it to a friend, by inputting account name, BSB, Account number and Reference, and the dollar amount that you want to deposit. After making the transfer, go back to your Swyftx account and refresh the page. You should see your AUD in the Balance section, at the bottom of the menu on the left.

Step 4 - Buy SHIB

Once you have AUD in your Swyftx account, it is time for the exciting part - buying SHIB! At the top of the menu on the left, click Trade, and then Buy (highlighted in blue in the screenshot below). Now type in SHIB in the search field (next to the magnifying glass icon) and then click Shiba Inu in the Assets list. Now you should be able to see the SHIB price in the middle of the page, which will be continually changing.

Choose the amount of Shiba Inu you want to buy, in AUD (circled in green below). As an example I bought $500 worth of Shiba Inu, which is 6,445,894 SHIB coins. After selecting the amount you want to buy, click the blue Instant Buy button underneath.

After clicking Instant Buy, a pop-up will appear, confirming details of the amount of SHIB you are purchasing, the rate (price of each SHIB coin), the fee, and the total amount of Australian Dollars you are spending. When you have checked that everything is correct, click the green Confirm Buy button, and your SHIB will be found in your SHIB wallet in your Swyftx account. Congratulations, you have now invested in Shiba Inu!

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. Swyftx has over 270+ 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. Follow the steps listed above to open a Swyftx account , then at Step 3 of how to buy SHIB, select debit card instead of bank transfer.

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 Swyftx) 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

Swyftx
CoinSpot
Digital Surge
eToro
Binance
Crypto Exchange
Crypto Exchange
Swyftx
CoinSpot
Digital Surge
eToro
Binance
Fiat Currencies
Fiat Currencies
AUD
AUD
AUD
AUD, USD, GBP, EUR & 11 more
AUD, USD, GBP, EUR, CAD, HKD, JPY & 35 more
Cryptocurrencies
Cryptocurrencies
BTC, BTG, BCH, ADA, ETH, ETC & 270+ more
BTC, ETH, LTC, XRP, BCH, ADA & 300+ more
BTC, ETH, BNB, ADA, XRP & 270+ more
BTC, ETH, BCH, XRP, LTC, ADA & 24 more
BTC, ETH, LTC, BNB, ADA, XRP & 300+ more
Deposit Methods
Deposit Methods
POLi, PayID, OSKO, Bank transfer, Credit card, Cryptocurrency
Bank transfer, BPAY, Cash, POLi, PayID, Cryptocurrency
PayID, POLi, OSKO, Cryptocurrency
Bank Transfer, Credit card, Debit card, PayPal, POLi
PayID, OSKO, Cryptocurrency
Trading Fees
Trading Fees
0.6%
Market order: 0.1%, Instant buy: 1%
Market order: starts from 0.5%, Instant buy: 0.5%
Included in spreads
0.1%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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