Shiba Inu Coin: A Guide To Investing In India

Shiba Inu (SHIB) is a decentralised, community-led cryptocurrency that was developed in late 2020. It is an Ethereum-based altcoin that features the Shiba Inu hunting dog as its mascot and is widely considered an alternative to Dogecoin. The Shiba Inu ecosystem includes a decentralised exchange called ShibaSwap, which allows users to swap tokens, provide liquidity, and stake their holdings to receive compensation. Shiba Inu can be purchased on several exchanges, including centralised exchanges such as Binance, Coinbase, and Huobi, as well as decentralised exchanges such as ShibaSwap and Uniswap.

Choosing a crypto exchange

Crypto exchanges are your gateway to the cryptocurrency market. They are platforms where you can buy and sell cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu. The choice of exchange is crucial to your success as a trader or investor. Here are some factors to consider when choosing a crypto exchange:

• Authenticity and Security: Research the exchange to ensure it is legitimate and secure. Check its reputation and the security protocols it has in place to protect your data and funds.
• Payment Methods: Different platforms support different payment methods for purchasing cryptocurrencies. Some common methods include bank transfers, PayPal, credit/debit cards, and cryptocurrency. Choose an exchange that offers a payment method that suits your needs.
• Supported Coins and Tokens: While most exchanges support Bitcoin and Ethereum, the availability of other cryptocurrencies varies. If you want to invest in Shiba Inu, ensure the exchange supports it. Binance, for example, offers access to a wide range of cryptocurrencies.
• Transaction Fees: Understand the fee structure of the exchange. Choose a platform with transparent and competitive fees, and avoid those with hidden transaction costs.
• User Interface and Experience: A user-friendly interface and good customer experience can make trading easier. However, user experience is subjective, so it's essential to find an exchange that suits your preferences. Also, consider the customer service and other customer-related functionalities offered.
• Binance: Binance is the largest and most powerful crypto exchange globally, with a daily trading volume of over $13 billion. It offers access to hundreds of coins and tokens and provides various services such as staking and derivative trading. It is available in over 100 countries.
• Coinbase: Coinbase is one of the most widely used crypto exchanges, especially in the United States. It offers a user-friendly platform, strong security measures, and advanced trading options. Coinbase also provides insured custodial wallets for traders and investors.
• Kraken: Kraken is one of the oldest crypto exchanges, providing trading services to thousands of users worldwide. It offers access to hundreds of cryptocurrencies, fiat and cryptocurrency funding options, and other trading services.
• CEX.io: CEX.io is known for its excellent user interface, making it a good choice for beginners. It offers access to a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and has highly-rated customer support.
• Gemini: Gemini is well-suited for traders of all skill levels, offering a simple, intuitive user interface and a wide range of features. It is available in all 50 states and prioritizes regulatory compliance. Gemini also offers a crypto reward card and integrated hot wallet security.
• Crypto.com: Crypto.com provides access to over 250 cryptocurrencies and unique perks, such as the Crypto.com Visa Card and its utility token Cronos (CRO). It offers trading fee discounts for users who hold high balances in CRO.

Completing the KYC process

Step 1: Provide Basic Information

Start by creating an account on your chosen crypto exchange platform, such as BuyUcoin. You will typically need to provide basic information such as your name, email address, and phone number.

Step 2: Identity Verification

The next step is to verify your identity. This process may vary depending on the platform, but generally, you will need to provide a valid government-issued ID, such as your Aadhaar card or PAN card. Some platforms may also require proof of residence, such as a utility bill or bank statement.

Step 3: Address Verification

In addition to identity verification, you may also be asked to verify your address. This can usually be done by providing a recent utility bill, bank statement, or another document that includes your name and address.

Step 4: Review and Submit

Once you have gathered and submitted all the required documents, the platform will review your application. This process may take a few days, and you will typically be notified via email once your account has been verified and approved.

Step 5: Fund Your Account

After your account has been verified, you can deposit funds into your account using the payment method of your choice. Most platforms accept bank transfers, credit/debit cards, and various e-wallets.

It's important to note that the specific KYC process may vary slightly depending on the crypto exchange platform you choose. Be sure to carefully review the requirements and instructions provided by your chosen platform to ensure a smooth and successful KYC process.

Navigating to the buy cryptocurrency page

To navigate to the buy cryptocurrency page, follow these steps:

Choose a Crypto Exchange:

Look for a crypto exchange that is registered with the Financial Intelligence Unit (FIU) India. Examples of popular crypto exchanges include Binance, Coinbase, and Crypto.com. These platforms offer different features, so it's important to choose one that aligns with your needs and preferences.

Create an Account:

Once you've selected a crypto exchange, create an account by providing your personal information and verifying your identity. This process may vary depending on the platform, but it typically involves submitting proof of identity and address.

Deposit Funds:

After creating your account, you will need to deposit funds into it. You can use various payment methods, such as bank transfers, credit cards, or debit cards, depending on the platform and your region. Some platforms may also allow you to deposit cryptocurrency directly.

Navigate to the Buy Section:

Once your account is funded, navigate to the "Buy" or "Buy/Sell" section of the platform. This is usually found on the main menu or dashboard of the exchange. Here, you will be able to select the cryptocurrency you want to purchase, which in this case is Shiba Inu (SHIB).

Place Your Order:

In the buy section, enter the amount of Shiba Inu you want to purchase. You may also need to select your desired payment method if you haven't already done so. Review your order details carefully before placing your buy order.

Complete Your Purchase:

After reviewing your order details, you can proceed to complete your purchase. Click on the "Buy Now" or similar button to finalize your transaction. The cryptocurrency will then be deposited into your account, and you will have successfully invested in Shiba Inu!

Remember to do your research and understand the risks associated with investing in cryptocurrencies before making any purchases.

Inserting the amount you want to spend

Once you have selected a crypto exchange, you can open an account and make your first deposit. How much to invest is dependent on several factors.

When deciding how much to invest, be sure to only invest money that you can afford to lose. Do not invest money that you need for essential expenses or any amount that would cause you stress.

You can buy more than a billion Shiba Inu coins for the same amount of cash that would be needed to buy one Bitcoin. For example, as of April 2, 2024, 1 SHIBA INU is worth about ₹0.0011. Based on the current rate, you could get 870.93 SHIB for 1 INR.

On the ZebPay exchange, the minimum amount to purchase SHIB is INR 99.

Selecting your payment method

When it comes to selecting a payment method to buy SHIB in India, you have a few options. Here are some of the most common methods:

• Debit/Credit Card: This is often the easiest option for new users. You can navigate to the "Buy Shiba Inu with USD" page on Binance, select SHIB and USD from the dropdown menu, choose "Card" as the payment method, and follow the instructions to verify the payment.
• Google Pay or Apple Pay: If you use Google Pay or Apple Pay, you can select this option on the "Buy Shiba Inu with USD" page on Binance, verify the details, and confirm the order.
• Third-Party Payment: There are multiple third-party payment channels available, depending on your region. Check the Binance FAQ to see which ones are available in your area.
• Stablecoin: For better coin compatibility, you can consider buying a stablecoin first and then using it to buy SHIB.

It's important to note that you should only invest in products that you are familiar with and understand the associated risks. Additionally, make sure to do your own research and carefully consider your investment strategy, financial situation, and risk tolerance before making any investments.

Frequently asked questions