One of the more popular meme coins to buy that surged in price is Shiba Inu (SHIB). Often referred to as the 'Dogecoin killer', the meme coin has developed into a broader ecosystem with potential upsides for growth in adoption and token price. However, not all Australian cryptocurrency exchanges support SHIB on their platform. This article will explain step-by-step how and where to buy Shiba Inu using the best exchanges in Australia that currently support the meme coin.
How To Buy Shiba Inu In Australia - Quick Guide
Shiba Inu tokens can be purchased using a traditional cryptocurrency exchange or decentralized exchanges (DEX). For beginners, the fastest and easiest way to buy SHIB is using a reputable and trust centralized exchange. To buy Shiba Inu, follow these steps:
- Compare and select a crypto exchange. The easiest and quickest way to purchase Shiba Inu is using an Australian cryptocurrency exchange or trading platform. There are several options to choose from with a variety of AUD deposit methods, trading fees and user experiences that will suit beginners and experienced investors.
- Register an account with the exchange. Creating an account will require personal information such as a valid email address or mobile number. There is also a Know Your Customer (KYC) process to be completed in accordance with AUSTRAC requirements in Australia. It is also best practice to enable 2 Factor Authentication (2FA) for additional account security.
- Deposit AUD or Bitcoin to the wallet. Once an account has been verified, deposit funds to the wallet using Australian Dollars. The vast majority of exchanges will support bank transfers and debit card purchases. The alternative method is to transfer Bitcoin or a stablecoin (e.g. USD, USDT or BUSD) which can be exchanged for Shiba Inu.
- Buy Shiba Inu. Find SHIB in the asset list and create a new order. Enter the amount of funds to spend and click on 'Buy'. The purchased SHIB tokens will be deposited to the wallet which can be held on the exchange or transferred to an external wallet.
Where To Buy Shiba Inu In Australia
For Australian residents, one the best methods to obtain SHIB is to use a regulated and trusted Australian exchange. Most exchanges in Australia offer Shiba Inu which can be purchased with AUD or through the exchange or other cryptocurrencies. The following exchanges are easy to use and compliant with AUSTRAC for buying cryptocurrency and have been ranked according to our exchange review and rating process.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|$20 Bitcoin for creating a verified account||Visit Swyftx||Swyftx Review|
|600+||0% to 0.1%|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|370+||1% for instant buy and sell|
|None available at this time||Visit CoinSpot||CoinSpot Review|
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Swyftx is one of the top crypto exchanges in Australia that has amassed over 600,000 registered users. The main attractions of the exchange are its beginner-friendly website and mobile application, a great selection of coins to buy including SHIB and its low fee structure. Being an ASIC and AUSTRAC-licensed crypto platform, investors have the comfort of knowing their Shiba Inu investment is in good hands.
Some of the best features about Swyftx that make it one of the best ways to buy Shiba Inu include rapid AUD deposits and withdrawals, portfolio tracking, recurring orders, low trading fee, demo account mode and price alerts. Combined with low trading fees of 0.6% per transaction, Swyftx is our recommended exchange that allows SHIB tokens to be purchased with AUD using a variety of payment methods.
2. Binance Australia
Binance Australia is a leading exchange that is focused on trading cryptocurrencies such as Shiba Inu. The exchange is available in Australia with local offices to support local citizens. There are over 325 digital currencies that can be bought directly with AUD including SHIB tokens.
One of the reasons Binance is a top place to buy Shiba Inu is the low trading fees. Investors and traders can convert other cryptos or AUD into SHIB with fees starting at 0.1%. There are further discounts available with higher trading volumes.
Dubbed one of the safest crypto exchanges in Australia, Coinspot is a premium exchange that supports individuals buying or selling Shiba Inu with AUD. Coinspot makes it easy to fund an account with AUD with several deposit methods including a bank transfer, PayID, POLi Payments, BPAY and even cash deposits. While the processing speeds and fees vary on the payment method, there are zero AUD deposits and withdrawals available.
The fees to buy Shiba Inu on the platform are either 0.1% using its dedicated exchange or a flat 1% using the brokerage service. The easiest method is the buy and sell feature, however, the flat 1% fee is quite expensive compared to other exchanges. However, Coinspot makes up for it was its secure platform and wallet for storing crypto. To date, Coinspot has never been hacked or compromised and is a top crypto wallet in Australia to store SHIB tokens.
Can You Buy Shiba Inu In Australia?
