How to Buy Shiba Inu Coin on Binance US: A Beginner’s Guide

Last Updated: 21 February 2024

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  • Shiba Inu Coin is a meme-based cryptocurrency that has recently gained considerable popularity. It is also available through Binance US.
  • Binance US is a popular cryptocurrency exchange that lets customers purchase and sell cryptocurrency, such as Shiba Inu Coin. It provides an easy-to-use interface, various trading options, and meager costs, making it a perfect platform for those new to trading.
  • Before purchasing Shiba Inu Coin on Binance, US, Investors should be aware of the dangers involved, be cautious, and consider their investment objectives and risk tolerance financial situation before investing in any cryptocurrency.

The cryptocurrency world has taken it by storm, and Shiba Inu Coin can be no exception. The cryptocurrency based on memes has recently seen a significant increase in popularity, and investors are keen to join the action. Binance US is among the most popular cryptocurrency exchanges on which you can purchase Shiba Inu Coin, making it a favorite option for many beginners. In this article, we’ll guide you through buying Shiba Inu Coin on Binance US, from creating an account to making transactions on the exchange.

Introduction

Shiba Inu Coin is one of the meme-based currencies that’s received massive attention in recent years. It was launched in August 2020 by an anonymous developer referred to under the name “Ryoshi.” The coin’s popularity soared in the spring of 2021 when Tesla President Elon Musk posted about it on Twitter, claiming to be”the “Dogefather.” The tweet triggered an explosion in the coin’s value, and ever since, it has become one of the most talked-about cryptocurrencies.

Binance US can be described as a well-known cryptocurrency exchange that allows customers to purchase and sell cryptocurrency like Shiba Inu Coin. It has an intuitive interface, an extensive selection of trading pairs, and meager costs, making it an excellent platform for novices.

In essence, the relationship between Binance US and Shiba Inu Coin is symbiotic, with each playing a critical role in the other’s potential success. As the cryptocurrency market continues to evolve, the actions of key players like Binance US will undoubtedly shape the future of emerging tokens like Shiba Inu Coin.

Getting Started

Before you can purchase Shiba Inu Coin on Binance US, establishing an account on the exchange is necessary. This is a step-by-step procedure on how to create an account:

  1. Visit the Binance US website and click “Register” in the right-hand corner.
  2. Input your email address, and create an extremely secure password.
  3. Accept the terms of use, and then click “Create Account.”
  4. Binance US can send an email verification to your provided email address. Follow the link in the email to confirm your account.
  5. Log into Your Binance US Account and then complete the KYC procedure with your personal data and identification documents.
  6. Create a wallet for Shiba Inu Coin by clicking “Wallet” and “Deposit.” Select your preferred deposit method, then follow the steps to establish your purse.

Understanding Shiba Inu Coin

Shiba Inu Coin is hosted by three tokens that are native to this platform. SHIB, Leash (LEASH), and Bone (BONE). Below is a brief overview of each of them:

  • SHIB The SHIB is the first token often described as”the “dogecoin killer.” It has a quantity of 394 trillion coins, which makes it an economical choice for investors.
  • Leash (LEASH) It is an inflationary token with a capacity of 107,647 tickets. It’s intended to serve as an asset to store value, and its worth is anticipated to grow in the future.
  • Bone (BONE) Bone (BONE) is the token used to govern the Shiba Inu ecosystem. It is used to vote on ideas and make decisions regarding the platform’s future development.

ShibaSwap is the decentralized marketplace in the Shiba Inu ecosystem. It has recently launched an NFT marketplace known as Shibatoshis that allows customers to purchase NFTs inspired by Shiba Inu.

Overall, understanding the intricacies of the Shiba Inu ecosystem and the Shiba Inu Coin is crucial for anyone considering investing in the cryptocurrency market. With its unique features and growing popularity, Shiba Inu Coin is becoming an increasingly attractive investment option, and keeping up-to-date with the latest developments is key to making informed decisions.

Depositing Funds

To purchase Shiba Inu Coin on Binance US, you must first deposit money in your bank account. Binance US offers a variety of deposit options, including transfers to banks, credit cards, debit cards, and P2P marketplaces. Here’s how you can deposit funds via Binance US:

  1. Log into the Binance US account and go to “Wallet” > “Deposit.”
  2. Select the deposit method you prefer, and follow the directions to complete the deposit procedure. The process for depositing money can vary according to the way you select.
  1. Once your money is transferred, you can purchase Shiba Inu Coin.

Buying Shiba Inu Coin

After you’ve created your account, verified your identity, and made a deposit, now is the time to purchase the Shiba Inu Coin. Here’s how:

  1. Visit your Binance US homepage and click “Trade” in the top left corner.
  2. Look up “Shiba Inu” and choose the one you want to trade with. You can pick from SHIB/USD or SHIB/USDT, the SHIB/EUR currency, SHIB/BUSD, and many more.
  3. Click on “Buy SHIB.”
  4. Select the quantity of SHIB you’d like to purchase and then review the order details.
  5. Select “Buy SHIB” to execute the transaction.
  6. Congratulations! You’ve purchased Shiba Inu Coin on Binance US.

