Shiba Inu coin (SHIB), a meme coin based on the popular dog breed, has captured the attention of crypto enthusiasts worldwide. If you’re interested in joining the SHIB army and want to buy some coins on Coinbase, this guide will walk you through the process step-by-step.
Before You Begin:
- Research: SHIB, like any other cryptocurrency, carries inherent risks. It’s crucial to do your own research and understand the potential risks associated with investing in this volatile market before committing any funds.
- Eligibility: Check if your location is eligible for SHIB trading on Coinbase. While it’s available in most regions, some restrictions may apply.
- Payment Methods: Determine your preferred payment method beforehand. Coinbase supports various options, including bank accounts, debit cards, and wire transfers.
Creating a Coinbase Account:
- Visit the Coinbase website or download the mobile app.
- Click “Sign Up” and follow the on-screen prompts.
- Enter your email address, create a secure password, and agree to the terms of service.
- Verify your email address by clicking the link sent to your inbox.
- Complete the identity verification process by providing your government-issued ID and other required information.
Funding Your Account:
- Log in to your Coinbase account.
- Navigate to the “Deposit” section.
- Choose your preferred payment method and follow the specific instructions.
- Once your account is funded, you’re ready to purchase SHIB.
Buying SHIB on Coinbase:
Method 1: Using the Buy Panel:
- Click the “Buy/Sell” button.
- Select “SHIB” from the list of available assets.
- Choose your preferred payment method from the options displayed.
- Enter the amount of SHIB you want to buy or the amount of fiat currency you want to spend.
- Review the transaction details, including fees and estimated amount of SHIB you’ll receive.
- Click “Buy SHIB” to complete the purchase.
Method 2: Using the Trade Tab (for experienced users):
- Click the “Trade” tab.
- Search for “SHIB/USD” or “SHIB/EUR” (depending on your local currency).
- Select the “Market” order type. This option ensures your order is filled at the current market price.
- Enter the amount of SHIB you want to buy or the amount of your chosen currency you want to spend.
- Review the order details and click “Place Order.”
Storing Your SHIB:
Once you’ve purchased SHIB, it’s crucial to store it securely. Coinbase offers two options:
- Leave your SHIB in your Coinbase wallet: This is the simplest option, but it may not be ideal for long-term storage as it gives Coinbase control over your private keys.
- Transfer your SHIB to a secure external wallet: This gives you complete control over your coins and is recommended for long-term holding. Research and choose a reputable crypto wallet that supports SHIB before transferring your coins.
Additional Considerations:
- Transaction fees: Be aware of the fees associated with buying SHIB on Coinbase. These fees may vary depending on your chosen payment method and order type.
- Market volatility: Remember that the crypto market is highly volatile. The price of SHIB can fluctuate significantly, so invest responsibly and only with what you can afford to lose.
By following these steps and considering the additional factors, you can successfully buy SHIB on Coinbase and participate in the Shiba Inu coin ecosystem. However, it’s essential to reiterate the importance of thorough research and responsible investment practices before venturing into any cryptocurrency investment.