How To Buy Shiba Inu (SHIB) In Australia

Follow the following steps to buy and store your Shiba Inu.

You’ll need a crypto exchange to buy Shiba Inu. An exchange is a place, either a website or an app, where buyers and sellers meet to exchange fiat currency for cryptocurrencies, or one cryptocurrency for another.

There are hundreds of exchanges to choose from, some of them based in Australia. They include big names such as eToro Australia, as well as Australian exchanges like Swyftx and CoinSpot.

Some things to consider include:

• Payment methods: check that the exchange accepts your preferred payment method and what fees apply. Many exchanges don’t accept PayPal, for example, and many charge higher fees on debit or credit card payments. Fast and free AUD OSKO payments via PayID have become the norm for most exchanges operating in Australia.
• Integrated wallet: check if the exchange offers an integrated wallet to hold your SHIB securely. If you’d prefer to hold it in an external wallet, check whether any withdrawal fees apply. Reputable exchanges will always allow you to withdraw your crypto.
• Currencies traded: make sure that the exchange you’re signing up to actually allows you to trade SHIB.
• Security practices: ensure the exchange you are signing up to is transparent about their security practices for your personal information and assets. Look for exchanges that use cold storage to protect user assets.

Bank transfers are the most widely accepted and cost-effective way to pay for cryptocurrency.Many Australian exchanges even allow for Osko payments via PayID, allowing you to clear deposits in less than a minute.

Many exchanges accept debit and credit cards, but for a fee of around 0.5-1.5%—and any money spent on fees is money that could have been invested.

There are two good reasons not to use a credit card to pay for cryptocurrency. First, taking on debt to pay for an investment as volatile as crypto is generally a bad idea. Second, your card issuer will treat the payment as a cash advance rather than a regular purchase and charge a higher interest rate from the point of the transaction.

Very few exchanges accept PayPal, and those that do charge fees.

Once you’ve chosen an exchange and a way to pay, navigate to the Shiba Inu page on the website or app and enter the amount you’d like to invest. You will generally have the option to place a market order, which will buy the SHIB at the available market price, or a limit order, which will buy the SHIB at a price determined by you.

Limit orders are a good idea if you aren’t in a rush and would like to try and purchase your coins at a lower price than the current market price.

Many exchanges have integrated wallets in which to store your SHIB, but you may prefer to store it in a private wallet. There are two main types of non-custodial wallets; ‘hot’ and ‘cold’ wallets.

A cold wallet is a physical storage device like a hard drive or flash drive that isn’t connected to the internet. A hot wallet is a virtual wallet held online.

The former is more secure against hackers but only accessible by you. If you were to lose your own access keys, there would be nobody else with access to help you retrieve your crypto. The latter is less secure against hackers as it’s online, but, depending on the wallet provider, may be able to offer assistance if you lose your access codes and can’t get into your wallet.

The choice between the two is a matter of weighing up ease of access against security. Many investors opt to use both: a cold wallet for their long term holders and a hot wallet for a smaller, short-term portfolio.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency as an investment class.

Selling your Shiba Inu (SHIB) tokens is a pretty straightforward process. To begin, you’ll want to choose a cryptocurrency exchange that supports SHIB trading or use the exchange that you originally bought the coins through.

Once you have your chosen exchange account open, you can create a sell order for your SHIB tokens. Exchanges typically offer multiple order types, which provide the flexibility to either sell at the current market rate or set a specific price at which you’d like to sell. You also have the option to sell all of your SHIB holdings or just a specified amount, depending on your investment plan..

After your sell order is executed and the transaction is complete, you can transfer the proceeds to your bank account. Keep in mind that some exchanges may have a holding period before you can withdraw your funds. This is a standard practice to ensure the transaction clears properly.

It’s important to remember that if you’ve made a profit from selling your Shiba Inu tokens, you may be subject to capital gains taxes with the Australian Taxation Office (ATO). Be sure to keep track of your profits and consult with a professional tax advisor if required. Crypto tax calculation software is available to assist investors with multiple transactions during tax season.

Recently, multiple new memecoins, such as DogWifHat (WIF) and Pepe (PEPE), have been making waves within the crypto industry. Given there are new coins popping up every single day, you might find yourself leaning towards investing in a more established memecoin such as  Shiba Inu (SHIB). Regularly compared to Dogecoin, Shiba Inu has captured the attention of mainstream audiences and experienced significant price fluctuations as a result.

While the potential for impressive returns may exist, especially given the growing interest in altcoins, it’s important to tread carefully when considering Shiba Inu, or any memecoin, as an investment. Due to the fact it was created as a memecoin and the inherent volatility of the crypto market, any investment in Shiba Inu is often viewed more as a gamble than a calculated investment.

As Shiba Inu sits in the top 15 cryptocurrencies by market capitalisation, it also does not have the same ability to create insane returns for early investors as have been seen in the past. For SHIB to double in price, it takes a significant amount of demand, which was not the case when the project was much smaller in size.

To make an informed decision, be sure to evaluate your personal financial situation and investment goals. Remember, the key to a successful investment strategy is balancing your risk tolerance with a diversified portfolio.

In the end, the choice to invest in Shiba Inu should stem from careful consideration and thorough research. If you are ever unsure, be sure to consult with a professional financial advisor.

Disclaimer: This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class.  Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.