Fees

Binance US has transaction fees ranging from 0.1 percent to 0.5 percent. The charges vary based on the amount of trading you do and whether you use Binance Coin (BNB) to pay the fees. Binance Coin is Binance’s official cryptocurrency employed to fund trade or withdrawal fees and other costs associated with the platform. When you use Binance Coin to cover charges, you will receive an additional 25% discount.

Payment Methods

Binance US accepts a variety of methods of payment for buying Shiba Inu Coin, including debit cards, credit cards, bank transfers, and marketplaces for P2P. Each form of payment has advantages and disadvantages, and you should select the most suitable method. Transactions with debit and credit cards are convenient and quick. However, they have higher costs. Transfers to banks can take longer to process. However, they generally are cheaper.

Risks and Considerations

As with any cryptocurrency, Shiba Inu Coin is extremely unstable and susceptible to significant price swings. Investors must be cautious before investing in meme currencies like Shiba Inu Coin, as their value could be affected by factors like popular media hype or speculation about market prices. It’s crucial to conduct your homework and be aware of the risks before deciding to invest in any crypto.

Conclusion

Purchasing Shiba Inu Coin via Binance US can be a simple procedure with just a few steps. When you create an account, confirm your identity by creating a wallet, deposit money to purchase the Shiba Inu Coin, and begin trading through the platform. Knowing the risks and being cautious when investing in any cryptocurrency is essential.

FAQs

What exactly is Shiba Inu Coin, and why did it gain the attention of so many people?

Shiba Inu Coin is a meme-based cryptocurrency with a significant increase in popularity because of its relationship with dogecoin and its usage on social networks. It was invented in August 2020 by an anonymous developer referred to by the name of “Ryoshi.” The project’s popularity exploded in May 2021 when Tesla CEO Elon Musk tweeted about it.

What exactly is Binance US, and why is it an excellent option to purchase Shiba Inu Coin?

Binance US is one of the most renowned cryptocurrency exchanges allowing customers to purchase and sell cryptocurrencies like Shiba Inu Coin. It has an intuitive interface, various trading options, and meager costs, making it a perfect platform for novices.

How do I complete the KYC process, and why must I go through it to purchase Shiba Inu Coin on Binance US?

The KYC (Know Your Customer) process is a legally binding procedure that requires customers to supply personal information and identity documents to prove their identity. It’s a safety measure that helps to prevent fraudulent transactions, laundering, and other criminal activities. It is necessary to go through the KYC procedure to purchase Shiba Inu Coin on Binance US.

What are SHIB, Leash (LEASH), and Bone (BONE)?

SHIB, Leash (LEASH), Leash (LEASH), Leash (LEASH), and Bone (BONE) Three are tokens native to the Shiba Inu ecosystem. SHIB is the primary token and is frequently called”the “dogecoin killer.” The Leash (LEASH) is an inflationary token that has a capacity of 767,647 tickets. Bone (BONE) serves as the token that governs the platform.

What exactly are Shibatoshis, and how can I purchase NFTs in the style of Shiba Inu?

It is also the NFT marketplace for the Shiba Inu ecosystem, where users can purchase and sell NFTs using the platform. You can buy NFTs through Shibatoshis using SHIB or any other cryptocurrency supported on the forum.

What payment method must I use to purchase Shiba Inu Coin through Binance US?

Binance US offers a variety of payment options, including debit and credit cards, bank transfers, and P2P exchanges. Each payment method has advantages and disadvantages; you should select the most suitable way.

How can I lower the cost of buying Shiba Inu Coin via Binance US?

There is a way to reduce the cost of purchasing Shiba Inu Coin through Binance US by using Binance Coin (BNB) to pay these fees. Binance Coin is Binance’s official cryptocurrency that could be utilized to pay the cost of trading, withdrawal charges, and other expenses through the site. If you use Binance Coin to pay fees, you’ll benefit from a 25 percent discount.

Is Shiba Inu Coin an excellent option for investment?

As with any cryptocurrency, Shiba Inu Coin is highly unpredictable and subject to significant price swings. Investors must be cautious about investing in meme currencies like Shiba Inu Coin, as their value could be affected by factors like popular media hype or speculation on the market.

What should I be thinking about before purchasing Shiba Inu Coin?

Before you purchase Shiba Inu Coin, you should conduct your research and know the dangers involved. Also, you should be aware of your goals for investing, risk tolerance, and financial status before deciding to invest in any cryptocurrency.

How do I ensure that my Shiba Inu Coin is safe after purchasing it on Binance US?

You can protect the Shiba Inu Coin safe by placing it in a secure wallet, ideally a hardware wallet. Setting up the two-factor verification (2FA) in your Binance US account and using an extremely secure password to block unauthorized access is recommended.

Authors
  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.

  • Gabriele Spapperi

    Gabriele Spapperi is a veteran cryptocurrency investor and blockchain technology specialist. He became fascinated with Bitcoin and distributed ledgers while studying computer science at MIT in 2011.

    Since 2013, Gabriele has actively traded major cryptocurrencies and identified early-stage projects to invest in. He contributes articles to leading fintech publications sharing his insights on blockchain technology, crypto markets, and trading strategies.

    With over a decade of experience in the crypto space, Gabriele provides reliable insights and analysis on the latest developments in digital assets and blockchain platforms. When he's not analyzing crypto markets, Gabriele enjoys travel, golf, and fine wine. He currently resides in Austin, Texas.

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