You’ve heard about Shib, the up-and-coming cryptocurrency, and you’re ready to add it to your portfolio. But where do you start?
This guide will walk you through every step of the process. From setting up an account, you’ll learn everything you need to know about how to buy Shib on Binance US. So, let’s dive in and discover how you can own your share of this exciting cryptocurrency.
What is Shib?
SHIB is a digital currency or altcoin built on the Ethereum blockchain. It is a meme-inspired token based on the popular Shiba Inu dog meme, and it has quickly become one of the most sought-after coins in the crypto world.
Shib was founded in 2021 as an experiment to build a community-driven cryptocurrency. So, the project is based on the “SHIB token economy,” where the token holders are incentivized to hold and use SHIB instead of just trading it to drive the token’s value.
The concept is relatively new and still in its early stages. Its website claims that SHIB aims to create a fair and decentralized token economy where the token holders can earn rewards for their contributions to the community and the ecosystem.
It’s crucial to note that the value of SHIB is highly volatile and can fluctuate rapidly, just like any other cryptocurrency. While it’s hard to predict its future, SHIB has been gaining significant attention and is listed on several reputable crypto exchanges, such as Binance US. However, as with any cryptocurrency, it’s essential to research and understand the risks before investing.
Now that you understand what SHIB is better let’s take a step-by-step look at how you can buy it on Binance US.
How to Buy Shib on Binance US
The first thing you want to do before buying Shib on Binance US is set up an account. However, as you already know, Binance US is only available to users in most states of the United States. If you are in a different country, Texas, New York, Hawaii, or Vermont, you will need to use a crypto VPN to access the exchange platform. Here is our guide on how to access Binance US from Texas, which will also apply to other banned states.
When opening an account, understand you will need to provide your information, including your email address and more, to verify your Binance account. Once verified, you can start funding your account and buying, hodling, or selling your favorite cryptocurrencies.
When ready to buy Shib, here is what you can do:
a) Use Fiat
This method involves using traditional currencies, such as America’s USD, to buy Shib. You’ll need to add funds to your Binance US account using a bank transfer or credit/debit card to use this method. Once the funds have been added, you can use them to buy Shib by finding the SHIB/USD trading pair and placing a buy order.
b) Use BUSD
When buying Shib on Binance, it is always easier to do so through a stablecoin. Stablecoins, unlike fiat currencies like USD, have better compatibility with Shiba Inu. Here is how you can use Binance USD to buy Shib.
BUSD (Binance USD), a stablecoin pegged to the value of the US dollar, is a straightforward method for buying Shib on Binance US. To use the method, you’ll need to purchase BUSD and add it to your Binance US account. Once you have BUSD in your account, you can buy Shib by finding the SHIB/BUSD trading pair and placing a buy order.
c) Use USDT
USDT (Tether) is another stablecoin pegged to the value of the US dollar. It is one of the easiest methods for buying Shib because it provides stability and predictability in the value of the trade. To use this method, you’ll first need to purchase USDT and add it to your Binance US account. Once you have USDT in your account, you can use it to buy Shib by finding the SHIB/USDT trading pair and placing a buy order.
d) e) Use P2P
P2P (peer-to-peer) trading allows you to buy SHIB on Binance US directly from other users rather than from the exchange itself. To do so, navigate to the P2P trading section on Binance US, select the SHIB/USD, SHIB/BUSD, or SHIB/USDT trading pair and place a buy order.
Browse the list of available sellers and select the one you want to buy from based on their price, reputation, and other factors. Then, initiate the trade and transfer the funds to the seller’s account. Once the seller confirms receipt of the funds, SHIB will be released to your account.
However, before you complete the transaction, ensure you are buying from a reputable seller and double-check the details of the trade and the seller.
f) Use an e-wallet
It is possible to use e-wallets to buy SHIB on Binance US, but it will be an indirect purchase. To use this method, you first purchase a cryptocurrency that is supported by Binance US and then use that cryptocurrency to buy SHIB. Here is how:
- Create an account with an e-wallet that supports the purchase of cryptocurrency and verify your identity.
- Fund your e-wallet account using a supported deposit method.
- Navigate to the Bitcoin or Ethereum trading pair on the e-wallet platform and place a buy order.
- Once your order is fulfilled, the cryptocurrency will be credited to your e-wallet account.
- Send the cryptocurrency from your e-wallet account to your Binance US account.
- Finally, navigate to the SHIB/BTC or SHIB/ETH trading pair on the Binance US platform and place a buy order.
g) Trade Your Crypto For Shiba Inu
If you already own other cryptocurrencies, such as Bitcoin and Ethereum, and want to convert them to Shiba Inu (SHIB) on Binance US, you can do so by trading them on the exchange. Here is an overview of the process:
- Navigate to the trading page, and select the trading pair for the cryptocurrency you want to convert (e.g., BTC/SHIB, ETH/SHIB).
- Place a sell order for the amount of the cryptocurrency you want to convert.
- Once the order is fulfilled, the SHIB will be credited to your Binance US account.
It’s important to note that the process may vary depending on the cryptocurrency you are trading and the trading pair. Before making any transactions, you should check the fees, order limits, and other details.
As you can see, buying Shib on Binance US is a straightforward process that can be done by following a few simple steps. Whether using fiat, USDT, BUSD, P2P, or any other cryptocurrency, Binance US offers a user-friendly platform that makes it easy to purchase and trade SHIB.
Hopefully, with this guide, you can now confidently buy Shib on Binance US and join the growing community of SHIB holders. However, it’s important to remember that buying Shib or any other cryptocurrency involves risk and volatility.
Featured Image Credits: binance.com