Residents can purchase Shiba Inu (SHIB) directly through a regulated cryptocurrency exchange based in Australia. For example, Swyftx is a top-rated exchange that currently supports SHIB tokens for buying and selling with Australian Dollars (AUD) using several payment methods.
What Is Shiba Inu?
Shiba Inu (SHIB), also known as Shiba Token, is a decentralized cryptocurrency that resides on the Ethereum blockchain network. Founded quite recently in 2020 by a person with the nickname "Ryoshi", the cryptocurrency is widely known as a meme coin due to its similar canine name to Dogecoin. The price surge of SHIB tokens caught many investors by surprise and is the 15th largest cryptocurrency in terms of market capitalization at the time of writing. The broader Shiba Inu ecosystem comprises several components such as a DeFi platform (Shiba Swap) and a Non-fungible marketplace (Shiba Incubator).
Shiba Inu’s whitepaper (fittingly named the “woofpaper”) outlined the coin’s intention to mirror Dogecoin and become a community-focused and controlled cryptocurrency. The coin’s development, features and use cases will therefore grow alongside the community, who have dubbed themselves the “ShibArmy”.
While there is a growing ecosystem of use cases for the Shiba Inu network, investors and enthusiasts can stake SHIB tokens to earn approximately 3-5% Annual Percentage Yield (APY) depending on the wallet or staking pool.
Wondering where to stake SHIB? Here's our list of the best staking platforms in Australia.
What Are The Pros & Cons of Shiba Inu?
Shiba Inu is a new coin on the market that experienced dramatic growth in the price valuation and community in a short period of time. Given the association with meme coins, Shiba Inu’s value is prone to wild swings which can turn off investors. Before deciding to buy Shiba Inu, investors should consider the following pros and cons of the project.
Shiba Inu Pros:
- The Shiba Inu ecosystem is constantly evolving, with new features and applications being proposed and integrated frequently
- SHIB tokens do not have an unlimited supply compared to Dogecoin for example
- An ERC-20 token with smart contract capabilities to develop NFTs, decentralized exchanges and gaming applications. This has expanded the potential scope for SHIB tokens’ use-case.
Shiba Inu Cons:
- SHIB tokens are low value with a very high supply
- Value behind the token is largely based on speculation and cam experience wild price swings
- The token’s use-case and real-world application have many competitors
Is Shiba Inu A Good Investment?
Shiba Inu is a meme coin that fluctuates in price based on the overall market conditions and speculation amongst traders. When deciding if Shiba Inu is a suitable investment, it is worth looking into the underlying network (Ethereum), price correlations (Dogecoin, Elon Musk), and associated ecosystem applications (ShibSwap, Shiboshis). While SHIB tokens are largely driven by their community, there is a lack of real-world applications to provide sustained and long-term value. Like all cryptocurrencies, investing in Shiba Inu is a risky investment and thorough research should be made before adding SHIB to a diversified portfolio.
Storing Shiba Inu After Purchase
All digital assets (cryptocurrencies and NFTs) are stored in wallets. Shiba Inu investors can store their funds in a number of different wallets. The most common are exchange wallets, hardware wallets and software wallets.
- Exchange wallets. Most crypto exchange that was used to buy Shiba Inu will provide a secure and reliable digital wallet to hold the tokens on behalf of the investor or trader. The advantage of this method is the owner can easily swap, sell, send or receive SHIB inside the wallet. However, in terms of security using an exchanges wallet to permanently store SHIB tokens is not recommended. There are instances where the exchange can be hacked which may result in a total loss of funds.
- Software wallets. A popular method to store SHIB is third-party wallets that come in the form of browser extensions, mobile applications and software downloads. Like exchange wallets, they are connected to the internet which puts them at risk of being hacked or exploited. However, these types of wallets are highly convenient, accessible and easy to use. Examples include Metamask, Atomic Wallet and ZenGo wallet.
- Hardware wallets. These types of wallets are probably the least-used wallet type, but also the most recommended due to the high level of security. Hardware wallets are not connected to the internet, and thus at the least risk of exploits. This is a little inconvenient, but the security trade-off is worth it, particularly for large SHIB investments. The most popular cold wallet is the Ledger Nano, which supports a wide variety of digital currencies, including SHIB.
How To Buy SHIB In Australia - Full Tutorial
1. Compare and select a crypto exchange
There are several cryptocurrencies available in Australia to buy, trade and sell digital currencies such as Shiba Inu. When searching for a suitable platform, it is important to consider aspects such as whether the exchange lists SHIB tokens. Once a list of exchanges that offer SHIB has been narrowed down, other important criteria to assess are the platform's AUD deposit methods, trading fees, spreads, security and customer support.
Ease of use and an intuitive mobile app is also critical to monitor the performance of Shiba Inu at any time and place. We have compared the best crypto providers in Australia and rated each exchange on these important aspects to help you make an informed decision on selecting the right exchange.
2. Register an account with the exchange
Once a suitable exchange has been selected, the next step is to create an account. The process will typically involve visiting the website and clicking on 'create a new account'. One of the best places to buy Shiba Inu in Australia is Swyftx which offers a free $20 BTC bonus for creating an account using a Swyftx referral link. Using this example, visit the website and click on the "Sign Up" button. This will redirect to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".
To comply with the Australian Government requirements (AUSTRAC), most exchanges will mandate a Know Your Customer (KYC) process to minimize the risk of fraudulent activity. This is compulsory for exchanges in Australia that have a fiat-to-crypto gateway that accepts AUD.
The exchange will prompt the user to complete the verification process once the account is created. Before funds can be deposited, the KYC process must be approved by the exchange. Getting verified on an exchange should take a few minutes. For example, the process on Swyftx is fast and hassle-free which can be completed within 2 minutes of creating a new account.
To start verification, log in to the account and navigate to the 'Verification' tab under the 'Profile Tab'. A valid email address, mobile phone number and identity document number will need to be provided.
Before depositing AUD or Bitcoin to the account, it's recommended to enhance the account security by activating Two-Factor Authentication (2FA). This enhanced security measure requires two-forms of credentials to access and withdraw funds and helps to protect the user from unauthorized access.
On Swyftx, the 2FA option can be found within the user profile settings. Activating the enhanced security option will defer to popular apps for multi-factor authentication such as Authy and Google Authenticator which can be downloaded for both iOS and Android devices.
3. Deposit AUD or Bitcoin to the wallet
Once a new account has been created, verified and secured with 2FA, the next step is to fund the account with Australian Dollars. The vast majority of exchanges in Australia provide a fiat-to-crypto onramp that allows payment using common methods such as:
- Bank transfer (deposited instantly)
- PayID (1 business day)
- POLi Payments (credited instantly)
- Credit Card (approx. 30 minutes to process)
Alternative payment methods include cash deposit at a local newsagency, BPAY and debit cards however are not widely supported. For credit card crypto purchases, Swyftx is a reliable option that uses a third-party payment processor. The fees are a little higher with a 1.99% surcharge.
Existing cryptocurrency owners can also transfer Bitcoin, Ethereum and other altcoins or stablecoins to the exchange to convert into Shiba Inu. The process involves clicking on 'deposit', choosing SHIB and copying the unique wallet address for the coin. The transfer can be made from an external wallet or exchange to fund an account.
4. Buy Shiba Inu
The final step to buying Shiba Inu is to select the asset from the list of coins to purchase. An order entry window will appear that will allow users to select the currency to purchase SHIB tokens with. In the example below, the Bitcoin wallet is being used to convert into Shiba Inu.
Exchanges such as Swyftx provide several options to purchase coins using market, limit, stop limit or recurring orders. For beginners, market and limit are the most commonly used. To make a purchase, enter in how much to spend or choose the number of SHIB tokens to buy. Click on 'Instant Buy' to complete the transaction. The purchased coins will be transferred and stored in the user's wallet.
Frequently Asked Questions
Yes, the majority of cryptocurrency exchanges that provide an onramp for users to deposit Australian Dollars will have the option to cash out back to AUD. Selling SHIB tokens back to fiat currency will incur a trading fee which varies depending on the exchange.
Yes, Coinspot listed Shiba Inu for its customers to purchase the token on its beginner-friendly platform. The fees to instantly buy SHIB are 1% which is relatively high compared to other exchanges in Australia.
Like all cryptocurrency assets, it is 100% legal to purchase Shiba Inu within Australia. SHIB tokens are not deemed an official currency or a financial product which means investors will not be covered if the platform is hacked or compromised.
Swyftx is the only cryptocurrency exchange in Australia that offers credit cards to purchase Shiba Inu. Although, using a credit card will incur a payment processing fee of AUD $2 for deposits under $200.
Cryptocurrencies are speculative assets and thorough research and financial guidance should be sought before purchasing tokens such as Shiba Inu. Within Australia, several popular exchanges provide support for the highly-speculative meme-coin that can be purchased with AUD, Bitcoin or other altcoins. In our opinion, the top-rated platform to get involved with Shiba Inu for Australians is Swyftx, which offers a feature-rich exchange, competitive trading fees and a modern website or mobile app.